NCMI - National CineMedia Reports Financial Results and $100 million share repurchase program

2024-03-18 17:40:28 ET

DENVER, Colo., Mar 18, 2024 ( 247marketnews.com )- National CineMedia, Inc. (NASDAQ: NCMI ) reported, after today’s market close, its fourth quarter and full year 2023 financial results.

In addition to reporting record high revenue per attendee, for the fourth quarter, NCM stated that its board of directors approved a new share repurchase program authorizing the Company to repurchase up to $100 million of shares of NCMI common stock through April 1, 2027.

“In 2023, NCM successfully re-established the importance of cinema for best-in-class advertisers, with movies driving the cultural conversation and the box office reaching its highest point since 2019,” stated Tom Lesinski, CEO of NCM. “We are very encouraged by our strong fourth quarter performance, which led to a 43% increase in active national advertisers and record revenue per attendee. This resulted in strong adjusted OIBDA, significantly exceeding our fourth quarter guide. Our confidence in the strength of NCM’s business model and cash flow generation is highlighted by our new $100 million share repurchase program. What remains clear is that the biggest brands continue to turn to NCM as a trusted and effective way to reach the millions of young, diverse moviegoers.”

“Our new share repurchase program demonstrates the Board and Management’s confidence in the strength of our business and long-term prospects of our cinema advertising network,” Lesinski further noted. “As we execute our share buyback program, we will continue to strategically look for ways to deploy capital to drive long-term shareholder value.”

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