-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K4wwBsx5SUzz9a+B9CEKweREDPoy2grAxue5C/YQ4RTWpi84YYpLVj+SB/3pq7eJ +rCeCSxIgel5lttd1p8XDQ== 0000950144-97-005354.txt : 19970512 0000950144-97-005354.hdr.sgml : 19970512 ACCESSION NUMBER: 0000950144-97-005354 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970403 FILED AS OF DATE: 19970509 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGAL CINEMAS INC CENTRAL INDEX KEY: 0000905035 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE THEATERS [7830] IRS NUMBER: 621412720 STATE OF INCORPORATION: TN FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21772 FILM NUMBER: 97599221 BUSINESS ADDRESS: STREET 1: 7132 COMMERCIAL PARK DR CITY: KNOXVILLE STATE: TN ZIP: 37918 BUSINESS PHONE: 4239221123 MAIL ADDRESS: STREET 1: 7132 COMMERCIAL PARK DR CITY: KNOXVILLE STATE: TN ZIP: 37918 10-Q 1 REGAL CINEMAS, INC. FORM 10-Q 4-3-97 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 1997 Commission file number 0-21772 ------- Regal Cinemas, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Tennessee 62-1412720 - --------------------------------------------- ---------------------------------- (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization)
7132 Commercial Park Drive Knoxville, Tennessee 37918 - --------------------------------------- ----------------------------- (Address of Principal Executive Offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (423) 922-1123 -------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Common Stock outstanding - 33,172,478 shares at May 7, 1997 1 2 PART I -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- REGAL CINEMAS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ------------------------------------- (in thousands of dollars) ASSETS
April 3, January 2, 1997 1997 --------- ---------- Current assets: Cash and equivalents $ 9,039 $ 14,778 Accounts receivable 1,165 2,285 Inventories 1,412 1,240 Prepaids and other current assets 3,809 3,030 Refundable income taxes -- 2,773 --------- --------- Total current assets 15,425 24,106 --------- --------- Property and equipment: Land 35,250 32,550 Buildings and leasehold improvements 215,967 207,412 Equipment 115,957 111,358 Construction in progress 43,490 34,247 --------- --------- 410,664 385,567 Accumulated depreciation and amortization (58,658) (54,343) --------- --------- Total property and equipment, net 352,006 331,224 --------- --------- Other assets 22,916 23,189 --------- --------- Total assets $ 390,347 $ 378,519 ========= =========
See accompanying notes to condensed consolidated financial statements. 2 3 REGAL CINEMAS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) ------------------------------------------------ (in thousands of dollars, except share amounts) LIABILITIES AND SHAREHOLDERS' EQUITY
April 3, January 2, 1997 1997 --------- ---------- Current liabilities: Current maturities of long-term debt $ -- $ -- Accounts payable 22,464 26,011 Accrued expenses 5,249 6,202 Income taxes payable 2,199 -- --------- --------- Total current liabilities 29,912 32,213 Long-term debt, less current maturities 56,000 51,000 Other liabilities 3,608 3,420 Deferred income taxes 8,186 8,165 --------- --------- Total liabilities 97,706 94,798 --------- --------- Shareholders' equity: Preferred stock, no par; 1,000,000 shares authorized, none issued -- -- Common stock, no par; 50,000,000 shares authorized, 33,139,733 and 33,168,573 shares issued and outstanding at April 3, 1997 and January 2, 1997, respectively 221,890 221,506 Retained earnings 70,751 62,215 --------- --------- 292,641 283,721 --------- --------- Total liabilities and stockholders' equity $ 390,347 $ 378,519 ========= =========
See accompanying notes to condensed consolidated financial statements. 3 4 REGAL CINEMAS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME ------------------------------------------------- (in thousands of dollars, except per share amounts)
Three Months Ended ---------------------------- April 3, March 28, 1997 1996 ----------- ----------- Revenue: Admissions $ 53,507 $ 38,667 Concessions 21,526 15,496 Other operating revenue 2,412 900 ----------- ----------- Total revenues 77,445 55,063 ----------- ----------- Operating expenses: Film rental and advertising costs 27,817 19,984 Cost of concessions and other 2,814 2,070 Theatre operating expenses 25,010 18,701 General and administrative expenses 2,758 2,199 Depreciation and amortization 4,621 3,142 ----------- ----------- Total operating expenses 63,020 46,096 ----------- ----------- Operating income 14,425 8,967 Other income (expense): Interest expense (437) (1,316) Interest income 115 102 Other (110) 161 ----------- ----------- Income before provision for income taxes 13,993 7,914 Provision for income taxes (5,457) (3,119) ----------- ----------- Net income 8,536 4,795 GST dividends -- (161) ----------- ----------- Net income applicable to common stock $ 8,536 $ 4,634 =========== =========== Earnings per common share: Primary $ .25 $ .16 =========== =========== Fully diluted $ .25 $ .16 =========== ===========
See accompanying notes to condensed consolidated financial statements. 4 5 REGAL CINEMAS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- (in thousands of dollars)
Three Months Ended --------------------------- April 3, March 28, 1997 1996 ---------- ---------- Cash flows from operating activities: Net income $ 8,536 $ 4,795 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,621 3,142 Loss on sale of assets 163 -- Deferred income taxes 21 262 Changes in operating assets and liabilities: Accounts receivable 1,120 267 Inventories (172) 7 Prepaids and other current assets (779) 82 Income taxes payable 4,972 1,841 Accounts payable (3,547) 1,868 Accrued expenses and other liabilities (765) (489) ----------- ----------- Net cash provided by operating activities 14,170 11,775 Cash flows from investing activities: Capital expenditures, net (25,260) (17,898) Investment in other assets (33) (40) ----------- ----------- Net cash used in investing activities (25,293) (17,938) Cash flows from financing activities: Net borrowings under long-term debt 5,000 2,658 GST dividends paid -- (271) Net proceeds from issuance of common stock upon exercise of warrants and options 354 304 Stock compensation expense 30 30 ----------- ----------- Net cash provided by financing activities 5,384 2,721 ----------- ----------- Net decrease in cash and equivalents (5,739) (3,442) Cash and equivalents at beginning of period 14,778 5,775 ----------- ----------- Cash and equivalents at end of period $ 9,039 $ 2,333 =========== ===========
See accompanying notes to condensed consolidated financial statements. 5 6 REGAL CINEMAS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED --------------------------------------------------------------- 1. THE COMPANY AND BASIS OF PRESENTATION Regal Cinemas, Inc. ("Regal") and its wholly owned subsidiaries, Litchfield Theatres, Ltd. ("Litchfield"), Neighborhood Entertainment, Inc. ("Neighborhood") and Georgia State Theatres, Inc. ("GST"); collectively referred to as the "Company" operate multi-screen motion picture theatres principally throughout the eastern United States. The Company formally operates on a fiscal year ending on the Thursday closest to December 31. On May 30, 1996, Regal issued 1,410,213 shares of its common stock for all of the outstanding common stock of GST. The merger has been accounted for as a pooling of interests and, accordingly, these condensed consolidated financial statements have been restated for all periods to include the results of operations and financial positions of GST. Separate results of the combining entities for the three-month period ended April 3, 1997 and the three-month period ended March 28, 1996 are as follows:
Three Months Three Months Ended Ended April 3, 1997 March 28, 1996 ------------- -------------- (in thousands) Revenues: Regal $ 77,445 $ 52,243 GST (through March 28 for 1996) -- 2,820 ----------- ----------- $ 77,445 $ 55,063 =========== =========== Net income: Regal $ 8,536 $ 4,472 GST (through March 28 for 1996) -- 323 ----------- ----------- $ 8,536 $ 4,795 =========== ===========
2. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet as of April 3, 1997, the condensed consolidated statements of income for the three months ended April 3, 1997 and March 28, 1996, and the condensed consolidated statements of cash flows for the three months ended April 3, 1997 and March 28, 1996 have been prepared by the Company, without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The January 2, 1997 information has been derived from the audited January 2, 1997 balance sheet of Regal Cinemas, Inc. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. 6 7 REGAL CINEMAS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED --------------------------------------------------------------- It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report to Shareholders for the year ended January 2, 1997. The results of operations for the three month period ended April 3, 1997 are not necessarily indicative of the operating results for the full year. 3. INCOME TAXES The Company's effective income tax rate differs from the expected federal income tax rate of 35% due to the inclusion of state income taxes. 4. LONG-TERM DEBT Long-term debt at April 3, 1997 and January 2, 1997, consists of the following:
April 3, January 2, 1997 1997 ------------- -------------- (in thousands) Regal $150,000,000 senior reducing revolving credit facility which expires on June 30, 2003, with interest payable quarterly, at LIBOR (5.7% at April 3, 1997 and 5.6% at January 2, 1997, respectively) plus 0.4%. Draw capability will expire on June 30,1999. Repayment of the outstanding balance on the credit facility will begin September 30, 1999, and consist of 5% of the outstanding balance on a quarterly basis through June 30, 2001. Thereafter, payments will be 7.5% of the outstanding balance quarterly through June 30, 2003. $ 56,000 $ 51,000 Less current maturities -- -- ------------- -------------- $ 56,000 $ 51,000 ============= ==============
Regal's credit facility contains various restrictive covenants which require Regal to maintain certain financial ratios. During 1996, the Company amended its Loan Agreement to decrease the interest rate, extend the maturity of the facility to June 30, 2003, and modify certain financial covenants. 7 8 REGAL CINEMAS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED --------------------------------------------------------------- The Company's debt at April 3, 1997 is scheduled to mature as follows:
(in thousands) 1997 $ -- 1998 -- 1999 5,600 2000 11,200 2001 11,200 Thereafter 28,000 -------- $ 56,000 ========
5. EARNINGS PER SHARE Primary earnings per share have been computed by dividing net income applicable to common stock (net income less GST dividends) by the weighted average number of common and common equivalent shares outstanding during each period. Shares issued in connection with the GST merger have been included in shares outstanding for all periods presented. Common equivalent shares relating to options issued during the 12-month period preceding the initial public offering have been calculated using the treasury stock method assuming that the options were outstanding during each period presented and that the fair value of the Company's common stock during each period was equal to the initial public offering price. Common equivalent shares relating to options issued subsequent to the initial public offering have been calculated using the treasury stock method for the portion of each period for which the options were outstanding and using the fair value of the company's common stock for each of the respective periods. All per share data has also been adjusted to give effect to the September 1996 common stock split. After giving effect to the items described above, primary earnings per common share have been computed based on the assumed weighted average number of common and common equivalent shares outstanding in each period ((in thousands) 34,260 shares for the three month period ended April 3, 1997; and 28,911 shares for the three month period ended March 28, 1996). Fully diluted earnings per common share utilizes net income before preferred dividends based upon the assumed weighted average number of common and common equivalent shares outstanding in each period ((in thousands) 34,363 shares for the three month period ended April 3, 1997; and 29,013 shares for the three month period ended March 28, 1996). 8 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following analysis of the financial condition and results of operations of Regal Cinemas, Inc. ("Regal") and its wholly owned subsidiaries, Litchfield Theatres, Ltd. ("Litchfield"), Neighborhood Entertainment, Inc. ("Neighborhood") and Georgia State Theatres, Inc. ("GST"), collectively referred to as the "Company," should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included herein. Regal consummated the acquisitions of Litchfield, Neighborhood, and GST on June 15, 1994, April 17, 1995 and May 30, 1996, respectively. These three acquisitions have been accounted for as poolings of interest. BACKGROUND OF REGAL Regal has achieved significant growth in theatres and screens since its formation in November of 1989. Since inception through April 3, 1997, Regal acquired 114 theatres with 760 screens, developed 45 new theatres with 497 screens and added 68 new screens to acquired theatres. Theatres developed by Regal typically generate positive theatre level cash flow within the first three months following commencement of operation and reach a mature level of attendance within one to three years following commencement of operation. Regal does not defer any preopening costs associated with opening its theatres and expenses such costs in the period incurred. Theatre closings have had no significant effect on the operations of Regal. On September 13, 1996, Regal completed the purchase of assets consisting of eight theatres with 69 screens in California from an individual, George Krikorian and corporations controlled by him (collectively "Krikorian"). The purchase price was approximately $14.0 million cash and 703,241 shares of Regal common stock. RESULTS OF OPERATIONS The Company's revenues are generated primarily from box office receipts and concession sales. Additional revenues are generated by electronic video games located adjacent to the lobbies of certain of the Company's theatres, and by on-screen advertisements and revenues from the Company's three entertainment centers which are adjacent to theatre complexes. Direct theatre costs consist of film rental costs, costs of concessions and theatre operating expenses. Film rental costs are related to the popularity of a film and the length of time since the film's release and generally decline as a percentage of admission revenues the longer a film has been released. Because certain concession items, such as fountain drinks and popcorn, are purchased in bulk and not pre-packed for individual servings, the Company is able to improve its margins by negotiating volume discounts. Theatre operating expenses consist primarily of theatre labor and occupancy costs. Future increases in minimum wage requirements or legislation requiring additional employer funding of health care, among other things, may increase theatre operating expenses as a percentage of total revenues. 9 10 MANAGEMENT'S DISCUSSION AND ANALYSIS, CONTINUED The following table sets forth for the fiscal periods indicated the percentage of total revenues represented by certain items reflected in the Company's consolidated statements of income.
Percentage of Total Revenues Three Months Ended ---------------------------- April 3, March 28, 1997 1996 ---------- ----------- Revenue: Admissions 69.1% 70.2% Concessions 27.8% 28.1% Other 3.1% 1.7% -------- -------- Total revenues 100.0% 100.0% Cost of revenues: Film rental and advertising costs 35.9% 36.3% Cost of concessions and other 3.6% 3.7% Total operating expenses 32.3% 34.0% General and administrative expenses 3.6% 4.0% Depreciation and amortization 6.0% 5.7% -------- -------- Theatre operating expenses 81.4% 83.7% Operating income 18.6% 16.3% Other income (expense): Interest expense (0.6%) (2.4%) Interest income 0.1% 0.2% Other (0.1%) 0.3% -------- -------- Income before provision for income taxes 18.0% 14.4% Provision for income taxes (7.0%) (5.7%) -------- -------- Net income 11.0% 8.7% ======== ========
10 11 MANAGEMENT'S DISCUSSION AND ANALYSIS, CONTINUED THREE MONTHS ENDED APRIL 3, 1997 AND MARCH 28, 1996 TOTAL REVENUES -- Total revenues for the first quarter of fiscal 1997 increased by 40.6% to $77.4 million from $55.1 million in the comparable 1996 period. This increase was due to a 31.8% increase in attendance attributable primarily to the net addition of 278 screens in fiscal 1996 and first quarter of 1997 as well as strong film releases in the first quarter of 1997. Of the $22.3 million net increase in revenues for the period, a $7.5 million increase was attributed to theatres previously operated by the Company, $5.0 million increase was attributed to theatres acquired by the Company, and $9.8 million increase was attributed to new theatres constructed by the Company. Average ticket prices increased 5.0% during the period, reflecting an increase in ticket prices and a greater proportion of larger market theatres in the 1996 period than in the same period in 1995. Average concession sales per customer increased 5.4% for the period, reflecting both an increase in consumption and, to a lesser degree, an increase in concession prices. DIRECT THEATRE COSTS -- Direct theatre costs increased by 36.3% to $55.6 million in the first quarter 1997 from $40.8 million in the first quarter 1996. Direct theatre costs as a percentage of total revenues decreased to 71.8% in the 1997 period from 74.0% in the 1996 period. The decrease of direct theatre costs as a percentage of total revenues was primarily attributable to the strong film releases in the first quarter 1997 and better monitoring and control of costs at the Company's theatres, and, to a lesser extent, to a decrease in occupancy expense as a percentage of total revenues, reflecting a higher mix of owned versus leased properties. GENERAL AND ADMINISTRATIVE EXPENSES -- General and administrative expenses increased by 25.4% to $2.8 million in the first quarter 1997 from $2.2 million in the first quarter 1996. As a percentage of total revenues, general and administrative expenses decreased to 3.6% in the 1997 period from 4.0% in the 1996 period. DEPRECIATION AND AMORTIZATION -- Depreciation and amortization expense increased in the first quarter 1997 by 47.1% to $4.6 million from $3.1 million in the first quarter 1996. This increase was primarily the result of theatre property additions associated with the Company's expansion efforts. OPERATING INCOME -- Operating income for the first quarter 1997 increased by 60.9% to $14.4 million, or 18.6% of total revenues, from $9.0 million, or 16.3% of total revenues, in the first quarter 1996. INTEREST EXPENSE -- Interest expense decreased in the first quarter 1997 by 66.8% to $.4 million from $1.3 million in the first quarter 1996. The decrease was primarily due to lower average borrowings outstanding. INCOME TAXES -- The provision for income taxes increased in the first quarter 1997 by 75.0% to $5.5 million from $3.1 million in the first quarter 1996. The effective tax rate was 39.0% in the 1997 period as compared to 39.4% in the 1996 period. NET INCOME -- Net income in the first quarter 1997 increased by 78.0% to $8.5 million from $4.8 million in the first quarter 1996. The increase in net income reflects primarily the additional screens operated by the Company, as well as strong film releases in the first quarter of 1997. LIQUIDITY AND CAPITAL RESOURCES Substantially all of the Company's revenues are derived from cash box office receipts and concession sales, while film rental fees are ordinarily paid to distributors 15 to 45 days following receipt of admission revenues. The 11 12 MANAGEMENT'S DISCUSSION AND ANALYSIS, CONTINUED Company thus has an operating cash "float" which partially finances its operations, reducing the Company's needs for external sources of working capital. The Company's capital requirements have arisen principally in connection with acquisitions of existing theatres, new theatre openings and the addition of screens to existing theatres have been financed with borrowings under the Company's loan agreement, equity financings and internally generated cash. On September 30, 1996, the Company amended its $150 million revolving credit facility. The amendments to the loan agreement require that the indebtedness under the facility be amortized at a rate of $7.5 million per quarter commencing with the quarter ending September 30, 1999, and at a rate of $11.3 million per quarter commencing with the quarter ending September 30, 2001. The loan agreement requires the Company to comply with certain financial and other covenants, including maintaining a minimum net worth of not less than $230.0 million plus 50% of the Company's net income for each quarter commencing with the quarter ending June 27, 1996. On April 3, 1997, $56.0 million was outstanding under the Company's loan agreement. On May 30, 1996, the Company consummated the acquisition of GST for 1,410,213 shares of Regal common stock. In conjunction with the transaction, the Company refinanced approximately $3 million of GST's debt under the Company's revolving credit facility. On June 10, 1996, the Company completed a secondary stock offering of 4,312,500 shares of the Company's common stock at $30.83 per share. The total proceeds to the Company from the offering were approximately $126.5 million, net of the underwriting discount and other expenses of $6.5 million and were used to repay amounts outstanding under the Company's revolving credit facility. On September 13, 1996, the Company completed the purchase of assets consisting of 8 theatres with 69 screens in California from an individual, George Krikorian, and corporations controlled by him (collectively "Krikorian") for consideration of 703,241 shares of Regal common stock and approximately $14.0 million in cash. At April 3, 1997, the Company had 159 multi-screen theatres with an aggregate of 1,325 screens. At such date, the Company had 15 new theatres with 210 new screens and 9 new screens at two existing locations under construction. The Company anticipates that its capital expenditures over the next twelve months will approximate $125 - $150 million. The Company believes that its capital needs for completion of theatre construction and development for at least the next 12 to 18 months will be satisfied by available credit under the loan agreement, as amended, internally generated cash flow and available cash and equivalents. NEW ACCOUNTING PRONOUNCEMENTS In February 1997, the FASB issued Statement of Accounting Standards No. 128, Earnings Per Share (EPS). The Statement simplifies the standards for computing earnings per share by replacing the presentation of primary earnings per share with a presentation of basic earnings per share. Additionally, the Statement requires dual presentation of basic and diluted EPS on the face of the income statement and requires a reconciliation of the numerator and denominator of the diluted EPS calculation. The Company plans to adopt the provisions of the Statement 128 in fiscal year 1997 and the impact on the Company's financial statements has not been determined. 12 13 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. - -------------------------------------------------------------------------------- (a) Exhibits: (11) Statement re: computation of per share earnings (27) Financial Data Schedule (for SEC use only) (b) Reports on Form 8-K. No Current Reports on Form 8-K were filed for the quarterly period ended April 3, 1997. 13 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. REGAL CINEMAS, INC. Date: March 13, 1997 By: /s/ Michael L. Campbell -------------------------------------------- Michael L. Campbell, Chairman, President and Chief Executive Officer By: /s/ Lewis Frazer III -------------------------------------------- Lewis Frazer III, Executive Vice President, Chief Financial Officer and Treasurer 14 15 EXHIBIT INDEX ITEM DESCRIPTION ---------------- --------------------------------------------------- (11) Statement re: computation of per share earnings (27) Financial Data Schedule (for SEC use only) EX-11 2 COMPUTATION OF PER SHARE EARNINGS 1 EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data)
Three Months Ended ----------------------------- April 3, March 28, 1997 1996 ----------- ----------- PRIMARY: Weighted average number of common shares outstanding $ 33,169 $ 27,696 Net effect of dilutive stock options and warrants based on the treasury stock method using average market price 1,091 1,215 ----------- ----------- Weighted average number of common and common equivalent shares outstanding 34,260 28,911 =========== =========== Net income $ 8,538 $ 4,795 Less common and preferred dividends -- 161 ----------- ----------- Net income applicable to common shares $ 8,538 $ 4,634 =========== =========== Net income per common share as reported $ .25 $ 0.16 =========== =========== FULLY DILUTED: Weighted average number of common shares outstanding 33,169 27,696 Net effect of dilutive stock options and warrants based on the treasury stock method using ending market price 1,194 1,317 ----------- ----------- 34,363 29,013 =========== =========== Net income $ 8,538 $ 4,795 Less common and preferred dividends related to nonconvertible securities -- 161 ----------- ----------- Net income applicable to common shares $ 8,538 $ 4,634 =========== =========== Net income per common share assuming full dilution, as reported $ .25 $ .16 =========== ===========
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF REGAL CINEMAS, INC. FOR THE THREE MONTHS ENDED APRIL 3, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 3-MOS JAN-01-1998 JAN-03-1997 APR-03-1997 1 9,039 0 1,165 0 1,412 15,425 410,664 58,658 390,347 29,912 56,000 0 0 221,890 70,751 390,347 21,526 77,445 2,814 30,631 32,389 0 437 13,973 5,457 8,536 0 0 0 8,536 .25 .25
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