National CineMedia (NCMI) Tops Q3 EPS by 3c, Beats on Revenues; Reaffirm FY17 Revenue Mid-Point Guidance Above Consensus

National CineMedia (NASDAQ: NCMI) reported Q3 EPS of $0.12, $0.03 better than the analyst estimate of $0.09. Revenue for the quarter came in at $116.4 million versus the consensus estimate of $107.56 million.

2017 Outlook

For the full year 2017, the Company reaffirms its outlook of total revenue to be down 6% to 1% and Adjusted OIBDA to be down 12% to 6% from the full year 2016. The Company expects total revenue in the range of $422.0 million to $442.0 million for the full year 2017, compared to total revenue for the full year 2016 of $447.6 million and Adjusted OIBDA in the range of $202.0 million to $217.0 million for the full year 2017 compared to Adjusted OIBDA for the full year 2016 of $230.7 million. Currently, total revenue and Adjusted OIBDA are trending towards the lower end of these ranges for the full year 2017. This outlook includes the impact of an 8% increase in the theater access fee paid to the founding members that occurs every five years as well as the non-cash impairment charges of $3.1 million recorded for the first nine months of 2017, described above. During 2017, the Company expects to record approximately $18.0 million to $20.0 million in integration and other encumbered theater payments from Cinemark and AMC associated with the Rave Theatres and Carmike Theatres acquisitions, which are recorded as a reduction of an intangible asset.

GUIDANCE:

National CineMedia sees FY2017 revenue of $422-442 million, versus the consensus of $428.88 million.

For earnings history and earnings-related data on National CineMedia (NCMI) click here.

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