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Regal Entertainment Group Reports Results For Fourth Quarter 2013 And Increases Quarterly Dividend

Stocks in this article: RGC

Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal fourth quarter 2013 results.

Total revenues for the fourth quarter ended December 26, 2013 were $739.9 million compared to total revenues of $721.4 million for the fourth quarter ended December 27, 2012 (1). Net income attributable to controlling interest was $24.0 million in the fourth quarter of 2013 compared to $36.3 million in the fourth quarter of 2012 (1). Diluted earnings per share was $0.15 for the fourth quarter of 2013 compared to $0.23 during the fourth quarter of 2012 (1). Adjusted diluted earnings per share (2) was $0.17 for the fourth quarter of 2013 compared to $0.27 during the fourth quarter of 2012 (1). Adjusted EBITDA (3) was $125.8 million for the fourth quarter of 2013 and $150.6 million for the fourth quarter of 2012 (1). Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

“We are pleased to report that a healthy box office environment combined with the impact of our recent acquisitions enabled us to generate record total revenue and Adjusted EBITDA for the second consecutive year,” stated Amy Miles, CEO of Regal Entertainment Group. “The increase in our recurring quarterly dividend to $0.22 per share illustrates our confidence in the Company’s ability to generate significant free cash flow and our commitment to returning value to stockholders,” Miles continued.

Regal’s Board of Directors also today declared a cash dividend of $0.22 per Class A and Class B common share, payable on March 14, 2014, to stockholders of record on March 4, 2014. 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.

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