Regal Entertainment Q3 Profit Falls; To Explore Strategic Alternatives

(RTTNews) - Regal Entertainment Group (RGC) reported net income for the third quarter of $26.7 million or $0.17 per share, compared to $75.1 million or $0.48 per share for the year-ago quarter.

Excluding items, adjusted earnings per share was $0.18 for the third quarter of 2014, compared to $0.38 for the third quarter of 2013.

Total revenues for the third quarter fell to $693.8 million from $813.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.17 per share on revenue of $724.14 million for the third quarter. Analysts' estimates typically exclude special items.

The company declared both a quarterly cash dividend of $0.22 and a special cash dividend of $1.00 per Class A and Class B share, each payable on December 15 to stockholders of record on December 4.

Regal also said that its Board of Directors has authorized the exploration of strategic alternatives to enhance shareholder value, which may include a potential sale of the company. The company has hired Morgan Stanley & Co. LLC, Inc. as its financial advisor to assist in the review process.