| SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER |
NOTE 23—SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
|
(In thousands)
|
|
3 Months Ended
March 31, 2014
|
|
3 Months Ended
March 31, 2013
|
|
3 Months Ended
June 30, 2014
|
|
3 Months Ended
June 30, 2013
|
|
3 Months Ended
September 30, 2014
|
|
3 Months Ended
September 30, 2013
|
|
3 Months Ended
December 31, 2014
|
|
3 Months Ended
December 31, 2013
|
|
12 Months Ended
December 31, 2014
|
|
12 Months Ended
December 31, 2013
|
|
|
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions
|
|
$
|
409,020
|
|
$
|
382,884
|
|
$
|
478,667
|
|
$
|
515,306
|
|
$
|
417,448
|
|
$
|
466,988
|
|
$
|
460,253
|
|
$
|
482,149
|
|
$
|
1,765,388
|
|
$
|
1,847,327
|
|
|
Food and beverage
|
|
|
181,764
|
|
|
167,937
|
|
|
211,597
|
|
|
219,477
|
|
|
189,065
|
|
|
201,612
|
|
|
215,309
|
|
|
197,886
|
|
|
797,735
|
|
|
786,912
|
|
|
Other revenue
|
|
|
31,974
|
|
|
26,981
|
|
|
36,309
|
|
|
27,882
|
|
|
27,391
|
|
|
27,384
|
|
|
36,593
|
|
|
32,942
|
|
|
132,267
|
|
|
115,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
622,758
|
|
|
577,802
|
|
|
726,573
|
|
|
762,665
|
|
|
633,904
|
|
|
695,984
|
|
|
712,155
|
|
|
712,977
|
|
|
2,695,390
|
|
|
2,749,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Film exhibition costs
|
|
|
212,100
|
|
|
191,324
|
|
|
257,220
|
|
|
285,395
|
|
|
220,608
|
|
|
242,006
|
|
|
244,318
|
|
|
258,187
|
|
|
934,246
|
|
|
976,912
|
|
|
Food and beverage costs
|
|
|
25,123
|
|
|
23,198
|
|
|
30,341
|
|
|
30,550
|
|
|
27,209
|
|
|
26,284
|
|
|
29,318
|
|
|
27,293
|
|
|
111,991
|
|
|
107,325
|
|
|
Operating expense
|
|
|
179,693
|
|
|
164,210
|
|
|
189,283
|
|
|
187,219
|
|
|
177,949
|
|
|
182,630
|
|
|
186,413
|
|
|
192,582
|
|
|
733,338
|
|
|
726,641
|
|
|
Rent
|
|
|
114,944
|
|
|
113,806
|
|
|
113,861
|
|
|
113,542
|
|
|
112,258
|
|
|
111,865
|
|
|
114,176
|
|
|
112,615
|
|
|
455,239
|
|
|
451,828
|
|
|
General and administrative:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger, acquisition and transactions costs
|
|
|
362
|
|
|
947
|
|
|
572
|
|
|
706
|
|
|
78
|
|
|
299
|
|
|
149
|
|
|
931
|
|
|
1,161
|
|
|
2,883
|
|
|
Other(1)
|
|
|
18,220
|
|
|
16,313
|
|
|
15,149
|
|
|
17,034
|
|
|
12,961
|
|
|
26,450
|
|
|
18,543
|
|
|
37,491
|
|
|
64,873
|
|
|
97,288
|
|
|
Depreciation and amortization
|
|
|
54,777
|
|
|
48,462
|
|
|
51,750
|
|
|
50,370
|
|
|
54,327
|
|
|
48,603
|
|
|
55,467
|
|
|
50,102
|
|
|
216,321
|
|
|
197,537
|
|
|
Impairment of long-lived assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,149
|
|
|
—
|
|
|
3,149
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
|
605,219
|
|
|
558,260
|
|
|
658,176
|
|
|
684,816
|
|
|
605,390
|
|
|
638,137
|
|
|
651,533
|
|
|
679,201
|
|
|
2,520,318
|
|
|
2,560,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
17,539
|
|
|
19,542
|
|
|
68,397
|
|
|
77,849
|
|
|
28,514
|
|
|
57,847
|
|
|
60,622
|
|
|
33,776
|
|
|
175,072
|
|
|
189,014
|
|
|
Other expense (income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income)(2)
|
|
|
(4,229
|
)
|
|
—
|
|
|
(4,157
|
)
|
|
(294
|
)
|
|
(11
|
)
|
|
110
|
|
|
53
|
|
|
(1,231
|
)
|
|
(8,344
|
)
|
|
(1,415
|
)
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate borrowings
|
|
|
29,658
|
|
|
33,173
|
|
|
27,989
|
|
|
32,310
|
|
|
26,897
|
|
|
32,221
|
|
|
26,528
|
|
|
32,259
|
|
|
111,072
|
|
|
129,963
|
|
|
Capital and financing lease obligations
|
|
|
2,525
|
|
|
2,671
|
|
|
2,486
|
|
|
2,637
|
|
|
2,448
|
|
|
2,606
|
|
|
2,408
|
|
|
2,350
|
|
|
9,867
|
|
|
10,264
|
|
|
Equity in (earnings) losses of non-consolidated entities(3)
|
|
|
5,384
|
|
|
(546
|
)
|
|
(9,597
|
)
|
|
(23,274
|
)
|
|
(13,087
|
)
|
|
(14,323
|
)
|
|
(9,315
|
)
|
|
(9,292
|
)
|
|
(26,615
|
)
|
|
(47,435
|
)
|
|
Investment expense (income)
|
|
|
(7,857
|
)
|
|
(3,619
|
)
|
|
172
|
|
|
282
|
|
|
181
|
|
|
(69
|
)
|
|
(641
|
)
|
|
1,322
|
|
|
(8,145
|
)
|
|
(2,084
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense
|
|
|
25,481
|
|
|
31,679
|
|
|
16,893
|
|
|
11,661
|
|
|
16,428
|
|
|
20,545
|
|
|
19,033
|
|
|
25,408
|
|
|
77,835
|
|
|
89,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
(7,942
|
)
|
|
(12,137
|
)
|
|
51,504
|
|
|
66,188
|
|
|
12,086
|
|
|
37,302
|
|
|
41,589
|
|
|
8,368
|
|
|
97,237
|
|
|
99,721
|
|
|
Income tax provision (benefit)(4)
|
|
|
(3,100
|
)
|
|
3,100
|
|
|
20,090
|
|
|
4,330
|
|
|
4,710
|
|
|
3,430
|
|
|
11,770
|
|
|
(274,243
|
)
|
|
33,470
|
|
|
(263,383
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
(4,842
|
)
|
|
(15,237
|
)
|
|
31,414
|
|
|
61,858
|
|
|
7,376
|
|
|
33,872
|
|
|
29,819
|
|
|
282,611
|
|
|
63,767
|
|
|
363,104
|
|
|
Earnings (loss) from discontinued operations, net of income taxes(5)
|
|
|
334
|
|
|
4,979
|
|
|
(21
|
)
|
|
(282
|
)
|
|
—
|
|
|
(407
|
)
|
|
—
|
|
|
(2,994
|
)
|
|
313
|
|
|
1,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
(4,508
|
)
|
$
|
(10,258
|
)
|
$
|
31,393
|
|
$
|
61,576
|
|
$
|
7,376
|
|
$
|
33,465
|
|
$
|
29,819
|
|
$
|
279,617
|
|
$
|
64,080
|
|
$
|
364,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data)
|
|
3 Months Ended
March 31, 2014
|
|
3 Months Ended
March 31, 2013
|
|
3 Months Ended
June 30, 2014
|
|
3 Months Ended
June 30, 2013
|
|
3 Months Ended
September 30, 2014
|
|
3 Months Ended
September 30, 2013
|
|
3 Months Ended
December 31, 2014
|
|
3 Months Ended
December 31, 2013
|
|
12 Months Ended
December 31, 2014
|
|
12 Months Ended
December 31, 2013
|
|
|
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
(Successor)
|
|
|
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
$
|
(0.05
|
)
|
$
|
(0.20
|
)
|
$
|
0.32
|
|
$
|
0.81
|
|
$
|
0.08
|
|
$
|
0.45
|
|
$
|
0.31
|
|
$
|
3.62
|
|
$
|
0.65
|
|
$
|
4.74
|
|
|
Earnings (loss) from discontinued operations
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
(0.04
|
)
|
|
0.01
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
|
$
|
(0.05
|
)
|
$
|
(0.13
|
)
|
$
|
0.32
|
|
$
|
0.81
|
|
$
|
0.08
|
|
$
|
0.44
|
|
$
|
0.31
|
|
$
|
3.58
|
|
$
|
0.66
|
|
$
|
4.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
$
|
(0.05
|
)
|
$
|
(0.20
|
)
|
$
|
0.32
|
|
$
|
0.81
|
|
$
|
0.08
|
|
$
|
0.45
|
|
$
|
0.30
|
|
$
|
3.62
|
|
$
|
0.65
|
|
$
|
4.74
|
|
|
Earnings (loss) from discontinued operations
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
(0.04
|
)
|
|
0.01
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share
|
|
$
|
(0.05
|
)
|
$
|
(0.13
|
)
|
$
|
0.32
|
|
$
|
0.81
|
|
$
|
0.08
|
|
$
|
0.44
|
|
$
|
0.30
|
|
$
|
3.58
|
|
$
|
0.66
|
|
$
|
4.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Average shares outstanding
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Basic
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|
97,390
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|
|
76,000
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|
|
97,507
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|
|
76,000
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|
|
97,506
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|
|
76,000
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|
|
97,506
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|
|
78,092
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|
|
97,506
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|
|
76,527
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Diluted
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|
97,390
|
|
|
76,000
|
|
|
97,628
|
|
|
76,000
|
|
|
97,628
|
|
|
76,000
|
|
|
97,865
|
|
|
78,092
|
|
|
97,700
|
|
|
76,527
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(1)
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During the twelve months ended December 31, 2014, other general and administrative expense decreased compared to the twelve months ended December 31, 2013, primarily due to decreases related to a discontinued cash-based management profit sharing plan, annual incentive compensation expense related to declines in operating performance, net periodic benefit costs for the pension and postretirement medical plans, legal expenses, expenses related to abandoned projects, and theatre support center rent.
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(2)
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Other income for the twelve months ended December 31, 2014 was primarily due to a gain on extinguishment of indebtedness related to the cash tender offer and redemption of the Notes due 2019 of $8,544,000, partially offset by other expenses of $158,000.
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(3)
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The decrease in equity in earnings of non-consolidated entities during the twelve months ended December 31, 2014 compared to the twelve months ended December 31, 2013, was primarily due to increases in equity in losses from Open Road Releasing, LLC and decreases in equity in earnings from NCM, partially offset by increases in equity in earnings from DCIP. See Note 7—Investments for additional information
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(4)
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During the twelve months ended December 31, 2013, the Company reversed its recorded valuation allowance for deferred tax assets. The Company generated sufficient earnings in the United States federal and state tax jurisdictions where it had recorded valuation allowances to conclude that it did not need valuation allowances in these tax jurisdictions. This reversal is reflected as a non cash income tax benefit recorded during the twelve months ended December 31, 2013. See Note 11—Income Taxes for additional information.
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(5)
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During the twelve months ended December 31, 2013, the Company received $4,666,000 for a sales price adjustment from the sale of theatres located in Canada. The sales price adjustment was related to tax attributes of the theatres sold in Canada which were not determinable or probable of collection at the date of the sale. The earnings from discontinued operations were partially offset by income taxes, legal and professional fees, and contractual repairs and maintenance expenses.
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