Regal Entertainment Group Posts Q3 Loss

10/29/2009 5:43 PM ET

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(RTTNews) - Regal Entertainment Group (RGC: News ), a motion picture exhibitor, Thursday reported a loss for the third quarter, reflecting lower concession and admission revenues, higher interest expense and a debt extinguishment charge.

Net loss attributable to controlling interest was $1.8 million or $0.01 per share, compared to a net income of $31.0 million or $0.20 per share in the previous year. Results for the recent quarter include loss on debt extinguishment, net of tax, of $4.5 million and net loss on disposal and impairment, net of tax, of $4.4 million.

On an adjusted basis, net income was $7.1 million or $0.05 per share, compared to $38.0 million or $0.25 per share in the previous year.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $673.5 million from $757.6 million last year. Analysts estimated revenues of $701.79 million for the quarter.

Revenues from admissions declined to $463.4 million from $516.8 million in the previous year. Revenues from concessions declined to $182.6 million from $209.6 million last year. Other operating revenues declined to $27.5 million from $31.2 million a year ago.

General and administrative expenses increased to $17.1 million from $15.5 million in the previous year. Interest expense rose to $40.3 million from $29.9 million last year. The company reported a loss on debt extinguishment of $7.4 million for the quarter.

For the nine-month period, net income declined to $60.0 million or $0.39 per share from $82.8 million or $0.53 per share in the same period of the previous year. Total revenues for the period increased to $2.13 billion from $2.06 billion last year.

The company also declared a cash dividend of $0.18 per Class A and Class B common share, payable on December 17, 2009, to stockholders of record on December 9, 2009.

RGC closed Thursday's regular trading at $11.96, up 0.57 or 5.00%, on a volume of 1.87 million shares on the NYSE. In after hours, the stock further gained 0.04 or 0.33%, trading at $12.00.