Knoxville, Tennessee - July 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 second quarter 2009 results and declared a cash dividend of $0.18 per common share.
Total revenues for the second quarter ended July 2, 2009 were $789.2 million compared to total revenues of $675.8 million for the second quarter ended June 26, 2008. Net income attributable to controlling interest was $40.5 million in the second quarter of 2009 compared to $24.3 million in the second quarter of 2008. Diluted earnings per share was $0.26 for the second quarter of 2009 compared to $0.16 during the second quarter of 2008. Adjusted EBITDA(1) was $167.1 million for the second quarter of 2009 and $124.4 million for the second quarter of 2008. 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 $0.18 per Class A and Class B common share, payable on September 18, 2009, to stockholders of record on September 10, 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.
"I'm pleased to report that Regal achieved both record total revenue and Adjusted EBITDA during the fiscal second quarter," stated Amy Miles, CEO of Regal Entertainment Group. "Our demonstrated ability to convert revenue growth into increased free cash flow allowed us to continue providing meaningful value to our stockholders," continued Miles.
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 second quarter 2009 results on July 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 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 #306170. 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 United States. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,778 screens in 549 locations in 39 states and the District of Columbia. Regal operates theatres in all of the top 32 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
ddelaria@regalcinemas.com
Media Contact:
Dick Westerling
Regal Entertainment Group
Senior Vice President - Marketing
865-925-9539
dick.westerling@regalcinemas.com
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