Centennial, CO -- National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and owner of 46.9% of National CineMedia, LLC (NCM LLC), the operator of the largest digital in-theatre network in North America, today announced consolidated results for the fiscal first quarter ended March 28, 2013.
Total revenue for the first quarter 2013 increased 3.9% to $82.2 million from $79.1 million for the comparable quarter last year. Advertising revenue for the first quarter 2013 was $73.7 million, an increase of 11.2% from $66.3 million for the comparable quarter last year. Fathom Events revenue decreased 33.6% to $8.5 million for the first quarter 2013 from $12.8 million for the comparable quarter last year due primarily to the wind-down of the Fathom Business Events division. Adjusted OIBDA increased 17.3% to $29.1 million for the first quarter 2013 from $24.8 million for the comparable quarter last year. Net loss for the first quarter of 2013 was $1.0 million, or $0.02 per diluted share, compared to a net loss of $0.9 million, or $0.02 per diluted share for the first quarter of 2012. Excluding the non-cash charges for derivative related items, net loss for the first quarter of 2013 would have been $0.2 million, or $0.00 per diluted share, compared to net loss of $1.0 million, or $0.02 per diluted share for the first quarter of 2012.
The Company announced today that its Board of Directors has authorized the Company's first quarter cash dividend of $0.22 per share of common stock. The dividend will be paid on May 30, 2013, to stockholders of record on May 16, 2013. The Company plans to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors dependent on available cash, anticipated cash needs, overall financial condition, future prospects for earnings and cash flows as well as other relevant factors.
"Our strong Q1 results reflected our continued focus on expanding our network geographic reach, our strategy to secure more content partner and other client commitments upfront and a great effort by our media sales teams", said Kurt Hall National CineMedia's Chairman and CEO. Mr. Hall continued, "With the strength of our Q1 and Q2 local and regional business and strong late Q2 national scatter activity, we appear to also be benefiting from the steady economic recovery and the impact of time shifting and programming fragmentation in the media marketplace. These macro trends also appear to be helping online and mobile video which has further expanded the video advertising marketplace in which we compete."
For the second quarter of 2013, the Company expects total revenue to be in the range of $117.0 million to $122.0 million, or an increase of 6% to 11% compared to the total revenue for the second quarter of 2012 of $110.1 million, and Adjusted OIBDA to be in the range of $58.0 million to $63.0 million, or an increase of 9% to 19% compared to the Adjusted OIBDA for the second quarter of 2012 of $53.0 million.
The Company reaffirms its outlook of total revenue in the range of $455.0 million to $465.0 million, or an increase of 1% to 4% compared to total revenue for the full year of 2012 of $448.8 million, and Adjusted OIBDA in the range of $225.0 million to $235.0 million, or an increase of 2% to 6% compared to Adjusted OIBDA for the full year of 2012 of $221.2 million.