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Supplemental Information to Jefferies & Company, Inc. High Yield Communications and Media Conference Presentation 9/23/2003

		TTM 6/30/2000					12/31/2002					6/30/2003
Total Revenue		$	478,198				$	507,188				$	233,654
EBITDA/EBITDAR Reconciliation (pages 7 & 9)
Operating Income (Loss)		$	(2,881	)			$	68,787				$	31,168
	Plus Depreciation & Amortization		43,461					32,079					15,423
	Plus Impairment charge		32,993					—					—
	Plus Deferred Compensation		—					3,612					2,489
	Plus Expenses related to stock offering		—					552					—
	Plus Franchise Taxes		—					950					510
	Less Gain on Real Estate Sales included in Revenue		(3,048	)				(878	)				—
EBITDA		$	70,525		14.7	%	$	105,102		20.7	%	$	49,590		21.2	%
	Plus Rental Obligations		49,544					52,308					25,984
EBITDAR		$	120,069		25.1	%	$	157,410		31.0	%	$	75,574		32.3	%
Screens			2,815					2,262					2,253
EBITDA per screen		$	25.1				$	46.5				$	22.0
EBITDAR per screen		$	42.7				$	69.6				$	33.5
Theatre Cash Flow Reconciliation (page 7 & 9)
Operating Income (Loss)		$	(2,881	)			$	68,787				$	31,168
	Plus Depreciation & Amortization		43,461					32,079					15,423
	Plus Impairment charge		32,993					—					—
	Plus General and Administrative		7,114					14,983					6,835
Theatre Cash Flow		$	80,687				$	115,849				$	53,426
Theatre Cash Flow per screen		$	28.7				$	51.2				$	23.7
Free Cash Flow Reconciliation (page 9)
Operating Income (Loss)		$	(2,881	)			$	68,787				$	31,168
	Plus Depreciation & Amortization		43,461					32,079					15,423
	Plus Impairment charge		32,993					—					—
	Plus Deferred Compensation		—					3,612					2,489
	Plus Expenses related to stock offering		—					552					—
	Less Contractual Interest Expense		(39,682	)				(47,468	)				(19,463	)
Free Cash Flow		$	33,891				$	57,562				$	29,617

EBITDA and EBITDAR are supplemental non-GAAP financial measures. EBITDA is defined as operating income (loss) plus (a) depreciation & amortization, (b) impairment charge, (c) deferred compensation, (d) expenses related to stock offering and (e) franchise taxes; less gain on real estate sales included in revenue. EBITDAR is defined as EBITDA plus rental obligations. Theatre cash flow is defined as operating income (loss) plus (a) depreciation & amortization, (b) impairment charge and (c) general & administrative. Free cash flow is defined as operating income (loss) plus (a) depreciation & amortization, (b) impairment charge, (c) deferred compensation and (d) expenses related to stock offering; less contractual interest expense. We have presented EBITDA and EBITDAR, Theatre Cash Flow and Free Cash Flow because we believe they are widely accepted financial indicators of a company’s ability to service indebtedness and are used by investors and analysts to evaluate companies in the motion picture exhibition industry. (EBITDA is also used as a measure for certain covenants under our revolving credit facility and the indenture governing the notes.)

However, EBITDA and EBITDAR: (a) do not represent net income or cash flow from operations as defined by generally accepted accounting principles, (b) arer not necessarily indicative of cash available to fund our cash flow needs, (c) should not be considered as alternatives to operating income, net income or cash flows from operating activities as determined in accordance with generally accepted accounting principles, and (d) should not be construed as a measure of our operating peformance, profitability or liquidity. EBITDA and EBITDAR as calculated by us are not necessarily comparable to similarly titled measures reported by other companies.