UNITED ARTISTS THEATRE CIRCUIT INC /MD/

CIK:0000889570|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 27, 2014
Revenues:
Admissions	$ 26.3us-gaap_AdmissionsRevenue	$ 30.3us-gaap_AdmissionsRevenue
Concessions	11.0us-gaap_ConcessionsRevenue	11.9us-gaap_ConcessionsRevenue
Other operating revenues	2.0us-gaap_OtherOperatingIncome	2.0us-gaap_OtherOperatingIncome
Total revenues	39.3us-gaap_Revenues	44.2us-gaap_Revenues
Operating expenses:
Film rental and advertising costs	13.4rgc_FilmRentalAndAdvertisingCosts	15.3rgc_FilmRentalAndAdvertisingCosts
Cost of concessions	1.4us-gaap_ConcessionsCosts	1.5us-gaap_ConcessionsCosts
Other theatre operating expenses	18.0us-gaap_OtherCostAndExpenseOperating	18.0us-gaap_OtherCostAndExpenseOperating
Sale and leaseback rentals	1.4	3.8
General and administrative expenses	1.2us-gaap_GeneralAndAdministrativeExpense	1.4us-gaap_GeneralAndAdministrativeExpense
Depreciation and amortization	1.8	1.5
Net loss on disposal and impairment of operating assets	1.3	0.1
Total operating expenses	38.5us-gaap_CostsAndExpenses	41.6us-gaap_CostsAndExpenses
Income from operations	0.8us-gaap_OperatingIncomeLoss	2.6us-gaap_OperatingIncomeLoss
Other expense (income):
Interest expense (income), net	0	0
Total other expense (income), net	0us-gaap_NonoperatingIncomeExpense	0us-gaap_NonoperatingIncomeExpense
Income before income taxes	0.8	2.6
Provision for income taxes	0.4us-gaap_IncomeTaxExpenseBenefit	1.0us-gaap_IncomeTaxExpenseBenefit
Net income	0.4us-gaap_ProfitLoss	1.6us-gaap_ProfitLoss
Noncontrolling interest, net of tax	0	0
Net income attributable to controlling interest	$ 0.4	$ 1.6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 27, 2014
Cash flows from operating activities:
Net income	$ 0.4us-gaap_ProfitLoss	$ 1.6us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1.8	1.5
Net loss on disposal and impairment of operating assets	1.3	0.1
Deferred income tax provision (benefit)	(0.4)us-gaap_DeferredIncomeTaxExpenseBenefit	0us-gaap_DeferredIncomeTaxExpenseBenefit
Effect of leases with escalating minimum annual rentals	0.4	(0.3)
Landlord contributions	3.2	0
Changes in operating assets and liabilities:
Receivables	0.2us-gaap_IncreaseDecreaseInReceivables	1.3us-gaap_IncreaseDecreaseInReceivables
Prepaid expenses, concession inventory and other assets	(1.2)	(3.7)
Accounts payable	(2.2)	0.5
Deferred revenue	(0.2)	(0.2)
Accrued expenses and other liabilities	(1.8)	(1.6)
Net cash provided by (used in) operating activities	1.5	(0.8)
Cash flows from investing activities:
Capital expenditures	(0.8)	(0.6)
Distributions to partnership	0	(0.1)
Net cash used in investing activities	(0.8)	(0.7)
Cash flows from financing activities:
Debt payments	(0.1)	(0.1)
Decrease in related party receivables and other	1.6	1.0
Net cash provided by financing activities	1.5	0.9
Net increase (decrease) in cash and cash equivalents	2.2	(0.6)
Cash and cash equivalents:
Beginning of period	96.2	75.0
End of period	$ 98.4	$ 74.4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Jan. 01, 2015
Current assets:
Cash and cash equivalents	$ 98.4	$ 96.2
Receivables	0.9us-gaap_ReceivablesNetCurrent	1.1us-gaap_ReceivablesNetCurrent
Prepaid expenses, concession inventory and other current assets	2.6	1.2
Deferred income tax asset	2.1	2.1
Total current assets	104.0us-gaap_AssetsCurrent	100.6us-gaap_AssetsCurrent
Property and equipment:
Land	2.7us-gaap_Land	2.7us-gaap_Land
Buildings, leasehold improvements and equipment	110.5	110.0
Total property and equipment	113.2us-gaap_PropertyPlantAndEquipmentGross	112.7us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation and amortization	(82.5)	(80.7)
Total property and equipment, net	30.7us-gaap_PropertyPlantAndEquipmentNet	32.0us-gaap_PropertyPlantAndEquipmentNet
Goodwill	7.1us-gaap_Goodwill	7.1us-gaap_Goodwill
Other non-current assets	10.8us-gaap_OtherAssetsNoncurrent	11.6us-gaap_OtherAssetsNoncurrent
Total assets	152.6us-gaap_Assets	151.3us-gaap_Assets
Current liabilities:
Accounts payable	7.6us-gaap_AccountsPayableCurrent	10.1us-gaap_AccountsPayableCurrent
Accrued expenses and other	5.6us-gaap_AccruedLiabilitiesCurrent	6.4us-gaap_AccruedLiabilitiesCurrent
Current portion of debt obligations	0.3us-gaap_DebtCurrent	0.3us-gaap_DebtCurrent
Total current liabilities	13.5us-gaap_LiabilitiesCurrent	16.8us-gaap_LiabilitiesCurrent
Other non-current liabilities	9.6us-gaap_OtherLiabilitiesNoncurrent	6.3us-gaap_OtherLiabilitiesNoncurrent
Non-current deferred revenue	22.5us-gaap_DeferredRevenueNoncurrent	22.7us-gaap_DeferredRevenueNoncurrent
Long-term debt, less current portion	0.1us-gaap_LongTermDebtNoncurrent	0.2us-gaap_LongTermDebtNoncurrent
Deferred income tax liability	24.1	24.5
Total liabilities	69.8us-gaap_Liabilities	70.5us-gaap_Liabilities
Commitments and contingencies
Equity:
Preferred stock, $1.00 par value; 500,000 shares authorized, no shares issued and outstanding at March 31, 2015 and January 1, 2015	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock, $1.00 par value; 1,000 shares authorized, 100 shares issued and outstanding at March 31, 2015 and January 1, 2015	0us-gaap_CommonStockValue	0us-gaap_CommonStockValue
Additional paid-in capital	93.2	93.2
Retained earnings	66.2	65.8
Related party receivables	(76.9)us-gaap_DueFromRelatedParties	(78.5)us-gaap_DueFromRelatedParties
Total stockholder’s equity of United Artists Theatre Circuit, Inc.	82.5us-gaap_StockholdersEquity	80.5us-gaap_StockholdersEquity
Noncontrolling interest	0.3us-gaap_MinorityInterest	0.3us-gaap_MinorityInterest
Total equity	82.8	80.8
Total liabilities and equity	$ 152.6	$ 151.3