Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal first quarter 2014 results.
Total revenues for the first quarter ended March 27, 2014 were $726.9 million compared to total revenues of $642.8 million for the first quarter ended March 28, 2013. Net income (loss) attributable to controlling interest in the first quarter of 2014, which included a $32.6 million after-tax loss on extinguishment of debt, was $(1.2) million compared to $22.5 million in the first quarter of 2013. Diluted earnings (loss) per share was $(0.01) for the first quarter of 2014 compared to $0.14 for the first quarter of 2013. Adjusted diluted earnings per share (1) was $0.20 for the first quarter of 2014 compared to $0.13 for the first quarter of 2013. Adjusted EBITDA (4) was $136.5 million for the first quarter of 2014 and $113.9 million for the first quarter of 2013. 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 $0.22 per Class A and Class B common share, payable on June 13, 2014, to stockholders of record on June 3, 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.
“A healthy box office environment and our continued focus on efficient operations enabled us to achieve record total revenue and near record Adjusted EBITDA in the first quarter,” stated Amy Miles, CEO of Regal Entertainment Group. “Early second quarter industry box office results have been very strong and we are optimistic regarding box office prospects for the upcoming summer movie season.”