Knoxville, Tennessee - 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.
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.