Knoxville, Tennessee - July 24, 2008 -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal second quarter 2008 results and declared a cash dividend of $0.30 per common share.
Total revenues for the second quarter ended June 26, 2008 were $675.8 million compared to total revenues of $683.4 million for the second quarter of 2007. Net income was $13.8 million in the second quarter of 2008, which included a $11.1 million after-tax loss on debt extinguishment, compared to net income of $52.7 million in the second quarter of 2007, which benefitted from a $17.0 million after-tax gain on the sale of the Company's Fandango interest. Diluted earnings per share was $0.09 for the second quarter of 2008 compared to $0.33 during the second quarter of 2007. Adjusted earnings per diluted share(1) was $0.16 for the second quarter of 2008 compared to $0.22 during the second quarter of 2007. Adjusted EBITDA(2) of $124.4 million for the second quarter of 2008 represented an Adjusted EBITDA margin of approximately 18.4%. 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 $0.30 per Class A and Class B common share, payable on September 19, 2008, to stockholders of record on September 11, 2008. 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.
"During the quarter we were able to quickly integrate the 400 screens acquired from Consolidated Theatres ahead of the summer box office season and demonstrated an ability to control a number of critical expense categories," stated Mike Campbell, CEO of Regal Entertainment Group.
Forward-looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2008. All forward-looking statements are expressly qualified in their entirety by such factors.
Conference Call:
Regal Entertainment Group management will conduct a conference call to discuss second quarter 2008 results on July 24, 2008 at 9:30 a.m. (Eastern Time). Interested parties can listen to the call live on the Internet through the investor relations section of the Company's Web site: www.REGmovies.com, or by dialing 877-407-0778 (Domestic) and 201-689-8565 (International). Please dial in to the call at least 5 - 10 minutes prior to the start of the call or go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. When prompted, ask for the Regal Entertainment Group conference call. A replay of the call will be available beginning approximately two hours following the call. Those interested in listening to the replay of the conference call should dial 877-660-6853 (Domestic) or 201-612-7415 (International) and enter account #286 and conference call ID #264084. In addition, this press release and other pertinent statistical and financial information are available in the investor relations section of the Company's Web site: www.REGmovies.com.
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the world. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,776 screens in 551 locations in 39 states and the District of Columbia. Regal operates theatres in all of the top 33 and 44 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
Additional information is available on the Company's Web site at www.REGmovies.com.
Click Here to View Financial Tables
Financial Contacts:
Don De Laria
Regal Entertainment Group
Vice President - Investor Relations
865-925-9685
don.delaria@REGmovies.com
Media Contact:
Dick Westerling
Regal Entertainment Group
Senior Vice President - Marketing
865-925-9539
dick.westerling@REGmovies.com
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