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 first quarter 2010 results.
Total revenues for the first quarter ended April 1, 2010 were $719.8 million compared to total revenues of $665.6 million for the first quarter ended April 2, 2009. Net income attributable to controlling interest was $16.5 million in the first quarter of 2010 compared to $21.3 million in the first quarter of 2009. Diluted earnings per share was $0.11 for the first quarter of 2010 compared to $0.14 for the first quarter of 2009. Adjusted diluted earnings per share(1) was $0.16 for each of the first quarters of 2010 and 2009. Adjusted EBITDA(2) was $135.1 million for the first quarter of 2010 and $130.0 million for the first 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 $0.18 per Class A and Class B common share, payable on June 15, 2010, to stockholders of record on June 3, 2010. 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 are pleased to report 10% growth in our admissions revenue during the first quarter, along with record total revenues and Adjusted EBITDA," stated Amy Miles, CEO of Regal Entertainment Group. "Additionally, we are excited about the completion of the DCIP financing that will allow for an accelerated deployment of 3D capable screens across our circuit and also by the number of 3D titles included in the film slate for the remainder of 2010," Miles continued.
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.