National CineMedia, Inc. Reports Results for Fiscal Fourth Quarter and Full Year 2013 and Declares Special Cash Dividend of

  National CineMedia, Inc. Reports Results for Fiscal Fourth Quarter and Full
  Year 2013 and Declares Special Cash Dividend of $0.50 per Share

                     ~Announces Quarterly Cash Dividend~
                          ~ Provides 2014 Outlook ~

Business Wire

CENTENNIAL, Colo. -- February 20, 2014

National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and
owner of 46.1% of National CineMedia, LLC (NCM LLC), the operator of the
largest in-theatre digital media network in North America, today announced
consolidated results for the fiscal fourth quarter and fiscal year ended
December 26, 2013.

Total revenue for the fourth quarter of 2013 increased 5.9% to $122.7 million
from $115.9 million for the comparable quarter last year. Advertising revenue
for the fourth quarter of 2013 was $108.1 million, an increase of 4.0%
compared to $103.9 million for the comparable quarter last year. Fathom Events
revenue increased 21.7% to $14.6 million for the fourth quarter of 2013
compared to $12.0 million for the comparable quarter last year. Net income for
the fourth quarter of 2013 was $19.0 million, or $0.32 per diluted share
compared to a net loss of $0.5 million, or $0.01 per diluted share for the
fourth quarter of 2012. Net income for the fourth quarter of 2013 and net loss
for the fourth quarter of 2012 both include non-cash and other items,
including the gain on the sale of the Fathom business on December 26, 2013.
Excluding these unusual items for both years net income would have increased
47.7% to $12.7 million or $0.21 per diluted share for the fourth quarter of
2013 compared to net income of $8.6 million or $0.16 per diluted share for the
fourth quarter of 2012. Adjusted OIBDA increased 7.2% to $62.5 million for the
fourth quarter of 2013 from $58.3 million for the comparable quarter last
year.

Total revenue for the year ended December 26, 2013 increased $14.0 million, or
3.1% to $462.8 million, compared to $448.8 million for the 2012 period.
Advertising revenue for the year ended December 26, 2013 was $426.3 million,
an increase of 4.1% compared to $409.5 million for the 2012 period. Fathom
Events revenue decreased 7.1% to $36.5 million for the year ended December 26,
2013 compared to $39.3 million for the 2012 period. Net income for the year
ended December 26, 2013 was $41.2 million, or $0.73 per diluted share,
compared to net income of $13.4 million for year ended December 27, 2012, or
$0.24 per diluted share. Net income for the years ended December 26, 2013 and
December 27, 2012 includes non-cash and other items, including the gain on the
sale of the Fathom business on December 26, 2013. Excluding these unusual
items for both years net income would have increased 17.6% to $37.4 million or
$0.66 per diluted share for the year ended December 26, 2013 compared to net
income of $31.8 million or $0.58 per diluted share for the year ended December
27, 2012. For the year ended December 26, 2013, Adjusted OIBDA increased 6.0%
to $234.5 million versus $221.2 million for the 2012 period.

The Company announced today that its Board of Directors has authorized the
Company’s regular quarterly cash dividend of $0.22 per share of common stock.
In addition, the Company’s Board of Directors has authorized a special cash
dividend of $0.50 per share of common stock. Both dividends will be paid on
March 20, 2014, to stockholders of record on March 6, 2014. The Company
intends to pay a regular quarterly dividend for the foreseeable future at the
discretion of the Board of Directors dependent on available cash, anticipated
cash needs, overall financial condition, future prospects for earnings and
cash flows as well as other relevant factors.

“2013 was another successful year for our Company as we posted record revenue
and Adjusted OIBDA and completed the sale of our Fathom division”, said NCM
Chairman and CEO Kurt Hall. “We also made great progress on our longer term
strategy to broaden our client base, expand our network reach and improve our
technology to make our marketing products more competitive as the video
advertising marketplace expands with the growth of online and mobile video
impressions. While the video advertising marketplace is becoming more
competitive, the continued execution of our long term strategy will make our
core selling proposition stronger than ever as entertainment programming
continues to fragment and ad-skipping technology adoption accelerates.” Mr.
Hall concluded, “I was also very pleased that we continued to return cash to
shareholders through our regular quarterly dividend and through a substantial
special cash dividend that we announced today.”

Adjusted OIBDA, net income and earnings per share excluding non-cash and other
items, as well as revenue and Adjusted OIBDA excluding Fathom described below,
are non-GAAP measures. See the tables at the end of this release for the
reconciliations to the closest GAAP basis measurements.

Supplemental Information

Integration payments due from Cinemark and AMC associated with Rave Theatres
for the quarter and year ended December 26, 2013 were $0.7 million and $2.8
million. There were no integration payments during the comparable periods in
2012. The integration payments were recorded as a reduction of an intangible
asset.

2014 Outlook

Excluding the results of the Fathom Events division in 2013 that was sold on
December 26, 2013, first quarter 2014 revenue is expected to be down 2% to 9%
and Adjusted OIBDA is expected to be down 10% to 28% from the first quarter of
2013. The Company expects total revenue in the range of $67.0 million to $72.0
million, compared to total revenue excluding Fathom for the first quarter of
2013 of $73.7 million and Adjusted OIBDA in the range of $20.0 million to
$25.0 million compared to Adjusted OIBDA excluding Fathom for the first
quarter of 2013 of $27.7 million.

Excluding the results of the Fathom Events division for 2013, full year 2014
revenue is expected to be up 1% to 3% and Adjusted OIBDA is expected to range
from down 3% to up 2% from the full year 2013. For the full year 2014, the
Company expects total revenue in the range of $430.0 million to $440.0
million, compared to total revenue excluding Fathom for the full year of 2013
of $426.3 million and Adjusted OIBDA in the range of $222.0 million to $232.0
million compared to Adjusted OIBDA excluding Fathom for the full year 2013 of
$228.0 million.

Conference Call

The Company will host a conference call and audio webcast with investors,
analysts and other interested parties February 20, 2014 at 5:00 P.M. Eastern
time. The live call can be accessed by dialing 1-877-407-9039 or for
international participants 1-201-689-8470. Participants should register at
least 15 minutes prior to the commencement of the call. Additionally, a live
audio webcast will be available to interested parties at www.ncm.com under the
Investor Relations section. Participants should allow at least 15 minutes
prior to the commencement of the call to register, download and install
necessary audio software.

The replay of the conference call will be available until midnight Eastern
Time, March 6, 2014, by dialing 1-877-870-5176 or for international
participants 1-858-384-5517, and entering conference ID 13575155.

About National CineMedia, Inc.

National CineMedia (NCM) operates NCM Media Networks, a leading integrated
media company reaching U.S. consumers in movie theaters, online and through
mobile technology. NCM presents cinema advertising across the nation’s largest
digital in-theater network, comprised of theaters owned by AMC Entertainment
Inc. (NYSE: AMC), Cinemark Holdings, Inc. (NYSE: CNK), Regal Entertainment
Group (NYSE: RGC) and other leading regional theater circuits. NCM’s theater
advertising network covers 187 Designated Market Areas® (49 of the top 50) and
includes over 19,800 screens (approximately 19,000 digital). During 2013,
approximately 710 million patrons (on an annualized basis) attended movies
shown in theaters in which NCM currently has exclusive cinema advertising
agreements in place. NCM Digital offers 360-degree integrated marketing
opportunities in combination with cinema, encompassing 39
entertainment-related websites, online widgets and mobile applications.
National CineMedia, Inc. (NASDAQ: NCMI) owns a 46.1% interest in and is the
managing member of National CineMedia LLC. For more information, visit
www.ncm.com. (NCMI-F)

Forward-Looking Statements

This press release contains various forward-looking statements that reflect
management’s current expectations or beliefs regarding future events,
including statements providing guidance for first quarter and full year 2014
and the dividend policy. Investors are cautioned that reliance on these
forward-looking statements involves risks and uncertainties. Although the
Company believes that the assumptions used in the forward looking statements
are reasonable, any of these assumptions could prove to be inaccurate and, as
a result, actual results could differ materially from those expressed or
implied in the forward looking statements. The factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements are, among others, 1) the level of expenditures on
cinema advertising; 2) increased competition for advertising expenditures; 3)
technological changes and innovations; 4) popularity of major motion picture
releases and level of theatre attendance; 5) shifts in population and other
demographics that affect theatre attendance; 6) our ability to renew or
replace expiring advertising and content contracts; 7) our need for additional
funding, risks and uncertainties relating to our significant indebtedness; 8)
fluctuations in operating costs; 9) changes in interest rates, and 10) changes
in accounting principles. In addition, the outlook provided does not include
the impact of any future unusual or infrequent transactions; unidentified
restructuring charges; sales and acquisitions of operating assets and
investments; any future noncash impairments of goodwill, intangible and fixed
assets; amounts related to securities litigation; or the related impact of
taxes that may occur from time to time due to management decisions and
changing business circumstances. The Company is currently unable to forecast
precisely the timing and/or magnitude of any such amounts or events. Please
refer to the Company's Securities and Exchange Commission filings for further
information about these and other risks.

                                                             
NATIONAL CINEMEDIA, INC.
Consolidated Statements of Income
Unaudited
($ in millions, except per share data)
                                                                  
                       Quarter Ended              Year Ended
                       December 26,   December     December 26,   December 27,
                       2013           27,          2013           2012
                                      2012
REVENUE:
Advertising
(including revenue
from founding
members of $10.0,     $  108.1       $103.9       $  426.3       $  409.5
$9.9, $41.6 and
$39.9,
respectively)
Fathom Events            14.6       12.0          36.5         39.3   
Total                    122.7      115.9         462.8        448.8  
OPERATING EXPENSES:
Advertising
operating costs
(including $1.0,          7.3         7.6             29.0           31.3
$1.1, $3.6 and $4.2
to related parties,
respectively)
Fathom Events
operating costs
(including $2.0,          10.1        9.0             25.5           29.0
$1.7, $5.3 and $5.9
to founding members,
respectively)
Network costs             4.2         4.5             19.4           19.8
Theatre access
fees—founding             17.0        16.2            69.4           64.5
members
Selling and
marketing costs
(including $0.4,          14.8        14.8            61.5           60.5
$0.3, $1.4 and $1.1
to founding members,
respectively)
Administrative and        6.5         6.9             29.4           31.5
other costs
Depreciation and         7.8        5.5           26.6         20.4   
amortization
Total                    67.7       64.5          260.8        257.0  
OPERATING INCOME         55.0       51.4          202.0        191.8  
NON-OPERATING
EXPENSES:
Interest on               12.7        14.0            51.6           56.7
borrowings
Interest income           (0.1   )    (0.1    )       (0.4   )       (0.4   )
Accretion of
interest on the
discounted payable
to                        3.7         (1.1    )       13.9           10.0
founding members
under tax receivable
agreement
Change in derivative      -           -               -              (3.0   )
fair value
Amortization of
terminated                2.5         0.8             10.3           4.0
derivatives
Impairment of             0.8         -               0.8            -
investment
Loss on swap              -           -               -              26.7
terminations
Gain on sale of           (25.4  )    -               (25.4  )       -
Fathom Events
Other non-operating      -          3.4           1.2          5.8    
expense
Total                    (5.8   )    17.0          52.0         99.8   
INCOME BEFORE INCOME     60.8       34.4          150.0        92.0   
TAXES
Income tax expense       7.2        17.9          20.2         26.7   
CONSOLIDATED NET          53.6        16.5            129.8          65.3
INCOME
Less: Net income
attributable to          34.6       17.0          88.6         51.9   
noncontrolling
interests
NET INCOME (LOSS)
ATTRIBUTABLE TO NCM,   $  19.0       $(0.5   )    $  41.2       $  13.4   
INC.
                                                                  
EARNINGS/(LOSS) PER
SHARE:
Basic                  $  0.33        $(0.01  )    $  0.74        $  0.25
Diluted                $  0.32        $(0.01  )    $  0.73        $  0.24
                                                                            

NATIONAL CINEMEDIA, INC.
Selected Balance Sheet Data
Unaudited ($ in millions)
                                                               
                                                                  
                                                   December 26,   December 27,
                                                   2013           2012
Cash, cash equivalents and short term marketable   $  126.0       $  106.6
securities
Receivables, net                                      120.4          98.5
Property and equipment, net                           25.6           25.7
Total assets                                          1,067.3        810.5
Borrowings                                            890.0          879.0
Total equity/(deficit)                                (146.1  )      (356.4  )
Total liabilities and equity/(deficit)             $  1,067.3     $  810.5
                                                                             

NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
                                                           
                                               Quarter and Year Ended
                                               December 26,  December 27,
                                               2013           2012
Total Screens at Period End (1)(6)             19,878         19,359
Founding Member Screens at Period End (2)(6)   16,562         15,528
Total Digital Screens at Period End (3)(6)     19,054         18,491
                                                              

                                                   
                              Quarter Ended           Year Ended
                               December     December     December     December
(in millions)                 26,        27,        26,        27,
                               2013         2012         2013         2012
Total Attendance for           165.5       171.2        699.2       690.4
Period (4)(6)
Founding Member Attendance     142.9        142.9        598.4        577.3
for Period (5)(6)
Capital Expenditures         $ 2.4        $ 2.6        $ 10.6       $ 10.4
                                                                      

(1)  Represents the total screens within NCM LLC’s advertising network.
      
(2)   Represents the sum of founding member screens.
      
(3)   Represents the total number of screens that are connected to the digital
      content network.
      
(4)   Represents the total attendance within NCM LLC’s advertising network.
      
(5)   Represents the total attendance within NCM LLC’s advertising network in
      theatres operated by the founding members.
      
(6)   Excludes screens and attendance associated with certain AMC Rave and
      Cinemark Rave theatres for all periods presented.
      

NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
(In millions, except advertising revenue per attendee, margin and per share
data)
                                                              
                    Quarter Ended                  Year Ended
                    December 26,    December 27,    December 26,    December
                    2013            2012            2013            27,
                                                                    2012
Advertising         $  108.1        $  103.9        $  426.3        $  409.5
Revenue
Total Revenue       $  122.7        $  115.9        $  462.8        $  448.8
Operating Income    $  55.0         $  51.4         $  202.0        $  191.8
                                                                    
Total Attendance       165.5           171.2           699.2           690.4
(1)
Advertising
Revenue /              0.653           0.607           0.610           0.593
Attendee
                                                                    
OIBDA               $  62.8         $  56.9         $  228.6        $  212.2
Adjusted OIBDA      $  62.5         $  58.3         $  234.5        $  221.2
Adjusted OIBDA         50.9   %        50.3   %        50.7   %        49.3  %
Margin
                                                                    
Earnings/(Loss)
Per Share –         $  0.33         $  (0.01  )     $  0.74         $  0.25
Basic
Earnings/(Loss)
Per Share –         $  0.32         $  (0.01  )     $  0.73         $  0.24
Diluted
                                                                             
(1) Represents the total attendance within NCM LLC’s advertising network.
Excludes attendance associated with certain AMC Rave and Cinemark Rave
theatres for all periods presented.


            (See attached tables for the non-GAAP reconciliation)

                           NATIONAL CINEMEDIA, INC.
                           Non-GAAP Reconciliations
                                  Unaudited

OIBDA, Adjusted OIBDA and Adjusted OIBDA Margin

Operating Income Before Depreciation and Amortization (“OIBDA”), Adjusted
OIBDA and Adjusted OIBDA margin are not financial measures calculated in
accordance with generally accepted accounting principles (GAAP) in the United
States. OIBDA represents consolidated net income (loss) plus income tax
expense, interest and other costs and depreciation and amortization expense.
Adjusted OIBDA excludes from OIBDA non-cash share based payment costs.
Adjusted OIBDA margin is calculated by dividing Adjusted OIBDA by total
revenue. These non-GAAP financial measures are used by management to evaluate
operating performance, to forecast future results and as a basis for
compensation. The Company believes these are important supplemental measures
of operating performance because they eliminate items that have less bearing
on its operating performance and so highlight trends in its core business that
may not otherwise be apparent when relying solely on GAAP financial measures.
The Company believes the presentation of these measures is relevant and useful
for investors because it enables them to view performance in a manner similar
to the method used by the Company’s management, helps improve their ability to
understand the Company’s operating performance and makes it easier to compare
the Company’s results with other companies that may have different
depreciation and amortization policies and non-cash share based compensation
programs, or different interest rates or debt levels or income tax rates. A
limitation of these measures, however, is that they exclude depreciation and
amortization, which represent a proxy for the periodic costs of certain
capitalized tangible and intangible assets used in generating revenues in the
Company’s business. In addition, Adjusted OIBDA has the limitation of not
reflecting the effect of the Company’s share based payment costs. OIBDA or
Adjusted OIBDA should not be regarded as an alternative to operating income,
net income or as indicators of operating performance, nor should they be
considered in isolation of, or as substitutes for financial measures prepared
in accordance with GAAP. The Company believes that consolidated net income is
the most directly comparable GAAP financial measure to OIBDA. Because not all
companies use identical calculations, these non-GAAP presentations may not be
comparable to other similarly titled measures of other companies, or
calculations in the Company’s debt agreement.

The following tables reconcile consolidated net income to OIBDA and Adjusted
OIBDA for the periods presented (dollars in millions):

                                                             
                   Quarter Ended                  Year Ended
                   December 26,    December 27,    December 26,    December
                   2013            2012            2013            27,
                                                                   2012
Consolidated       $  53.6         $  16.5         $  129.8        $  65.3
net income
Income tax            7.2             17.9            20.2            26.7
expense
Interest and
other                 (5.8   )        17.0            52.0            99.8
non-operating
costs
Depreciation
and                  7.8           5.5           26.6          20.4   
amortization
OIBDA                 62.8            56.9            228.6           212.2
Share-based
compensation         (0.3   )       1.4           5.9           9.0    
costs (1)
Adjusted OIBDA     $  62.5        $  58.3        $  234.5       $  221.2  
Total revenue      $  122.7       $  115.9       $  462.8       $  448.8  
Adjusted OIBDA       50.9   %       50.3   %       50.7   %       49.3   %
margin
                                                                   
Adjusted OIBDA     $  62.5         $  58.3         $  234.5        $  221.2
Rave theatres
integration          0.7           -             2.8           -      
payments
Adjusted OIBDA
after              $  63.2        $  58.3        $  237.3       $  221.2  
integration
payments
                                                                             
(1) Share-based payment costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial statements.


Outlook (in millions)

                                                               
                                                                     
                      Quarter Ending                   Year Ending
                      March 27, 2014                    January 1, 2015
Consolidated net      $   (6.7   )       $  (3.3  )     $  88.8      $  94.6
income
Income tax                (2.2   )          (1.5  )        14.9         16.1
expense
Interest and              18.6              18.9           75.0         76.0
other
Depreciation and         7.7             8.1          33.8        34.8
amortization
OIBDA                     17.4              22.2           212.5        221.5
Share-based
compensation             2.6             2.8          9.5         10.5
costs (1)
Adjusted OIBDA           20.0            25.0         222.0       232.0
Total revenue         $   67.0          $  72.0       $  430.0     $  440.0
                                                                     
(1) Share-based payment costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial statements.


Revenue and Adjusted OIBDA excluding Fathom Events

Revenue excluding Fathom Events and Adjusted OIBDA excluding Fathom Events are
not financial measures calculated in accordance with generally accepted
accounting principles (GAAP) in the United States. Revenue excluding Fathom
Events represents total revenue less revenue of our Fathom Events operating
segment which was sold on December 26, 2013. Adjusted OIBDA excluding Fathom
Events represents Adjusted OIBDA (defined above) less operating income of our
Fathom Events operating segment. These non-GAAP financial measures are used to
provide readers a comparison of our outlook in 2014 to our results in 2013
without the Fathom Events operating segment included. The Company believes
these are important supplemental measures because they eliminate a portion of
our business that was disposed of to highlight trends in its ongoing business
that may not otherwise be apparent when relying solely on GAAP financial
measures. Revenue excluding Fathom Events and Adjusted OIBDA excluding Fathom
Events should not be regarded as an alternative to revenue, operating income,
net income or as indicators of operating performance, nor should they be
considered in isolation of, or as substitutes for financial measures prepared
in accordance with GAAP. The Company believes that revenue and consolidated
net income are the most directly comparable GAAP financial measures. Because
not all companies use identical calculations, these non-GAAP presentations may
not be comparable to other similarly titled measures of other companies.

The following table reconciles total revenue to revenue excluding Fathom
Events for the periods presented (dollars in millions):

                                                 
                                                      
                                      Quarter Ended   Year Ended
                                      March 28,       December 26,
                                      2013            2013
Revenue                               $   82.2        $   462.8
Fathom Events revenue                    (8.5   )       (36.5  )
Revenue excluding Fathom Events       $   73.7       $   426.3  
                                                                 

The following table reconciles consolidated net income to Adjusted OIBDA
excluding Fathom Events for the periods presented (dollars in millions):

                                                      
                                                         
                                         Quarter Ended   Year Ended
                                         March 28,       December 26,
                                         2013            2013
Consolidated net income                  $   1.9         $   129.8
Income tax expense                           0.6             20.2
Interest and other non-operating costs       19.1            52.0
Depreciation and amortization                5.4             26.6
Fathom operating income                      (1.4   )        (6.5   )
Share-based compensation costs (1)          2.1           5.9    
Adjusted OIBDA excluding Fathom Events   $   27.7       $   228.0  
                                                                    

(1) Share-based payment costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial statements.

Net Income and Earnings per Share Excluding Non-Cash and Other Items

Net income and earnings per share excluding non-cash and other items are not
financial measures calculated in accordance with generally accepted accounting
principles (GAAP) in the United States. Net income and earnings per share
excluding non-cash and other items are calculated using reported net income
and earnings per share and the non-cash and other items shown in the below
table. These non-GAAP financial measures are used by management as an
additional tool to evaluate operating performance. The Company believes these
are important supplemental measures of operating performance because they
eliminate items that have less bearing on its operating performance and so
highlight trends in its core business that may not otherwise be apparent when
relying solely on GAAP financial measures. The Company believes the
presentation of these measures is relevant and useful for investors because it
enables them to view performance in a manner similar to a method used by the
Company’s management and helps improve their ability to understand the
Company’s operating performance. Net income excluding non-cash and other items
should not be regarded as an alternative to net income and should not be
regarded as an alternative to earnings per share or as indicators of operating
performance, nor should they be considered in isolation of, or as substitutes
for financial measures prepared in accordance with GAAP. The Company believes
that net income and earnings per share are the most directly comparable GAAP
financial measures. Because not all companies use identical calculations,
these presentations may not be comparable to other similarly titled measures
of other companies.

The following table reconciles net income and earnings per share as reported
to net income and earnings per share excluding non-cash and other items for
the periods presented (dollars in millions):

                                                               
                 Quarter Ended                    Year Ended
                 Dec. 26,        Dec. 27,        Dec. 26,        Dec. 27,
                 2013             2012             2013             2012
Net income
(loss) as        $ 19.0           $ (0.5       )   $ 41.2           $ 13.4
reported
Adjusting
items
Loss on swap       -                -                -                26.7
terminations
Write-off of
debt issuance      -                3.4              1.2              5.8
costs
Impairment of      0.8              -                0.8              -
investment
Correction of
accretion of       -                (5.1       )     -                (4.3       )
interest
Change in
derivative         -                -                -                (3.0       )
fair value
Amortization
of terminated      2.5              0.8              10.3             4.0
derivatives
Gain on sale
of Fathom          (25.4      )                      (25.4      )
Events
                                                                    
Effect of
noncontrolling
interest
(53.9%, 51.4%,     11.9             (2.2       )     7.0              (17.2      )
53.7% and
51.4%,
respectively)
Effect of
provision for
income taxes       3.9              1.2              2.3              (4.6       )
(38% effective
rate)
Tax               -             11.0          -             11.0       
adjustments
Total
adjusting          (6.3       )     9.1              (3.8       )     18.4
items
                                                                    
Net income
excluding        $ 12.7         $ 8.6          $ 37.4         $ 31.8       
adjusting
items
                                                                    
Weighted
Average Shares
Outstanding as
reported
Basic              58,355,989       54,473,708       56,014,404       54,377,135
Diluted            59,119,150       55,202,174       56,628,457       55,026,771
                                                                    
Weighted
Average Shares
Outstanding as
adjusted
Basic              58,355,989       54,473,708       56,014,404       54,377,135
Diluted            59,119,150       55,202,174       56,628,457       55,026,771
                                                                    
Basic earnings
(loss) per       $ 0.33           $ (0.01      )   $ 0.74           $ 0.25
share as
reported
Net effect of
non-cash and      (0.11      )   0.17          (0.07      )   0.34       
other items
Basic earnings
per share
excluding         0.22          0.16          0.67          0.59       
adjusting
items
                                                                    
Diluted
earnings
(loss) per         0.32             (0.01      )     0.73             0.24
share as
reported
Net effect of
non-cash and      (0.11      )   0.17          (0.07      )   0.34       
other items
Diluted
earnings per
share            $ 0.21         $ 0.16         $ 0.66         $ 0.58       
excluding
adjusting
items
                                                                                 

Contact:

National CineMedia, Inc.
INVESTOR CONTACT
David Oddo, 800-844-0935
investors@ncm.com
or
MEDIA CONTACT:
Amy Jane Finnerty, 212-931-8177
amy.finnerty@ncm.com
 
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