National Cinemedia (NCMI) saw its loss widen to $5 million, or $0.08 a share for the quarter ended Mar. 30, 2017. In the previous year period, the company reported a loss of $4.30 million, or $0.07 a share. On an adjusted basis, loss per share was at $0.08 for the quarter compared with loss of $0.05 a share in the same period last year. Revenue during the quarter dropped 5.64 percent to $71.90 million from $76.20 million in the previous year period. Gross margin for the quarter contracted 444 basis points over the previous year period to 58.55 percent. Total expenses were 92.91 percent of quarterly revenues, up from 92.39 percent for the same period last year. That has resulted in a contraction of 52 basis points in operating margin to 7.09 percent.
Operating income for the quarter was $5.10 million, compared with $5.80 million in the previous year period.
Commenting on the Company first quarter 2017 operating results, Andy England, NCMs chief executive officer said, "We experienced gains in Local and Regional, Digital and Beverage revenue offset by softness in national advertising sales during the first quarter of 2017. As noted on our prior call, 2017 will be a transitional year for NCM as we evolve from being the largest cinema network into a truly progressive, integrated digital media company."
National Cinemedia forecasts revenue to be in the range of $422 million to $442 million for fiscal year 2017.
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