Regal Entertainment Group Reports Results for Fourth Quarter 2012 and Declares Quarterly Dividend

  Regal Entertainment Group Reports Results for Fourth Quarter 2012 and
  Declares Quarterly Dividend

Business Wire

KNOXVILLE, Tenn. -- February 7, 2013

Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor
owning and operating the largest theatre circuit in the United States, today
announced fiscal fourth quarter 2012 results.

Total revenues for the fourth quarter ended December 27, 2012 were $723.1
million compared to total revenues of $613.9 million for the fourth quarter
ended December 29, 2011. Net income attributable to controlling interest was
$37.3 million in the fourth quarter of 2012 compared to $4.1 million in the
fourth quarter of 2011. Diluted earnings per share was $0.24 for the fourth
quarter of 2012 compared to $0.03 during the fourth quarter of 2011. Adjusted
diluted earnings per share^(1) was $0.28 for the fourth quarter of 2012
compared to $0.10 during the fourth quarter of 2011. Adjusted EBITDA^(3) was
$152.3 million for the fourth quarter of 2012 and $99.4 million for the fourth
quarter of 2011. Reconciliations of non-GAAP financial measures are provided
in the financial schedules accompanying this press release.

Regal’s Board of Directors also today declared a cash dividend of $0.21 per
Class A and Class B common share, payable on March 15, 2013, to stockholders
of record on March 5, 2013. The Company intends to pay a regular quarterly
dividend for the foreseeable future at the discretion of the Board of
Directors depending on available cash, anticipated cash needs, overall
financial condition, loan agreement restrictions, future prospects for
earnings and cash flows as well as other relevant factors.

“We are pleased to report that 2012 was a record year for Regal. We achieved
our highest ever Adjusted EBITDA totaling almost $580 million and our highest
Adjusted EBITDA margin in the last six years. Additionally, our accretive
acquisition of the Great Escape theatre circuit combined with the $1 special
dividend declared and paid in the fourth quarter clearly demonstrate our
commitment to creating value for our shareholders,” stated Amy Miles, CEO of
Regal Entertainment Group. “Looking ahead, we are encouraged by the early 2013
box office results and the films scheduled for release in the coming months,”
Miles continued.

Forward-looking Statements:
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements included herein,
other than statements of historical fact, may constitute forward-looking
statements. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to be correct. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the risk factors contained in the Company's 2011 Annual Report on
Form 10-K filed with the Securities and Exchange Commission on February 27,
2012. All forward-looking statements are expressly qualified in their entirety
by such factors.

Conference Call:
Regal Entertainment Group management will conduct a conference call to discuss
fourth quarter 2012 results on February 7, 2013 at 4:30 p.m. (Eastern Time).
Interested parties can listen to the call live on the Internet through the
investor relations section of the Company's Web site: www.REGmovies.com, or by
dialing 877-407-0778 (Domestic) and 201-689-8565 (International). Please dial
in to the call at least 5 - 10 minutes prior to the start of the call or go to
the Web site at least 15 minutes prior to the call to download and install any
necessary audio software. When prompted, ask for the Regal Entertainment Group
conference call. A replay of the call will be available beginning
approximately two hours following the call. Those interested in listening to
the replay of the conference call should dial 877-660-6853 (Domestic) or
201-612-7415 (International) and enter account #286 and conference call ID
#382614.

About Regal Entertainment Group:
Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor
in the United States. The Company's theatre circuit, comprising Regal Cinemas,
United Artists Theatres and Edwards Theatres, operates 6,880 screens in 540
locations in 38 states and the District of Columbia. Regal operates theatres
in 43 of the top 50 U.S. designated market areas. We believe that the size,
reach and quality of the Company's theatre circuit not only provide its
patrons with a convenient and enjoyable movie-going experience, but is also an
exceptional platform to realize economies of scale in theatre operations.

Additional information is available on the Company's Web site at
www.REGmovies.com.


Regal Entertainment Group
Consolidated Statements of Income Information
For the Fiscal Quarters and Four Quarters Ended 12/27/12 and 12/29/11
(in millions, except per share data)
(unaudited)
                                                
                       Quarter Ended               Four Quarters Ended
                       Dec. 27,     Dec. 29,      Dec. 27,       Dec. 29,
                       2012          2011          2012            2011
Revenues
Admissions             $  485.3      $  414.0      $  1,925.1      $ 1,842.6
Concessions            188.5         159.3         748.4           708.0
Other operating        49.3          40.6          150.7           131.1
revenues
Total revenues         723.1         613.9         2,824.2         2,681.7
                                                                             
Operating expenses
Film rental and        250.8         210.9         1,000.5         953.7
advertising costs
Cost of concessions    25.9          21.9          101.1           96.6
Rent expense           99.1          95.5          384.4           381.5
Other operating        189.9         183.4         735.9           744.4
expenses
General and
administrative
expenses (including
share-
based
compensation of $3.3
million and $1.6
million for the
quarters ended
December 27, 2012      20.1          16.1          68.8            65.8
and December 29,
2011, respectively,
and $10.3
million and $7.9
million for the four
quarters ended
December 27, 2012
and December 29,
2011,
respectively)
Depreciation and       45.5          47.8          183.1           197.6
amortization
Net loss on disposal
and impairment of      9.8           4.7           16.2            20.8
operating
assets and other
Income from            82.0          33.6          334.2           221.3
operations
                                                                             
Interest expense,      32.2          35.9          135.0           149.7
net
Earnings recognized    (11.7     )   (11.7     )   (34.8       )   (37.9     )
from NCM
Impairment of RealD,   ―             13.9          ―               13.9
Inc. investment
Loss on
extinguishment of      ―             ―             ―               21.9
debt
Other, net             (1.1      )   (1.6      )   (1.9        )   15.9
Income (loss) before   62.6          (2.9      )   235.9           57.8
income taxes
Provision for
(benefit from)         25.3          (6.9      )   91.2            17.7
income taxes
Net income             37.3          4.0           144.7           40.1
Noncontrolling         ―             0.1           0.1             0.2
interest, net of tax
Net income
attributable to        $  37.3       $  4.1        $  144.8        $ 40.3
controlling interest
                                                                             
Diluted earnings per   $  0.24       $  0.03       $  0.93         $ 0.26
share
Adjusted diluted
earnings per           $  0.28       $  0.10       $  1.00         $ 0.48
share^(1)
Weighted average
number of diluted      155.3            154.7      155.0             154.6
shares
outstanding^(2)
                                                                             

Consolidated Summary Balance Sheet Information
(dollars in millions)                                       
(unaudited)
                                                                             
                                             As of             As of
                                             Dec. 27, 2012     Dec. 29, 2011
                                                                             
Cash and cash equivalents                    $    109.5        $    253.0
Total assets                                 2,209.5           2,341.3
Total debt                                   1,995.2           2,016.3
Total stockholders’ deficit of Regal         (696.8        )   (570.9        )
Entertainment Group
                                                                             

Operating Data                                    
(unaudited)
                                                                             
                         Quarter Ended               Four Quarters Ended
                         Dec. 27,     Dec. 29,      Dec. 27,     Dec. 29,
                         2012          2011          2012          2011
                                                                             
Theatres at period end   540           527           540           527
Screens at period end    6,880         6,614         6,880         6,614
Average screens per      12.7          12.6          12.7          12.6
theatre
Attendance (in           54,762        47,682        216,365       211,946
thousands)
Average ticket price     $  8.86       $  8.68       $  8.90       $  8.69
Average concessions      $  3.44       $  3.34       $  3.46       $  3.34
per patron
                                                                             
Reconciliation of EBITDA to Net Cash Provided by Operating Activities
(dollars in millions)
(unaudited)
                                                                             
                         Quarter Ended               Four Quarters Ended
                         Dec. 27,      Dec. 29,      Dec. 27,      Dec. 29,
                         2012          2011          2012          2011
                                                                             
EBITDA                   $  140.3      $  80.9       $  554.1      $  405.3
Interest expense, net    (32.2     )   (35.9     )   (135.0    )  (149.7    )
(Provision for)
benefit from income      (25.3     )   6.9           (91.2     )  (17.7     )
taxes
Deferred income taxes    22.6          14.6          52.4          41.3
Changes in operating     43.8          44.7          (70.8     )  (19.4     )
assets and liabilities
Impairment of RealD,     ―             13.9          ―             13.9
Inc. investment
Loss on extinguishment   ―             ―             ―             21.9
of debt
Other items, net         15.7          7.8           37.1          57.5
Net cash provided by     $  164.9      $  132.9      $  346.6      $  353.1
operating activities
                                                                             
Reconciliation of EBITDA to Adjusted EBITDA
(dollars in millions)
(unaudited)
                                                                             
                         Quarter Ended               Four Quarters Ended
                         Dec. 27,      Dec. 29,      Dec. 27,      Dec. 29,
                         2012          2011          2012          2011
                                                                             
EBITDA                   $  140.3      $  80.9       $  554.1      $  405.3
Net loss on disposal
and impairment of        9.8           4.7           16.2          20.8
operating assets
and other
Share-based              3.3           1.6           10.3          7.9
compensation expense
Impairment of RealD,     ―             13.9          ―             13.9
Inc. investment
Loss on extinguishment   ―             ―             ―             21.9
of debt
Noncontrolling
interest, net of tax     (1.1      )   (1.7      )   (2.0      )   15.7
and other, net
Adjusted EBITDA^(3)      $  152.3      $  99.4       $  578.6      $  485.5
                                                                             
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
(dollars in millions)
(unaudited)
                                                                             
                         Quarter Ended               Four Quarters Ended
                         Dec. 27,      Dec. 29,      Dec. 27,      Dec. 29,
                         2012          2011          2012          2011
                                                                             
Net cash provided by     $  164.9      $  132.9      $  346.6      $  353.1
operating activities
Capital expenditures     (26.1     )   (29.8     )   (89.2     )  (87.2     )
Proceeds from asset      4.7           7.5           5.8           20.5
sales
Free cash flow^(3)       $  143.5      $  110.6      $  263.2      $  286.4
                                                                             
Reconciliation of Net Income Attributable to Controlling Interest to Adjusted
Diluted Earnings Per Share
(dollars in millions, except per share data)
(unaudited)
                                                                             
                         Quarter Ended               Four Quarters Ended
                         Dec. 27,      Dec. 29,      Dec. 27,      Dec. 29,
                         2012          2011          2012          2011
                                                                             
Net income
attributable to          $  37.3       $  4.1        $  144.8      $  40.3
controlling interest
Loss on extinguishment
of debt, net of          ―             ―             ―             13.6
related tax effects
Net loss on disposal
and impairment of
operating                5.9           2.8           9.8           12.6
assets and other,
net of related tax
effects
Impairment of RealD,
Inc. investment, net     ―             8.4           ―             8.4
of related
tax effects
Net income
attributable to
controlling interest,
excluding loss on
extinguishment of
debt, net of
related tax
effects, net loss on
disposal and             $  43.2       $  15.3       $  154.6      $  74.9
impairment of
operating assets and
other, net of
related tax effects
and impairment of
RealD, Inc.
investment, net of
related tax effects
                                                                             
Weighted average
number of diluted        155.3         154.7         155.0         154.6
shares
outstanding^(2)
                                                                             
Adjusted diluted         $  0.28       $  0.10       $  1.00       $  0.48
earnings per share^(1)
Diluted earnings per     $  0.24       $  0.03       $  0.93       $  0.26
share
                                                                             

          We have included adjusted diluted earnings per share, which is
          diluted earnings per share excluding loss on extinguishment of debt,
          net of related tax effects, net loss on disposal and impairment of
  (1)  operating assets and other, net of related tax effects and
          impairment of RealD, Inc. investment, net of related tax effects,
          because we believe it provides investors with a useful industry
          comparative and is a financial measure used by management to assess
          the performance of our Company.
    
          Represents reported weighted average number of diluted shares
    (2)   outstanding for purposes of computing diluted earnings per share and
          adjusted diluted earnings per share for the quarters and four
          quarters ended December 27, 2012 and December 29, 2011.
    
          Adjusted EBITDA (earnings before interest, taxes, depreciation and
          amortization expense, net loss on disposal and impairment of
          operating assets and other, share-based compensation expense,
          impairment of RealD, Inc. investment, loss on extinguishment of debt
          and noncontrolling interest, net of tax and other, net) was
          approximately $152.3 million for the quarter ended December 27,
          2012. We believe EBITDA, Adjusted EBITDA and Free Cash Flow provide
          useful measures of cash flows from operations for our investors
          because EBITDA, Adjusted EBITDA and Free Cash Flow are industry
          comparative measures of cash flows generated by our operations and
          because they are financial measures used by management to assess the
          liquidity of our Company. EBITDA, Adjusted EBITDA and Free Cash Flow
          are not measurements of liquidity under U.S. generally accepted
    (3)   accounting principles and should not be considered in isolation or
          construed as a substitute for other operations data or cash flow
          data prepared in accordance with U.S. generally accepted accounting
          principles for purposes of analyzing our liquidity. In addition, not
          all funds depicted by EBITDA, Adjusted EBITDA and Free Cash Flow are
          available for management's discretionary use. For example, a portion
          of such funds are subject to contractual restrictions and functional
          requirements to pay debt service, fund necessary capital
          expenditures and meet other commitments from time to time as
          described in more detail in the Company’s 2011 Annual Report on Form
          10-K filed with the Securities and Exchange Commission on February
          27, 2012. EBITDA, Adjusted EBITDA and Free Cash Flow, as calculated,
          may not be comparable to similarly titled measures reported by other
          companies.

Contact:

Financial Contact:
Kevin Mead
Regal Entertainment Group
Vice President Investor Relations and Planning
Kevin.Mead@regalcinemas.com
865-925-9685
or
Media Contact:
Ken Thewes
Regal Entertainment Group
Senior Vice President and Chief Marketing Officer
865-925-9539