Total revenue for the period ending September 28 rose 3% from the year-earlier period, to $116.4 million, with net income of 15 cents a share up from 13 cents a year ago. When costs associated with the transition of England’s predecessor, the reversal of a reserve for uncertain tax positions and other non-recurring items are all factored in, net income would have been 12 cents in this year’s third quarter.
Network attendance declined 16%, the company said, a pattern seen elsewhere in the exhibition sector of late, though the scatter market “rebounded in our favor,” England said.
“I’m very pleased with our third quarter results, as we were able to achieve a stable quarter following a challenging first half of the year,” England said. “The launch of our new Noovie pre-show in September is just the beginning of a new era at NCM, as we continue to lay the foundation for our Noovie digital products ecosystem and work toward achieving our vision to be the connector between brands and movie audiences, wherever they may be.”
The company’s shares, which are trading at less than half their value at the start of the year, gained 4% to close the day at $6.97, with another 4% upswing in after-hours trading.