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8/2/2021 News Release View printer - friendly version May National CineMedia , Inc. Reports Results for Fiscal First Quarter 2021 | National CineMedia , Inc. 10 CONTACT US << Back National CineMedia , Inc. Reports Results for Fiscal First Quarter 2021 Quarterly Cash Dividend Remains at $ 0.05 per Share Company Is Increasingly Optimistic Given the Many Positive Signs of a Cinema Industry Revival CENTENNIAL , Colo .-- ( BUSINESS WIRE ) -- May 10 , 2021-- National CineMedia , Inc. ( NASDAQ : NCMI ) ( the Company ) , the managing member and owner of 48.1 % of National CineMedia , LLC ( NCM LLC ) , the operator of the largest cinema advertising network reaching movie audiences in the U.S. , announced today consolidated results for the fiscal first quarter ended April 1 , 2021 . COVID - 19 Pandemic and Related Liquidity Measures During the first quarter ended April 1 , 2021 the Company continued to manage its liquidity position through various cost - control measures and the issuance of a new $ 50.0 million term loan in March of 2021. With the funding of this additional debt , NCM LLC's cash balance as of April 1 , 2021 was $ 139.4 million , an increase of $ 15.5 million as compared to the balance as of December 31 , 2020. Including the $ 52.8 million at NCM , Inc , the Company had $ 192.2 million of cash , cash equivalents and investments as of April 1 , 2021 . The Company's in - theater advertising revenue continued to be adversely impacted during the first quarter ended April 1 , 2021 by theater closures and COVID - 19 related government mandated theater capacity limitations and a continued lack of new major motion picture releases . Given these lower revenue levels , the Company continued to control its operating and capital expenditures , with total operating expenses over 40 % lower in the first quarter of 2021 , as compared to the first quarter of 2020. Since the beginning of the COVID - 19 pandemic , the Company has significantly reduced payroll related costs through a combination of temporary furloughs , permanent layoffs and salary reductions . In total , the Company's headcount has been reduced by almost 30 % as compared to headcount levels prior to the COVID - 19 pandemic . As of the date of this release , multiple COVID - 19 vaccines have been developed and immunizations are under way throughout the United States and cases of the COVID - 19 virus have decreased . Theater attendance has been increasing with the reopening of several temporarily closed key markets , the loosening of capacity limitations throughout the U.S. , and a series of successful major motion picture releases . As of May 7 , 2021 , approximately 77 % of the theaters within the Company's network are now open , as compared to 60 % as of April 1 , 2021 . Much of NCM LLC's non - employee related operating costs structure is variable based on the level of advertising revenue and theater attendance . Costs such as theater access fees , network affiliate payments and Platinum Spot revenue share payments were not incurred during periods that the theaters were closed , and were reduced for the period of time that attendance and theatrical release schedules were less than historical levels . While the COVID - 19 pandemic makes it challenging for management to estimate the future performance of our business , particularly over the near to medium term , the Company is poised to begin to ramp up its business during the second quarter of 2021. It is expected that its operating and staffing costs will begin to increase with further theater openings and additional in - theater revenue that we expect to start building beginning in June 2021 https://investor.ncm.com/news-releases/news-release-details/national-cinemedia-inc-reports-results-fiscal-first-quarter-2021 1/10