KNOXVILLE, Tenn., Apr 24, 2008 (BUSINESS WIRE) -- Regal Entertainment Group today announced fiscal first quarter 2008 results and declared a cash dividend of $0.30 per common share.
Total revenue for the first quarter ended March 27, 2008 was $626.8 million compared to total revenue of $625.0 million for the first quarter of 2007. Net loss was $3.0 million in the first quarter of 2008, which included a $33.0 million after-tax loss on debt extinguishment, compared to net income of $229.1 million in the first quarter of 2007, which benefited from a $209.0 million after-tax gain on the National CineMedia IPO transaction. Diluted earnings (loss) per share was ($0.02) for the first quarter of 2008 compared to $1.46 during the first quarter of 2007. Adjusted earnings per diluted share(1) was $0.19 for the first quarter of 2008 compared to $0.13 during the first quarter of 2007. Adjusted EBITDA(2) of $131.1 million for the first quarter of 2008 represented an Adjusted EBITDA margin of approximately 20.9%. 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 June 24, 2008, to stockholders of record on June 16, 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.
"Strong box office results again produced record total revenue and Adjusted EBITDA during the first quarter of 2008," stated Mike Campbell, CEO of Regal Entertainment Group. "We look forward to completing the acquisition of Consolidated Theatres and to a summer film slate featuring both proven franchise films and big-budget original content," Campbell continued.