Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal third quarter 2013 results.
Total revenues for the third quarter ended September 26, 2013 were $813.1 million compared to total revenues of $692.9 million for the third quarter ended September 27, 2012. Net income attributable to controlling interest in the third quarter of 2013, which included an $18.5 million after-tax gain on the sale of National CineMedia common stock, was $75.1 million compared to $24.0 million in the third quarter of 2012. Diluted earnings per share was $0.48 for the third quarter of 2013 compared to $0.15 for the third quarter of 2012. Adjusted diluted earnings per share (1) was $0.38 for the third quarter of 2013 compared to $0.17 for the third quarter of 2012. Adjusted EBITDA (3) was $177.3 million for the third quarter of 2013 compared to $133.7 million for the third quarter of 2012. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
Regal’s Board of Directors also today declared a cash dividend of $0.21 per Class A and Class B common share, payable on December 13, 2013, to stockholders of record on December 4, 2013. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors.
“We are pleased to report third quarter records for both total revenue and Adjusted EBITDA as total revenues exceeded $800 million and Adjusted EBITDA exceeded $175 million for the second consecutive quarter,” stated Amy Miles, CEO of Regal Entertainment Group. “We are encouraged by the year-to-date industry box office results and are optimistic regarding the box office prospects for the upcoming holiday season,” Miles continued.