Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables)

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INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables)
12 Months Ended
Dec. 31, 2012
Summary of activity with NCM included in Company's condensed consolidated financial statements

Below is a summary of activity with NCM included in the Company’s consolidated financial statements:

 

    Investment
in NCM
    Deferred
Revenue
    Distributions
from NCM
    Equity in
Earnings
    Other
Revenue
    Cash
Received
 

Balance as of January 1, 2010

  $ 34,232      $ (203,006        

Receipt of common units due to annual common unit adjustment

  $ 30,683      $ (30,683   $ —        $ —        $ —        $ —     

Change of interest gain due to extraordinary common unit adjustment (2)

    271        —          —          —          —          —     

Revenues earned under ESA (1)

    —          —          —          —          (5,033     5,033   

Receipt of excess cash distributions

    (4,753     —          (19,616     —          —          24,369   

Receipt under tax receivable agreement

    (520     —          (3,742     —          —          4,262   

Equity in earnings

    4,463        —          —          (4,463     —          —     

Amortization of deferred revenue

    —          3,116        —          —          (3,116     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2010

  $ 64,376      $ (230,573   $ (23,358   $ (4,463   $ (8,149   $ 33,664   
     

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

  $ 9,302      $ (9,302   $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (5,890     5,890   

Receipt of excess cash distributions

    (6,322     —          (20,023     —          —          26,345   

Receipt under tax receivable agreement

    (729     —          (4,138     —          —          4,867   

Equity in earnings

    5,413        —          —          (5,413     —          —     

Amortization of deferred revenue

    —          3,565        —          —          (3,565     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2011

  $ 72,040      $ (236,310   $ (24,161   $ (5,413   $ (9,455   $ 37,102   
     

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

  $ 9,137      $ (9,137   $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (7,112     7,112   

Receipt of excess cash distributions

    (6,503     —          (17,889     —          —          24,392   

Receipt under tax receivable agreement

    (967     —          (2,923     —          —          3,890   

Equity in earnings

    4,416        —          —          (4,416     —          —     

Amortization of deferred revenue

    —          4,142        —          —          (4,142     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2012

  $ 78,123      $ (241,305   $ (20,812   $ (4,416   $ (11,254   $ 35,394   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $10,156, $10,733 and $11,063 for the years ended December 31, 2010, 2011 and 2012, respectively.

(2) 

Change in interest gain is included in (gain) loss on sale of assets and other on the consolidated statement of income.

Summary financial information for NCM

The tables below present summary financial information for NCM for the periods indicated (information for the year ended December 28, 2012 was not yet available):

 

     Year Ended  
     December 31, 2009      December 30, 2010      December 29, 2011  

Gross revenues

   $ 380,667       $ 427,475       $ 435,434   

Operating income

   $ 168,146       $ 190,559       $ 193,716   

Net income

   $ 128,531       $ 139,541       $ 134,524   

 

     As of  
     December 30, 2010      December 29, 2011  

Total assets

   $  425,972       $  421,442   

Total liabilities

   $ 932,549       $ 948,938