National CineMedia Reports Q1 In Line; To Buy Screenvision

(RTTNews) - National CineMedia, Inc. (NCMI) reported a net loss for the first quarter of $3.1 million or $0.05 per share, compared to a net loss of $1.0 million or $0.02 per share for the year-ago quarter.

Total revenue for the first quarter fell 14.6% to $70.2 million from $82.2 million a year earlier.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenue of $70.20 million for the first quarter.

Looking forward, the company forecasts second quarter revenue in the range of $92.0 million to $100.0 million. Analysts currently expect the company t post revenue of $120.07 million for the second quarter.

The company said it was withdrawing prior financial guidance for the full year 2014 while it assesses the impact of the planned merger with Screenvision.

Earlier Monday, National CineMedia announced that it has entered into a definitive merger agreement with Screenvision, for $375 million of cash and stock on a debt free, cash free basis. Under the deal, National CineMedia will pay Screenvision's owners a total purchase price of $225 million in cash and $150 million of National CineMedia common stock, subject to a net working capital purchase price adjustment.