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Bloomberg reports that shares in Regal rose the most in three years following yesterday's announcement that the company's Board of Directors "has authorized the exploration of strategic alternatives to enhance shareholder value, which may include a potential sale of the Company."

Here's the official news release from Regal:

KNOXVILLE, Tenn. -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today reported fiscal third quarter 2014 results.

Total revenues for the third quarter ended September 25, 2014 were $693.8 million compared to total revenues of $813.1 million for the third quarter ended September 26, 2013. Net income attributable to controlling interest in the third quarter of 2014, was $26.7 million compared to $75.1 million in the third quarter of 2013. Diluted earnings per share was $0.17 for the third quarter of 2014 compared to $0.48 for the third quarter of 2013. Adjusted diluted earnings per share(1) was $0.18 for the third quarter of 2014 compared to $0.38 for the third quarter of 2013. Adjusted EBITDA(3) was $122.1 million for the third quarter of 2014 compared to $177.3 million for the third quarter of 2013. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Regal's Board of Directors today declared both a quarterly cash dividend of $0.22 and a special cash dividend of $1.00 per Class A and Class B common share, each payable on December 15, 2014, to stockholders of record on December 4, 2014. 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.

The Company also announced today that its Board of Directors has authorized the exploration of strategic alternatives to enhance shareholder value, which may include a potential sale of the Company. While the Board of Directors has great confidence in the Company's management team and its strategic plan, the combination of Regal's continued strong performance and attractive industry dynamics has led the Board to conclude that this is an opportune time to conduct a thorough review of options.

"Commitment to delivering shareholder value has been the cornerstone of our strategy for many years and we believe today's announcement along with the declaration of our sixth special dividend clearly demonstrate that commitment," stated Amy Miles, CEO of Regal Entertainment Group. "Looking ahead, we are optimistic regarding the potential for box office success during the upcoming holiday season and throughout 2015," Miles continued.

The Board of Directors has retained Morgan Stanley & Co. LLC, Inc. as its financial advisor to assist in the review process. The Company has not set a definitive timetable for completing its exploration of strategic alternatives and there can be no assurance that the process will result in any specific outcome. The Company does not intend to disclose further developments during this process, unless and until its Board of Directors approves a specific course of action or otherwise concludes the review.

 

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SHOWEAST (BOOTH #608), MIAMI -- Harkness Screens the world's leading screen technology company and thought-leader in on-screen brightness has launched a new higher gain version of its 4th generation 2D and 3D screen surface, Clarus XC.

Shipping in late 2014, the new Clarus XC 270 screen surface benefits from d-smooth coating technology which has specific properties more commonly seen in white screens. This technology enables Clarus XC screens to benefit from significantly improved light distribution compared to traditional 3D silver screens. Through this, visible hot-spotting is reduced and uniformity is greatly increased, making compliance with 2D industry standards more easily achievable.

"We developed our new higher gain Clarus XC 270 screen surface to allow cinema exhibitors struggling for on-screen brightness particularly in 3D to benefit from all of the visual performance improvements from using Clarus XC technology such as contrast, colour accuracy, image detail and 3D depth whilst increasing centre screen brightness," says Richard Mitchell, Head of Global Marketing at Harkness Screens.

Designed to work with all passive 3D systems, Clarus XC screens create visibly deeper 3D content which draws in the audience creating a more captivating viewing experience. A whiter look under projection mean that colours look visibly richer and more accurate both in 2D and 3D resulting in a more defined, sharper and crisper picture.

Mitchell adds, "The unique coating technology in Clarus XC 270 allows peak brightness at the centre of the screen to be increased by over 12% against our traditional Spectral 240 3D screen whilst not impacting on visual hotspot or uniformity. Clarus XC 270 provides a unique opportunity for exhibitors around the world to improve the brightness levels from their 3D screens and the quality of the visual performance all at the same time."

Clarus XC technology is the result of significant work by Harkness' Research and Development team and brings together a number of proprietary technologies to create a screen surface for the age of immersive cinema which has been approved by major Hollywood film studios.


Clarus XC technology is available in four different gain levels, 1.4, 1.7, 2.2 and 2.7 designed to suit all digital cinema environments from small screening rooms through to large format theaters. To date over 500 Clarus XC screens have been installed globally.
For more information on the Clarus family visit www.harkness-screens.com/clarusxc

 

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SHOWEAST (BOOTH #608), MIAMI -- Harkness Screens the world's leading screen technology company and thought-leader in on-screen brightness has launched a new higher gain version of its 4th generation 2D and 3D screen surface, Clarus XC.

Shipping in late 2014, the new Clarus XC 270 screen surface benefits from d-smooth coating technology which has specific properties more commonly seen in white screens. This technology enables Clarus XC screens to benefit from significantly improved light distribution compared to traditional 3D silver screens. Through this, visible hot-spotting is reduced and uniformity is greatly increased, making compliance with 2D industry standards more easily achievable.

"We developed our new higher gain Clarus XC 270 screen surface to allow cinema exhibitors struggling for on-screen brightness particularly in 3D to benefit from all of the visual performance improvements from using Clarus XC technology such as contrast, colour accuracy, image detail and 3D depth whilst increasing centre screen brightness," says Richard Mitchell, Head of Global Marketing at Harkness Screens.

Designed to work with all passive 3D systems, Clarus XC screens create visibly deeper 3D content which draws in the audience creating a more captivating viewing experience. A whiter look under projection mean that colours look visibly richer and more accurate both in 2D and 3D resulting in a more defined, sharper and crisper picture.

Mitchell adds, "The unique coating technology in Clarus XC 270 allows peak brightness at the centre of the screen to be increased by over 12% against our traditional Spectral 240 3D screen whilst not impacting on visual hotspot or uniformity. Clarus XC 270 provides a unique opportunity for exhibitors around the world to improve the brightness levels from their 3D screens and the quality of the visual performance all at the same time."

Clarus XC technology is the result of significant work by Harkness' Research and Development team and brings together a number of proprietary technologies to create a screen surface for the age of immersive cinema which has been approved by major Hollywood film studios.


Clarus XC technology is available in four different gain levels, 1.4, 1.7, 2.2 and 2.7 designed to suit all digital cinema environments from small screening rooms through to large format theaters. To date over 500 Clarus XC screens have been installed globally.
For more information on the Clarus family visit www.harkness-screens.com/clarusxc

 

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SHOWEAST (BOOTH #608), MIAMI, OCTOBER 27TH 2014 - Harkness Screens and Highlands Technologies Solutions (HTS) today announced an agreement to exclusively link Harkness Screens' technology to HTS Qalif measurement devices.

The two companies will jointly market an integrated screen monitoring package combining Harkness' screen optimization software and high performance screen surfaces with the Qalif. In field pilots will commence in November with both partners committing to launch a full service package at Cinemacon 2015.

The key elements of the package can be seen on Harkness and HTS trade booths and websites with immediate effect.
The new integrated package will allow cinemas to optimise presentation quality at design stage and then maintain this for the lifetime of the screen.

Commenting on the announcement, Harkness CEO, Mark Ashcroft said "this is another element in our screen lifecycle management portfolio. Working alongside partners to ensure the best presentation within the cinema is fundamental to our approach."

HTS CEO, Patrick Zucchetta said, "with such a bundle initiative, we are proud to be linked to Harkness to help the exhibition industry to improve the overall projection quality and at same time optimize the cost of ownership."

For more information on Harkness software and screens visit www.harkness-screens.com
For more information on HTS Qalif visit www.h-t-solutions.com/solutions/cineactive/qalif/

 

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