National CineMedia Q3 2020 Earnings Report
Key Takeaways
National CineMedia Inc. reported a 94.6% decrease in revenue for Q3 2020, totaling $6.0 million compared to $110.5 million in the same quarter last year. The company experienced an operating loss of $21.3 million, a 153.3% increase from the $40.0 million income in Q3 2019. Net loss for the quarter was $12.7 million, or $0.16 per diluted share, compared to a net income of $9.2 million, or $0.12 per diluted share, for the third quarter of 2019. The company's results were significantly impacted by the COVID-19 pandemic and related theater closures.
Total revenue decreased 94.6% to $6.0 million compared to $110.5 million for the comparable quarter last year.
Operating loss increased 153.3% to a loss of $21.3 million from income of $40.0 million for the third quarter of 2019.
Net loss for the third quarter of 2020 was $12.7 million, or $0.16 per diluted share, compared to net income of $9.2 million, or $0.12 per diluted share, for the third quarter of 2019.
As of September 24, 2020, the Company had $220.7 million of cash, cash equivalents and investments.
National CineMedia
National CineMedia
National CineMedia Revenue by Segment
Forward Guidance
Due to the current unprecedented market conditions related to the COVID-19 pandemic and the resulting uncertainty regarding the duration and ultimate impact of governmental regulations, including mandated business closures and theater capacity restrictions that affect our network theaters and clients, shifting movie slates, as well as the impact of changes in consumer behavior (such as social distancing) on attendance following the reopening of the theaters, the Company is not providing updated guidance for the fiscal year ending December 31, 2020.