KNOXVILLE, Tenn. -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal fourth quarter 2010 results.
Total revenues for the fourth quarter ended December 30, 2010 were $661.0 million compared to total revenues of $765.6 million for the fourth quarter ended December 31, 2009. Net income attributable to controlling interest was $13.7 million in the fourth quarter of 2010 compared to $35.5 million in the fourth quarter of 2009. Diluted earnings per share was $0.09 for the fourth quarter of 2010 compared to $0.23 during the fourth quarter of 2009. Adjusted diluted earnings per share(1) was $0.12 for the fourth quarter of 2010 compared to $0.27 during the fourth quarter of 2009. Adjusted EBITDA(3) was $116.3 million for the fourth quarter of 2010 and $156.8 million for the fourth quarter of 2009. 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 $0.21 per Class A and Class B common share, payable on March 15, 2011, to stockholders of record on March 3, 2011. 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.
"We were pleased to end 2010 with an extraordinary dividend for our shareholders," stated Amy Miles, CEO of Regal Entertainment Group. "The increase in our recurring dividend to $0.21 per share illustrates our confidence in the Company's ability to generate significant free cash flow and our commitment to returning value to shareholders," continued Miles.
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 2009 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2010. All forward-looking statements are expressly qualified in their entirety by such factors.