National CineMedia swung to a third quarter loss on lower theater attendance and overall revenues, the in-theater advertising company announced Tuesday.
The net loss attributable to National CineMedia came to $3.6 million, against net income of $181.8 million in the comparable year-ago period. Overall third quarter revenue was $62.4 million, down just over 10 percent from $69.6 million in the same period of 2023.
The latest financial results reflect the deconsolidation of NCM LLC in April 2023 and the reconsolidation of NCM LLC on August 7, 2023 to complete a financial restructuring as the company emerged from court-directed Chapter 11 bankruptcy proceedings.
During the latest quarter, national advertising revenue fell back to $46.8 million, compared to $52 million in the third quarter of 2023. National CineMedia beat the analyst estimate for Q3 revenue at $58.03 million.
Total attendance during the third quarter for screens within the company’s advertising network was 121.6 million patrons, down from a year-earlier 131.7 million cinema-goers when Christopher Nolan’s Oppenheimer and Barbie were at the local multiplex.
Tom Lesinski, CEO of National CineMedia, in a statement that accompanied his latest financial results said, “NCM delivered its fourth consecutive quarter of consistent results, achieving $62.4 million in revenue, and demonstrating our strength as the box office continues to accelerate. We continue to drive meaningful growth in our premium Platinum offering, which has more than doubled since last year, while attracting new, category-leading advertisers across our platform as brands increasingly turn to NCM for
incremental reach of highly valuable audiences at scale.”
English (US) ·