Knoxville, Tennessee - April 30, 2009 - 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 2009 results and declared a cash dividend of $0.18 per common share.
Total revenues for the first quarter ended April 2, 2009 were $665.6 million compared to total revenues of $626.8 million for the first quarter of 2008. Net income was $21.3 million in the first quarter of 2009 compared to a net income of $27.5 million in the first quarter of 2008, which included a $1.8 million after-tax loss on debt extinguishment. Diluted earnings per share was $0.14 for the first quarter of 2009 compared to $0.17 during the first quarter of 2008. Adjusted earnings per diluted share(1) was $0.14 for the first quarter of 2009 compared to $0.18 during the first quarter of 2008. Adjusted EBITDA(2) was $130.0 million for the first quarter of 2009 and $131.1 million for the first quarter of 2008. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
During the first quarter of 2009, Regal adopted FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement). As further described in footnote 3 accompanying this press release, the unaudited consolidated summary balance sheet information as of January 1, 2009 and the unaudited consolidated statement of income information and related reconciliations of non-GAAP financial measures for the quarter ended March 27, 2008 have been retrospectively adjusted to give effect to the new accounting standard.
Regal's Board of Directors also today declared a cash dividend of $0.18 per Class A and Class B common shares, payable on June 16, 2009, to stockholders of record on June 4, 2009. 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 strong film slate produced record box office results in January and February leading to solid total revenue and Adjusted EBITDA during the first quarter of 2009," stated Mike Campbell, CEO of Regal Entertainment Group. "We were pleased with the solid results achieved despite the calendar shift in our fiscal quarter, as the first quarter of 2008 included several days between the Christmas and New Year holidays, whereas the first quarter of 2009 did not," Campbell continued. "We look forward to an action-packed summer film slate featuring both proven franchise films and big-budget original content," Campbell added.
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 2008 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009. 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 first quarter 2009 results on April 30, 2009 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 five to ten 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 #306158. 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 6,773 screens in 549 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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