National CineMedia, Inc. (NCM, Inc.) reported significant financial changes in its latest 10-Q filing for the quarter ending September 26, 2024. The company experienced a substantial increase in revenue, with total revenue for the three months reaching $62.4 million, a 152.6% increase from $24.7 million in the same period of 2023. For the nine months, revenue totaled $154.5 million, up 107.7% from $74.4 million year-over-year. This growth was primarily driven by national advertising revenue, which surged to $46.8 million in Q3 2024 from $15.5 million in Q3 2023, and local and regional advertising revenue, which rose to $11.4 million from $5.1 million.
Despite the revenue growth, NCM, Inc. reported an operating loss of $(7.5) million for Q3 2024, an improvement from a loss of $(12.3) million in Q3 2023. However, the company recorded a net loss attributable to NCM, Inc. of $(3.6) million for Q3 2024, a stark contrast to a net income of $181.8 million in Q3 2023. For the nine months ended September 26, 2024, the net loss was $(47.0) million compared to a net income of $681.5 million in the same period of 2023.
Total operating expenses for Q3 2024 were $69.9 million, up 88.9% from $37.0 million in Q3 2023, largely due to increased costs associated with the reconsolidation of NCM LLC following its emergence from bankruptcy on August 7, 2023. The company also noted a significant decrease in non-operating income, which fell to $3.9 million from $194.1 million in Q3 2023, primarily due to a reduction in gains related to the deconsolidation and reconsolidation of NCM LLC.
As of September 26, 2024, NCM, Inc. reported total assets of $526.1 million, down from $567.7 million at the end of 2023, while total liabilities increased to $140.6 million from $133.2 million. The company’s cash and cash equivalents rose to $49.4 million, compared to $34.6 million at the end of 2023.
Strategically, NCM, Inc. has initiated a stock repurchase program, allowing for the repurchase of up to $100.0 million of its common stock over three years. The company repurchased 304,901 shares during Q3 2024 and 2,224,488 shares year-to-date. Additionally, NCM, Inc. has been actively managing its operational costs, with a notable reduction in administrative expenses due to decreased legal and professional fees related to its Chapter 11 proceedings.
Overall, while NCM, Inc. has shown strong revenue growth, it continues to navigate challenges related to profitability and operational expenses in the wake of its recent restructuring efforts.
About National CineMedia, Inc.
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