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Last Update: 14-Oct-11 10:22 ET
National Cinemedia Lowers Fourth Quarter Revenue Outlook
National Cinemedia (NCMI $12.03 -2.72) reaffirmed its third quarter outlook and lowered its fourth quarter and full year 2011 revenue and Adjusted OIBDA outlook. The prior outlook was provided on August 4, 2011.
The Company now expects full year 2011 revenue to be in the range of $425 million to $435 million, compared to the prior outlook of $460 million to $470 million vs $464.42 million Capital IQ Consensus Estimate and expects Adjusted OIBDA to be in the range of $210 million to $220 million, compared to the prior outlook of $236 million to $246 million.
The company stated "Our third quarter results are expected to fall within the original guidance provided on our Q2 conference call, reflecting an ~ 5% to 9% increase in Adjusted OIBDA over the third quarter of 2010, which had increased 43.6% over the third quarter of 2009. Despite this strong 2011 third quarter, the fourth quarter national scatter market has not developed on a basis consistent with prior years. We believe this is related to the confluence of a disproportionate share of advertising budgets being committed in the TV upfronts prior to the subsequent change in economic sentiment, which has resulted in reduced spending by advertising clients due to the heightened economic uncertainty,"
The Company now expects full year 2011 revenue to be in the range of $425 million to $435 million, compared to the prior outlook of $460 million to $470 million vs $464.42 million Capital IQ Consensus Estimate and expects Adjusted OIBDA to be in the range of $210 million to $220 million, compared to the prior outlook of $236 million to $246 million.
The company stated "Our third quarter results are expected to fall within the original guidance provided on our Q2 conference call, reflecting an ~ 5% to 9% increase in Adjusted OIBDA over the third quarter of 2010, which had increased 43.6% over the third quarter of 2009. Despite this strong 2011 third quarter, the fourth quarter national scatter market has not developed on a basis consistent with prior years. We believe this is related to the confluence of a disproportionate share of advertising budgets being committed in the TV upfronts prior to the subsequent change in economic sentiment, which has resulted in reduced spending by advertising clients due to the heightened economic uncertainty,"
