- In-theater advertising company National CineMedia (NASDAQ:NCMI) is 2.9% higher after hours following fourth-quarter earnings where revenues came in better than expected, despite ongoing wreckage to movie-theater revenues.
- Revenues fell 89% overall to $15.7M.
- As of Dec. 31, it says 40.5% of the theaters within its network were open (though many still faced capacity limits and consumer reluctance).
- It's still preserving cash and ensuring "sufficient liquidity to endure the impacts of the COVID-19 pandemic, even if prolonged."
- It's cutting its quarterly dividend by 29%, to $0.05/share.
- Operating income swung to a loss of $20.8M from a year-ago gain of $72.7M; OIBDA fell to -$9.9M from $83.5M.
- And net loss was $35.2M, vs. a year-ago net income of $35.2M.
- "With our liquidity position fortified as a result of our recent debt expansion and amendment and the COVID-19 vaccine roll-out accelerating, we are well positioned for when theater audiences return," says CEO Tom Lesinski. "Our larger cinema network combined with our new out-of-home inventory will be even more attractive to media buyers as ad-based TV loses younger viewership to subscription-based streaming platforms."
- Conference call to come at 5 p.m. ET.
- Press release