National CineMedia today announced consolidated results for the fiscal fourth quarter and year ended December 28, 2017. Total revenue for the fourth quarter decreased 1.3 percent to $140.7 million from $142.5 million for the comparable quarter last year. Adjusted OIBDA decreased 4.4 percent to $82.6 million for the fourth quarter of 2017 from $86.4 million for the fourth quarter of 2016.
Operating income decreased 2.9 percent to $70.2 million for the fourth quarter of 2017 from $72.3 million for the fourth quarter of 2016. Net loss for the fourth quarter of 2017 was $5.4 million, or net loss of $0.07 per diluted share, compared to net income as corrected of $13.4 million, or net income as corrected of $0.22 per diluted share, for the fourth quarter of 2016.
Andy England, NCM’s CEO said, “While there is no question that 2017 was a challenging year for NCM, it was really a tale of two halves, with a tough first half of the year followed by a far better second half. Much progress was made this year in many key areas to better position us to deliver on our long-term strategy, including the expansion of our national network, the strengthening of our leadership team, and of course, the launch of our new Noovie pre-show and Noovie Digital ecosystem. Our expanded focus on digital continued to be a bright spot throughout 2017, and I’m especially excited about our new integrated marketing capabilities that better connect brands with movie audiences.”
As adjusted to exclude CEO transition-related costs, certain impacts related to revaluing tax assets and liabilities following recently enacted federal tax legislation and other non-recurring items set forth in the table at the end of this release, net income for the fourth quarter of 2017 would have been $0.27 per diluted share and net income for the fourth quarter of 2016 as corrected would have remained $0.22 per diluted share.
Total revenue for the year ended December 28, 2017 decreased 4.8 percent to $426.1 million from $447.6 million for the comparable period last year.
National CineMedia http://www.ncm.com