National CineMedia reported a loss in the third quarter due to declining theater attendance and overall revenue, the in-theater advertising company announced Tuesday.
Net loss attributable to National CineMedia was $3.6 million, compared to net income of $181.8 million in the same period a year earlier. Overall third-quarter revenue was $62.4 million, down just over 10% from $69.6 million in the same period in 2023.
The latest financial results reflect the deconsolidation of NCM LLC in April 2023 and the reconsolidation of NCM LLC on August 7, 2023 to complete a financial restructuring as the company emerged from court-directed Chapter 11 bankruptcy proceedings.
During the latest quarter, national advertising revenue fell to $46.8 million, compared to $52 million in the third quarter of 2023. National CineMedia beat analysts' estimate for third-quarter revenue of $58, 03 million dollars.
Total attendance during the third quarter for screens within the company's ad network was 121.6 million viewers, down from 131.7 million viewers a year earlier, when the Christopher Nolan film Oppenheimer AND Barbie they were at the local multiplex.
Tom Lesinski, CEO of National CineMedia, in a statement accompanying its latest financial results said: “NCM delivered its fourth consecutive quarter of consistent results, achieving $62.4 million in revenue and demonstrating our strength as we the box office continues to accelerate. We continue to drive significant growth in our Premium Platinum offering, which has more than doubled since last year, while attracting new category-leading advertisers to our platform as brands increasingly turn to NCM for
incremental reach of high-value audiences at scale.”