Perspectives on the Filmed Entertainment

Transcription

Perspectives on the Filmed
Entertainment Industry 2012
April 2012
Jeffrey Logsdon
Managing Director - Equity Research
Entertainment
213-228-2234
[email protected]
Jeffrey B. Hoskins, CFA
Associate
213-228-2405
[email protected]
Refer to pages 376-377 for Important Disclosures, including Analyst’s Certification.
For Important Disclosures on the stocks discussed in this report, please go
to http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_Public.asp.
Kara Anderson
Associate
213-228-2407
[email protected]
Perspectives on the Filmed Entertainment Industry 2012
BMO Capital Markets
Executive Summary
Mission not impossible and there is no ghost in the entertainment industry paradigm for investors to be looking for! Certainly, the maze may have become three-dimensional over the
past few years relative to content creators, content distributors, and content users, but there
should be no doubt that there is more demand globally for filmed entertainment and more
dollars for content owners.
The industry is maneuvering through the dynamics of digitally driven technology portals and
aggregators as well as demographically driven consumer preferences that continue to show
healthy spending patterns for most platforms. The deep recessionary forces affecting families
and businesses the past few years have not curtailed demand for film entertainment content
despite some meaningful shifts in platform preferences and utilization. Perhaps even more
relevant is the acceleration in global demand as new technology devices provide much improved touch points and price value points with moderate capital investment to gain size and
scale. We are not seeing the world strung with co-axial cable; rather, more money is going to
marketing. Although not every business line is immune, we view the industry as resilient, especially as measurable globalization of filmed entertainment content is incorporated into
company financial and investor expectations.
Worldwide consumer demand for filmed entertainment shows resilience as content and
distribution platforms are leveraged into the digital world. Domestic consumer spending on
filmed entertainment at the retail level was up 3.1% this past year. Pressure in the home video
segment is moderating as consumers integrate new touch points in their spending patterns to
enhance consumption. Consumer-driven revenues have grown at a 5.8% compounded annual
rate since 2000, and the international revenue for studios for US product has grown at an estimated double-digit pace over the same period. Emerging markets with developing middle
classes (India, China, and Latin America in particular), new applied technologies, and an expanding price-point spectrum are helping grow revenues in the US and international markets.
The last five years have been heavily weighted toward increasing consumer choice and convenience, while providing content access at varying price points. This is likely to continue as a very
important trend and revenue driver for content creators and distribution platforms over the years
to come.
The application of digital technology to consumer filmed entertainment consumption is an
important investment theme over the next few years. The availability and utilization of
DVRs, IP streaming, high-speed Internet access, high-definition television (HDTV), electronic
sell-through (EST), and digital projectors/3D in theaters can meaningfully change revenue
streams, which may dislocate, disintermediate, or enhance existing revenue models and cost
structures. The cycles of applied technology for consumer media access shrank from 5-10 years
to 15-20 months over the past five years, creating significant opportunity to leverage captive
televisions and film libraries and creative resources. More importantly, it is expanding the revenue pie for content and engaging new generations of avid consumers of film content, even if on a
mobile or tablet device. Significant capital investment in distribution pipelines, such as the current investment by telecoms in fiber as a means to capture the business of cable or satellite markets, needs to be carefully weighed as some dislocation is likely to be a factor over the next five
years. The same is true for content acquisition. Investors need to carefully evaluate the buy side
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of mid- to long term rights deals in assessing the financial dynamics and commitments impact on
profitability over years. Portability of content is next on the horizon for consumer spending, in
our view, but solving the digital rights management (DRM) issues is certainly the gating factor
that copyright creators and owners must work through to maximize the monetization of consumer demand. Digital Entertainment Content Ecosystem’s (DECE) UltraViolet and Disney’s
Keychest may be key gateways for consumers to “buy” the digital rights to content that will enable playback anywhere, anytime, and on any device.
Disintermediation is arriving, but new content aggregators are creating meaningful revenue streams for content providers on every consumer touch point along the distribution
chain. The digital urban myth that film content is free (absent piracy) is deconstructing measura-
bly as new and ambitious purveyors of film content master the interface to the new media consumer. The imaginative sense that a content aggregator, be it one with millions of members, subscribers, unique visitors, etc., can power down a major filmed entertainment studio from
collecting licensing fees or “tolls” is laughable if not naïve, especially within the studio controlled content kingdom. Clearly, windows are evolving, and insiders, outsiders, and investors
are hyper-focused on dollars and cents per use. It is our perspective and investment conviction
that over a few short years, the digital revolution will prove an economic and financial benefit for
most of those that possess production expertise and significant libraries.
Not all distribution windows will be commoditized as is the conventional wisdom. Content
owners will increasingly keep a larger or more diversified proportion of the global revenues their
film product creates, whether it comes from pay, subscription, or advertising supported distribution portals. There is just no necessity, financial or otherwise, or leverage that would compel a
major producer to take a low dollar number (i.e., Starz vs. Netflix). Market fragmentation and
technology limitations, such as download speeds, connectivity to a HDTV monitor and sound
system, security, DRM limitations, 3D, and privacy, are going to keep the ubiquitous adoption at
a measured pace. The clouds are coming, the stop watch has started, and it is not all going to be
solved for investors in 2012.
Equity valuations, which troughed in late 2008 and early 2009 out of fear that owning content was passé or “old school” (i.e., relatively little value), are now incorporating more of
the digital delivery opportunity in financials and long-term economics than the “old media”
tug-o-war of the past few years. While the market has seen a significant rebound, the major entertainment conglomerates continue to trade at modest multiples. The average price/earnings
multiple of the four major entertainment conglomerates is 12.8x based on 2012 estimates and
10.9x based on 2013 estimates, while the S&P 500 is trading at an estimated 11.8x in 2013, not
that most investors use this as their key or primary valuation metric. On an EV/EBITDA basis,
the conglomerates are trading at an average of 8.0x and 7.4x, respectively, for 2012 and 2013,
versus the ten-year average of 9.8x. These multiples are near the low end of the range seen in the
1980s, which even then was not the valuation metric used for anyone in the entertainment group
except Disney. With earnings momentum visible, upside from new distribution portals rising,
and more efficiently designed operating structures, we believe the group has above-average upside valuation potential.
Worldwide piracy issues, the down and dark side of the digital world, are at center stage
for most owners and distributors of content and are a rationale for holding back content availability (and making short-term revenue deals) for a variety of distribution platforms. Given the high
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probability that more than $7 billion of pirated US-created content sells globally on an annual basis, constricting that slippage, either through some level of payment or restriction of access, is
critical on all levels of the commercial and political spectrums.
Advertising-denominated business segments have turned into valuation drivers. Televi-
sion advertising has rebounded from as much as 30% CPM declines in most of 2009 to an increase of 11.3% in 2011-2012, while primetime network advertising dollars are now up double
digits in the 2012 period for many broadcast and cable network providers. The scatter market has
been very robust in the 2011-2012 timeframe and appears to be vibrant across the board, especially as autos and financials, two sectors that were AWOL from late 2008 to early 2010, are
back in force, enabling double-digit-plus pricing on scatter inventory for primetime and broadcast TV thus far in 2012. Another positive variable in 2012 will be political advertising as we
approach the presidential election in November. The television and cable network upfront market
from May to June 2012 will likely create the annual showdown on CPMs and volume, which the
big four broadcast networks and 12-15 cable networks successfully leveraged last year. The trend
to us looks as though the upfront “event” will continue to garner big headlines that have an increasingly lower correlation to the revenue generating capability of primetime television.
Digital Media is complementing existing revenue streams and is less competitive or
threatening than conventional thinking has publicized the past few years. Content remains
king (cash is queen), and consumers appear willing to spend more dollars for convenience and
choice in owning or renting. If anything, the new toys (devices) and portals are creating, not replacing, demand for film/television content as evidenced by hundreds of million of TV episode
downloads annually at $0.79-$1.99 each. The beauty of most digital platforms is that they are not
incrementally capital intensive, which keeps programming accessible to mass market demos in a
relatively short amount of time. The potential next wave (there always is one!) is likely to see
new media, with its much higher valuation multiples, and traditional media coming together.
We maintain our OUTPERFORM sector rating for the media/entertainment industry over
the next 9-15 months. We believe the major industry participants have shown and should con-
tinue to show improving ROA, ROE, and ROIC, complemented by growing cash balances and
free cash flow. Highly rational capital allocation strategies, when coupled with realized EPS
growth, set the stage for improved public valuations or for further consolidation.
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Table of Contents
Executive Summary ..................................................................................................
Industry Overview ....................................................................................................
Industry Overview: Trends and Perspectives............................................................
Eight Focal Points for Investors................................................................................
The Great Debate-OTT and Industry Myths.............................................................
Theatrical Films ........................................................................................................
Theatrical: Trends and Perspectives .........................................................................
Home Video..............................................................................................................
Home Video: Trends and Perspectives .....................................................................
Theatrical Exhibitors.................................................................................................
Theatrical Exhibitors: Trends and Perspectives........................................................
Television..................................................................................................................
Television: Trends and Perspectives.........................................................................
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Investment Perspective
BMO Capital Markets Entertainment Coverage Universe........................................
Financial Statistics for Entertainment Companies Under BMO Capital Coverage ..
Financial Statistics for Exhibitors Under BMO Capital Coverage ...........................
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Appendix
Top 150 Domestic Films Released in 2011 ..............................................................
Top 100 International Films Released in 2011 .........................................................
Top Films in 2011 by Distributor .............................................................................
Top 100 Films Worldwide Gross – All Time ...........................................................
Top 100 Domestic Selling DVDs, Calendar 2011 ....................................................
Industry Related Internet Resources .........................................................................
Cable Network Ownership........................................................................................
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Company Profiles
Carmike Cinemas (CKEC) .......................................................................................
Cinemark Holdings (CNK) .......................................................................................
Cineplex, Inc. (CGX)................................................................................................
DreamWorks Animation (DWA)..............................................................................
Lions Gate Entertainment (LGF) ..............................................................................
News Corp (NWSA) .................................................................................................
RealD (RLD).............................................................................................................
Regal Entertainment Group (RGC)...........................................................................
Time Warner (TWX) ................................................................................................
Viacom (VIA.B) .............................................................................................................
The Walt Disney Company (DIS)...................................................................................
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Exhibits
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Entertainment Universe: 2011 Performance................................................
Entertainment Universe: 2012 Performance Year to Date ..........................
Stock Performance vs. EPS Growth of Major Entertainment Companies,
2007–2012E.................................................................................................
Share Repurchases, Calendar 2005-2011 ....................................................
Capital Returned to Shareholders via Dividends and Share Repurchases,
Calendar 2005-2011 ....................................................................................
Major Studio/Network Transactions, 2002-2012 ........................................
EBITDA and EV/EBITDA, 2012E-2013E .................................................
Pension Fund Liabilities ..............................................................................
Total Domestic Consumer Filmed Entertainment Spending, 2000-2011....
Domestic Consumer Filmed Entertainment Spending, 2000-2011 .............
US Household Statistics, 2000-2011 ...........................................................
Domestic and International Filmed Entertainment Markets, 2000-2011.....
Percentage of Revenues Generated Internationally, 2007E-2011E.............
Studio Revenue from Filmed Entertainment, 2000-2011............................
Major Online Video Distribution Players....................................................
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Theatrical Films
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Top 25 Domestic Opening Weekends, 2005-2012......................................
Top 25 Domestic Opening Weekends of 2011............................................
Top 25 Domestic Films’ Eight Week Gross, 2011......................................
Top 25 Domestic Films’ Eight Week Gross, 2010......................................
Animation Opening Weekend Multiplier, 2011 ..........................................
2011 3D Film Releases................................................................................
2010 3D Film Releases................................................................................
Currently Scheduled 3D Film Releases, 2012-2013....................................
Animated Film Performance, 2002-2011 ....................................................
Theatrical Statistics, 1992-2011 ..................................................................
Average Movie Admissions per Capita, 1990-2011....................................
International Box Office as a Percentage of Domestic, 2002-2011 ............
International Box Office Gross by Studio, 2011 .........................................
Top 10 International Box Office Markets, 2011 .........................................
International Box Office for Top 100 International Films, 2000-2011 .......
Number of Films Released, 1990-2011 .......................................................
Annual Changes in Number of Films Released, 1991-2011 .......................
Films Released – Majors and Independents, 1991-2011 .............................
Number of Releases by the Major Studios, 1992-2011...............................
Release Statistics – Major Studios, 1997-2011 ...........................................
Release Statistics – Top Independents, 1997-2011 .....................................
Domestic Box Office Market Share, 2011 ..................................................
Top Domestic Box Office Gross Distributors, 1995-2011 ..........................
Average Studio Film Rental Share, 2000-2011...........................................
Average Release Cost/Film MPAA Member Companies, 2000-2011 ........
Average Negative Cost/Film MPAA Member Companies, 2000-2011 ......
Average Ad Spend/Film MPAA Member Companies, 2000-2011 .............
Average Print Spend/Film MPAA Member Companies, 2000-2011 ..........
Opening Weekend as a % of Domestic Box Office, 1990-2011 .................
Average Number of Theaters per Release, 1991-2011................................
Top Films at the Domestic Box Office, 1998-2011 ....................................
Most Highly Anticipated Films of 2012......................................................
Future High Profile Film Slate, 2013 ..........................................................
Chinese Exhibition Industry, 2006-2011.....................................................
Global 3D Premiums ...................................................................................
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Home Video
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DVD Penetration of TV Households, 2007-2013E .....................................
BD Penetration of TV Households, 2007-2013E ........................................
Video Rental Revenues by Type, 2011 .......................................................
Video Rental Revenues by Type, 2010 .......................................................
Domestic Home Video Sales/Rental Revenue, 2003-2011 .........................
Box Office as a Percentage of Rental and Sales, 2003-2011.......................
Home Video Sales and Rental Revenue, 2002-2011...................................
Consumer Home Video Spending Patterns, 2003-2011 ..............................
DVD and BD Domestic Hardware and Software Market, 2003-2011 ........
Top 10 New Releases of 2011.....................................................................
Movie Release Windows, 2000-2011..........................................................
Movie Release Windows, 2000-2011..........................................................
Studio Revenue per Movie Transaction, 2010-2011 ...................................
Projected US Multichannel Subscription Substitution with OTT Video
Delivery .......................................................................................................
Device Breakout of Projected US Households Viewing Content with OTT
Delivery .......................................................................................................
Release Windows by Month........................................................................
Internet VOD Projections, 2008-2014E ......................................................
Projected Internet Movie Revenues, 2008-2020E .......................................
Economics of Streaming..............................................................................
Premium Vs. Traditional VOD Scenarios ...................................................
Kiosk Projections, 2006-2012E...................................................................
UltraViolet Alliance, 2012 ..........................................................................
UltraViolet Subscriber Projections, 2011-2015E ........................................
Quarterly Video Conversion Rates, 2004-2011...........................................
Home Video Margins, 2002-2011E.............................................................
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Exhibition Statistics and Growth Trends, 2000-2011..................................
Exhibitor Margins Versus Commodity Pricing ...........................................
Exhibitor Circuit Transactions ....................................................................
Domestic Screen and Theater Count, 1990-2011 ........................................
Domestic Screen Count per Theater, 1990-2011.........................................
U.S. Cinema On-Screen Advertising Spending, 2001-2012E .....................
DCIP Joint Venture .....................................................................................
Worldwide Digital and 3D Screens, 2000-2012E ......................................
Number of Digital 3D Screens, 2006-2013E...............................................
3D Producer/Exhibitors Economics ............................................................
Top 10 Theater Circuits – 2011 Ranking ....................................................
North American Box Office Revenue Share, 2011 .....................................
Summer Box Office, 2001-2011 .................................................................
Theater to Video Release Window, 2002-2011...........................................
Theater to Video Release Window for Top 20 Films of 2011.....................
Per-Capita Spending, 2000-2011.................................................................
Average Domestic Concessions/Patron Y-O-Y Changes, 2000-2011.........
Average Concession Margins, 2000-2011...................................................
Average Theater Film Rental Margins, 1991-2011.....................................
Year to Date Box Office Stats .....................................................................
Exhibition Industry Comparable Table .......................................................
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Total Household Hours:Minutes TV Viewing Per Day, 1999-2011 ...........
Adults 18-24 Hours:Minutes TV Viewing Per Day, 1999-2011 .................
Primetime Broadcast Vs. Cable, 2003-2011................................................
US DVR Households, 2004-2011 ..............................................................
US VOD Households, 2004-2011 ..............................................................
US DVR Penetration, 2004-2013E..............................................................
Primetime Network Live Ratings, 2000-2011.............................................
Primetime Network Programming Costs, 1991-2012E ...............................
Network Ownership of Primetime Network Programming.........................
Current Primetime Programming Portals ....................................................
US TV Programming Prices in 12 Key International Markets....................
Television Advertising Revenue, 2000-2011 ..............................................
Upfront Market Sales Broadcast Networks, 2000-2012..............................
Average Upfront Primetime Network CPM Pricing Changes, 2002-2011E
Upfront Sales by Network and Market, 2000-2012.....................................
Total O&O and Affiliate Retransmission Fee Projections ..........................
Primetime HH Ratings by Network, 1990-2011 .........................................
Season-To-Date Live Performance by Network..........................................
Current Broadcast Primetime Schedule.......................................................
Top Primetime Broadcast Series for Key Demo .........................................
Adult 18-49 Key Demographic Primetime Ratings, 1996-2012 To Date ...
Cable’s Programming Investment, 1999-2012E..........................................
Highest Rated New Scripted Original Cable Series, 2009-2012 .................
HBO, Showtime, & Starz Series Investments .............................................
$1 Million Plus Off-Network Cash Syndication Deals ...............................
Digital Download Market, 2006-2014E ......................................................
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Industry Overview
The filmed entertainment industry is coming out the backside of the recession with more earnings power, cleaner balance sheets, more consumers accessing more content, and significantly
higher free cash flows and ROIC. Hopefully that final story on how the entertainment industry
is not recession resistant has been blogged, broadcast, or printed, because the stocks, for the
most part, did not see the downside seen by most other consumer discretionary stocks. We
doubt that there was an investor in entertainment equities who did not worry about television
advertising, DVD sales, foreign exchange and world geopolitical events. The investment dynamic is that the impact of these variables is short term, while consumer demand for filmed
entertainment remains fairly constant.
The following charts reveal the returns experienced by many investors in entertainmentrelated equities last year and in 2012 to date.
Exhibit 1. Entertainment Universe: 2011 Performance
27.8%
30.0%
S&P 500 =0.0%
22.5%
14.8%
20.0%
12.3%
7.3%
14.6%
10.0%
1.7%
0.0%
0.0%
CKEC CNK
CGX
DIS
DWA
LGF NWSA RLD
RGC
TWX
VIAB
-10.0%
-10.9%
-20.0%
Entertainment
Sector = -2.1%
-30.0%
-40.0%
-43.7%
-50.0%
-60.0%
-70.0%
-69.4%
Source: Bloomberg and Reuters
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Exhibit 2. Entertainment Universe: 2012 Performance Year to
Date*
95.5%
95.0%
Entertainment
Sector = 24.5%
75.0%
55.0%
S&P 500 =10.3%
50.6%
46.8%
35.0%
20.6%
16.0%
12.4%
15.0%
8.4%
11.1%
5.1%
-5.0%
CKEC
CNK
CGX
DIS
DWA
3.7%
LGF
NWSA RLD
RGC
TWX
-0.3%
VIAB
Source: Bloomberg and Reuters, *Priced as of April 12, 2012
While public equity valuations relative to the market historically may have little correlation to
the current investment world view, we do not find the group valued ahead of the companies'
earnings power or predictive growth rates. Over the intermediate to long term, investors are
likely to integrate the following factors in their valuation matrix: 1) private market valuations
(PMV) based on transactions that have consistently proven to be higher than public equity
multiples for the major conglomerates (NBC-Universal/Comcast at a double-digit
EV/EBITDA multiple last year validates this once again); 2) industry growth at the consumer
level has exceeded that for most every other consumer sector and meaningful opportunities
remain globally for the remainder of the decade, which is an important macro backdrop for
long-term valuations; 3) shifts to digital access of entertainment content are becoming complementary rather than competitive and ultimately saving significant distribution costs (35
mm film, DVD/BD manufacturing, etc.); 4) consumers worldwide have had an insatiable appetite for entertainment content and seem willing to devote increasing amounts of their discretionary spending for more convenience and choice in the daily consumption of filmed entertainment; and 5) the major entertainment conglomerates generate significant free cash flows, a
value driver if utilized correctly, as most are. If public valuation multiples remain somewhat
depressed relative to growth rates and PMVs, we expect decapitalization to grow as a use of
free cash flow, and if not, we expect a new round of ownership/control changes over the next
year or two.
The effort to restructure and realign the entertainment portfolio asset mix is working, resulting
in stronger balance sheets (thankfully not an investment issue this year) and better ROIC in a
less cluttered portfolio. The challenge of allocating capital to supply-side and demand-side
businesses appears to be more rational as the major media conglomerates create value in their
core businesses. Consumers are clearly willing to buy the new and emerging distribution
pipes and platforms, which create enormous opportunity for those who engage, create, and
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control content in an innovative fashion. We do not characterize the success quotient as high
relative to every new media opportunity, but neither do we see excessive capital spent to have
a presence and believe significant integration and innovation is being accumulated along the
learning curve, especially as profitable revenue generation becomes a more visible goal of the
major entertainment players. The “Quasars” (who we will not name in order to protect the innocent and who perhaps lost some of the shine from their sparkle this year!) will always be a
factor, and investors will need to be vigilant to discern who pays, who plays, and who stays.
Monetizing portals appears to be a quite separate occurrence, which should lead investors to
slightly more ambivalence rather than polar love and hate when a “newbie” is found…and
then lost, sometimes the half life being too short.
Investors looking at entertainment equities are facing a new host of opportunities and challenges as the digital world races at an unstoppable pace into home and leisure-time activities
of an increasingly consumptive and convenience-driven global community. At the same time,
the major conglomerates have been rationalizing their investment portfolios and continue to
shed businesses that are now less valuable to the next generation of opportunities. The growth
characteristics that complement the core businesses are changing, and we sense most of the
majors are becoming better at being change agents. That is not to say all of the equity investments are smooth, easy, and immediately accretive acquisitions.
The entertainment industry is facing massive and potentially positive change as the nextgeneration technologies such as DVRs, VOD-finally, next-generation broadband, 3D formatted digital cinema, streaming, downloading, Blu-Ray, and HD and 3D TV grow in penetration
and utilization. Business model differentiation is becoming much more diffuse relative to
revenue generation be it via subscriber, advertiser, or a la carte, and in many cases now, all of
the above. This will be an important element in generating positive change in investor sentiment, in our opinion. No longer is new media solely seen as a competitor to traditional content film and television creation and hence a threat to either the entire business model or equity valuation. Investors are beginning to see it as a complementary revenue source that can
grow into a substantial profit contributor over the next five years as creative content invades
digital distribution portals via new windows. The corollary will be the enabling of extended
digital rights, so that a consumer views his or her purchase/investment in content as utilitarian
across multiple platforms: TV, computer, game stations, mobile, and tablets, for example.
The simple definitions of hardware and software have evolved into the new world complexities of content and distribution. It is now a three-dimensional world as analog has transformed
into digital and should migrate to 3D on many consumer electronic devices. The near- and
long-term valuation drivers for the major entertainment conglomerate stocks will be the ability to continue to create superior film and television content and leverage that content on a
growing array of platforms for a worldwide audience. Creative resources and production expertise will need to keep pace with the dynamics of consumption that demands portability.
Digital Rights Management will capture significant management capital to master and
monetize in a manner that can both protect privacy and provide portability. The initial conceptualization of Disney’s Keychest or DECE’s UltraViolet (virtual library in the sky) is a onestop store-and-retrieve mechanism for digital content on multiple platforms. These options
will play broadly over the next few years and will certainly take a very visible role in the digital distribution/consumer end game.
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The economy weighed far less on investor sentiment in the filmed entertainment sector in
2011. Advertising (local, recession, displacement, fragmentation, etc.) rebounded beyond expectations and has sustained that plateau, if not indexing meaningfully ahead of 2010. Cable
journeyed through the valley of advertising despond in 2008-2009 relatively unscathed and is
now the darling of corporate and investor sentiment. The 2011 upfront saw high-single- to
low-double-digit increases on inventory sales at 80% sell-out rates for broadcasters and 50%60% for the major cable networks. Scatter advertising has been healthy with use up 10%-15%
as the benchmark so far in the 2011-2012 television season. We see continuing resiliency in
broadcast and cable network ad rates through the remainder of 2012. Ad rate gains from a
stronger economy and the return of the dynamic duo (autos and financials), as well as telecom
and consumer discretionary companies, certainly helped earnings and stock valuations, especially when enhanced by the “leave no dollar unspent” political environment as we approach
2012 national elections.
The DVR, which created time-shift viewing with the capability of fast-forwarding through the
commercial elements of the recorded shows, has created only a modest decline in program
viewing (less than 4% in a Live +3 world). That said, no one from the TV network side stops
arguing that viewership is under-measured demographically. There is still a perception that
some viewership is not being paid for as some recorded shows are watched outside the threeday boundary, but we see little chance of broadcasters recouping dollars on this variable anytime soon. This contentious debate ignores the current practices relative to viewership of
commercials on live broadcast television, as some level of channel surfing already diminishes
the level of commercial viewing. The valuation curve has become much more sensitive to advertising over the past year given the asset mix of the four major entertainment conglomerates
and has resulted in the drive to trade based on the economic fluctuations and headlines on
Wall Street.
VOD is finally gaining traction beyond events such as sports and concerts as consumers have
pushed the buy button 25% more this past year. Increasingly, the convenience, HD quality,
closure of many rentailers, delays in subscription availability, and broader studio offerings are
enticing the push-button option. Click-to-stream will gain more visibility in 2012-2013 as
nonlinear programmers gain subscribers. The downside/thorn in the side is likely to be gigabyte caps on streaming usage put in place by cable/telco high-speed data providers. It is not
difficult to vaporize the assumed value of a sub-$10 subscription when the cable bill arrives
with an incremental $10-$50 usage charge! The major providers are moving rapidly to this
metric.
Consumer demand for filmed entertainment product remains relatively healthy as new distribution platforms extend the shelf life of filmed entertainment and expand the revenue cycles
for content on a variety of formats. Those who have voiced a view that film library values
have meaningfully diminished are finding that new content aggregators are paying significant
dollars for library product. To wit, the EPIX-Netflix deal provides $960 million over five
years. Clearly the adoption of iCasting, streaming, downloadables, HDTV, digital 3D, etc.,
via subscription or a la carte, is setting the stage for a new round of growth that, for the most
part, extends the profit generating capability of content.
What is rising significantly are digital revenues ($3.4 billion in 2011 according to the Digital
Entertainment Group-DEG), replacing a large portion of packaged sell-through revenues. We
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urge investors to look at the annual transaction levels of the video rental business rather than
simply the aggregate dollars to judge the industry’s health, as this compensates for the depressed rental figures that reflect the increased use subscriptions and a $1 rental at a kiosk
rather than a $4 rental at Blockbuster. The beauty of the filmed entertainment business has
been that successive distribution platforms have typically not materially cannibalized existing
revenue streams while providing incremental revenues and profitability. Rather, they have
enlarged the economic pie, a factor the market tends to overlook at times as headlines often
create the impression that new distribution platforms are part of a zero-sum equation.
The never-ending cost battles for both film and television production are legendary, and accounting for them leaves all involved in the creative process bewildered or litigious…or both.
Worldwide dollars for films in theatrical and home video generate, in the aggregate, significant revenues (over $65 billion annually). Conversely, the use of computer generated imagery
(CGI) and other special effects, talent participations, 3D production and post production costs,
and the ever-increasing need to spend on advertising and promotion, consistently put upward
pressure on total film business costs, which include film negative costs as well as film print
and advertising spending. The major studios continue to act in a schizophrenic manner at
times, allocating less corporate capital to total film production budgets, while spending more
dollars on event films, which are now at the $200-$300 million direct negative cost level before participations are included. In the previous decade, off-balance sheet dollars from film
development vehicles such as joint ventures, partnerships, or structured finance entities picked
up the differential between studio capital and production/distribution expenses. Those dollars
are, for the most part, gone as original investment funds have been cycled through. The new
money is coming from short cycle P&A, which can round-trip investment dollars in three to
six months, some production dollars were picked up in 2011 by certain banks and private investors.
The reality of the business is that the ultra-high budget film has often shown less risk on a
global basis than a mid-budget film ($50-$80 million in direct negative costs) as headline talent and promotional dollars create, capture, or capitalize on consumer interest. Content creation costs, including participations, rarely go down over any multi-year period, especially
when the rationale embraced by industry executives is that new revenue streams from emerging distribution platforms and global demand will cover rising production costs. The buyers
certainly went through the last decade with too many production dollars chasing a limited talent pool, never a helpful cycle for film costs. Producing a lower number of films the past few
years has helped ease the capital demand (in human and dollar terms), but we sense the production declines have now bottomed out with Spielberg, Relativity, MGM, and others creating more films for 2012/2013.
Many of the emerging technologies and platforms (e.g., VOD, iCasting, mobile video from
pad or phone, digital cinema/3D, HDTV, and Blu-Ray) are now gaining revenue/sales traction, albeit off a small base for most of them, and adoption cycles will likely push further
revenue gains in 2012-2013. The advantage of the next generation is that the contributions are
incremental, mostly high margin (30%-70%), and are growing from their current moderate
revenue levels. We remain confident that the new platforms will expand the overall economic
rewards for content owners, albeit creating angst with some inevitable displacement, which
should further improve the financial profile of the business for the major media conglomerates, many of whom own both content and a variety of end-point distribution channels. One of
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the greatest benefits of the evolution away from physical distribution, aside from manufacturing and distribution costs, is the diminishing role of the middle-man aggregator. Direct consumer sell points are arriving and picking up momentum among consumers.
In addition, the television production business has become a growth engine once again, but
the locomotive driving its resurgence is original programming on premium cable networks
such as HBO and general purpose channels such as TNT, USA, and AMC. Although the
macro television industry environment is fairly stable on a global basis, changes to established
distribution platforms, such as broadcast television retransmission fees (hundreds of millions
of dollars annually to each of the major broadcast networks), and franchises such as primetime television network market share erosion under a new commercial ratings system, are new
realities in the economic and financial equation. Maximizing core revenue streams from both
cyclical and emerging sources will be an important opportunity for all the major conglomerates in 2012 and beyond. We are not as concerned about displacement (Will DVD sellthrough and VOD put video “rentailers” out of business? Will streaming replace buying?) as
we are about margin compression as talent (producer, writer, actor) demands a greater percentage of the economic benefits, thus reducing overall profits as partners who reduce risk
also reduce profits.
Thankfully, three of the key guilds negotiated and approved new contracts meaningfully
ahead of their mid-2011 expirations. This eliminates the labor pool risk until 2014. At that
point, the digital impact and benefit will be much better defined. It is too early to handicap
this variable.
The major entertainment conglomerates are now traveling very individualized valuation patterns. Exhibit 3 outlines the stock performance of the major entertainment and related equities
from 2007 to 2012E compared with their annual earnings growth. Our observation is that the
perception of the future, be it positive or negative, has a higher correlation than short-term
earnings. The valuation pendulum had swung much more negatively for most companies, a
factor that just appears to be unwinding, which we think leads to multiple expansion.
Exhibit 3. Stock Performance vs. EPS Growth of Major
Entertainment Companies, 2007-2012E
Walt Disney
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
42.1%
23.9%
23.2%
16.3%
13.7%
12.8%
18.8%
2007
12.4% 17.9%
10.3%
0.0%
0.0%
3.5%
-5.8%
22.6%
2008
2009
2010
2011
2012E*
-19.8%
-29.7%
-38.5%
S&P Performance
Stock Performance (2012 YTD)
EPS Change
* September FY
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EV/EBITDA Trading Range
15.0x
5-yr avg = 8.0x
13.0x
12.8x
11.5x 11.5x
11.0x
10.2x 9.9x
9.0x
9.9x
9.4x
8.8x
8.4x
7.0x
9.3x 7.9x
9.4x
8.4x
7.4x
9.0x
8.3x
7.4x
6.5x
7.0x
7.8x 7.5x
6.3x
5.1x
5.0x
6.9x
3.0x
05
06
07
08
09
10
11
12E
12E (-) = current price
News Corp
2007
80.0%
60.0%
40.0%
20.0%
0.0%
-20.0%
-40.0%
-60.0%
-80.0%
2008
2009
2010
2011
2012E*
65.2%
46.6%
23.9%
23.8%
22.5%
6.4%
12.8%
6.7%
3.5%
0.0%
8.4% 10.3%
10.3%
8.0%
-4.6%
-38.5%
-42.6%
-54.4%
S&P Performance
EPS Change
*June FY
5-yr avg = 6.4x
12.0x
10.0x
9.7x
9.5x
8.3x
8.0x
7.6x
6.0x
6.0x
8.2x
6.9x
5.6x
5.5x
4.5x
4.0x
7.0x
6.7x
5.8x
4.3x
2.0x
6.5x
5.4x
4.3x
6.5x
5.5x
4.5x
5.9x
5.7x
5.2x
1.9x
0.0x
05
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06
19
07
08
09
10
12E (-) = current multiple
11
12E
April 2012
BMO Capital Markets
Time Warner
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
34.5%
28.9%
31.7%
23.9%
19.9%
12.3%
12.8%
10.4%
10.3%
10.6%
0.0%
-0.3%
2008
2009
2010
2011
2012E
-38.5% -37.8%
-42.5%
S&P Performance
EPS Change
5-yr avg = 7.8x
12.0x
11.9x
11.0x
10.0x
9.5x
9.0x
8.4x
8.0x
7.1x
7.0x
8.4x
8.2x
7.5x
6.8x
6.7x
7.6x
7.7x
6.7x
7.2x
7.2x
6.0x
5.0x
5.0x
4.0x
08
09
10
11
12E
Viacom
80.0%
56.0%
60.0%
40.0%
20.0%
33.2%26.4%
23.9%
14.3%
0.4%
3.5%
0.0%
-20.0%
-40.0%
-60.0%
12.8%
0.7%
25.2%
14.8%
14.6%
10.3%
0.0%
3.7%
7.0%
2007
2008
2009
2010*
2011E*
2012E*
-38.5%
-56.6%
-80.0%
*September FY
S&P Performance
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EPS Change
April 2012
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5-yr avg = 8.5x
14.0x
12.5x
12.0x
10.0x
11.2x
11.4x
9.9x
10.2x
9.1x
11.0x
9.9x
8.8x
9.5x
9.2x
8.0x
7.7x
6.9x
6.2x
7.2x
6.0x
8.1x
7.8x
6.8x
7.6x
7.3x
5.2x
4.0x
2.0x
06
07
08
09
10
11
12E
Source: Reuters, Company Reports, and BMO Capital Markets and industry estimates. *Priced as of April
12, 2012
The major entertainment conglomerates have significantly increased share repurchases in the
past year or so, as earnings power has been converted into free cash flow, balance sheet leverage has gone to optimally low levels, and the capital allocation process has become a corporate priority and positive valuation driver. Exhibits 4 and 5 detail share repurchases and capital returned to shareholders for the major conglomerates.
Exhibit 4. Share Repurchases, Calendar 2005-2011
$13.7
$14.0
$12.0
$ in Billions
$10.0
$8.0
$6.7
$7.0
$6.2
$6.0
$4.0
$5.0
$3.6
$3.6
$4.6
$3.4
$2.5
$1.6
$2.0
$0.6
$1.0
$2.1
$2.0
$1.4
$0.3
$0.0 $0.0 $0.1
$2.8
$2.3 $2.1
$1.3
$1.2
$0.0
$0.4
$0.0
DIS
NWSA
2005
2006
TWX
2007
2008
2009
2010
VIAB
2011
Source: Company Reports.
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Exhibit 5. Capital Returned to Shareholders via Dividends and
Share Repurchases, Calendar 2005-2011
$16.0
$14.5
$14.0
$ in Millions
$12.0
$10.0
$8.0
$7.2
$7.6
$7.1
$5.8
$6.0
$4.1
$4.2
$5.6
$4.1
$4.0
$3.0
$2.0
$2.0
$5.4
$3.8
$0.7
$3.2
$2.6
$1.5 $1.7 $1.2
$2.5
$2.1
$2.1
$1.3
$1.2
$0.7
$0.4 $0.6
$0.0
$0.0
DIS
NWSA
2005
2006
TWX
2007
2008
2009
2010
VIAB
2011
Source: Company Reports.
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Industry Overview: Trends and Perspectives

The following exhibit outlines many of the industry related transactions over the past ten
years. The only domestic deal over the past 12 months was the Comcast/NBC Universal
transaction consummated early last year valued at $27.5 billion carried an implied
EV/EBITDA of 10.2x 2010E EBITDA of $2.95 billion. We believe this once again validates the attractiveness of the major entertainment equities that are trading at a 10%-25%
discount to that multiple. While we recognize that PMV is only one part of the valuation
equation, we believe current EV/EBITDA levels could lead to a revival of the private equity or equity swap-driven transactions in 2012-2013. Currency swings may also drive
the M&A activity level over the next few years as international buyers and sellers enter
the global entertainment industry.
Exhibit 6. Major Studio/Network Transactions, 2002-2012
Buyer
Year
Value
(MM/$)
Comcast
2011
13,750
Studio Deals
Summit Entertainment
Miramax
Marvel
Overture
Mandate
Debmar Mercury
Pixar
DreamWorks library
DreamWorks SKG
MGM
Universal
Lions Gate
Private Equity
Disney
Lions Gate
Lions Gate
Disney
Soros
Viacom
Sony, Comcast
GE
2012
2010
2010
2010
2007
2006
2006
2006
2005
2005
2003
Cable Net Deals
TV Guide Channel
The Weather Channel
Sundance Channel
Oxygen
Travel Channel (75%)
Court TV (50%)
E! and Style (39%)
CSTV Nets
QVC (50%)
AMC/IFC/WE
Comedy Central (50%)
USA/Sci Fi/TRIO
Golf Channel
Bravo
Noggin
Lions Gate
Cablevision
GE
Cox
Time Warner
Comcast
CBS
Liberty
Cablevision
Comcast
Viacom
2009
2008
2008
2007
2007
2006
2006
2005
2003
2003
2003
2003
2003
2002
2002
Asset
Broadcast Deals
NBC Universal (51%)
660
650
4,200
100
66
37
7,561
900
1,700
4,540
4,900
255
1,507
496
875
1,018
735
1,230
325
14,089
2,540
2,450
7,275
1,162
1,250
203
LTM
EBITDA
(MM/$)
2,950
EV/EBITDA
Library
Titles
10.2x
3,000
66
40
220
7
7
8
225
90
100
49
350
10.0x
16.3x
19.1x
14.3x
9.4x
4.7x
34.1x
10.0x
17.0x
92.7x
14.0x
40
135
1
50
7
59
59
4,000
3,500
35
7.3x
21.8x
16.3x
15.4x
NA
NA
20.3x
32.7x
19.9x
7.3x
-
40
45
80
NA
NA
125
75
9
Value
(per Title)
(MM/$)
4.58
16.50
4.81
2.00
NA
15.30
NA
1.14
1.40
Value
(per Sub)
(MM/$)
2.73
15.82
17.10
15.42
16.32
23.37
22.11
108.11
15.38
29.95
38.04
18.27
-
Source: IDD, company reports, SNL Kagan, and BMO Capital Markets and industry estimates.

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The growth quotient for the filmed entertainment industry has been built on 1) creative
successes that are inherently cyclical although not necessarily economically sensitive; 2)
new distribution platforms that have created new touch points and convenience for consumers in addition to shifting consumer dollars; and 3) global consumption that has been
rising as major new middle classes emerge. Worldwide penetration of film delivery systems is moving to center stage as global demand for filmed entertainment product,
whether theatrical, television, cable networks, or home video, accelerates through the
emergence of “middle class” economies in relatively untapped markets such as China,
India, Latin America, and Eastern Europe. Domestically, we expect the digital delivery
platforms such as streaming, downloading, MOD (manufacturing on demand), and VOD
to provide a growing source of revenue for fully amortized product. The opportunity to
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BMO Capital Markets
monetize filmed entertainment assets in the international markets should also grow in
importance and impact from both a perceptual and financial perspective.

Building, protecting, and internalizing core revenue streams in the maturing sectors of
the business are operating imperatives. This priority has led to acquisitions to achieve
proprietary pipelines, increase utilization, channeling advertising dollars through owned
and operated distribution platforms, and the creation and purchase of content from inhouse divisions. In that process, significant capital investment was made in assets that
now appear to create less synergy or lower-than-expected ROIC than was previously experienced or expected. In either case, it is our belief that most of the major media conglomerates will continue to sell less beneficial businesses that do not fit strategically or
financially.

Valuation multiples remain attractive versus five or ten years ago averages for most of
the entertainment equities suggesting that an interesting dynamic is building. Growing
earnings and free cash flow with modest valuations (PE, EV/EBITDA, etc.) usually leads
to companies buying themselves or others. Alternatively, sector rotation or investor class
rotation likely brings new money to the equities. It appears that with forecasted doubledigit EPS growth rates continuing in the out years, both growth and value investors’ investment styles should find these stocks attractive. Exhibit 7 details the comparative
valuations of the major industry participants within our coverage universe.
Exhibit 7. EBITDA and EV/EBITDA, 2012E-2013E
Company
Walt Disney Co
DreamWorks Animation
Lions Gate Entertainment
News Corp
Time Warner
Viacom
Symbol
DIS
DWA
LGF
NWS.A
TWX
VIA.B
Carmike Cinemas
Cinemark
Cineplex Inc*
RealD
Regal Ent Group*
CKEC
CNK
CGX
RLD
RGC
4/12/2012
Price
$42.15
$17.43
$12.21
$19.33
$36.03
$47.08
$13.45
$22.29
$29.83
$11.96
$13.26
Shares (mil)
1,909.0
85.2
149.2
2,636.0
1,053.3
558.0
12.8
113.3
58.2
56.8
154.1
Net
Debt (mil)
10,620.0
(116.1)
517.8
6,022.0
16,048.0
6,643.0
301.5
1,192.0
147.4
(4.2)
1,763.3
Adjusted
EV
91,084.4
1,368.2
2,339.8
56,975.9
53,998.4
32,913.6
474.0
3,467.4
1,882.1
675.0
3,490.9
EBITDA
2012E (mil)
11,140.0
131.0
68.8
6,600.0
7,089.0
4,270.0
87.2
571.9
219.8
89.3
535.2
EV/EBITDA
2012E
8.2x
10.4x
34.0x
8.6x
7.6x
7.7x
5.4x
6.1x
8.6x
7.6x
6.5x
EBITDA
2013E (mil)
12,380.0
144.0
285.0
7,325.0
7,282.0
4,575.0
EV/EBITDA
2013E
7.4x
9.5x
8.2x
7.8x
7.4x
7.2x
96.3
603.3
232.9
86.3
553.8
4.9x
5.7x
8.1x
7.8x
6.3x
*adjusted for non-consolidated public equity holdings
Source: Reuters, Bloomberg, BMO Capital Markets and industry estimates, and consensus estimates.
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
Virtual integration (controlling consumer spending in fee-based transactions and advertising-denominated delivery models on a global basis) is replacing vertical integration
(sports teams, music, book publishing, satellite, cable systems, etc.). This appears to be
leading to higher returns on invested capital and better returns on assets, which potentially set the stage for higher valuation multiples over time.

Investors appear to be scrutinizing debt variables and ratios at a much more visible pace,
even since the debt crisis-freeze. Bank debt is clearly being reduced, and the current historically low rate environment has provided a great opportunity to move out maturities at
very attractive rates in their capital structures.

Accounting for film partners and ventures will become a greater target for regulators and
investors. As companies rationalize their asset bases, we expect to see intersegment items
diminish in size and scope. The next step in the JV-hedge-partnership will likely lead to
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BMO Capital Markets
the buy-in of film partner stakes after first cycle revenues and contributions have played
out. Every one of the majors has one or more film finance vehicles. Investors should
simply look at this as buying cash flow at a discount. This is probably a 2012-2013 series
of events.

The revenue base in the home video sector on both domestic and international distribution portals has lost traction for both secular and cyclical rationale, despite packaged media transitions in the Blu-Ray format and EST (electronic sell-through) picking up momentum. Overall, spending has come down for packaged media. $1 rentals at Redbox
replacing $4 rentals at Blockbuster do not reveal lower demand, although most of the
pain resides outside the studios.

The digital world has created its own set of urban myths, perhaps the most imaginative
relates to the thought that film and television content is available at no cost. No one
watches for free, pirates aside, despite the widespread commentary to the contrary.
Clearly, consumers are expanding their portal preferences, but few have abandoned the
HDTV for a 3”-4” screen or even the 17”-24” monitor. Cord-cutting? Probably some
(less than 1%), but most of that has been in that demographic that hasn’t stopped watching film or television programming and perhaps has not been counted for Nielsen ratings
purposes anyway! A major nonlinear aggregator accessing more content to deliver over a
new portal is paying for that content, even if the consumer is not currently.

Film production levels by the majors probably bottomed in 2010-2011 and the next directional move is up as we look at the release schedules for 2012, especially as DreamWorks (Spielberg), MGM, Relativity, and others start pumping more films into the theatrical pipeline. This is good for exhibitors such as AMC, Carmike, Cinemark, and Regal
that can operate fixed-cost facilities with higher utilization levels. Exhibitors have withstood the decline in production very well. This will make the key summer and holiday
distribution windows slightly more competitive.

Most companies are going to face pension liabilities of a greater magnitude in the future.
Exhibit 8 details the underfunding and assumed returns/discount levels and sensitivity to
the discount rate changes for the majors (data collected from most recent 10-K filings).
Expect more “catch-up” in 2012.
Exhibit 8. Pension Fund Liabilities
Company
Disney
News Corp
Time Warner
Viacom
Most Recent FY
Funded
Status
($2,930)
($480)
($1,047)
($441)
Company
Disney
News Corp
Time Warner
Viacom
Equity
41%
44%
14%
63%
Company
Disney
News Corp
Time Warner
Viacom
Plan
Assets
$6,551
$2,724
$3,123
$479
Projected
Obligation
$9,481
$3,204
$3,303
$920
Funded
Status
69%
85%
95%
52%
Accumulated
Unrecognized
Losses
$2,930
$835
$1,282
$332
Debt
35%
39%
46%
37%
Plan Assets (includes other postretirment assets)
Alternative
Cash/Other
Level 1
23%
1%
39%
1%
16%
57%
33%
7%
26%
0%
0%
100%
Assumptions
Discount
Expected
Rate
Return
5.75%
7.75%
5.70%
7.00%
4.91%
6.44%
5.30%
8.00%
Sensitivity (100 bp decrease)
Discount rate
Expected Ret.
Expense
Obligation
Expense
223
1,876
69
64
512
28
NA
NA
NA
8
124
4
Losses/
Assets
45%
31%
41%
69%
Level 2
44%
41%
70%
0%
Losses/
Obligation
31%
26%
39%
36%
Level 3
18%
1%
4%
0%
Sensitivity (100 bp increase)
Discount rate
Expected Ret.
Expense
Obligation
Expense
(193)
(1,589)
(69)
(64)
(512)
(28)
NA
NA
NA
(8)
(124)
(4)
Source: Company Reports and BMO Capital Markets
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April 2012
BMO Capital Markets
Eight Focal Points for Investors
We have identified eight key elements that we believe should continue drive the equity valuation of the major filmed entertainment conglomerates over the next year or two: 1) healthy
consumer demand for filmed entertainment; 2) an expanding global marketplace; 3) stabilizing studio economics; 4) complex and opaque accounting; 5) modest economic dislocation
and disintermediation from technology and piracy; 6) 3D as the next revenue growth driver;
7) the arriving connected world; and 8) the advertising environment.
These factors should serve as a template as individual company operating fundamentals and
upside-downside catalysts and risks are assessed. This is an industry with substantial operational risk as creative cycles are at times unpredictable (positive and negative) and typically
lead to meaningful stock price swings. That being said, it is also an industry that creates film
products that have revenue half-lives of decades and have increasingly lucrative revenue
streams being created for its captive libraries. We believe the investment decision-making
process is enhanced when the intellectual and financial framework of these factors are integrated into both investor sentiment and market action.
1) Consumer Demand for Filmed Entertainment
Worldwide consumer demand for filmed entertainment has been relatively healthy for the past
three decades. The emergence of new distribution platforms, especially as they are deployed
around the globe, has been a major driver of consumer demand and growth along side of the
emerging classes in developing or recently emancipated countries. The filmed entertainment
industry has significantly outpaced the overall economy and most other consumer segments
over the past 12 years, growing at an estimated compounded annual rate of 5.8%, even staying positive in the recent economic turmoil. It has become the second-leading dollar export
for the US economy behind Aerospace and Defense and one of only a few industries with
consistently positive balance of trade characteristics. Worldwide, consumers are given an
ever-growing array of choices (how and where they want to enjoy filmed entertainment), convenience (when they want it), and an array of price points for accessing filmed entertainment.
We believe this will continue to be at the heart of long-term industry growth. True enough,
the growth rate slows at times, but it has performed better than most of its consumer discretionary peers.
A member of BMO
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April 2012
BMO Capital Markets
Exhibit 9. Total Domestic
Spending, 2000-2011
Consumer
Filmed
Entertainment
$118.5
12.0%
$114.9
$111.1
9.9%
10.0%
8.6%
8.5%
$102.1
$103.9
$98.6
8.0%
6.9%
6.5%
6.8%
$90.8
6.0%
$86.9
4.4%
$81.6
3.5%
$76.4
3.6%
$69.6
4.0%
Annual % Change
8.6%
3.1%
2.0%
$64.0
1.8%
0.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Domestic Spending '000s
Annual % Change
Source: US Department of Commerce, Adams Media Research, NATO, Motion Picture Association of
America, Hollywood Reporter, Variety, Cable TV Ad Bureau, TV Bureau of Advertising, AC Nielsen, SNL
Kagan, VidTrac, VidScan, and BMO Capital Markets and industry estimates.
We expect consumer spending on filmed entertainment to continue to outpace the general
economy (normalized) and remain favorable throughout the next few years, although various
revenue portal contributions are likely to shift dollar contributions around for content creators.
The BD/DVD phenomena may have played out in terms of captive libraries and profitless
transactions by mass merchants seeking to drive foot traffic, but it is still the largest contributor to the filmed entertainment revenue pie at close to 40% of an individual film’s revenue
mix. For most of the major content providers, home video inventories and film ultimates have
been right sized. Film budgets and profit projections have now been designed around lowered
expectations for packaged media. The adoption of digital delivery (e.g., cable, DBS, iTunes,
FIOS, Netflix, etc), ubiquity of Internet access, revitalization of the home entertainment center equipped with HDTV and sophisticated sound systems, emergence of new portals, and
consumer utilization of traditional delivery platforms such as movie theaters and broadcast
television should all set a positive tone to revenue visibility over the next few years. The pie
gets bigger. The industry is not simply in a zero-sum game as some observers would suggest.
Exhibit 10 outlines consumer spending over the variety of distribution platforms over the past
12 years.
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BMO Capital Markets
Exhibit 10. Domestic Consumer Filmed Entertainment Spending,
2000-2011
Revenue ($Millions)
Box Office
Video Rentals
Video Sales
Basic/Digital Cable/Telco
Pay Cable
Digital Video
Pay-Per-View/VOD (Events)
Direct Broadcast Satellite
Totals
Annual % Change
CAGR (from 2000):
US Households (Mil)
Spend Per Household ($)
Box Office
Video Rentals
Video Sales
Pay Cable
Digital Video
Pay-Per-View/VOD
Totals
Annual % Change
CAGR (from 2000):
Household Spend % Change
Box Office
Video Rentals
Video Sales
Pay Cable
Digital Video
Pay-Per-View/VOD
2000
$7,468
8,224
7,264
24,445
4,500
700
1,739
9,700
2001
$8,125
8,640
8,774
26,027
4,600
700
2,196
10,500
2002
$9,272
8,445
10,612
27,825
4,880
700
2,865
11,850
2003
$9,165
8,291
12,779
28,242
5,172
700
4,201
13,065
2004
$9,215
7,847
14,059
29,541
5,482
700
4,621
15,478
2005
$8,832
7,595
13,898
31,313
6,000
800
5,050
17,300
2006
$9,138
7,496
13,871
33,191
6,370
1,000
5,825
21,689
2007
$9,629
7,148
13,329
34,050
6,624
1,300
6,140
23,875
2008
$9,791
6,886
12,385
35,241
6,805
1,600
5,808
25,426
2009
$10,595
6,490
10,870
37,355
7,282
2,100
6,040
30,335
2010
$10,565
6,178
10,026
39,225
7,150
2,260
6,625
32,909
2011
$10,174
5,673
8,952
41,185
7,000
3,416
7,300
34,817
$64,040
8.5%
-
$69,562
8.6%
8.6%
$76,449
9.9%
9.3%
$81,615
6.8%
8.4%
$86,943
6.5%
7.9%
$90,788
4.4%
7.2%
$98,580
8.6%
7.5%
$102,095
3.6%
6.9%
$103,941
1.8%
6.2%
$111,066
6.9%
6.3%
$114,938
3.5%
6.0%
$118,517
3.1%
5.8%
104.7
108.2
109.3
110.6
112.1
113.1
114.3
116.0
117.2
117.9
117.0
117.2
2000
$71.33
78.55
69.38
233.48
42.98
6.69
16.61
92.65
$611.66
7.7%
-
2001
$75.09
79.85
81.09
240.55
42.51
6.47
20.30
97.04
$642.90
5.1%
5.1%
2002
$84.83
77.26
97.09
254.57
44.65
6.40
26.21
108.42
$699.44
8.8%
6.9%
2003
$82.87
74.97
115.54
255.35
46.76
6.33
37.98
118.13
$737.93
5.5%
6.5%
2004
$82.20
70.00
125.41
263.52
48.90
6.24
41.22
138.07
$775.59
5.1%
6.1%
2005
$78.09
67.15
122.88
276.86
53.05
7.07
44.65
152.96
$802.72
3.5%
5.6%
2006
$79.95
65.58
121.35
290.38
55.73
8.75
50.96
189.76
$862.47
7.4%
5.9%
2007
$83.01
61.62
114.90
293.53
57.10
11.21
52.93
205.82
$880.13
2.0%
5.3%
2008
$83.54
58.75
105.67
300.69
58.06
13.65
49.56
216.95
$886.87
0.8%
4.8%
2009
$89.86
55.04
92.20
316.84
61.76
17.81
51.23
257.29
$942.04
6.2%
4.9%
2010
$90.30
52.80
85.69
335.26
61.11
19.32
56.62
281.27
$982.37
4.3%
4.9%
2011
$86.81
48.41
76.38
351.41
59.73
29.15
62.29
297.07
$1,011.24
2.9%
4.7%
2000
2.1%
3.0%
32.3%
2.4%
2.3%
133.3%
20.6%
18.3%
2001
8.8%
5.0%
20.8%
6.5%
2.2%
0.0%
26.3%
8.2%
2002
14.1%
-2.3%
20.9%
6.9%
6.1%
0.0%
30.5%
12.9%
2003
-1.2%
-1.8%
20.4%
1.5%
6.0%
0.0%
46.6%
10.3%
2004
0.5%
-5.4%
10.0%
4.6%
6.0%
0.0%
10.0%
18.5%
2005
-4.2%
-3.2%
-1.1%
6.0%
9.4%
14.3%
9.3%
11.8%
2006
3.5%
-1.3%
-0.2%
6.0%
6.2%
25.0%
15.3%
25.4%
2007
5.4%
-4.6%
-3.9%
2.6%
4.0%
30.0%
5.4%
10.1%
2008
1.7%
-3.7%
-7.1%
3.5%
2.7%
23.1%
-5.4%
6.5%
2009
8.2%
-5.8%
-12.2%
6.0%
7.0%
31.3%
4.0%
19.3%
2010
-0.3%
-4.8%
-7.8%
5.0%
-1.8%
7.6%
9.7%
8.5%
2011
-3.7%
-8.2%
-10.7%
5.0%
-2.1%
51.1%
10.2%
5.8%
Source: US Department of Commerce, Adams Media Research, NATO, Motion Picture Association of
America, Hollywood Reporter, Variety, Cable TV Ad Bureau, AC Nielsen, SNL Kagan, VidTrac, VidScan,
and BMO Capital Markets and industry estimates.
In 2011, we estimate that domestic consumers spent 3.1% more on filmed entertainment consumption than in 2010 and 85.1% more than what was spent in 2000. This was primarily driven
by growth in cable and new digital delivery systems. We expect 2012 to show gains in the lowto mid-single-digit percent range, once again likely outpacing GDP as digitally driven and connected platforms pick up significant traction. Home video in its one-dimensional life of packaged media will continue to show less revenue, although the rate of decline should drop.
The entertainment conglomerate focus remains on controlling consumer dollars in as many
subscription fee-based (cable, cable networks), transaction-oriented (theatrical, home video in
its multi dimensional configurations), licensing rich (interactive games, bundling film libraries, new nonlinear aggregators, merchandise, product placement), and advertising denominated businesses as possible. The virtual-digital world is in the early stages of monetization,
but will be incrementally positive, especially given its low CAPEX and aggregated costs to
penetrate. This is the new economic model: virtual integration, replacing the far lower ROIC
generated by vertical integration that compressed equity valuations for years. Owning every
piece of the food chain via vertical integration has proven problematic for the major entertainment conglomerates as ROIC never materialized relative to its expected IRR levels, regardless of whether they were managed well or not.
The debate over the incremental versus substitutionary nature of the emerging digitally driven
revenue stream remains highly visible and is perhaps skewed by the current consumer shifts
in the packaged media portion of home video, very modest cord cutting in cable/satellite/telco
platforms, and the IP driven delivery world. There is little economic difference to a studio between a VOD transaction, iTunes rental transaction, and a video rentailer transaction. Perhaps
the kiosk is changing that paradigm, but with average rentals at $1.00 per night generating
about $2.50 per transaction, the “loss” is most notable to the brick-and-mortar rentailers. The
implications have been bigger for Blockbuster and Movie Gallery, as each went through
bankruptcy, than for the major studios.
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BMO Capital Markets
Exhibit 11 delineates the domestic market penetration of the key distribution platforms available today. The growth rates in the digital platforms (cable) are the segments most responsible
for the overall growth of the industry from a consumer spending perspective and should continue to be so as penetration ramps up. We would draw attention to DVR stats, which over the
coming years should show double-digit percentage growth and impactful revenue dynamics.
Exhibit 11. US Household Statistics, 2000-2011
Metric (Millions)
US Households(HHs)
US TV Households
Basic Cable HHs
Premium Cable Subs
Digital HHs
Digital Cable HHs
DBS HHs
VOD HHs
DVR HHs
DVD HHs
BR HH
PC HHs
On-Line HHs
Broadband Subscribers
Wireless Broadband
2000
104.7
102.2
66.8
33.7
17.2
7.6
9.6
0.4
—
13.1
—
66.0
56.7
6.2
0.0
2001
108.2
105.5
67.6
34.1
26.0
13.1
12.9
2.5
—
25.3
—
69.1
62.4
11.4
0.0
2002
109.3
106.7
66.8
38.4
40.1
21.1
19.0
6.0
—
41.1
—
67.3
67.3
18.2
0.0
2003
110.6
108.4
66.0
75.2
45.7
24.5
21.2
9.5
—
57.1
—
70.2
71.2
22.9
0.1
2004
112.1
109.6
65.4
80.4
47.7
29.7
24.4
17.1
7.3
71.0
—
73.0
75.6
31.3
0.5
2005
113.1
110.2
65.2
82.0
51.9
33.0
27.5
27.3
11.7
81.9
—
82.2
79.3
42.5
1.1
2006
114.3
111.4
65.4
86.2
64.0
34.0
29.1
29.9
17.4
89.4
1.0
85.4
82.2
52.5
3.8
2007
116.0
112.8
64.9
89.6
71.2
39.0
30.6
36.0
25.0
97.4
4.8
88.7
84.7
61.2
7.1
2008
117.2
114.5
63.7
93.1
77.5
40.4
31.3
41.7
28.2
99.9
10.5
91.0
88.6
72.7
13.1
2009
117.9
114.4
62.1
97.1
81.8
42.6
32.7
41.3
32.9
100.9
16.9
92.0
89.1
79.1
22.2
2010
117.0
115.9
59.8
96.0
83.0
44.7
33.4
43.1
40.1
101.9
27.3
94.8
91.3
83.0
28.0
2011
117.2
114.7
58.3
101.5
84.0
46.6
33.9
45.2
44.1
103.9
40.4
98.3
94.7
84.0
33.0
Penetration
US TV Households
Basic Cable HHs
Pay Cable HHs
Digital HHs
Digital Cable HHs
DBS HHs
VOD HHs
DVR HHs
DVD HHs
BR HH
PC HHs
On-Line HHs
2000
98%
64%
32%
16%
7%
9%
0%
—
13%
—
63%
54%
6%
2001
98%
62%
32%
24%
12%
12%
2%
—
23%
—
64%
58%
11%
2002
98%
61%
35%
37%
19%
17%
5%
—
38%
—
62%
62%
17%
2003
98%
60%
68%
41%
22%
19%
9%
—
52%
—
63%
64%
21%
2004
98%
58%
72%
43%
26%
22%
15%
7%
63%
—
65%
67%
28%
2005
97%
58%
73%
46%
29%
24%
24%
10%
72%
—
73%
70%
38%
2006
97%
57%
75%
56%
30%
25%
26%
15%
78%
1%
75%
72%
46%
2007
97%
56%
77%
61%
34%
26%
31%
22%
84%
4%
76%
73%
53%
2008
98%
54%
79%
66%
34%
27%
36%
24%
85%
9%
78%
76%
62%
2009
97%
53%
82%
69%
36%
28%
35%
28%
86%
14%
78%
76%
67%
2010
99%
51%
82%
71%
38%
29%
37%
34%
87%
23%
81%
78%
71%
2011
98%
50%
87%
72%
40%
29%
39%
38%
89%
34%
84%
81%
72%
% Change
US Households
US TV Households
Basic Cable HHs
Pay Cable HHs
Digital HHs
Digital Cable HHs
DBS HHs
VOD HHs
DVR HHs
DVD HHs
BR HH
PC HHs
On-Line HHs
2000
1%
1%
0%
6%
47%
124%
16%
0%
—
167%
—
8%
25%
244%
2001
3%
3%
1%
1%
51%
72%
34%
2%
—
93%
—
5%
10%
84%
2002
1%
1%
-1%
13%
54%
61%
47%
5%
—
62%
—
-3%
8%
60%
2003
1%
2%
-1%
96%
14%
16%
12%
9%
—
39%
—
4%
6%
26%
2004
1%
1%
-1%
7%
4%
21%
15%
15%
—
24%
—
4%
6%
37%
2005
1%
1%
0%
2%
9%
11%
13%
24%
60%
15%
—
13%
5%
36%
2006
1%
1%
0%
5%
23%
3%
6%
26%
49%
9%
—
4%
4%
24%
2007
1%
1%
-1%
4%
11%
15%
5%
31%
44%
9%
380%
4%
3%
17%
2008
1%
2%
-2%
4%
9%
4%
2%
16%
13%
3%
119%
3%
5%
19%
2009
1%
0%
-3%
4%
6%
5%
4%
-1%
17%
1%
61%
1%
1%
9%
2010
-1%
1%
-4%
-1%
1%
5%
2%
4%
22%
1%
62%
3%
2%
5%
2011
0%
-1%
-3%
6%
1%
4%
1%
5%
10%
2%
48%
4%
4%
1%
Source: US Department of Commerce, Nielsen Media Research, SNL Kagan, VSDA, Motion Picture
Association of America, IDC, Magna Global, and BMO Capital Markets and industry estimates.
2) Global Marketplace
The US accounts for about 5% of the world’s population but approximately 50% of the dollars spent on filmed entertainment product worldwide at the consumer level. Although personal income levels, spending habits, and discretionary dollars on an absolute basis are responsible for the vast majority of this dynamic, it does help illustrate the potential for how the
industry can access more households and dollars over the next ten years. Global demand remains healthy and distribution costs continue to go down over the long term as digitally
driven models replace packaged media. This is especially noteworthy as middle-class economies with disposable incomes emerge in Latin America, Eastern Europe, India, and China (although China is fairly restrictive on the import of US film content). Unfortunately, there appears to be no end in sight to the billions of dollars lost each year to piracy. As an aside, we
find it interesting how China restricts the majority of US films from being played in theaters,
but has difficulty curtailing piracy on DVD/BD and other platforms for the very films it does
not allow to be freely played in theaters; this is an observation not a criticism. Perhaps surpris-
A member of BMO
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BMO Capital Markets
ingly, our leading cultural export industry does not appear to be suffering or less desirable internationally in the ever-changing geopolitical environment.
The evolution and revolution emerging from the digital world (DVR, VOD, streaming, S-Vid,
MOD, etc.) should accelerate some incremental spending, even if the analog world is somewhat displaced in the near term at a disproportionate level. Clearly, digital distribution is the
platform where most of the entertainment conglomerates are spending their strategic planning
dollars to ensure the most cost-efficient and profitable participation. The learning curve is
steep, with billions already spent this past decade in new initiatives and media content, but the
digital world is beginning to move from niche to mainstream as content creators build distribution pathways and connections to consumers.
Exhibit 12 provides a visible and statistical look at studio revenues from filmed entertainment
consumption on a global basis.
$25.0
10.0%
$20.0
7.5%
15.0
5.0%
10.0
2.5%
5.0
00
01
02
03
04
05
06
07
08
09
10
11
CAGR %
Revenue
(Bil.)
Exhibit 12. Domestic and International Filmed Entertainment Markets,
2000-2011
0.0%
$17.6 $18.5 $20.6 $21.8 $22.7 $23.5 $24.7 $24.5 $24.0 $24.4 $23.7 $23.9
Domestic (Bil.)
4.8%
CAGR (from 2000)
8.1%
7.3%
6.5%
5.9%
5.7%
4.8%
3.9%
3.7%
3.0%
2.8%
$20.0
12.5%
Revenue
(Bil.)
7.5%
5.0%
10.0
CAGR %
10.0%
$15.0
2.5%
5.0
International (Bil.)
CAGR (from 2000)
00
$0.0
01
02
03
04
05
06
07
08
09
10
11
0.0%
$12.9 $13.9 $15.4 $17.6 $17.6 $18.2 $19.6 $20.3 $20.9 $20.8 $23.1
13.2% 10.5% 10.5% 11.4% 9.1%
8.1% 8.0% 7.5%
7.0% 6.2%
6.7%
Source: Industry data and BMO Capital Markets and industry estimates.
The major entertainment conglomerates are actively building brands, realigning capital allocation priorities and practices, solidifying strategic global distribution alliances (surprisingly
with consumer electronic creators/manufacturers in the past year or two), and creating regional, locally produced language content around the world, all with the purpose of creating
shareholder value or mind-share/branding victories that can translate into future dollars.
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3) Studio Economics
Perhaps one of the most positive changes going on in the industry the past few years has been
the significant overhead reductions that have influenced and improved studio-level economics. The reductions have been driven in part by the evaporation of third-party production capital (read: cheap capital), the elimination of many housekeeping producer/writer deals (thanks
to the WGA strike in late 2007-early 2008), and repositioning away from art house films or
labels that were seemingly unmanageable businesses or creative models. Whatever weight
you put to the motivation/causation, the annual savings will likely continue to accrue to shareholders via higher ROIC and FCF.
A big part of studio economics is accounting, which is a masterful art of perception and persuasion given the volatility of the business and the intensive capital investment required to
produce films or television programming. Add to that collection the creative financing components and talent participations, and it becomes readily apparent that there are lots of ways to
peel the onion! It is unusual for an industry to legitimately keep six sets of financial books to
run its business (checkbook, GAAP, tax, currency, financing and equity partners, as wells as
talent participations), but that is the reality of the filmed entertainment industry. This has
given rise at times to clever corporate communication or blog/press misdirection that can easily lead to intentional or unintentional investor confusion or even panic. Perhaps as with
ABC’s highly successful series Lost, which finished its successful primetime run in 2010,
there just are no answers. We believe the changes mandated by SOP 00-2 (as an addendum to
FASB 53) and implemented in 2001 have eliminated a fair amount of the abuse and are responsible for some progress toward neutralizing the fears of many investors that the accounting contained a lot of fiction, too. Unfortunately, the film financing vehicles put in place over
the past eight years have less transparency, and the variable accounting treatments from studio
to studio certainly bear watching from an accounting standpoint. If there is a “good point,”
most of those dollars have been consumed. That being said, the massive task of accounting for
thousands of films and television episodes in more than 200 domestic television markets and
200 international territories in multiple currencies at each of the studios is a daunting task at
best, but nonetheless required in the normal course of business. Look for film partnership or
film financing vehicle buyouts by the major studios over the next few years, a positive step to
unwinding a portion of the tangled web that has been woven, in our view.
The distribution of filmed entertainment content, on a bundled or standalone basis to more
than 140,000 theater screens and more than 650 million television (or computer equivalents
now) households worldwide creates a digital rights management jambalaya that will grow
proportionally more complicated over time as the emergence of new distribution platforms
takes place. DRM is becoming a far more frequent catch phrase as content owners master the
growing complexities of virtual distribution and present an interesting opportunity. Consumers are more interested in “buying” (read: pay for access) content once and moving it to
whichever platform they may choose rather than learning the tricks and limitations of the
“five key stroke” discount. Billions of dollars have been made over the past decade by repackaging content into the next new distribution portal. We do not think consumers will replace DVD libraries with Blu-Ray discs, but they may buy their favorites in a digital platform
that has portability. This benefit and barrier is likely to be broken down in the next five years,
as computing, cable satellite, telco, and broadcasting platforms meld and consumers become
savvier about portability of content. Disney’s Keychest and DECE’s UltraViolet are designing
the virtual library of product that will enable consumers to buy digital rights to content and
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have access on the screen or device of their choice. We believe this is a watershed event for
content owners and consumers in the years to come. We are not concerned that cloud access
necessarily means fewer dollars or fewer future consumers as the collecting nature of film
content will just move from the physical shelf to the digital shelf. We also believe that original content is becoming a significant portion of the pie.
The impact of changes in the US dollar has been moderate for most of the major studios over
the past few years, both up and down. Most production does not have to take place where
there is an adverse currency translation, although tax advantages anywhere on the globe will
always attract a portion of film/TV production activity. Conversely, selling content into
European and other markets is often at least moderately influenced by currency swings, home
video, and television marketplaces. Currency advantages typically swing over time and tend
to balance out. The following table delineates the percentage of revenues that come from international regions for a selection of companies.
Exhibit 13. Percentage of Revenues Generated Internationally,
2007E-2011E
Company
News Corp
Viacom
Disney
Time Warner*
Lions Gate
*2009 Proforma for TWC/AOL split off
2011E
2010E
45%
60%
30%
25%
31%
9%
46%
50%
15%
26%
32%
16%
2009E
International Revenues
45%
48%
15%
24%
30%
18%
2008E
2007E
47%
44%
17%
23%
27%
12%
47%
44%
15%
23%
19%
12%
Source: Bloomberg, Company Reports, and BMO Capital Markets and industry estimates.
One of the economic difficulties that studios face each year relates to production expenses and
talent costs. The core markets for end-point distribution are amazingly robust, which often
leads top talent to negotiate, and often receive, increasingly more dollars for their creative
contribution. Most film product is “created” by third parties with financing and/or distribution
arrangements from one of the major studios and uses talent that captures an ever-increasing
percentage of the top, middle, and/or bottom dollar created by the film’s useful life. It is becoming somewhat easier to control costs across the talent pool as cheap and accessible production capital has disappeared and reduction in film output by the majors in recent years has
too much talent chasing too few films. New guild agreements were negotiated quietly and
quickly and will add only modestly marginal costs to the business. In any particular year, talent payment agreements are either already participating in most revenue streams above guild
contractual levels or have guaranteed payments that do not result in extra compensation depending on the film’s results (not a good thing, usually means a film underperformed). Top
cash guarantees have now hit the $25 million level for the “A” talent pool of perhaps five to
seven individuals versus first dollar revenues that lead to participations in the 10%-20%
range. Furthermore, the talent pool has expanded beyond film stars and now includes producers, directors, and writers. Also standing in line, primarily because of supply-demand dynamics, are CG effects providers who are becoming increasingly important to the product process.
For a film that generates $500-$700 million in worldwide gross from theatrical and home
video, as much as one-third of the distributor’s gross receipts (before recoupment) can be paid
to key talent in the highest-profile films such as Avatar. Add to this the inherently uncontrollable production costs such as special effects and CGI, frequent management changes (we esA member of BMO
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timate it costs the corporate parent at least $250-$350 million every time a film studio chief
departs and leads new management to abandon the film projects the predecessor had put into
production as well as incurs severance for his/her top executives), and the 36- to 48-month
time lag for free cash flow generation, if any, after production begins on the new studio
chief’s projects.
The beauty of the business, however, is that filmed entertainment content generates perpetual
revenues in an annuity-like fashion, which has grown in dollar contribution over time as libraries are repurposed for new distribution portals. Exhibit 14 delineates worldwide segment
revenue streams derived from delivery of filmed entertainment content.
Exhibit 14. Studio Revenue from Filmed Entertainment, 2000-2011
2000
Market ($Millions)
Home Video
Theatrical
Cable, Pay, Satellite TV
Television & Other
Total Revenue
% Change
Home Video
Theatrical
Cable, Pay,Satellite TV
Television & Other
Annual Revenue Growth
CAGR (from 2000)
Market ($Millions)
Home Video
Theatrical
Television & Other
Total Revenue
% Change
Home Video
Theatrical
Television & Other
CAGR (from 2000)
Market ($Millions)
Home Video
Theatrical
Television & Other
Total Revenue
% Change
Home Video
Theatrical
Cable,Pay,Satellite TV
Television & Other
CAGR (from 2000)
2001
2002
2003
2009
2010
2011
Worldwide
$17,090 $18,811 $19,750 $20,015 $19,614 $18,437 $17,522
9,100
9,737
8,928
9,478
10,236
10,898
11,818
8,500
9,010
9,500 10,163
10,874
11,416
11,907
2,485
2,733
2,924
3,183
3,375
3,478
4,083
37,175
40,291
41,102
42,839
44,099
44,229
45,330
$16,220
12,013
12,100
4,145
44,478
$16,073
12,800
12,745
5,425
47,043
-5.0%
8.4%
4.3%
17.4%
2.5%
5.1%
-7.4%
1.7%
1.6%
1.5%
-1.9%
4.4%
-0.9%
6.6%
5.3%
30.9%
5.8%
4.5%
Domestic
$12,640 $13,013 $12,380 $11,627 $11,045
4,743
5,029
5,230
5,238
5,614
4,900
5,243
5,490
5,596
5,875
1,235
1,383
1,438
1,493
1,900
23,518
24,668
24,538
23,954
24,434
$10,087
5,705
5,925
1,968
23,685
$9,854
5,443
6,110
2,500
23,907
$13,225
7,270
6,510
2,025
29,030
$14,000
7,970
7,270
2,144
31,384
$15,390
9,024
7,800
2,290
34,504
1.1%
0.0%
11.9%
7.7%
3.5%
-
5.9%
9.6%
11.7%
5.9%
8.1%
8.1%
9.9%
13.2%
7.3%
6.8%
9.9%
9.0%
$9,890
3,750
3,310
700
17,650
$10,007
4,120
3,670
700
18,497
18.0%
3.0%
13.4%
-1.4%
12.8%
-
1.2%
9.9%
10.9%
0.0%
4.8%
4.8%
8.8%
20.9%
7.6%
12.9%
11.4%
8.1%
7.3%
-0.9%
5.4%
29.1%
5.8%
7.3%
$3,336
3,520
3,200
1,325
11,381
$3,993
3,850
3,600
1,444
12,887
$4,500
4,042
3,850
1,500
13,892
-29.0%
-3.0%
10.3%
13.2%
-8.2%
-
19.7%
9.4%
12.5%
9.0%
13.2%
13.2%
12.7%
5.0%
6.9%
3.9%
7.8%
10.5%
11.0%
0.8%
9.0%
8.5%
7.7%
8.6%
2004
10.1%
7.0%
6.0%
10.0%
8.4%
8.5%
$10,890 $11,685 $12,144
4,982
4,935
5,086
3,950
4,165
4,394
790
1,020
1,071
20,612
21,805
22,695
3.9%
3.1%
5.5%
5.0%
4.1%
6.5%
2005
5.0%
-8.3%
5.4%
7.0%
2.0%
7.2%
4.1%
-6.7%
11.5%
15.3%
3.6%
5.9%
2006
1.3%
6.2%
7.0%
8.9%
4.2%
6.7%
2007
-2.0%
8.0%
7.0%
6.0%
2.9%
6.2%
2008
-6.0%
6.5%
5.0%
3.1%
0.3%
5.4%
3.0%
6.0%
7.0%
12.0%
4.9%
5.7%
-4.9%
4.0%
4.7%
4.0%
-0.5%
4.8%
-6.1%
0.2%
1.9%
3.8%
-2.4%
3.9%
-5.0%
7.2%
5.0%
27.3%
2.0%
3.7%
-8.7%
1.6%
0.9%
3.6%
-3.1%
3.0%
-2.3%
-4.6%
3.1%
27.0%
0.9%
2.8%
$5,405
4,165
4,335
1,465
15,370
International
$6,667
$7,111
$7,002
4,651
4,185
4,449
4,616
4,600
4,920
1,622
1,689
1,800
17,556
17,585
18,171
$7,234
5,006
5,384
1,937
19,561
$6,810
5,660
5,820
1,985
20,275
$6,477
6,204
6,032
2,183
20,896
$6,133
6,308
6,175
2,177
20,793
$6,219
7,357
6,635
2,925
23,136
20.1%
3.0%
12.6%
-2.3%
10.6%
10.5%
23.3%
11.7%
6.5%
10.7%
14.2%
11.4%
3.3%
12.5%
9.4%
7.6%
7.6%
8.0%
-5.9%
13.1%
8.1%
2.5%
3.7%
7.5%
-4.9%
9.6%
3.6%
10.0%
3.1%
7.0%
-5.3%
1.7%
2.4%
-0.3%
-0.5%
6.2%
1.4%
16.6%
7.4%
34.4%
11.3%
6.7%
6.7%
-10.0%
-0.3%
4.1%
0.2%
9.1%
-1.5%
6.3%
7.0%
6.6%
3.3%
8.1%
Source: Industry data, I.H.S. Screen Digest, company reports, SNL Kagan, Adams Media Research, and
BMO Capital Markets and industry estimates.
Most studios have reduced the capital allocated to film and television production in the past
few years in an effort to rein in costs and improve returns on invested capital for the corporate
parent. After years of declines in film reduction by the majors (5% fewer in 2010 by the majors, 6% fewer in 2009, after a 17% decline in 2008), the number of films released in 2011
was up 1%. We expect the majors to make more films in 2012 as DreamWorks (Spielberg),
MGM (from the bankruptcy pool), Relativity, and Summit (now owned by LGF) continue to
ramp up film output. In television, the tradition of production deficits is being neutralized to
some degree by the emergence of TV-to-DVD, iCasting, and downloading. The foreign television markets have also been healthy, although the fluctuations in that market are fairly wide
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and frequent with the economy and currency being major variables. As original series programming for cable networks grow, the international component of total revenues is generally
much higher than television production of episodic series.
4) Accounting: Complex and Not Transparent!
Analysts and investors have always had a sensible amount of skepticism when it came to the
occasionally irrational accounting practices of the entertainment industry, even if in accordance with GAAP. It has been said that if the studios had as much fiction in their films as they
do in their studio-level financials, investors would be very well off. Changes in accounting
regulation in the past five years have effectively curtailed most entertainment companies’
ability to engineer higher operating income without corresponding revenues and have significantly reduced the half-life of expensive development deals that have often been the most
prominent hiding place for tens of millions of dollars in annual expenses.
The art of the deal is often said to have been created in Hollywood, and we believe accounting
will remain problematic for some investors given the fact that the SEC and GAAP accounting
rules still require disclosure. The complexities of joint ventures, split rights, and presales/overage deals all serve to further complicate an industry already lacking universal comfort with regard to accounting.
5) Dislocation and Disintermediation
The filmed entertainment industry has been the victim of billions and billions of dollars in lost
revenues annually over the past 20 years as piracy has proliferated. The advent of film recording, consumer electronic devices, and now digital formats has added significant portability to film content. The MPAA and other industry sources put the annual losses from worldwide piracy of films at close to $7 billion. As the world has rapidly moved from analog to
digital, the issue of piracy has become more profound as the ease and speed of illegal duplication and distribution accelerates. The varying legislation enacted in the US (The Copyright
Act of 1976, The No Electronic Theft Act and The Digital Millennium Copyright Act) to
thwart piracy of film assets seems to represent only minor barriers to many pirates. Some consumers find accessing content without payment something akin to an Internet right and it has
certainly become a digital urban legend. The thrill of free access seems to outweigh the often
suboptimal visual experience that pirated content displays. Litigation from both the music and
film industries has curtailed the more public flaunting of peer-to-peer file sharing, but as film
content moves to the digital platform, it is likely to be increasingly more difficult to suppress
piracy…or more innocently described as “personal acquisition outside of cost platforms.”
That being said, the 3- to 5-gigabyte file size of a DVD or 15- to 20-gigabyte size of a BD
quality film makes it less portable than music at just 300-500 kilobytes. Studios are beginning
to conquer the DRM confusion and contradiction via Keychest and UltraViolet. Consumers
want portability and will pay for that privilege. The dislocation factor will be a long-term
overhang as studios ebb and flow on how to capture dollars in a digital world.
The understanding or protection of intellectual property rights seemingly has not kept pace
with the more traditional concepts of personal property rights, a legal right that seems almost
impossible to enforce on a wide-scale basis. The most recent level of rampant piracy has
come from the DVD world where manufacturing costs are close to $0.60 per unit (Blu-Ray
unit manufacturing costs are roughly $1.00, down from $3.00 two or three years ago). It is a
financial factor in the US and runs rampant in other parts of the world, Asia specifically. OpA member of BMO
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tical disc piracy has proliferated because of the ease of duplication in a digital platform and
lower production cost basis. Breaking the encryption is being done. This is a factor everywhere. As digital devices grow at an unprecedented pace, we see few enforcement obstacles
for those who choose to benefit from illegal activities. The economics of piracy on an individual level just do not register with the myriad of other demands on law enforcement attention. Although there is some focus on big manufacturing operations domestically and internationally, motivated to no small extent by the MPAA push, technology advancements with
optical duplication are making piracy abatement a consistently more difficult task.
Downloadable media has arrived and creates a significant transition and opportunity that will
occur relative to filmed entertainment. As investors observe what has occurred in the music
business, they sense there is a real threat to the filmed entertainment business over time as
technological development facilitates the portability of large portions of content. While the
typical music file is 300-500 kilobytes and quickly downloadable even in narrowband, the
typical feature film is 3-5 gigabytes, which is a sizable file to share or download for even the
best of the distribution high-speed pipelines today. HD video files can be anywhere from 15
to 20 gigabytes and even more difficult to transfer and download. MPEG 4 could cut these
levels in half, but that still requires significant memory at the personal computing level. This
does not even begin to touch the “backup” of hard disc memory issues even with 1-2 terabyte
storage devices available at reasonable prices or the portability to other utilization venues in
the cloud. Storage, access, and portability are gaining visibility and will be more of a headline
grabber in 2012. Watching a movie on your computer monitor is more of a novelty than a
preference for most people. The innovative viewer notwithstanding, we do not see a mass
market for pirated product with the current Internet pipeline architecture, video quality, and
average home computer memory. None of these obstacles, however, are insurmountable, especially over a five-year period.
The upside of these technological advances to the major studios is that eventually disintermediation is going to occur. Over the next ten years, there will be less need for content aggregators or distribution intermediaries (cable system operators, video rentailers, etc.) to deliver
significant numbers of consumers to content owners for a fee, be it a subscription or a la carte
model. The time between now and then will see many R&D experiments and attempts to
brand and build a large consumer pool.
We do not intend to imply that these businesses are going away, but they certainly are not going to grow as the studios utilize technology to reach significant portions of the population directly, especially with front-line product. This is the downside to the digital world for intermediaries. We expect this to leave many of those with wireline distribution pipelines in a
more commodity-type role unless they are successful at turning those pipes into multiple
business lines (HSDA, mobile, telephone, etc), a goal that many industry participants are attempting to accomplish.
6) 3D World
Digital cinema (D-Cin) has been available for a number of years but is finally gaining maturity as Digital Cinema Implementation Partners or DCIP (financing vehicle) installs digital
projectors at the three major exhibitors in the US. Essentially, the projection and distribution
format standards that control the digital projection systems and ensure interoperability of
hardware can now create the manufactured product, allowing for universal distribution. The
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current method hard disk delivery method will eventually morph into satellite delivery. The
two major digital projection players are Texas Instruments, which uses its patented DLP system, a 2K system that can be more thoroughly analyzed at www.dlpcinema.com, and is being
replaced by its 4K chipset, and Sony, a 4K-based digital projection system. Texas Instruments
licenses its technology to a number of third-party manufactures such as Christie, Ballantyne
Strong, Fujitsu, and NEC, among others. We are now seeing second- and third-generation
projection that is enhancing lumens, reducing power consumption, and providing for easier
maintenance and software control.
DCIP has garnered about $880 million in capital to facilitate the roll out of digital projectors
in the US. There are more than 25,000 digital projectors in use in domestic theaters today and
close to 12,500 3D systems in theaters. Digital projection saves studios hundreds of dollars
per screen (after virtual print fees, or VPF) and will ultimately save $1,000 or more per
screen, an expense that is between $1.2 billion and $1.5 billion annually in print, shipping, insurance, and post screening disposal costs. The quick ramp-up in 3D screens is understandable given the very compelling economics surrounding a 3D film. We believe there is a financial change coming over the next few years for theater circuits with broad penetration of 3D
technology.
In addition, on the horizon is the 3D HDTV set with the major HDTV manufacturers such as
Samsung, Vizio, Toshiba, Panasonic, and Sony hitting the consumer electronics market place
with new 3D capable products. Understandably, these products are in their higher-priced infancy stage, and consumers appear reticent to embrace the current technology, which requires
expensive active shutter lenses to view programming. Events, such as ESPN’s 3D broadcast
of the World Cup and the Olympics, are likely to continue and enhance the home theater entertainment experience. We expect penetration rates of hardware to grow, active eyewear
technology to be standardized, and 3D programming to expand over the next few years until
there is enough scale on the hardware and content side to drive a meaningful consumer business.
7) Connected World
We believe downloading and streaming video (S-Vid) are becoming much more viable delivery systems of film and television content. Apple dominates the field with an estimated 400
million downloads in 2011. Netflix, partnering with every consumer electronics manufacturer
and device, is becoming a well-branded flag pole for streamers. Most owners of filmed entertainment content are highly attracted to an IP-driven distribution platform that would ostensibly allow the retention of a much higher percentage of revenue generated by its film, television, and music products by eliminating the middle man (e.g., the cable system operator). We
have noted a number of players in Exhibit 15 in the download or streaming business including
Apple, Amazon, iTunes, LG NetCast, and Walmart, among others, and those studios with
self-directed access portals with a few online film distribution players highlighted below.
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Exhibit 15. Major Online Video Distribution Players
Product
How it Works
Pricing & Availability
Amazon VOD
50,000 + TV shows and movies available through
streaming to PCs, several Internet-connected TVs, Bluray players, set-tops, and game consoles
iTunes Store offers over 65,000 TV shows and 10,000
movies for rent/purchase
TV Shows are $0.99-$2.99 per episode to rent or Sony, Panasonic, Roku, TiVo, Samsung, major studios a la carte model has narrower appeal than
own, some free; available now
and networks
subscriptions; no live TV programming
TV Shows are $0.99 per episode to rent or own,
HD movies are $3.99 to rent; available now
ABC/Disney, Fox, BBC America for rentals; major
studios and networks
no live TV programming; $0.99 next day rentals don't
have wide support
Users can search for and access linear TV listings,
YouTube, and other Internet video and run Internetbased applications on TV
Free content includes 2,600 current primetime TV
shows and 1,000 movies; Hulu Plus, premium service,
available on various devices
20,000 + movies and TV shows available to stream to
more than 100 devices, including many TVs and Blu-ray
players
16,000 + HD streaming movies on demand, many
available in 1080p HD, through compatible Internet
connected TV
Internet set-top provides streaming access to rentals of
TV shows and movies, plus Netflix, YouTube,
purchased iTunes content
Application and web content guide designed for TV
displays; has nearly 40,000 TV shows primarily from
broadcast networks
Game console allows access to Netflix, ESPN3.com,
movies, and TV shows on demand
available now
Sony, Dish Network, Logitech, Best Buy
initial approach is to enhance existing TV services
and provide expanded access to Net video
Hulu Plus $9.99/month; current in private beta
225 content providers, including owners NBC, Fox,
and ABC
$99; available now
ABC/Disney, Fox, BBC America for rentals
iTunes
Google TV
Hulu
Netflix
Walmart's Vudu
Apple TV
Partners
Outlook
content is largely broadcast shows; no live sports or
news; may be "good enough' for some at an
attractive price point
Subscription plans start at $7.99/month; available Tivo, Roku, Sony, LG, Panasonic, Apple, Nintendo Wii, content still lags availability on TV; no live TV
now
Microsoft Xbox, Best Buy Insignia
programming (except Starz's linear channel on PCs),
but model could incorporate live events
Rentals are $0.99-$5.99; Purchases are $4.99LG, Samsung, Sharp, Toshiba, Vizio; major movie
content catalog is mostly movies; aimed at high-end
$24.99, TV seasons are $15-$43
studios
niche
rental model unproven and content selection limited;
Netflix feature not differentiated
Boxee-based set-top from D-link; $299 available MLB.tv, Pandora, Comedy Central
now
content is not differentiated, will have difficulty
crossing over to non-tech audience
$299, available now, Rentals are $4.99,
Downloads are $9.99-$24.99
Netflix, ESPN, major studios and cable networks
access to ESPN3 is unique but not enough to prompt
cable cancellations
Panasonic Viera Cast Internet service that provides video, information, and
entertainment
Free with select HDTVs, Blu-ray players;
available now
Netflix, YouTube, Fox Sports, Amazon, Pandora,
Bloomberg
most attractive feature may be Netflix streaming
Roku
HD Internet set-top that provides access to Netflix on
demand and other content
Starts at $59; available now
Netflix, Hulu Plus, Amazon, MLB.tv, UFC
Device's appeal is mainly as a Netflix client
Samsung
Samsung Apps platform provides access to video,
games, and information services
available now
Blockbuster, Netflix, YouTube, Vudu, Yahoo Widgets,
Pandora, eBay, Twitter, Skype
content lineup currently not differentiated from other
Internet connected consumer electronic devices
Sezmi
Hybrid broadcast/Internet-delivered service with access
to local TV stations, some VOD and Internet content
and cable programming
Net-connected gaming console provides access to
Internet video content, including some original programs
service designed as cheap alternative to
cable/satellite TV but traction to date is unclear
Boxee
Microsoft Xbox 360
TiVo Premiere DVR
Access to Internet delivered movies, video clips, TV
shows, and apps via DVR
Receiver system is $150; broadcast only service Local TV stations and groups; Best Buy; major movie
studios; some cable programmers
is $4.99/month; available in 26 markets;
$19.99/month with 23 cable networks in LA only
PlaySation Network service provides TV shows and
movie rentals and purchases; as well as Twitter,
Facebook, and other apps; Netflix streaming
Amazon, Netflix, Blockbuster, YouTube, Music Choice,
Hulu Plus, 1,000 + Internet content publishers
LG NetCast
Internet delivered TV shows, movies on demand, and
information
available now
Netflix, Roxio CinemaNow, Yahoo Widgets, Pandora,
Vudu, YouTube
content lineup not differentiated from competing
Internet connected consumer electronic devices.
Rentals are $2.99-$3.99; Download/Own are
$9.95-$19.95
Fox, Time Warner
Access to Best Buy custimer base is helpful.
Sony PlayStation 3
Best Buy's Cinema Now6,000 TV episodes and 3,000 films
Device's main selling proposition as a game machine
rather than TV service
DVR's core value still relies on traditional TV
Source: Multichannel News and BMO Capital Markets and industry estimates.
The movie download business has conceptual appeal, especially if piracy issues are addressed, but it needs technology to speed up downloads that currently take 10-120 minutes or
more, depending on connection speed. According to a study by SNL Kagan, a studio would
have to charge consumers $3.50-$4.00 per download to meet its current VOD profit split with
cable system operators. Studios would be required to pay approximately half a cent per MB
on a 90-minute film encoded at 500 Kbps, which provides a VHS quality viewing experience.
This would give the studio a 60% margin, or $2.40, profit per download. This is still no match
for the $8.00-$12.00 gross profit provided per sold DVD unit. We believe the studios would
prefer to find a streaming video solution that would ultimately allow them to improve their
split or profit margin to the 70%-80% level. The issue with this scenario lies in the question of
whether the studios want to cannibalize their home video market at this point in time when
monetizing their captive libraries on DVD has been very lucrative.
8) Advertising Environment
The advertising environment was healthy in 2011 and seems well on its way to mid- to highsingle-digit growth in 2012. The next major advertising milestone will come from the MayJune upfront market whereas sales (reservations) have become more of a headline tug-o-war
rather than a selling event. Another positive variable in 2012 will be political advertising,
which will pick up as we race into the November Presidential election. Advertisers bought
early at high-single-digit premiums last year against 20% plus scatter market costs. As the
2011-2012 season has progressed the scatter market remains healthy for national advertising.
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Ad buyers continue to discover that waiting for scatter pricing is likely to require higher dollar
investment to capture the gross rating points necessary to achieve their advertising goals. We
believe stabilization in ad spending, at least on a headline basis, will be a very favorable event
for the equity valuations of the entertainment conglomerates.
The Great Debate-OTT
The great debate in the entertainment-media world of late has been framed as “content” versus “distribution” with headlines frequently announcing the winners and losers. We wholeheartedly agree that the digital world is expanding the pie for everyone and are far less convinced quantitatively or anecdotally that this is a zero-sum game for content creators, cable
and broadcast networks, digital content aggregators, or more importantly consumers. Please
keep this premise in mind: no one watches for free and for that matter the production of
professional content requires revenues to keep the supply of content coming! We expect that the value chain will incrementally shift in favor of content generators – as has been
the case for sports for some time – but we do not anticipate the tectonic shift as that would be
a net negative for all concerned. All this being said, if there is one thing that keeps one awake
at night, it is the affordability issue with some distributors of content noting a bifurcation of
demand between the low and high end with low-end consumers perhaps getting priced out of
the market within the current model. There is a move to thin tiers of programming. With a full
portfolio of content, we see the cable and telcos as best positioned to provide the breadth and
depth of content that most consumers want.
We would also proffer that this is not the first time the debate over this has moved to center
stage as “hardware versus software,” “home video versus theaters,” “television versus theaters” have occurred over the years. Disintermediation, in whatever form it takes, is all about
revenue splits between content owners and licensees, who obviously make their dollars via
end point consumer relationships. The internet has removed many of the financial and technological barriers to entry in filmed entertainment, but content and consumer connection still
control most of the touch points for revenue generation, and we seriously doubt that will
change meaningfully this decade.
Industry Myths
 MYTH: Over the top (OTT) is a substitute for the home video and cable network platform. The myth that an $8 or $20 per month subscription for streaming and/or DVD
rental service can replace the $80-$150 per month cable/telco/satellite subscription product misses the consumer behavior of the vast majority of connected homes in that the
subs are unlikely to provide a similar content base (sports, breadth of original programming, news, etc.) in the home entertainment arena.
There may be a small demographic that can cobble together at a lower cost their most desirable content, but it is not for the masses. Premium-pay cable channels, such as HBO,
Showtime, and Starz, have been devoting substantially more dollars to original programming and have had noticeable success worldwide with content (Sex and the City, Boardwalk Empire, Weeds, etc.)
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Professional and college sports enthusiasts domestically (football, baseball, NASCAR,
golf, basketball, etc.) and internationally (soccer, etc.) are not going to opt out of the connected world. The live nature of sports cannot be found in a non-cord world very easily,
if at all.
From a content perspective, those with high interests in sports and/or news, with children
or episodic TV interests are less likely to see OTT as a substitute and more likely to view
it as a complement to their viewing habits. With the concept of the TV Everywhere,
companies such as Comcast, Time Warner, and Rogers are on the path to making most of
their content available to all their customers regardless of the access device, whether it be
via TV, computer, tablet or mobile phone. With the cable and telcos promoting service
bundles on all these platforms, this alignment with their content is a very attractive
proposition for most consumers. Hence, the risk of disintermediation for cable and telcos
is relatively low. That said, as major purchasers of content, the cable companies and telcos are exposed to escalating content costs that increasingly will be difficult to pass on to
consumers as affordability at some point will increasingly become an issue. OTT providers are faced by the same cost escalation for content, so on a relative basis they benefit
from little comparative advantage.
In addition for OTT players, costs for the download and streaming buyers are only getting more complicated and expensive as the value proposition originally perceived
around cord cutting may in essence just be shifting dollars from the video side of the connected provider bill to the high-speed data side of the bill via up-charges for broadband
usage. While U.S.-based internet service providers (cable and telcos) recognize the need
to better monetize their broadband networks via tiered pricing, caps, or throttling, they
have avoided doing so owing to consumer backlash at a time when there are competitive
imbalances in market. This noted, U.S. providers openly look to Canada’s model of service packaging both on speed and capacity as the best model for providing services. Under this model, OTT service subscriptions incur bandwidth charges that negate much of
the economic benefit of cord cutting or cord shaving for the bulk of consumers. As the
competitive turf war for ownership of the home between cable and telcos abates, there
likely will evolve a greater alignment of interests with respect to data pricing that ultimately leads to tiered data pricing.

MYTH: Filmed entertainment content is destined to the same dynamics and similar
economic impact as the music business where piracy and portability will facilitate a
massive erosion of revenues and profitability from the filmed entertainment industry (at
any point on the distribution curve, and now via piracy and file sharing as we enter the
multi-platform digital world).
Using a fair assumption that consumers wish to watch programming at a broadcast or
digital quality level, file sizes are 20 to 50 times that of music and about one-third of that
for episodic TV. These are enormous size files to share via most free email services and
are likely going to come under the usage filters and potential charges by high-speed data
providers. The same usage dynamics are in place for the streamer and downloader where
gigabytes per month have a probability of exceeding usage caps monthly.
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
BMO Capital Markets
MYTH: The cloud is the solution or the substitute. The emergence of the Digital Enter-
tainment Content Ecosystem, an alliance of Time Warner, Sony, News Corp, Comcast,
Microsoft, Intel, and a host of others, in 2011 (now with one million registrants) and
KeyChest, an alliance of Disney and Apple, as the consumer cloud based digital-rights
locker enables consumers to access purchased content on multiple connected devices to
buy once and play most everywhere. Certainly there is an allure to storage and access as
long as product is rendered such that your specific device can seamlessly stream or
download. Most consumers do not buy or store much of the filmed entertainment content
they watch on a regular or recurring basis. They watch far more programming while connected via cable, telco, or satellite than can be provided by most content aggregators.

MYTH: OTT is easy to use, available ubiquitously, and provides access to a majority
of the content in the industry’s film vaults. The critical path for the OTT mission to fulfill
consumer expectations of all content available on any device anywhere they might be and at
anytime they wish to watch, is at least a fairy tale if not an unfulfilled myth today.
There is no one place to go or subscription to be paid for that can give consumers all access, anywhere, anytime to filmed entertainment content. There is no economic incentive
large enough to drive the major studios, which own most of the product, and other rights
owners (producers, distributors, etc), to license all of their copy righted intellectual property to a single or multiple portal or platform.

MYTH: The value of traditional or existing libraries or established cable networks is
diminished by, or in, a digital world. Over the past three decades as a variety of new
portals for filmed entertainment content have emerged, it has become clearly evident that
demand for content is ubiquitous and insatiable. The hundred thousand-plus movies and
similar amount of television programming have been monetized and re-monetized as
home video and premium pay and tiered cable networks have grown into a roughly $40
billion subset that provides video to the consumer. To assume, from an investment standpoint, that digital portals will provide that content “free” (whether at the hands of pirates
who steal for profit or clever technoistas who hack for pleasure), thus meaningfully disrupting the profitability of content creators or distributors, is highly unlikely. Could pirates and techno-players siphon off a percentage point or two from viewership? Sure.
Does this change the economics of the business? Highly improbable, in our view.
We believe the opposite is occurring as the active (Netflix, Hula Plus, Amazon, etc.) repackagers or aggregators of content or passive delivery systems that are typically device
hardware based (Apple, TiVo, Roku, etc.) provide incremental new dollars to content
owners. Consumers are not migrating or abandoning their TV watching despite the proliferation of new entertainment (YouTube), informational portals (email, Twitter, Facebook, etc), or interactive game (Xbox, Nintendo, etc.) options in which they partake.
More households are watching more television, even if they are multitasking.
Apple reportedly sells hundreds of millions of TV episodes at $0.99-$1.99 annually,
much of which is also viewable on the broadcast networks. Netflix has over 22 million
U.S. subscribers who pay $8.00-$20.00 per month for thousands of movies to be
streamed, the vast majority of which were produced years ago. The point: consumers will
pay both!
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Theatrical
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Theatrical Films
The appeal of movies to consumers worldwide has taken a very positive turn in the past year
or two as digital demand blossoms. The creation, production, and distribution of theatrical
films have been a major cornerstone of the filmed entertainment industry, and the industry is
being reenergized by new digitally enabled distribution platforms. If not going to their local
movie theater, consumers are certainly renting, buying, streaming, or downloading movies
from a growing variety of platforms and price points that make film content consumption as
vibrant as ever. However, the theatrical window still remains arguably the most important
promotional platform for driving revenues down the distribution stream.
2011 in Review
In North America, consumers bought tickets to an estimated 598 new theatrical films in 2011,
representing approximately 1.3 billion tickets sold. The $10.17 billion grossed at the domestic
(US and Canada) box office was down 3.7% from the $10.57 billion achieved in 2010 and the
record $10.59 billion achieved in 2009 owing to a very difficult first-quarter comparison
(Avatar and Alice in Wonderland effect from 2010) and lackluster fourth-quarter films, most
likely caused by creative cycles. However, statistics drawn from the MPAA, NATO, and
other industry trade publications reveal that annual admissions to theaters remain range bound
over the past 15 years, moving between 1.3 billion and 1.5 billion tickets sold annually and
swinging annually as a result of film product cycles and new distribution portals.
As expected, the number of films released increased 8.7% in 2011 to 598 as capital has returned to the development and production window. There were 5,827 theaters and 39,641
screens in the US in 2011, roughly flat with 2010. Of those screens, 25,621, or 65%, were
digital and 12,565, or 32%, were enabled for 3D formatted films.
The number of 3D films increased to 35 in 2011, up from 25 in 2010. 3D films contributed
$1.8 billion to the North American box office, representing 18% of total box office revenues
in 2011, which was down from just over 20% of the domestic box office in 2010 (in large part
because of Avatar and Alice in Wonderland).
The Importance of the Theatrical Run and the Mega Wide Opening
The domestic box office generates 20%-25% of the average feature film’s total revenues on a
worldwide basis. The domestic theatrical run for a film continues to be the optimal promotional platform for film content creators that can drive revenues in international theatrical
markets, home video, merchandise and licensing, as well as other worldwide ancillary
streams. The success or exposure of a film via advertising and promotional activity before its
theatrical run of typically six to nine weeks builds product awareness that can help maximize
revenues in ensuing markets as well as ancillary dollars in merchandising and licensing. Studios typically spend on average $20-$40 million in advertising before a film is released to
build consumer awareness and multiples of that for major event films. Event films with high
production budgets may spend upwards of $100-$200 million worldwide on media and related promotional activities to launch or drive incremental attendance to a film. The high end,
$200 million or more, was spent promoting Avatar, a film that grossed $2.78 billion in box
office worldwide in 2009-2010. DreamWorks Animation often spends $125-$150 million
worldwide for a theatrical run of its two or three animated films each year.
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Consumer awareness of a particular film is a key marketing element in both the theatrical and
home video marketplace. The rationale behind opening event films on 7,000-9,000 screens (or
more than 3,000 3D screens when formatted that way), compared with the average wide release opening ten years ago on 3,000 screens, is to get maximum leverage on advertising dollars to build consumer awareness. The global release pattern of many of each year’s top films
now spreads the advertising umbrella much wider. Accelerating spending closer to a film’s
theatrical release date opens the door for studios to look for quicker packaged media and EST
(electronic sell-through) availability to capitalize on those dollars, especially on a film that
has not garnered the anticipated box office dollars. A wide release for a film’s initial run also
helps assure that the vast majority of moviegoers can see a film in its first or second weekend,
neutralizing the competitive threat of the next event film in peak release periods (summer and
holidays). With second weekend drop-off for event films in the two major releasing periods –
17-18 weeks of summer and 10 weeks encompassing the holidays – ranging from 45% to
65%, achieving a “big” opening has grown in importance, even if only for internal corporate
affirmation and evaluation. We also see global day and date distribution worldwide becoming
more common for most event films. Exhibit 16 delineates the top 25 opening weekends (Friday, Saturday, and Sunday) in North America (US and Canada) for feature films over the past
seven years, which reveals a sharp increase in total dollars and theaters used to open a film.
These films might typically open on two or more screens per theater in today’s multiplex and
megaplex world. There were six films in 2011 that entered the top 25 openings from the last
seven years, including the record breaking Harry Potter and the Deathly Hallows Part 2,
which squeezed out The Dark Knight for the number one spot. Subsequent to 2011, The Hunger Games opened into the number three spot in March 2012. Investors are becoming more
accustomed to the $100 million domestic box office weekend (even if only a three-day, nonholiday weekend) as the trading standard for “blockbuster” versus the historical definition of
$100 million total box office. Some of the stats are understated now as Wednesday and
Thursday openings may capture a disproportionally large box office dollar before the traditional weekend begins.
Exhibit 16. Top 25 Domestic Opening Weekends, 2005-2012
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Film
Harry Potter and the Deathly Hallows Part 2
The Dark Knight
The Hunger Games
Spider-Man 3
The Twilight Saga: New Moon
The Twilight Saga: Breaking Dawn Part 1
Pirates of the Caribbean: Dead Man's Chest
Iron Man 2
Shrek the Third
Alice in Wonderland
Pirates of the Caribbean: At World's End
Toy Story 3
Transformers: Revenge of the Fallen
Star Wars: Episode III - Revenge of the Sith
X-Men: The Last Stand
Harry Potter and the Goblet of Fire
Indiana Jones and the Kingdom of the Crystal Skull
Iron Man
Transformers: Dark of the Moon
Pirates of the Caribbean: On Stranger Tides
Fast Five
The Hangover Part II
X-Men Origins: Wolverine
Harry Potter and the Half-Blood Prince
Studio
TWX
TWX
LGF
SNE
Summit
Summit
DIS
DIS
TWX
DWA
DIS
DIS
DIS
VIAB
NWSA
NWSA
TWX
VIAB
VIAB
VIAB
DIS
CMCSA
TWX
NWSA
TWX
Month/Year
Jul-11
Jul-08
Mar-12
May-07
Nov-09
Nov-11
Jul-06
May-10
Nov-10
May-07
Mar-10
May-07
Jun-10
Jun-09
May-05
May-06
Nov-05
May-08
May-08
Jun-11
May-11
Apr-11
May-11
May-09
Jul-09
Opening
Weekend
$169.2
$158.4
$152.5
$151.1
$142.8
$138.1
$135.6
$128.1
$125.0
$121.6
$116.1
$114.7
$110.3
$109.0
$108.4
$102.8
$102.7
$100.1
$98.6
$97.9
$90.2
$86.2
$85.9
$85.1
$77.8
$2,908.2
Total
DBOG
$381.0
$533.3
$306.6
$336.5
$296.6
$281.3
$423.3
$312.4
$296.0
$322.7
$334.2
$309.4
$415.0
$402.1
$380.3
$234.4
$290.0
$317.1
$318.4
$352.4
$241.1
$209.8
$254.5
$179.9
$302.0
$8,030.3
% of
Total Gross
44.4%
29.7%
49.7%
44.9%
48.1%
49.1%
32.0%
41.0%
42.2%
37.7%
34.7%
37.1%
26.6%
27.1%
28.5%
43.9%
35.4%
31.6%
31.0%
27.8%
37.4%
41.1%
33.8%
47.3%
25.8%
36.2%
Opening
Average
Theaters*
Per Theater**
4,375
$38.7k
4,366
$36.3k
4,137
$36.9k
4,252
$35.5k
4,024
$35.5k
4,061
$34.0k
4,133
$32.8k
4,380
$29.3k
4,125
$30.3k
4,122
$29.5k
3,728
$31.1k
4,362
$26.3k
4,028
$27.4k
4,234
$25.7k
3,661
$29.6k
3,690
$27.8k
3,858
$26.6k
4,260
$23.5k
4,105
$24.0k
4,088
$23.9k
4,155
$21.7k
3,644
$23.7k
3,615
$23.8k
4,099
$20.8k
4,325
$18.0k
*This is not the total screens a film opens on
Source: boxofficemojo.com, data through April 11, 2012
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The top 25 domestic openings of 2011 are listed in Exhibit 17. We note that there remains a
wide variance in opening weekend gross to total film box office through its run, ranging from
21% to 51% for films generating over $100 million. We believe that this should be an important variable for corporate/distribution executives in measuring the ROI of advertising dollars.
Higher levels of spending do not always generate higher ticker sales, for weekend one at least.
Greater efficiency in capital deployed for film promotion is growing in importance to overall
film profitability and corporate earnings. The tendency for many studio marketing/distribution
executives is to try to buy an audience with bigger ad spends, an exercise that is hard to quantify as providing a healthy ROIC.
Exhibit 17. Top 25 Domestic Opening Weekends of 2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Film
Fast Five
Cars 2
Thor
Captain America: The First Avenger
X-Men: First Class
Rise of the Planet of the Apes
Green Lantern
Paranormal Activity 3
Kung Fu Panda 2
Sherlock Holmes: A Game of Shadows
Rio
Rango
Hop
Cowboys & Aliens
The Smurfs
Battle: Los Angeles
Super 8
Puss in Boots
The Green Hornet
Immortals
Studio
TWX
Summit
VIAB
DIS
CMCSA
TWX
DIS
DIS
DIS
NWSA
NWSA
TWX
VIAB
DWA
TWX
NWSA
VIAB
CMCSA
CMCSA
SNE
SNE
VIAB
DWA
SNE
Relativity
Release Date
7/15
11/18
6/29
5/20
4/29
5/26
6/24
5/6
7/22
6/3
8/5
6/17
10/21
5/26
12/16
4/15
3/4
4/1
7/29
7/29
3/11
6/10
10/28
1/14
11/11
Opening
Weekend
$169.2
$138.1
$97.9
$90.2
$86.2
$85.9
$66.1
$65.7
$65.1
$55.1
$54.8
$53.2
$52.6
$47.7
$39.6
$39.2
$38.1
$37.5
$36.4
$35.6
$35.6
$35.5
$34.1
$33.5
$32.2
$1,525.1
Total
DBOG
$381.0
$281.3
$352.4
$241.1
$209.8
$254.5
$191.5
$181.0
$176.7
$146.4
$176.8
$116.6
$104.0
$165.3
$186.8
$143.6
$123.5
$108.1
$100.2
$142.6
$83.6
$127.0
$149.2
$98.8
$83.5
$4,325.3
% of
Total Gross
44.4%
49.1%
27.8%
37.4%
41.1%
33.8%
34.5%
36.3%
36.8%
37.6%
31.0%
45.6%
50.6%
28.9%
21.2%
27.3%
30.9%
34.7%
36.3%
25.0%
42.6%
28.0%
22.9%
33.9%
38.6%
35.3%
Opening
Average
Theaters*
Per Theater**
4,375
$38.7k
4,061
$34.0k
4,088
$23.9k
4,155
$21.7k
3,644
$23.7k'
3,615
$23.8k
4,115
$16.1k
3,955
$16.6k
3,715
$17.5k
3,641
$15.1k
3,648
$15.0k
3,816
$13.9k
3,321
$15.8k
3,925
$12.2k
3,703
$10.7k
3,826
$10.2k
3,917
$9.7k
3,579
$10.5k
3,750
$9.7k
3,395
$10.5k
3,417
$10.4k
3,379
$10.5k
3,952
$8.6k
3,584
$9.3k
$10.3k
3,112
*This is not the total screens a film opens on
**Not a per screen average
Source: boxofficemojo.com, data through March 29, 2012
Approximately 35% of the ultimate first cycle domestic box office gross in 2011 was generated on the first weekend. The first ten days of box office performance (usually encompassing
two weekends) typically garners close to 50% of the revenues a film grossing under $200 million will generate at the domestic box office. There are exceptions such as Avatar or The
Help, but typically more than 95% of a film’s box office revenues in North America are generated in the film’s first eight weeks as Exhibits 18 and 19 reveal from the top releases of
2010 and 2011.
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Exhibit 18. Top 25 Domestic Films’ Eight Week Gross, 2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Film
Fast Five
Mission: Impossible - Ghost Protocol
Cars 2
Thor
The Help
Bridesmaids
Kung Fu Panda 2
Puss in Boots
X-Men: First Class
Rio
The Smurfs
Alvin and the Chipmunks: Chipwrecked
Super 8
Rango
Horrible Bosses
Green Lantern
Hop
Studio
TWX
VIAB
Summit
TWX
DIS
CMCSA
VIAB
DIS
TWX
DIS
NWSA
DIS
DIS
Uni.
P/DW
P/DW
Fox
Fox
Sony
Fox
Par.
Par.
WB (NL)
WB
Uni.
Release Date
7/15
6/29
11/18
5/26
5/20
4/29
12/16
6/24
12/16
5/6
8/5
7/22
8/10
5/13
5/26
10/28
6/3
4/15
7/29
12/16
6/10
3/4
7/8
6/17
4/1
Total
Opening
Opening % of
8 Week % of
Gross
Gross
Total Gross
Total Gross
$381.0
$169.2
44.4%
98.7%
$352.4
$97.9
27.8%
99.0%
$281.3
$138.1
49.1%
99.2%
$254.5
$85.9
33.8%
99.1%
$241.1
$90.2
37.4%
98.3%
$209.8
$86.2
41.1%
98.7%
$209.1
$12.8
6.1%
98.4%
$191.5
$66.1
34.5%
97.5%
$186.8
$39.6
21.2%
98.6%
$181.0
$65.7
36.3%
98.0%
$176.8
$54.8
31.0%
98.4%
$176.7
$65.1
36.8%
98.3%
$169.7
$26.0
15.3%
94.7%
$169.1
$26.2
15.5%
92.0%
$165.2
$47.7
28.8%
97.1%
$149.2
$34.1
22.8%
96.0%
$146.4
$55.1
37.6%
98.6%
$143.6
$39.2
27.3%
95.5%
$142.6
$35.6
25.0%
96.6%
$132.1
$23.2
17.6%
97.3%
$127.0
$35.5
27.9%
98.5%
$123.5
$38.1
30.8%
96.9%
$117.5
$28.3
24.1%
97.2%
$116.6
$53.2
45.6%
98.3%
$108.1
$37.5
34.7%
99.3%
Average
97.6%
Exhibit 19. Top 25 Domestic Films’ Eight Week Gross, 2010
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Film
Toy Story 3
Alice in Wonderland
Iron Man 2
The Twilight Saga: Eclipse
Inception
Despicable Me
Shrek Forever After
How to Train Your Dragon
Tangled
The Karate Kid
Tron Legacy
True Grit
Clash of the Titans
Grown Ups
Megamind
Little Fockers
The Last Airbender
Shutter Island
The Other Guys
Salt
Jackass 3-D
Valentine's Day
Robin Hood
Black Swan
Studio
DIS
DIS
DIS
Sum.
TWX
TWX
GE
DWA
DWA
DIS
SNE
DIS
VIAB
TWX
SNE
DWA
GE
VIAB
VIAB
SNE
SNE
VIAB
TWX
GE
NWSA
Release Date
6/18
3/5
5/7
6/30
11/19
7/16
7/9
5/21
3/26
11/24
6/11
12/17
12/22
4/2
6/25
11/5
12/22
7/1
2/19
8/6
7/23
10/15
2/12
5/14
12/3
Total
Opening
Opening % of
8 Week % of
Gross
Gross
Total Gross
Total Gross
$415.0
$110.3
26.6%
96.0%
$334.2
$116.1
34.7%
98.2%
$312.4
$128.1
41.0%
98.5%
$300.5
$64.8
21.6%
99.0%
$295.9
$125.0
42.2%
97.5%
$292.6
$62.8
21.5%
95.5%
$251.5
$56.4
22.4%
94.4%
$238.7
$70.8
29.7%
98.1%
$217.6
$43.7
20.1%
96.1%
$200.8
$48.8
24.3%
91.1%
$176.6
$55.7
31.5%
98.1%
$172.1
$44.0
25.6%
98.3%
$171.2
$24.8
14.5%
94.2%
$163.2
$61.2
37.5%
98.7%
$162.0
$40.5
25.0%
97.8%
$148.4
$46.0
31.0%
96.8%
$148.8
$30.8
20.7%
99.0%
$131.8
$40.3
30.6%
98.8%
$128.0
$41.1
32.1%
97.9%
$119.2
$35.5
29.8%
98.4%
$118.3
$36.0
30.4%
98.7%
$117.2
$50.4
43.0%
99.7%
$110.5
$56.3
51.0%
99.5%
$105.3
$36.1
34.3%
99.0%
$107.0
$1.4
1.3%
80.0%
Average
96.8%
Source: boxofficemojo.com
Family-oriented films are generating slightly fewer dollars in their opening weekend than industry averages. We caution investors that using industry averages (in the 32%-35% range)
for first weekend can under-project total domestic box office for most animated films as detailed in Exhibit 20. We do not believe that families feel as driven or attracted to initial weekend screenings for a host of factors, and this skews traditional projection tools after a film’s
opening weekend. We note holiday 2011 films brought the average down 150 bp as their ultimate success was somewhat muted.
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Exhibit 20. Animation Opening Weekend Multiplier, 2011
Film
The Adventures of Tintin**
Arthur Christmas
Happy Feet 2
Puss in Boots
Winnie the Pooh
Cars 2
Kung Fu Panda
Hoodwinked Too! Hood vs. Evil
Rio
Mars Needs Moms
Rango
Gnomeo and Juliet
Studio
VIAB
SNE
TWX
DWA
DIS
DIS
DWA
Wein
NWSA
DIS
VIAB
DIS
Date
21-Dec
23-Nov
18-Nov
28-Oct
15-Jul
24-Jun
26-May
29-Apr
15-Apr
11-Mar
4-Mar
11-Feb
Average
**limited opening
Opening
Weekend
$9.7
$12.1
$21.2
$34.1
$7.9
$66.1
$47.6
$4.1
$39.2
$6.9
$38.1
$25.4
Total
DBOG
$77.6
$46.5
$64.0
$149.2
$26.7
$191.5
$165.2
$10.1
$143.6
$21.4
$123.5
$99.7
$26.0
$93.3
% Opening
Weekend Multiplier
12.5%
8.0x
26.0%
3.8x
33.1%
3.0x
22.9%
4.4x
29.6%
3.4x
34.5%
2.9x
28.8%
3.5x
40.6%
2.5x
27.3%
3.7x
32.2%
3.1x
30.9%
3.2x
25.5%
3.9x
28.7%
3.8x
We believe that producers and distributors will continue to look for more screens to open major event films (or even better, more 3D screens), which leverages print and advertising
(P&A) spending and mitigates competitive threats from other tent pole films on subsequent
weekends in key release periods, especially as digital projection replaces reel and sprocket
projectors, which can reduce net distribution costs by hundreds of dollars per film (virtual
print fees replacing 35mm film). The addition of 3D films is likely to skew the data, as $3plus up-charges will drive higher dollar levels in the earlier weeks of a successful film’s domestic box office gross. We have seen this not only with Avatar and Alice in Wonderland, but
also with a variety of other releases.
3D Is Here
We estimate 35 films were released in 3D in 2011 (inclusive of those with over $5 million in
domestic box office gross). Exhibits 21 and 22 list the 3D films released in 2010 and 2011
and their respective domestic box office gross. While it appears from exhibitor and studio
comments that approximately 45% of the domestic box office revenues for 3D films came
from that format, which is down from roughly 55% in 2010, the incremental contribution
should not be ignored as the number of films utilizing the 3D platform grows. The 3D event
films of 2011 likely saw fewer limitations on 3D-formatted screens available relative to 2010.
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Exhibit 21. 2011 3D Film Releases
2011 Film
Harry Potter and the Deathly Hallows Part Two
Cars 2
Thor
Kung Fu Panda 2
Puss in Boots
Rio
The Smurfs
Green Lantern
Gnomeo and Juliet
The Green Hornet
The Lion King
Immortals
The Adventures of Tintin
Hugo
Justin Bieber: Never Say Never
Dolphin Tale
Happy Feet 2
Arthur Christmas
Final Destination 5
Spy Kids 4: All the Time in the World
A Very Harold & Kumar 3D Christmas
Priest
Sanctum
Mars Needs Moms
The Darkest Hour
Conan the Barbarian
The Three Musketeers
Shark Night
Fright Night
Glee: The 3D Concert Movie
Drive Angry
Studio
TWX
VIAB
DIS
DIS
DIS
DIS
DWA
DWA
NWSA
SNE
TWX
DIS-M
SNE
DIS
Relativity
VIAB
VIAB
VIAB
TWX
TWX
SNE
TWX
Wein
TWX
SNE
CMCSA
DIS
Summit
LGF
Summit
Relativity
DIS
NWSA
Summit
Wein
Release
Date
7/15/11
6/29/11
5/20/11
6/24/11
5/6/11
7/22/11
5/26/11
10/28/11
4/15/11
7/29/11
6/17/11
2/11/11
1/14/11
9/16/11
11/11/11
12/21/11
11/23/11
2/11/11
9/23/11
11/18/11
11/23/11
8/12/11
8/19/11
11/4/11
5/13/11
2/4/11
3/11/11
12/25/11
8/19/11
10/21/11
9/2/11
8/19/11
8/12/11
2/25/11
4/29/11
Total
DBOG*
To Date
$381.0
$352.4
$241.1
$191.5
$181.0
$176.7
$165.2
$149.3
$143.6
$142.6
$116.6
$100.0
$98.8
$94.2
$83.5
$77.6
$73.5
$73.0
$72.3
$64.0
$46.5
$42.6
$38.5
$35.1
$29.1
$23.2
$21.4
$21.4
$21.3
$20.4
$18.9
$18.3
$11.9
$10.7
$10.1
$3,347.3
Est % 3-D
Revenue
47%
45%
43%
43%
45%
44%
44%
53%
52%
53%
57%
54%
55%
92%
60%
55%
54%
85%
43%
55%
51%
68%
47%
52%
62%
50%
75%
65%
40%
35%
70%
64%
80%
NA
NA
*DBOG is both 2-D and 3-D
Source: boxofficemojo.com, company reports, and BMO Capital Markets and industry estimates, data
through March 29, 2012
Exhibit 22. 2010 3D Film Releases
2010 Film
Toy Story 3
Alice in Wonderland
Despicable Me
Shrek Forever After
Tangled
Tron Legacy
Clash of the Titans
Megamind
The Last Airbender
Jackass 3-D
The Chronicles of Narnia: The Voyage of the Dawn Treader
Yogi Bear
Resident Evil: Afterlife
Legends of the Guardians: The Owls of Ga'Hoole
Saw VII
Cats & Dogs: Revenge of the Kitty Galore
Gulliver's Travels
Step Up 3-D
Alpha and Omega
Piranha 3-D
My Soul to Take
Avatar (re-release)
Studio
DIS
DIS
GE
DWA
DWA
DIS
DIS
TWX
DWA
VIAB
VIAB
NWSA
TWX
SNE
TWX
LGF
TWX
NWSA
DIS
LGF
Wein
GE
NWSA
Release
Date
6/18/10
3/5/10
7/9/10
5/21/10
3/26/10
11/24/10
12/17/10
4/2/10
11/5/10
7/1/10
10/15/10
12/10/10
12/17/10
9/10/10
9/24/10
10/29/10
7/30/10
12/22/10
8/6/10
9/17/10
8/20/10
10/8/10
8/27/10
Total
DBOG*
$415.0
$334.2
$251.5
$238.7
$217.6
$200.8
$172.1
$163.2
$148.4
$131.8
$117.2
$104.4
$100.2
$60.1
$55.7
$45.7
$43.6
$42.8
$42.4
$25.1
$25.0
$14.7
$10.7
$2,960.9
Est % 3-D
Revenue
62%
72%
65%
68%
70%
62%
58%
85%
54%
78%
71%
62%
71%
77%
72%
80%
80%
45%
73%
60%
78%
69%
95%
*DBOG is both 2-D and 3-D
Source: boxofficemojo.com, company reports, and BMO Capital Markets and industry estimates.
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Exhibit 23 lists the 3D film releases expected for the 2012 and 2013 theatrical slates. We expect 32 films to be released in 3D in 2012, as of March 29, 2012. The studio/distributor can
generally expect to see an incremental $1.00-$2.50 per ticket from the 3D-formatted release
with variances coming from the typical RealD showing versus the IMAX showing. This is a
20% to 60% increase in rental income from 3D ticket sales and is ample motivation to utilize
the platform.
Exhibit 23. Currently Scheduled 3D Film Releases, 2012-2013
2012
Film
Beauty and the Beast (re-release)
Underworld 4
Journey 2: The Mysterious Island
Star Wars: Episode I-The Phantom Menace (re-release)
Dr. Seuss: The Lorax
John Carter
Wrath of the Titans
Titanic (re-release)
Pirates! Band of Misfits
The Avengers
Men In Black 3
Piranha 3DD
Madagascar 3
Prometheus
Brave
Abraham Lincoln: Vampire Hunter
The Amazing Spider-Man
Katy Perry: Part of Me
Ice Age: Continental Drift
Step Up 4
Paranorman
Resident Evil 5
Finding Nemo (re-release)
Dredd
Hotel Transylvania
Frankenweenie
Wreck It Ralph
47 Ronin
Rise of the Guardians
Gravity
The Hobbit: An Unexpected Journey
Cirque du Soleil: World's Away
Life of Pi
The Great Gatsby
2013
Film
The Texas Chainsaw Massacre
Hansel and Gretel: Witch Hunters
Monsters Inc.
Battle of the Year: The Dream Team
Escape from Planet Earth
Oz: The Great and Powerful
The Croods
Jack the Killer Giant
Untitled Star Trek Sequel
Leafmen
Monsters University
Despicable Me 2
Pacific Rim
Turbo
Jurassic Park
The Smurfs 2
Untitiled 300 Sequel (3D)
The Little Mermaid
Untitled Henry Selick Film
Walking with Dinosaurs
Me & My Shadow
Thor 2
Frozen
The Hobbit: There and Back Again
Talent
Animation
Kate Beckinsale
The Rock, Michael Caine
Liam Neeson, Natalie Portman
Animation
Thomas Haden Church, Willem Dafoe
Liam Neeson
Leonardo DiCaprio, Kate Winslet
Martin Freeman, Hugh Grant
Robert Downey Jr., Chris Hemsworth, Samuel L. Jackson
Will Smith, Josh Brolin, Tommy Lee Jones
NA
Animation
Noomi Rapace, Michael Fassbender
Reese Witherspoon
Eric Bana
Andrew Garfield, Emma Stone, Martin Sheen
Katy Perry
Animation
NA
Animation
Milla Jovovich
Animation
Karl Urban, Olivia Thirlby
Animation
Wynona Ryder, Martin Short
Animation
Keanu Reeves
Animation
Sandra Bullock, George Clooney
Cate Blanchett, Orlando Bloom
NA
Suraj Sharma
Leonardo DiCaprio, Tobey Maguire
Studio
DIS
SNE
TWX
NWSA
CMCSA
DIS
TWX
NWSA
SNE
DIS
SNE
Wein
DWA
NWSA
DIS
NWSA
SNE
VIAB
NWSA
LGF
CMCSA
SNE
DIS
LGF
SNE
DIS
DIS
CMCSA
DWA
TWX
TWX
VIAB
NWSA
TWX
Expected
Release Date
1/13/12
1/20/12
2/10/12
2/10/12
3/2/12
3/9/12
3/30/12
4/4/12
4/27/12
5/4/12
5/25/12
6/1/12
6/8/12
6/8/12
6/22/12
6/22/12
7/3/12
7/5/12
7/13/12
7/27/12
8/17/12
9/14/12
9/14/12
9/21/12
9/28/12
10/5/12
11/2/12
11/21/12
11/21/12
11/21/12
12/14/12
12/21/12
12/21/12
12/25/12
Talent
NA
Jeremy Renner, Gemma Arterton, Famke Janssen
Animation
NA
Animation
James Franco, Mila Kunis
Animation
Stanley Tucci, Ewan McGregor
Chris Pine, Zoe Saldana
NA
Animation
Animation
Idris Elba
Animation
NA
Animation
NA
Animation
Animation
Animation
Animation
Chris Hemsworth
Animation
NA
Studio
LGF
VIAB
DIS
SNE
Wein
DIS
DWA
TWX
VIAB
NWSA
DIS
CMCSA
TWX
VIAB
CMCSA
SNE
TWX
DIS
DIS
NWSA
DWA
DIS
DIS
TWX
Expected
Release Date
1/4/13
1/11/13
1/18/13
1/25/13
2/14/13
3/8/13
3/22/13
3/22/13
5/17/13
5/24/13
6/21/13
7/3/13
7/12/13
7/19/13
7/19/13
7/31/13
8/2/13
9/13/13
10/4/13
10/11/13
11/8/13
11/15/13
11/27/13
12/13/13
Source: Company Reports, ERC Box Office, Screen Digest, and boxofficemojo.com, schedule as of April
10, 2012
Animation
The animation genre is traditionally led by the threesome of Disney, DreamWorks Animation,
and 20th Century Fox; however, more recently other studios have made a break into the genre
with hits such as the highly successful The Smurfs (Sony) in 2011 and Despicable Me (Universal) in 2010. Disney has captured the imagination of just about every movie-goer at some
point in his or her life through its animated films produced over the past 60 years and has renewed that status in the past few years via Pixar’s films and leadership influence on other
Disney projects. The Disney created or captured characters have gone on to long outlive their
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creators and the ability of many of these franchises to generate revenue is unparalleled in the
consumer marketplace. Others have become as successful in creating characters (Ice Age,
Madagascar, Shrek, etc.) that have long half lives and will revisit consumers with new stories
for its loveable characters to tell.
Exhibit 24 breaks out a number of the relevant statistics since 2002 for this genre of film. We
note that 110 notable animated films have been released theatrically since 2002.
Exhibit 24. Animated Film Performance, 2002-2011
Films Released*
15
14
13
12
12
9
10
11
10
12
11
9
8
8
6
4
2
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
*$1 million domestic box office or more
Domestic Gross (MM/$)
$1,536.5
$1,260.2
$1,254.9
$1,210.4
$1,157.4
$1,119.0
$1,050.3
$608.3
$590.9
2002
2003
$660.4
2004
2005
2006
2007
2008
2009
2010
2011
Source: Boxofficemojo.com and BMO Capital Markets, data as of March 29, 2012
The eight animated films released in 2010 generated the highest level of box office dollars in
any year historically, making for a difficult comparison in 2011. The domestic box office
gross for animated films was down roughly 27% in 2011, although the number of animated
films released increased to 12. A meaningful portion of the animated gross came from 3D and
an even higher 3D percentage will likely occur in 2012 and 2013. We note that a $3.00-plus
3D premium per ticket should help overall box office gross from the animated film/genre. The
competitive environment for all films, particularly animated product, coupled with rising costs
and a less robust home video marketplace, away from the top three or four titles, have not
made the profit picture any clearer. This is partly influenced by what is happening in the retail
sector of the economy, which influences licensing, but is nonetheless driving studios and producers to be more selective about which animated films they create.
We expect 10-15 animated films to be made each year, led by Disney and DreamWorks Animation, most of which will be made in 3D. This raises an entirely new competitive challenge
as the distribution screen count is likely to be constrained for 3D films over the next year or
so during key release periods. Paramount’s initial foray into animation (Rango in 2011) and
subsequent decision to produce/distribute one or two animated films per year (Sponge Bob,
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Holiday 2014) will add to the crowded/clustered release schedule for the genre. The most
highly anticipated animated films of 2012 are Madagascar 3 (DWA, June 8, 2012), Brave
(DIS, June 22, 2012), Ice Age: Continental Drift (NWSA, July 13, 2012), Wreck It Ralph
(DIS, November 2, 2012), and Rise of the Guardians (DWA, November 21, 2012).
The profitability quotient is clearly going to keep the major studios in the animation production business, even if the home video business (packaged) is not delivering unit sales near
peak levels of the late 1990s through 2006. DreamWorks Animation, Disney, and Fox have
each had enormous success in the genre. It is likely to see others such as Comcast/NBCUniversal and Time Warner pick up their production activity.
A Historical Look at the Box Office
Exhibit 25 shows theatrical release statistics from 1992 to 2011. While the domestic box office has fluctuated up and down over the years, the compounded average growth rate of the
domestic box office since 2000 is 2.6%. The theatrical window is also seeing resurgence as
3D film product and digital 3D screen expansion have entered the market, which should further push the average ticket price higher from its already somewhat steady growth rate over
the past 20 years. Also notable is the explosion in international box office. Since 2000, the international box office has grown at a compounded average rate of 8.6%.
Exhibit 25. Theatrical Statistics, 1992-2011
Metric
# Films Released Domestic
Growth
Domestic Box Office (Mil.)
Growth
Admissions (Mil.)
Growth
Avg Ticket Price
Growth
# Screens (US)
Growth
# Theaters (US)
Growth
Avg. Screens/Theater
# Digital Cinema Screens (US)
# Digital 3D (US)
International Box Office (Mil.)
Growth
1992
480
4.8%
$4,871
1.4%
1,173
2.8%
$4.15
-1.4%
25,000
2.9%
8,113
-10.4%
3.1
0
0
$4,275
6.9%
1993
462
-3.8%
$4,871
0.0%
1,244
6.1%
$3.92
-5.7%
25,787
3.1%
8,008
-1.3%
3.2
0
0
$4,375
2.3%
1994
453
-1.9%
$5,154
5.8%
1,291
3.8%
$3.99
2.0%
26,586
3.1%
7,966
-0.5%
3.3
0
0
$4,625
5.7%
1995
411
-9.3%
$5,494
6.6%
1,263
-2.2%
$4.35
8.9%
27,805
4.6%
8,316
4.4%
3.3
0
0
$5,400
16.8%
1996
471
14.6%
$5,912
7.6%
1,339
6.0%
$4.42
1.6%
29,731
6.9%
7,798
-6.2%
3.8
0
0
$5,500
1.9%
Metric
# Films Released Domestic
Growth
Domestic Box Office (Mil.)
Growth
3D Box Office
Admissions (Mil.)
Growth
Avg Ticket Price
CPI Growth
Growth
# Screens (US)
Growth
# Theaters (US)
Growth
Avg. Screens/Theater
# Digital Cinema Screens (US)
# Digital 3D (US)
International Box Office (Mil.)
Growth
2002
478
-0.8%
$9,155
8.8%
$0
1,576
6.0%
$5.81
2.4%
2.7%
35,836
1.9%
6,144
-1.7%
5.8
76
0
$10,500
22.1%
2003
506
5.9%
$9,240
0.9%
$0
1,532
-2.8%
$6.03
1.9%
3.8%
35,995
0.4%
6,100
-0.7%
5.9
77
0
$10,900
3.8%
2004
551
8.9%
$9,381
1.5%
$0
1,511
-1.4%
$6.21
3.3%
3.0%
36,652
1.8%
6,031
-1.1%
6.1
85
0
$15,650
43.6%
2005
547
-0.7%
$8,841
-5.8%
$40
1,379
-8.7%
$6.41
3.4%
3.2%
37,740
3.0%
6,114
1.4%
6.2
324
84
$14,280
-8.8%
2006
608
11.2%
$9,209
4.2%
$90
1,406
2.0%
$6.55
2.5%
2.2%
38,415
1.8%
5,939
-2.9%
6.5
2,003
202
$16,300
14.1%
1997
510
8.3%
$6,366
7.7%
1,388
3.7%
$4.59
3.8%
31,865
7.2%
7,480
-4.1%
4.3
0
0
$6,000
9.1%
1998
509
-0.2%
$6,949
9.2%
1,481
6.7%
$4.69
2.3%
34,168
7.2%
7,418
-0.8%
4.6
0
0
$6,650
10.8%
2007
2008
609
633
0.2%
3.9%
$9,663
$9,630
4.9%
-0.3%
$130
$240
1,404
1,341
-0.1%
-4.5%
$6.88
$7.18
3.0%
4.0%
5.0%
4.4%
38,974
38,834
1.5%
-0.4%
5,928
5,786
-0.2%
-2.4%
6.6
6.7
4,632
5,515
986
1,427
$16,600 $18,100
1.8%
9.0%
1999
461
-9.4%
$7,448
7.2%
1,465
-1.1%
$5.08
8.4%
37,131
8.7%
7,477
0.8%
4.6
0
0
$6,600
-0.8%
2000
478
3.7%
$7,661
2.9%
1,421
-3.0%
$5.39
3.4%
36,280
-2.3%
6,992
-6.5%
5.2
13
0
$9,300
40.9%
2001
482
0.8%
$8,412
9.8%
1,487
4.6%
$5.66
5.0%
35,173
-3.1%
6,253
-10.6%
5.6
19
0
$8,600
-7.5%
2009
2010
2011
558
550
598
-11.8%
-1.4%
8.7%
$10,595 $10,565 $10,174
10.0%
-0.3%
-3.7%
$1,140
$2,170
$1,831
1,413
1,339
1,283
5.4%
-5.2%
-4.2%
$7.50
$7.89
$7.93
0.0%
1.5%
3.0%
4.5%
5.2%
0.5%
39,233
39,547
39,641
1.0%
0.8%
0.2%
5,942
5,884
5,827
2.7%
-1.0%
-1.0%
6.6
6.7
6.8
7,418
14,735
25,621
3,269
7,837
12,565
$18,800 $21,200 $22,960
3.9%
12.8%
8.3%
Source: Motion Picture Association of America, I.H.S. Screen Digest, NATO, boxofficemojo.com, Reel
Source, and BMO Capital Markets and industry estimates.
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The number of new films released in 2011 was estimated to have been up 8.7% after a 1.4%
decline in 2010 and an 11.8% decline in 2009. We expect that the number of films released in
2012 will be slightly higher than in 2011 as the small increases from the majors will be
boosted by more releases from the mini-majors (Lions Gate, Relativity, Weinstein, Open
Road, etc.) and other independents. The major studios released 108 films in 2011, up less than
1% from 107 films in 2010, which was down 5.3% from 2009.
Given the 18- to 24-month or more development and production window required for most
films, the antecedents for constriction in film output in 2009 were not heavily weighted to the
financial crisis or even declining availability of capital. We think corporate strategy, Guild
wars in 2008, home video transition, and lack of profitability for many middle-market films
were the drivers historically, with capital and home video more heavily weighted in 2010 and
2011. The industry is beginning to see capital return, but the shift for risk capital away from
middle-market films remains a barrier for many.
There continues to be stability in the number of times per year the average person attends a
movie in the US, ranging between four and five times per year as is delineated in Exhibit 26.
It is important to note that admissions are very much reflective of film product in any one
year, and 2011’s slight dip is likely a result of the somewhat lackluster film product. We believe the movie-going age demographic is widening as art, foreign, and specialty films find
wider acceptance alongside higher-profile 3D films. This can only be beneficial to theater
owners who have longed for a more diversified movie-going base and the opportunity to have
ticket price up-charges.
Exhibit 26. Average Movie Admissions per Capita, 1990-2011
4.5 4.6
5.5 5.4
5.0
5.2 5.2
4.9 4.8
4.4 4.4 4.4
4.2 4.3 4.1
3.9
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
4.8
5.0 5.2
4.8 5.0 4.8
Source: Motion Picture Association of America, US Census Bureau, and BMO Capital Markets and industry estimates.
The International Market
Exhibit 27 shows the aggregate film performance of the international markets versus the domestic marketplace. There are enormous population and spending gaps between the domestic
and international marketplaces, but emerging “middle classes” with higher relative disposable
incomes in India, Latin America, Eastern Europe, and Asia are driving the movie business
both in theatrical and most other ancillary markets. As noted earlier, the US has 5% of the
world’s population, but generates close to 45% of worldwide spending on filmed entertainment product. This is one of the reasons we believe that there are enormous long-term opportunities for the filmed entertainment business.
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The significant increase in 2004-2011 box office gross totals for the international markets is
in small part related to currency and in large part to the success of many event films overseas.
That said, we expect the international box office to continue to generate an ever-increasing
percentage of the revenue for top films released annually as more theaters are built and “middle class” economies emerge and grow.
Exhibit 27. International Box Office as a Percentage of Domestic,
2002-2011
225.7%
200.7%
114.7%
118.0%
2002
2003
188.0%
177.0%
166.8%
161.5%
2004
2005
177.4%
171.8%
2006
2007
2008
2009
2010
2011
Source: Motion Picture Association of America, Variety, and BMO Capital Markets and industry estimates.
We believe significant growth opportunities exist worldwide for filmed entertainment product
in all its distribution platforms (i.e., theatrical, home video in its broad definition,
pay/network/cable TV, merchandising, etc.). New theater builds with stadium seating, 3Dcapable digital projection, enhanced sound (Dolby, DTS, etc.), ultra-large format screens
(XD, RPX), an emerging middle class with disposable income, and better global access to day
and date product are all part of the positive outlook.
The following exhibits detail the estimated international box office gross for the top studios,
top 100 international films, and top international markets in 2011.
Exhibit 28. International Box Office Gross by Studio, 2011
Studio
Time Warner
News Corp
Disney
Viacom
Sony
Comcast (Universal)
Summit Entertainment (LGF)
*calendar 2011
International Box
Office (bil)*
$2.86
$2.15
$2.63
$1.98
$1.83
$1.30
$0.76
$0.75
Best International Gross
Harry Potter and the Deathly Hallows Part Two
Rio
Pirates of the Carribbean: On Stranger Tides
The Smurfs
Fast Five
Kung Fu Panda
The Twilight Saga: Breaking Dawn Part One
International Box
Office (mil)*
$953
$344
$803
$771
$417
$419
$501
$410
% of
Total
33.3%
16.0%
30.5%
39.0%
22.8%
32.2%
65.8%
54.4%
Source: The Hollywood Reporter, Box Office Mojo, and BMO Capital Markets and industry estimates
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Exhibit 29. Top 10 International Box Office Markets, 2011
2011
Box Office
$2.27 billion
$2.02 billion
$1.99 billion
$1.67 billion
$1.44 billion
$1.33 billion
$1.15 billion
$1.13 billion
$1.11 billion
$1.01 billion
Foreign Market
Japan
China
France
UK
India
Germany
Russia
Australia
South Korea
Canada
2010
Box Office
$2.51 billion
$1.50 billion
$1.78 billion
$1.55 billion
$1.36 billion
$1.22 billion
$1.02 billion
$1.04 billion
$995 million
$997 million
% Change
from 2010
-10%
35%
12%
8%
6%
9%
13%
8%
12%
2%
Source: Screen Digest and BMO Capital Markets and industry estimates
Exhibit 30. International Box Office for Top 100 International
Films Released In 2000-2011
$16.00
$14.49
CAGR =
10.0%
$13.79
$13.22
$14.00
$11.81
$11.07
$12.00
$9.67
$10.00
$8.66
$8.53
$7.84
$9.66
$7.84
$8.00
$6.00
$5.06
$4.00
$2.00
$0.00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011*
($/millions) *2011 to date
Source: boxofficemojo.com and BMO Capital Markets and industry estimates.
Most international markets are growing at a very healthy pace, even when US produced films
have an “average” year. Japan was likely hurt by earthquake and tsunami damage and otherwise might have been up for the year. We recognize that a stronger dollar depressed global
numbers.
The top 100 films internationally generated approximately $14.5 billion in box office gross
this past year, a gain of 5.1%.
Trends in Film Releases
We see no cyclicality or economic sensitivity from consumers over film product in general,
but the corporate response to economic change and the natural half-life of each studio’s creative resources have led to downward pressure on the number of films being released. In 2009,
aggregate film releases were down 11.8% with the majors declining 5.8%, while 2010 saw
aggregate film releases down 1.4% with the majors down 5.3%. 2011 clearly saw a recovery
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with aggregate film counts up 8.7%, albeit still below the high of 2008 and mostly owing to
the 13% gain for the major independents and, to a lesser extent, a 1% increase for the majors.
Exhibits 31-33 show the swings in releases by both major studios and independent producers.
Given the transition in package media (BD/DVD) to digital and changing program lineups of
premium cable networks (HBO, Showtime, Starz, etc.), evaporation of cheap production capital will eliminate the marginal film project.
Exhibit 31. Number of US Film Releases, 1990-2011
6% decrease
25% increase
Total Films Released
633
608 609
458
471
480 462 453
410
510 509
482 478
461 478
598
558 550
551 547
506
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
411
Source: Boxofficemojo.com, Motion Picture Association of America, and BMO Capital Markets and industry estimates.
Exhibit 32. Annual Changes in Number of Films Released, 19912011
Y-O-Y % Change
14.6%
11.7%
8.3%
4.8%
3.7%
-3.8%-1.9%
-0.2%
-9.3%
8.9%
11.2%
0.8%
-0.8%
8.7%
0.2% 3.9%
-0.7%
-1.4%
-11.8%
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
-9.4%
5.9%
Source: Boxofficemojo.com, Motion Picture Association of America, and BMO Capital Markets and industry estimates.
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Exhibit 33. Films Released−Majors and Independents, 1991-2011
344
350
300 275
296
248
250
262
237
200 166 167 171 169 159
150
50
17 17
43
205
229
277
325
292
297
302
300
168 161 155
165
87 88
100
232
169
248 263
282
299
165
159 172 169
150
143 146
137 136 138
131 139
116 101
149 145
99
127
80 99
120 113 107
116
108
92
28% decrease
80
47
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
0
Other Independents
Major Studios
Top Independents
Source: Motion Picture Association of America, boxofficemojo.com, Hollywood Reporter, and BMO Capital
Markets and industry estimates.
The films released by the eight major studios (Disney, DreamWorks Animation, Fox, Universal, Warner Bros., Sony, Paramount, DreamWorks) increased just 1% in 2011 (down 28%
since the 2006 peak), following declines over the past four years, which reflect a decrease in
production output across the board as capital allocated to films declines and off-balance sheet
financing wound down. In 2012, we expect the releases from the major studios and minimajors to be up close to 5%.
Exhibit 34 breaks out the annual number of film releases by the major producers/distributors.
A primary statistic not revealed by this data is the number of films that are self-produced versus the number acquired after, or near, completion. For most of the major studios, this concept
is rarely discussed because the business model of many studios is built on distribution as opposed to production. Complicating matters further are the variety of split-rights deals, joint
ventures, co-productions, and the like that are also tied to release statistics. In the end, fewer
dollars equals less film production.
Exhibit 34. Number of Releases by the Major Studios, 1992-2011
Studio
Disney (excluding Miramax)
DreamWorks
20th Century Fox
MGM/UA
New Line (TWX)*
Paramount
Sony
Universal
Warner Bros.
Total
%+/-
1992
25
—
—
21
8
13
18
37
20
25
167
1993
29
—
—
17
11
22
14
30
18
30
171
2%
1994
29
—
—
14
15
24
17
26
15
29
169
-1%
1995
33
—
—
11
16
20
14
28
18
25
165
-2%
1996
29
—
—
13
14
22
17
34
14
26
169
2%
1997
24
—
3
16
14
26
20
29
12
24
168
-1%
1998
22
—
5
13
13
21
13
32
15
27
161
-4%
1999 2000
21
19
—
—
6
10
16
14
12
8
18
14
15
12
27
19
19
13
21
22
155
131
-4% -15%
2001
14
—
5
16
11
12
14
23
18
26
139
6%
2002
18
—
7
11
18
14
18
25
14
25
150
8%
2003
19
—
7
15
14
13
14
22
14
19
137
-9%
2004
20
2
8
14
15
10
14
17
14
22
136
-1%
2005
17
2
8
18
9
10
12
24
19
19
138
1%
2006
19
2
—
24
15
10
14
27
17
21
149
8%
2007 2008
13
13
2
2
—
—
16
20
19
12
13
3
15
12
25
20
18
18
24
20
145
120
-3% -17%
2009
18
1
—
16
1
—
12
21
16
28
113
-6%
2010
15
3
—
17
1
—
11
18
15
27
107
-5%
2011
16
2
—
15
—
—
11
23
15
26
108
1%
% Change
10-11
92-11
7%
-36%
-33%
—
—
—
-12%
-29%
—
—
—
—
0%
-39%
28%
-38%
0%
-25%
-4%
4%
1%
-35%
92-11
Min Max
13
33
1
3
3
10
11
24
1
19
3
26
11
20
17
37
12
20
19
30
107
171
Source: Motion Picture Association of America, Hollywood Reporter, boxofficemojo.com, company reports
and BMO Capital Markets and industry estimates.
The following lists detail the release statistics for both the majors and top independents since
1997. Sony produces/distributes the most films (by a wide margin most years), while Disney
consistently averages higher per film grosses based on its animation success.
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BMO Capital Markets
Exhibit 35. Release Statistics—Major Studios, 1997-2011
Studio
Statistic
Disney
# Films in release*
Domestic Box Office (Mil.)*
1997
Films released
% Change
D.B.O.-Films Released (Mil.)
Avg DBO/Released
Animation
24
17
19
13
13
18
15
16
-8.3%
-4.5%
-9.5%
-26.3%
28.6%
5.6%
5.3%
-15.0%
11.8%
-31.6%
0.0%
38.5%
-16.7%
6.7%
$1,092
$990
$788
$1,073
$1,521
$1,035
$971
$1,411
$1,440
$969
$1,196
$1,823
$1,554
$56.3
$59.6
$80.0
$51.8
$57.1
$74.3
$110.7
$74.5
$66.4
$121.6
$97.1
10.5%
12.9%
16.5%
12.4%
10.4%
16.2%
14.0%
10.5%
11.6%
16.7%
15.7%
-
-
-
-
2
3
2
3
3
2
3
3
-
-
-
-
-
-
-
$602
$250
$217
$450
$393
$203
$601
$315
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
2
2
2
2
1
3
2
0.0%
0.0%
0.0%
0.0%
-50.0%
200.0%
-33.3%
-
-
-
-
-
-
-
$602
$250
$220
$449
$395
$198
$605
$315
Avg DBO/Released
-
-
-
-
-
-
-
$301.0
$124.9
$109.8
$224.7
$197.7
$198.4
$201.5
$157.3
Domestic Market Share*
-
-
-
-
-
-
-
6.4%
2.8%
2.4%
4.7%
4.1%
1.9%
5.7%
3.1%
# Films in release*
3
$108
3
7
$465
5
9
$324
6
12
11
$769
$400
10
5
7
$493
7
9
$237
7
9
8
-
-
-
-
-
-
$335
$308
-
-
-
-
-
-
8
8
-
-
-
-
-
-
66.7%
20.0%
66.7%
-50.0%
40.0%
0.0%
14.3%
0.0%
$108
$425
$262
$666
$398
$493
$177
$325
$331
-
-
-
-
-
-
Avg DBO/Released
$36.0
$85.1
$43.7
$66.6
$79.7
$70.4
$25.2
$40.7
$41.3
-
-
-
-
-
-
1.7%
6.7%
4.4%
10.0%
4.8%
5.4%
2.6%
3.6%
3.5%
-
-
-
-
-
21
16
22
20
20
20
18
18
21
28
24
24
21
20
19
$638
$716
$793
$729
$856
$921
$800
$930
$1,354
$1,398
$1,018
$1,014
$1,395
$1,482
$978
# Films in release*
# Films in release*
16
13
16
14
16
11
15
14
18
-
-
-
-
-
% Change
-
-
-
24
16
20
16
17
15
23.1%
-18.8%
23.1%
-12.5%
14.3%
-31.3%
36.4%
-6.7%
28.6%
33.3%
-33.3%
25.0%
-20.0%
6.3%
-11.8%
$616
$707
$755
$712
$719
$906
$856
$827
$1,409
$1,472
$946
$1,015
$1,862
$963
$1,013
$38.5
$54.4
$47.2
$50.9
$44.9
$82.3
$57.1
$59.1
$78.3
$61.3
$59.1
$50.8
$116.3
$56.6
$67.5
10.0%
10.3%
10.7%
9.5%
10.2%
10.1%
8.7%
9.9%
15.3%
15.2%
10.5%
10.5%
13.2%
14.0%
9.6%
19
10
13
29
18
5
1
$199
$182
$167
$366
$161
$65
$50
-
15
9
15
19
12
1
1
-
17
19
13
12
12
21
19
$180
$182
$310
$104
$448
$365
$360
14
13
12
11
18
14
8
-
% Change
0.0%
-7.1%
-7.7%
-33.3%
37.5%
63.6%
-22.2%
7.1%
-40.0%
66.7%
26.7%
-36.8%
-91.7%
0.0%
$180
$149
$310
$95
$448
$365
$347
$199
$158
$215
$335
$187
$23
$50
Avg DBO/Released
$12.8
$11.4
$25.8
$11.8
$40.7
$20.3
$24.8
$13.2
$17.6
$14.3
$17.6
$15.6
$22.5
$50.3
-
2.8%
2.6%
4.2%
1.4%
5.3%
4.0%
3.9%
2.1%
2.1%
1.8%
3.8%
1.7%
0.6%
0.5%
-
# Films in release*
Films released
32
27
24
28
17
16
16
$373
$537
$309
$395
$573
$879
$922
26
21
18
14
12
14
13
18.2%
-19.2%
-14.3%
-22.2%
-14.3%
16.7%
-7.1%
-
14
13
13
17
4
-
-
-
$430
$421
$252
$487
$63
-
-
-
10
10
10
13
3
-
-
-23.1%
0.0%
0.0%
30.0%
-76.9%
-
-
-
-
$285
$483
$302
$352
$528
$1,885
$879
$296
$424
$242
$493
$52
-
-
Avg DBO/Released
$11.0
$23.0
$16.8
$25.1
$44.0
$134.6
$67.6
$29.6
$42.4
$24.2
$37.9
$17.4
-
-
5.9%
7.7%
4.1%
5.2%
6.8%
9.6%
10.0%
4.6%
4.8%
2.7%
5.0%
0.6%
-
-
28
19
18
19
17
23
20
17
17
17
17
14
14
14
17
$848
$786
$892
$687
$650
$628
$832
$730
$1,050
$1,184
$1,273
$801
$1,284
# Films in release*
Films released
% Change
Avg DBO/Released
# Films in release*
Films released
$761
20
$1,050
13
15
12
14
18
14
-
14
12
14
15
12
12
11
17.6%
-35.0%
15.4%
-20.0%
16.7%
28.6%
-22.2%
0.0%
-14.3%
16.7%
7.1%
-20.0%
0.0%
-8.3%
0.0%
$726
$604
$811
$720
$819
$685
$602
$659
$798
$825
$925
$1,232
$1,292
$852
$1,273
11
$36.3
$46.4
$54.1
$60.0
$58.5
$38.1
$43.0
$47.1
$66.5
$59.0
$61.7
$102.6
$107.7
$77.5
$115.7
12.0%
15.1%
11.4%
10.3%
10.6%
7.5%
7.0%
6.7%
9.4%
7.9%
10.9%
12.3%
12.0%
7.6%
12.6%
28
24
24
27
34
31
23
24
23
28
$1,338
$918
$1,711
$1,246
$1,267
$1,456
$1,283
$1,274
37
$1,259
31
27
28
$742
$607
$666
$730
17
24
25
20
21
18
10.3%
-15.6%
-29.6%
21.1%
8.7%
-12.0%
-22.7%
41.2%
12.5%
-7.4%
-20.0%
5.0%
-14.3%
27.8%
$1,158
$632
$565
$565
$634
$1,450
$1,283
$1,189
$983
$1,714
$1,179
$1,267
$1,446
$1,318
$1,278
$39.9
$19.7
$20.9
$29.7
$27.5
$58.0
$58.3
$69.9
$40.9
$63.5
$47.2
$63.4
$68.8
$73.2
$55.5
19.8%
10.7%
8.2%
8.7%
8.7%
17.1%
13.0%
14.3%
10.4%
18.6%
12.9%
13.2%
13.7%
12.1%
12.5%
# Films in release*
% Change
27
14
18
23
$613
$391
$933
12
15
19
19
21
$1,090
13
23
25
$1,200
-14.7%
Films released
32
$1,562
Dom. B.O.Films Released (Mil
29
41
% Change
Avg DBO/Released
24
17
$956
$867
18
14
22
17
$1,080
14
27
23
20
24
21
20
20
20
18
17
$893
$1,010
$1,066
$1,102
$1,055
$867
$882
$1,041
14
19
17
18
18
16
15
15
0.0%
-14.3%
25.0%
26.7%
-31.6%
38.5%
-22.2%
0.0%
0.0%
35.7%
-10.5%
5.9%
0.0%
-11.1%
-6.3%
$610
$376
$859
$987
$907
$706
$1,097
$858
$918
$770
$1,072
$1,057
$908
$872
Avg DBO/Released
$50.8
$25.1
$45.2
$75.9
$50.4
$50.4
$78.3
$61.3
$48.3
$45.3
$59.5
$58.7
$56.8
$58.1
$65.2
9.6%
5.6%
12.5%
14.2%
11.4%
9.5%
11.7%
9.5%
11.4%
11.6%
11.4%
11.0%
8.2%
8.3%
10.2%
# Films in release*
Films released
% Change
Avg DBO/Released
Total
20
19
$52.1
% Change
Majors
19
$1,598
14.4%
Films released
(TWX)
2011
18
$1,769
-
Warner Bros.
2010
24
$1,229
$52.0
Universal
2009
18
$1,012
16.7%
Avg DBO/Released
(GE/CMCSA)
2008
21
$1,350
-
Films released
Sony
2007
25
$1,493
$49.2
(Viacom)
2006
23
$922
16.0%
% Change
Paramount
18
2005
28
$1,159
-
(TWX)
14
2004
29
$1,522
$1,082
Films released
New Line
19
2003
24
$1,185
$33.3
+Fine Line
21
2002
20
$886
$799
MGM/UA
22
2001
28
$1,100
-17.2%
Films released
Fox
2000
29
$1,241
13.8%
% Change
DreamWorks
1999
29
$1,110
# Films in release*
DreamWorks
1998
34
$880
# Films in release*
Films released
% Change
Avg DBO/Released
28
31
$669
$756
24
-7.7%
$655
27
12.5%
$723
24
$1,040
21
-22.2%
$999
28
$891
22
32
$1,228
26
30
$1,074
25
23
$1,160
19
$978
28
25
27
34
30
37
36
38
$1,214
$1,377
$1,066
$1,417
$1,767
$2,106
$1,924
$1,826
22
19
21
24
20
28
27
26
4.8%
18.2%
-3.8%
-24.0%
15.8%
-13.6%
10.5%
14.3%
-16.7%
40.0%
-3.6%
-3.7%
$797
$1,161
$1,045
$1,184
$1,138
$1,255
$1,117
$1,506
$1,755
$2,096
$1,796
$1,860
$27.3
$26.8
$47.5
$36.2
$44.7
$41.8
$62.3
$51.7
$66.1
$53.2
$62.8
$87.8
$74.9
$66.5
$71.5
10.5%
10.9%
14.0%
11.6%
14.6%
11.7%
12.6%
12.9%
15.6%
11.6%
14.7%
18.4%
19.9%
18.2%
17.9%
214
$5,481
168
207
$5,948
161
193
$6,405
155
195
$6,530
131
181
$6,967
139
186
$8,032
150
175
$7,931
137
179
$7,729
136
171
$7,573
138
180
$8,099
149
196
$8,485
145
154
$7,916
120
147
$8,594
113
133
141
$8,792
$8,316
107
108
-0.6%
-4.2%
-3.7%
-15.5%
6.1%
7.9%
-8.7%
-0.7%
1.5%
8.0%
-2.7%
-17.2%
-5.8%
-5.3%
0.9%
$5,138
$5,181
$5,955
$5,883
$6,402
$8,607
$7,946
$7,129
$7,496
$7,985
$8,344
$7,930
$9,020
$8,279
$8,270
$30.6
$32.2
$38.4
$44.9
$46.1
$57.4
$58.0
$52.4
$54.3
$53.6
$57.5
$66.1
$79.8
$77.4
$76.6
86.1%
85.6%
86.0%
85.2%
82.8%
87.7%
85.8%
82.4%
85.7%
87.9%
87.8%
82.2%
81.1%
83.2%
81.7%
*Includes carry over figures, Data through February 28, 2012.
Source: ACNielsenEDI, Hollywood Reporter, Variety, boxofficemojo.com, and BMO Capital Markets and
industry estimates.
A member of BMO
Financial Group
57
April 2012
BMO Capital Markets
Exhibit 36. Release Statistics—Top Independents, 1997-2011
Studio
Statistic
1997
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
# Films in release*
-
-
-
-
-
-
-
-
-
-
-
-
-
3
3
-
-
-
-
-
-
-
-
-
-
-
-
-
$72
$57
Films released
-
-
-
-
-
-
-
-
-
-
-
-
-
3
2
-
-33.3%
% Change
-
Film
District
-
Features^
-
$73
$57
-
-
-
-
-
-
-
-
$24.3
$28.5
-
-
-
-
-
-
-
-
0.7%
0.6%
# Films in release*
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$126
-
5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$127
-
-
-
-
-
-
-
-
-
-
-
-
$25.3
-
-
-
-
-
-
-
-
# Films in release*
25
31
20
21
$142
$191
$79
$90
19
29
16
9
$141
16
10
$81
$105
8
9
-
-
-
-
-
-
1.2%
7
8
9
6
7
10
8
9
$95
$105
$119
$51
$139
$162
$75
$127
5
7
7
6
5
9
6
8
52.6%
-44.8%
0.0%
-50.0%
12.5%
-11.1%
-37.5%
40.0%
0.0%
-14.3%
-16.7%
80.0%
-33.3%
33.3%
$135
$191
$60
$78
$17
$84
$91
$34
$103
$43
$89
$117
$145
$76
$146
8
$7.1
$6.6
$3.7
$4.9
$2.2
$9.3
$11.4
$6.7
$14.8
$6.1
$14.8
$23.3
$16.1
$12.7
$18.2
2.2%
2.7%
1.1%
1.2%
1.7%
0.9%
1.1%
1.0%
1.2%
1.3%
0.5%
1.4%
1.5%
0.7%
1.2%
# Films in release*
11
10
10
8
5
$50
$31
$37
$19
$45
Films released
10
7
8
6
4
100.0%
-30.0%
$49
14.3%
$19
-25.0%
$20
-33.3%
8
$134
12
$122
7
75.0%
11
11
16
15
9
12
10
13
$173
$102
$166
$133
$215
$257
$153
$152
10
6
13
10
6
9
8
11
0.0%
-40.0%
116.7%
-23.1%
-40.0%
50.0%
-11.1%
37.5%
10
42.9%
$9
$42
$116
$117
$157
$65
$180
$221
$239
$149
$182
$120
$4.9
$2.6
$2.4
$1.4
$10.4
$16.6
$11.7
$15.7
$10.9
$13.8
$22.1
$39.8
$16.5
$22.7
$10.9
0.8%
0.4%
0.5%
0.3%
0.5%
1.5%
1.3%
1.8%
1.2%
1.8%
1.4%
2.2%
2.4%
1.4%
1.5%
10
13
30
33
31
# Films in release*
-
-
-
-
-
-
-
-
-
-
% Change
12
-17.4%
Films released
-
-
-
-
-
-
4
-
9
$240
$17
4
-
$8
8
100.0%
$7
$7
$9
$6
30
37
45
$11
$10
$18
10
12
29
30
29
25
36
41
25.0%
20.0%
141.7%
3.4%
-3.3%
-13.8%
44.0%
13.9%
-
-
-
-
-
$240
Avg DBO/Released
-
-
-
-
-
$60.0
$0.5
$0.8
$0.6
$0.2
$0.3
$0.3
$0.3
$0.3
$0.5
-
-
-
-
-
2.6%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
$4
# Films in release*
15
31
35
33
24
25
25
$24
$47
$254
$105
$67
$121
$78
Films released
% Change
15
-
Avg DBO/Released
28
26
21
20
$7
$6
$9
$8
$7
$10
$20
21
20
19
17
19
14
16
15
$302
$284
$331
$368
$437
$406
$516
$184
18
18
17
17
19
12
14
12
86.7%
-3.6%
-3.7%
-19.2%
-4.8%
-5.0%
-5.3%
0.0%
-5.6%
0.0%
11.8%
-36.8%
16.7%
-14.3%
$35
$235
$99
$58
$118
$94
$284
$279
$330
$368
$444
$407
$511
$182
$24
27
$8
19
$1.6
$1.3
$8.7
$3.8
$2.7
$5.9
$5.0
$15.8
$15.5
$19.4
$21.7
$23.3
$33.9
$36.5
$15.2
0.4%
0.7%
3.4%
1.4%
0.8%
1.3%
0.8%
3.2%
3.2%
3.6%
3.8%
4.5%
3.8%
4.9%
1.8%
# Films in release*
-
-
-
-
-
-
-
10
8
17
23
23
28
25
28
-
-
-
-
-
-
-
$11
$9
$11
$6
$10
$13
$9
$8
Films released
-
-
-
-
-
-
-
10
7
15
21
23
25
24
25
-30.0%
114.3%
40.0%
9.5%
8.7%
-4.0%
4.2%
% Change
-
-
-
-
-
-
-
-
$11
$14
$6
$6
$11
$12
$9
$8
Avg DBO/Released
-
-
-
-
-
-
-
$1.1
$2.1
$0.4
$0.3
$0.5
$0.5
$0.4
$0.3
-
-
-
-
-
-
-
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
# Films in release*
34
41
37
29
33
38
31
$423
$393
$319
$475
$612
$381
$696
Films released
23
36
31
24
26
31
20
17
9
10
11
8
2
1
$368
$184
$46
$126
$82
$62
$28
$54
13
14
9
8
8
5
2
0
-39.5%
56.5%
-13.9%
-22.6%
8.3%
19.2%
-29.0%
-40.9%
7.7%
-35.7%
-11.1%
0.0%
-37.5%
-60.0%
-100.0%
$260
$244
$158
$418
$523
$525
$521
$293
$76
$77
$132
$65
$40
$28
Avg DBO/Released
$11.3
$6.8
$5.1
$17.4
$20.1
$16.9
$23.7
$22.5
$5.4
$8.6
$16.5
$8.2
$7.9
$14.0
6.6%
5.7%
4.3%
6.2%
7.3%
4.2%
7.5%
3.9%
2.1%
0.5%
1.3%
0.8%
0.6%
0.3%
% Change
22
0.5%
# Films in release*
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$25.1
Films released
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$25.1
Avg DBO/Released
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
# Films in release*
-
-
-
-
-
-
-
-
-
-
-
8
8
7
-
-
-
-
-
-
-
-
-
-
-
$103
$158
$82
-
Films released
-
-
-
-
-
-
-
-
-
-
-
8
6
5
-
% Change
-
% Change
Financial Group
-
-
Overture
-
-
Avg DBO/Released
Open Road
-
-
Miramax*
-
-
% Change
Magnolia
-
-
Avg DBO/Released
Lions Gate
-
-
Avg DBO/Released
IFC Films
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(Fox)
-
-
-
-
-
-
% Change
Fox
-
-
-
Films released
Searchlight
-
Avg DBO/Released
% Change
Focus
-
Films released
A member of BMO
1998
CBS
Films
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$25.1
0.2%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$118
$144
$81
Avg DBO/Released
-
-
-
-
-
-
-
-
-
-
-
$14.7
$24.0
$16.2
-
-
-
-
-
-
-
-
-
-
-
-
1.1%
1.5%
0.8%
-
58
-
April 2012
Studio
Paramount
Vantage**
(Viacom)
BMO Capital Markets
Statistic
1997
# Films in release*
-
Films released
% Change
Picturehouse
Rogue
Sony
(Sony)
8
-
-
2009
2010
12
5
2
2011
1
$9
$6
$33
$47
$60
$81
$66
$20
$3
7
9
6
5
8
8
3
2
1
-50.0%
-12.5%
28.6%
-33.3%
-16.7%
60.0%
0.0%
-62.5%
-33.3%
$9
$6
$32
$61
$97
$80
$15
$20
$3
Avg DBO/Released
-
-
$0.3
$2.3
$0.8
$0.8
$1.3
$0.7
$5.4
$12.2
$12.2
$10.0
$5.1
$9.9
$3.4
0.0%
0.2%
0.3%
0.1%
0.1%
0.1%
0.4%
0.5%
0.6%
0.8%
0.6%
0.2%
0.0%
-
-
# Films in release*
-
-
-
-
-
-
-
-
4
7
9
7
-
-
-
-
-
-
-
-
-
-
$3
$24
$61
$64
-
-
-
Films released
-
-
-
-
-
-
-
-
4
6
8
5
-
-
-
-
-
-
-
-
-
-
-
-
50.0%
33.3%
-37.5%
-
-
-
-
-
-
-
-
-
-
-
-
$3
$61
$30
$57
-
-
Avg DBO/Released
-
-
-
-
-
-
-
-
$0.7
$10.2
$3.8
$11.4
-
-
-
-
-
-
-
-
-
-
-
0.0%
0.3%
0.6%
0.7%
-
-
-
# Films in release*
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
$6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Avg DBO/Released
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
# Films in release*
-
-
-
-
-
-
-
-
-
-
7
-
-
-
-
-
-
-
-
-
-
$9
Films released
-
-
-
-
-
-
-
-
-
-
7
-
-
-
-
-
-
-
-
600.0%
$229
7
-
$5.7
$32.7
-
0.1%
2.2%
13
15
14
$11
$10
$28
11
9
12
11
-
57.1%
0.0%
-18.2%
-
-
-
-
-
-
-
-
-
$10
$7
$11
$11
$27
Avg DBO/Released
-
-
-
-
-
-
-
-
-
-
$1.4
$0.7
$1.0
$1.2
$2.2
-
-
0.1%
0.1%
0.1%
0.1%
0.3%
-
-
-
-
-
-
-
-
-
-
2
3
4
3
2
1
1
-
-
-
-
-
-
-
$31
$55
$65
$73
$64
$23
$3
-
Films released
-
-
-
-
-
-
-
2
3
4
3
2
1
1
-
-
-
-
-
-
-
-
-
-
33.3%
# Films in release*
-
-
-
1
$6
-
-
-
-
-
14
$8
8
$224
-
-
-
-
50.0%
33.3%
-25.0%
-33.3%
-50.0%
0.0%
-
-
-
-
-
-
-
-
-
$31
$55
$65
$73
$64
$23
$3
-
Avg DBO/Released
-
-
-
-
-
-
-
$15.3
$18.2
$16.4
$24.3
$31.8
$23.1
$3.2
-
-
-
-
-
-
-
-
0.3%
0.6%
0.7%
0.8%
0.7%
0.2%
0.0%
-
# Films in release*
21
22
21
30
25
20
27
29
30
24
23
24
27
26
25
$23
$44
$33
$54
$140
$27
$33
$41
$64
$60
$39
$41
$49
$63
$90
Films released
13
-7.1%
16
13
23.1%
-18.8%
$14
$30
18
22.0
23
17
18
19
20
20
17
53.8%
-30.0%
42.9%
-10.0%
22.2%
4.5%
-26.1%
5.9%
5.6%
5.3%
0.0%
-15.0%
$40
20
$8
$27
$28
$25
$73
$45
$30
$44
$56
$50
$92
$21
14
20
$1.1
$1.9
$1.6
$2.0
$0.6
$1.4
$1.6
$1.2
$3.2
$2.6
$1.7
$2.3
$2.8
$2.5
$5.4
0.4%
0.6%
0.4%
0.7%
1.7%
0.3%
0.4%
0.4%
0.7%
0.7%
0.4%
0.4%
0.5%
0.6%
0.9%
# Films in release*
% Change
-
-
-
-
-
-
-
-
-
-
1
5
11
11
10
-
-
-
-
-
-
-
-
-
-
$4
$227
$483
$523
$412
-
-
-
-
-
-
-
-
-
-
1
5
9
8
8
-
400.0%
80.0%
-11.1%
0.0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$4
$248
$475
$508
$426
Avg DBO/Released
-
-
-
-
-
-
-
-
-
-
$4.0
$49.5
$52.8
$63.5
$53.3
-
-
-
-
-
-
-
-
-
-
0.0%
2.4%
4.6%
5.0%
4.0%
# Films in release*
-
-
-
-
-
-
-
13
17
25
26
14
1
-
-
-
-
-
-
-
-
-
$7
$14
$11
$11
$6
$0
-
-
Films released
-
-
-
-
-
-
-
11
15
21
21
10
0
-
-52.4%
-100.0%
$5
$0
% Change
-
-
-
-
-
-
-
-
36.4%
$10
40.0%
$10
0.0%
$10
$12
-
-
-
-
Avg DBO/Released
-
-
-
-
-
-
-
$0.9
$0.7
$0.5
$0.6
$0.5
-
-
-
-
-
-
-
-
-
-
0.1%
0.2%
0.1%
0.1%
0.1%
0.0%
-
-
# Films in release*
-
-
-
-
-
-
-
6
7
10
7
5
-
-
-
-
-
-
-
-
-
-
$12
$115
$28
$16
$2
-
-
-
Films released
-
-
-
-
-
-
-
6
6
8
5
4
-
-
% Change
-
-
-
-
-
-
-
-
0.0%
33.3%
-37.5%
-20.0%
-
-
-
-
-
-
-
-
-
$17
$119
$26
$8
$2
-
-
Avg DBO/Released
-
-
-
-
-
-
-
$2.8
$19.8
$3.3
$1.6
$0.6
-
-
0.1%
-
# Films in release*
Films released
% Change
-
-
TOTALS
$6
7
2008
9
$6
Films released
Company**
$23
7
2007
5
14.3%
Entertainment Domestic Box Office (Mil.)*
The Weinstein
$16
6
2006
8
$5
Warner
$2
-
2005
10
0.0%
Avg DBO/Released
Independent
-
-
2004
10
$16
ThinkFilm
-
2003
16.7%
% Change
Summit
8
$2
% Change
Classics
2002
11
-
% Change
Pictures
2001
7
-
Films released
Attractions
2000
6
-
% Change
Roadside
1999
-
% Change
Relativity
1998
-
-
-
-
-
-
-
-
1.3%
0.3%
0.2%
0.0%
-
-
-
-
-
-
-
-
6
15
12
10
9
10
17
-
-
-
-
-
-
-
-
$47
$227
$37
$49
$205
$81
$296
-
-
-
-
-
8
9
7
8
7
15
33.3%
12.5%
-22.2%
14.3%
-12.5%
114.3%
-
$141
$134
$37
$76
$192
$157
$227
-
-
-
-
-
-
-
$23.5
$16.7
$4.1
$10.9
$24.0
$22.4
$15.1
-
-
-
-
-
-
0.5%
2.5%
0.4%
0.5%
1.9%
0.8%
2.9%
% Change
Avg DBO/Released
-
6
-
-
Films released
-
-
-
IND'S
-
-
-
# Films in release*
-
-
Avg DBO/Released
-
-
-
TOP
-
-
-
106
135
129
128
107
115
124
139
152
190
201
201
177
174
195
$661
$707
$724
$759
$1,027
$991
$1,059
$1,053
$1,020
$1,140
$1,003
$1,533
$1,905
$1,650
$1,805
80
0.0%
$484
116
101
45.0%
-12.9%
$518
$496
99
-2.0%
$660
80
99
-19.2%
23.8%
$653
$1,117
92
-7.1%
$864
116
26.1%
$875
127
9.5%
$977
159
172
25.2%
8.2%
$1,045
$1,128
169
-1.7%
$1,584
143
-15.4%
$1,676
146
2.1%
$1,725
165
13.0%
$1,689
$6.0
$4.5
$4.9
$6.7
$8.2
$11.3
$9.4
$7.5
$7.7
$6.6
$6.6
$9.4
$11.7
$11.8
$10.2
10.4%
10.2%
9.7%
9.9%
12.2%
10.8%
11.5%
11.2%
11.5%
12.4%
10.4%
15.9%
18.0%
15.6%
17.7%
*Includes carry over figures, Data through February 28, 2012. ^Gramercy, October, Polygram and USA
Films, *Sold in 2010 by Disney, **Closing down. **Does not include films released through MGM.
Source: ACNielsenEDI, Hollywood Reporter, Variety, boxofficemojo.com, and BMO Capital Markets and
industry estimates.
A member of BMO
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59
April 2012
BMO Capital Markets
Studio Market Share
Studios take great pride in their box office market share performance as a measure of their
success, or should we say studio executives’ success! We think the days of victory laps and
bragging rights are moving away from center stage as film profitability has become more of
the corporate mantra creating a perpetual reality therapy session among top corporate and studio management because it’s not just “other people's money” on the line anymore. The following four exhibits detail the domestic box office market share for the past three years as
well as the top distributors since 1995, including their aggregate box office gross. We would
reiterate our annual caution that box office market share has no correlation to profitability.
Exhibit 37. Domestic Box Office Market Share, 2011
DreamWorks
Animation, 3%
Other, 9%
Summit
Entertainment*, 4%
Time Warner, 18%
Lions Gate, 2%
Viacom, 13%
Disney, 16%
CMCSA-Universal**,
11%
Sony, 13%
News Corp, 11%
*now owned by LGF, **formerly owned by GE
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60
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BMO Capital Markets
DreamWorks
Animation, 6%
Summit
Entertainment, 5%
Other, 4%
Time Warner, 18%
Lions Gate, 5%
Viacom, 8%
Disney, 17%
GE-Universal, 9%
Sony, 13%
News Corp, 15%
DreamWorks
Summit
Animation, 2%
Entertainment, 5%
Other, 5%
Lions Gate, 4%
Time Warner, 20%
MGM, 1%
Viacom, 13%
Disney, 12%
GE-Universal, 10%
News Corp, 16%
Sony, 14%
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Exhibit 40. Top Domestic Box Office Gross Distributors, 19952011
DBOG
(billions)
$34.1
Films
Distributed
805
Avg DBOG
Per Film (millions)
$42.39
Top Film
(millions)
The Dark Knight (2008)
$533.3
Disney
(Buena Vista, Miramax***, Dimension, Pixar, Marvel)
$31.9
844
$37.79
Pirates of the Caribbean (2006)
$423.3
Sony
(Columbia, Tri Star, Sony Classics, Screen Gems)
$23.7
844
$28.10
Spider-Man (2002)
$403.7
News Corp
(20th Century Fox, Fox Searchlight, Atomic)
$21.7
502
$43.23
Avatar (2009)
$749.8
Universal
(Focus, Rogue, USA Films)
$19.8
460
$43.08
Meet the Fockers (2004)
$279.3
Paramount*
(Vantage, Classics)
$19.4
407
$47.70
Titanic (1997)
$600.8
MGM
(United Artists)
$4.8
234
$20.46
Hannibal (2001)
$165.1
Lions Gate
(Artisan, Trimark, Summit)
$4.1
315
$12.96
The Blair Witch Project (1999)
$140.5
DreamWorks Animation**
$3.6
22
$161.38
Shrek 2 (2004)
$441.2
Company
Time Warner
(Warner Bros, New Line, Fine Line, WIP, Picturehouse)
*Includes Titanic
**Includes animated films produced under DreamWorks SKG
***Sold
Source: Motion Picture Association of America, Hollywood Reporter, boxofficemojo.com, company reports
and BMO Capital Markets and industry estimates
Over time, Time Warner (Warner Bros, New Line, Fine Line, Warner Independent), Sony
(Sony Classics), and Disney (Buena Vista, Hollywood, Miramax-although sold in 2010, Pixar
and now Marvel) have fairly consistently been the top gross and market share leaders in producing revenue generating films.
Economic Splits
The mega-wide opening, defined as opening in more than 4,000 theaters with most playing a
film on more than one screen, has led to a redesign of traditional economic splits between distributors and exhibitors on film releases. The historical declining-splits model, which for the
most anticipated event films often started at 90% to the distributor for the first weekend (less
direct theater costs), made little economic sense for exhibitors which supplied an everincreasing number of screens on opening weekend to satisfy as much consumer demand as
possible. We estimate that more than 80% of the films released annually now have firm terms
negotiated up front with sliding scales mirroring overages on total box office gross achievement for films grossing more than $250 million domestically rather than the time-table-driven
revenue sharing model of the past. This does not mean that there are not any renegotiations of
settlement terms post release, even with a firm term agreement, but it is the benchmark for
film rentals paid to studios/distributors from its theatrical run. This is especially true when a
distributor wants to keep a film on the screen longer than the original term or on more positively weighted seat counts. That is the nature of the beast and the business.
We have not yet seen any changes in revenue splits on 3D films. Studios continue to pay for
the glasses (down to less than $0.40 per pair), although this has been challenged by Sony with
its three big event films for summer 2012, while exhibitors pay for 3D technology ($0.40$0.43 per ticket or so) to RealD in about 80% of US 3D-enabled theaters.
We will see how the Sony declaration/position of nonpayment for 3D glasses plays out – the
European model (in which moviegoers pay for the glasses) or a hybrid set solution by the
three parties at the table. One thing is certain in our opinion; 3D is not going away over the
glasses issue.
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Film Costs
Aggregate film negative costs, excluding participations and residuals, for films released by
the major studios continue their long-term rise at rates significantly higher than inflation rates.
It is estimated that per film negative costs for MPAA members (the seven majors) were up
8% in 2011 to $88.6 million (before participations and it is unclear if studio overhead is or is
not being allocated to this number). This is an average and clearly does not reflect the full
force of the $150-$300 million being spent on each of the summer and holiday tent pole films,
excluding participations that can add tens of millions of dollars (or more!) on many films.
Concerted efforts by almost every major studio to cap or reduce aggregate investment of corporate dollars (especially as the latest round of “cheap” capital from partnerships and ventures
has been used and not renewed) have led most of the studios to reduce their annual film output over the past three years. The $13.5 billion or so that was raised in the 2000-2007 time
frame to finance feature films is used up, and we put a low probability of new film financing
vehicles from these sources (hedge funs, investment banking pools, etc.) anytime soon. There
is a remnant of financial pools (Relativity being the poster child), but it is a selective situation.
Investment banks (Bank of America-Merrill Lynch, Deutsche Bank, etc.) that put together
many of the financing/investment vehicles of the past decade are mostly out of this business.
What has emerged are P&A pools that are a short-term source of dollars used for advertising
that return as initial rentals from exhibitors. These dollars typically have a six- to nine-month
half life and may or may not get recycled.
There are more production dollars going into special effects, especially CGI/CGA and 3D
rendering, as film-making evolves. The digital world has created a new exploration activity
for filmmakers to discover. While some studios are cutting back on the aggregate number of
films, which limits the amount of capital invested, the cost per film is not going down or even
remaining static as technology is levered to create a better film-going experience. Lower aggregate film output seems to have limited correlation to per film spend, although there seems
to be greater comfort in spending for the ultra-high budget film with major talent and production values attached.
The migration to digital production may have incremental costs for the studios to absorb (reportedly 10%-20% increase in production costs for 3D films), although it may save time and
money on the backend (post production editing, video transfer, 35 mm film costs, etc.). As 3D
event films become more mainstream, including selected live action films such as Pirates of
the Caribbean 4 and Harry Potter and the Deathly Hallows Part Two, in 2011, $25-$50 million in incremental costs per film will be absorbed into film cost structures without much
angst. Obviously, 3D is the catalyst to tiered ticket pricing, which can meaningfully increase
theatrical revenues.
In addition, the publicized production cost increases do not fully integrate the variable talent
costs associated with gross and net participations in film revenues and profits across multiple
distribution windows, a factor that adds potentially tens of millions of dollars or more to ultimate film costs. Participations can add 10%-25% to a film’s ultimate costs, even for seemingly unprofitable films in some cases as production contracts can at times be tied to gross
revenues for a handful of films (or talent) annually.
Although somewhat anecdotal, we seriously doubt that, on average, the major studios were
putting up much more than half of the capital previously used in direct negative costs of their
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April 2012
BMO Capital Markets
annual film portfolios during the last decade. Is that good? In a sense, it has been a risk management tool. For the films that are modest (read: money losers), it is a great strategy (for a
while). For the films that are profitable, it has a negative result since the upside is shared with
financing partners. Furthermore, in the last round of film financing vehicles, financing partners grew much savvier about production and promotion costs, distribution fees, settlements,
presales, and splits (especially relating to studio overhead) than the preceding production financing co-ops. That is not to say that producers and distributors have not learned how to
make money in the process, but that is not generally how to create shareholder value. It is rapidly becoming a moot point as those production dollars wane, although we are confident that
generation 4.0 or 5.0 will emerge for film production dollars. They always do.
A number of films in 2011 had budgets of an estimated $200 million or more including Pirates of the Caribbean: On Stranger Tides, Cars 2, and The Green Lantern. It is almost the
corporate goal to keep tent-pole event films under that level these days. In 2012, production
budgets may bump up for some of the more highly anticipated films such as John Carter (DIS
~ $300 million), The Dark Knight Rises (TWX ~ $250 million), The Avengers (DIS ~ $200
million), and The Amazing Spider-Man (SNE ~ $250 million). This is not to imply that these
high-budget films will lose money or even that it is harder to make money at that budget level
(it isn’t as risky as $50-$80 million budgeted films in our opinion), as diverse revenue
streams, especially internationally, can help producers recover their film negative costs, even
if it takes years on a cash basis.
The once massively over-screened exhibition industry, coupled with many poor leases for underperforming screens, allowed the studios modest negotiating leverage to achieve a higher
percentage of the box office rentals (100 bp or so). The shortage of 3D-enabled screens may
very modestly equalize the film rental marketplace, but the Avatar type film (which we recognize comes along once every ten years) in the marketplace will push rental percentages
higher when it does happen. Even then, the estimated rental take for the studios did not fluctuate wildly, and the entrance of more films with firm terms, even with performance escalators for the over-the-top films like The Dark Knight and Avatar, is likely to keep the splits
fairly stable for years to come.
The following exhibit reveals the long-term splits, with better than 50% going to the producer/distributor.
Exhibit 41. Average Studio Film Rental Share, 2000-2011
Avatar
54.4%
53.6%
2000
2001
53.9%
54.0%
53.6%
2002
2003
53.9%
54.1%
53.2%
54.3%
53.8%
53.0%
2004
2005
2006
2007
2008
2009
2010
2011
Source: BMO Capital Markets and industry estimates based on company information from studios and exhibitors.
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The next major benefit for the exhibition industry is the more rapid adoption of digital projection to enable 3D technology. This ramp-up of digital has been financed through virtual print
fees paid by studio distributors to Digital Cinema Implementation Partners (DCIP, the vehicle
that has financed the hardware and installation). We do not expect the roughly $600-$800 virtual print fee, which should decline over the next our or five years to zero, to significantly improve the distribution cost structure for the studio until a greater percentage of the screens are
utilizing the technology. A 35mm print used in theater projectors has consistently run $1,000$1,200 and shipping back and forth, destruction post use, and insurance has traditionally cost
an additional $100-$200 per print. At this point the studios are distributing hard drive “prints”
that cost $50-$75 each. Ultimately, a satellite-based delivery system will take over through
DCDC (Satellite Network Content Delivery) or others, which will reduce costs on both sides
even further. Undoubtedly, there will be costs savings to the studios, potentially $1 billion in
the aggregate. Fortunately for the studios, it is a cost that is expensed as incurred, so all of the
related savings will fall immediately to the bottom line.
DCIP (a partnership between Regal, AMC, and Cinemark) has garnered about $880 million in
capital to accelerate the rapid roll-out of digital projectors. There are more than 25,600 digital
projectors in use in domestic theaters today and close to 12,600 3D systems in theaters. We
think the industry can get to 34,000 domestic digital screens and 14,000 or so domestic 3D
screens by the end of 2012. The 3D financial equation is very intriguing to all of the major
film producers because of an enhanced ticket pricing model and the two to three times attendance pickup with a 3D film, seemingly, at least for now, even on the marginal films.
Exhibits 42-45 outline the average release costs per film we estimate were incurred by the
MPAA member companies, which represent statistics from seven of the nine major studios,
including Disney, Fox, MGM, Paramount, Sony, Warner Bros., and Universal and do not include studio subsidiaries such as Sony Classics and Paramount Classics.
Exhibit 42. Average Release Cost/Film MPAA Member Companies,
2000-2011
CAGR
= 5.6%
$138.9
($Millions)
$110.0
$82.1
2000
$82.4
2001
$105.2
$104.7
$105.8
$112.6
$112.6
$120.7
$129.1
$82.0
2002
2003
2004
2005
2006
2007
2008
2009
2010E
2011E
Source: The Motion Picture Association of America and BMO Capital Markets and industry estimates.
The average cost to produce a film intended for theatrical release in 2011 increased to $138.9
million, a 10% upswing. Since 2000, the average film cost by the MPAA members has increased 69.2%, which compares with a 32.8% increase in the domestic box office and 11.4%
growth in the domestic home video marketplace.
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In part, we believe the long-term increases in film product and distribution spending relate to
the addition and expansion of new revenue streams and the willingness of some studio/producers to pay significant premiums and participations to the “A” talent pool to ensure
success or to open a film strongly. We do not envision a scenario that will meaningfully reduce the spend per film in production or distribution away from the intermediate-term benefits
of the transition to digital distribution. Dollar benefits, reduced overhead, incremental 3D contributions, and positive demand elements in the international market have given some studios
a small level of justification for the increases in average spending per film. Overhead and output reduction should begin to chip away at overall average costs in the next year or two.
Exhibit 43. Average Negative Cost/Film MPAA Member Companies,
2000-2011
($Millions)
CAGR =
4.5%
$88.6
$78.5
$66.3
$70.8
$65.7
$63.6
75%
$82.0
70%
$72.2
$65.8
$54.8
65%
$47.7
$47.8
60%
55%
2000
2001
2002
2003
2004
Negative
2005
2006
2007
2008
2009
% of Total Average Release Cost
2010E
2011E
Advertising costs for the MPAA members have become a more significant portion of total
film costs. Average per-film advertising costs for MPAA member companies were up an estimated 10% in 2011 as heavier marketing campaigns from high-profile films were propelled
by higher TV ad costs. Certainly, utilizing social networking sites has been helpful for many
films, especially in the films targeting the teen/twenties demographic.
Studios are allocating an increasing level of total film costs to advertising and promotional
expenses because of the need to create a franchise effect by opening a film “big.” Increasingly, films are opening globally, so the advertising footprint is expanding significantly. The
multiplier effect down the distribution pipeline of a big opening can be substantial, while the
impact of a moderate or average opening for an event film can be devastating and usually
leads to a very short window at the theater – four weeks and often fewer than 100 days, before
home video release.
We think advertising spending will be up again in 2012 as aggregate media buys are going to
continue to pursue gross ratings points in a meaningfully higher-cost environment for advertising. With television upfront pricing in 2012 likely to be up by mid-single-digits and scatter
pricing up in the double-digit range for national spots, we doubt fewer dollars will be spent on
prerelease film advertising in the next year.
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Exhibit 44. Average Ad Spend/Film MPAA Member Companies, 20002011
($Millions)
40%
$46.3
$42.1
$39.5
$31.0
$36.1
$34.8
$34.5
$35.9
$34.2
$36.0
35%
$30.4
30%
$24.0
25%
20%
2000
2001
2002
2003
2004
Advertising
2005
2006
2007
2008
2009
2010E
2011E
The print cost for the top films in release in 2011 was down as digital delivery becomes a
measurable part of the distribution plan. The substitution of virtual print fees (studios have
had a free ride digitally for the past couple of years while DCIP was getting funded) is growing as digital projection installations increase as a percentage of total screens. The average
screens per release has increased meaningfully over the past seven years as studios push for
bigger openings to capture consumer dollars on the first weekend, even though this has often
led to poor advertising dollar returns when theatrical film rental revenues have not exceeded
the advertising spend to launch the film. Unfortunately, some studio marketing executives believe they can buy a theatrical audience through advertising, even if they use the rationale of
its being pre-advertising for the home video marketplace. Hopefully, the benefits of digital
projection will decrease this expense item over the next few years.
Exhibit 45. Average Print Spend/Film MPAA Member Companies, 20002011
($Millions)
$5.50
$4.67
$3.73
$3.81
$5.88
$6.20
$6.20
$5.02
6%
5%
$5.00
$4.00
$4.21
$3.30
4%
3%
2%
1%
0%
2000
2001
2002
2003
2004
Prints
2005
2006
2007
2008
2009
2010E
2011E
The Release Window
Reality around release windows needs to be revisited as territorial behavior and negotiating
positions perhaps overstate the opportunity of a premium-VOD period before home video release. The corollary is that the major studios continue to evaluate other ways to leverage the
massive advertising spend incurred upfront on less successful film releases by looking at
shortening the time until the home video release. The 117-day average window is down from
the prior year (please refer to the "Home Video" section of this report for a more detailed look
at this issue).
Studios crave dual utilization of media spend to rationalize escalating advertising costs. This
is certainly a major motivation to shrink the release window between theatrical and home
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video platforms, which also helps fight piracy and return “fast cash.” Studios will shrink windows where it makes sense, but we do not sense an abandonment of key selling periods for
packaged media to simply move up the clock for the top quartile of films. What is happening,
however, is the studios are continuing to push the new exclusivity period for sell-through
(packaged, VOD, or EST) and push back the video rental availability.
The first experiments of a premium pay per view window, 60 days post theatrical release for a
$25-$30 one-time access charge, had fairly disappointing results. The knee-jerk reaction by
many at the time was that this hurts both theatrical and home video. The top 25 releases in
2010 and 2011, however, generated approximately 97%-98% of domestic box office gross in
the first eight weeks. Studios are not going to embrace a premium-VOD window unless it
adds incremental dollars, and we note the experiment was run with “average” performing
films. Studios have no motivation to trade $2 for $1. Beyond the concept, the splits (probably
70%-30% favoring the studios) over delivery pipelines, the security, the accounting, the talent
participations, demographic who would pay $25-$50, exclusion of 3D films for years, streaming picture quality, contractually exclusivity to theaters, and impact on revenues downstream
will all need to be quantified.
The Mega Opening
As shown in Exhibit 46, the opening weekend performance of a theatrical film has grown in
importance and size. For films opening in 500 or more theaters, we estimate that, on average,
roughly 32% of their domestic box office gross is now being generated in the first weekend.
As opening weekend revenues have increased, subsequent weekend revenues have decreased,
and it is now typical for a film, even a strong opener, to experience a second-weekend dropoff of 45%-65%. This compares with the typical 30%-35% drop-offs experienced just six to
eight years ago. The financial press has historically used the second weekend declines to denote a lack of consumer interest or a film’s success when often that decline is more of a reflection that opening weekend screen counts were sufficient to satisfy initial demand and the
next event film released the following weekend captures the big audience.
Exhibit 46. Opening Weekend as a Pct. of Domestic Box Office,
1990-2011*
32%
33%
35%
30%
20%
32%
32%
33%
27%
25%
33%
31%
31%
24%
28% 28%
21% 22% 22%
18% 20% 20%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
*Based on films opening in 500+ theaters.
The average number of theaters in which a film opens decreased 1.0% in 2011 on a 0.2% increase in the total number of domestic screens. The decline in the number of films released in
the mid-budget to art house specialty film pool has eased some of the pressure for screens, perhaps even creating an over-screen scenario in off-peak periods (February to March and SeptemA member of BMO
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ber to October). Nonperforming films are increasingly pulled from the vast majority of their initial screens at the end of the initial three- or four-week run. Exhibit 47 details the increases over
the past 20 years in the average number of theaters in which a film is released.
Exhibit 47. Average Number of Theaters Per Release, 1991-2011*
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
3,463
3,497
3,296
3,392
3,356
3,100
3,002
3,038
3,011
2,996
2,930
2,773
2,776
2,637
2,550
2,174
4.5%
2,081
3.2%
2.6%
2,016
-1.4%
1,965
17.2%
1,993
-3.2%
1,700
0
500
1,000
1,500
2,000
-1.0%
6.1%
-2.8%
1.1%
8.3%
3.3%
-1.2%
0.9%
0.5%
2.3%
5.7%
-0.1%
5.3%
3.4%
17.3%
2,500
3,000
3,500
*Based on top 50 films with openings in more than 500 theatres. Percentages listed indicate year-overyear changes.
Over the past ten years, we estimate that the average number of theaters per release has increased to 3,463 from 2,996, a 15.6% increase. The industry’s screen-to-film dynamics appear
to be in balance, other than in the case of 3D-enabled screens. Most of the major films released annually now carry “firm term” settlements negotiated in advance of a film’s release.
Although there are plenty of screens—we have not heard of a major release not getting
enough screens—the changing dynamics of the business may make it more difficult to get the
premium screens at some theater locations (most seats, better sound, and better screen) or to
keep the best screens after two to four weeks.
Top Films at the Box Office
Exhibit 48 outlines the top films released by the major studios and top films by the independents over the past 14 years.
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Exhibit 48. Top Films at the Domestic Box Office, 1998–2011
Release
Date
7/15
6/29
5/26
5/20
4/29
12/16
6/24
12/16
5/6
8/5
7/22
8/10
5/13
5/26
10/28
6/3
4/15
7/29
12/16
6/10
3/4
7/8
6/17
4/1
10/21
($millions)
Yr Film
Fast Five
Cars 2
Thor
The Help
Bridesmaids
Kung Fu Panda 2
Puss in Boots
2 X-Men: First Class
0 Rio
1 The Smurfs
1 Alvin and the Chipmunks: Chipwrecked
Super 8
Rango
Horrible Bosses
Green Lantern
Hop
Paranormal Activity
Immortals
The Descendants
Limitless
The Lincoln Lawyer
Midnight in Paris
Friends with Benefits
Source Code
11/18
11/11
11/16
3/18
3/18
5/20
7/22
4/1
($millions)
Yr Film
Toy Story 3
Alice in Wonderland
Iron Man 2
Inception
Despicable Me
Shrek Forever After
Tangled
The Karate Kid
Tron Legacy
True Grit
Clash of the Titans
Grown Ups
Megamind
2 Little Fockers
0 The Last Airbender
1 Shutter Island
0 The Other Guys
Salt
Jackass 3-D
Valentine's Day
Robin Hood
Due Date
The King's Speech
The Expendables
Black Swan
Red
Dear John
Tyler Perry's Why Did I Get Married Too?
Release
Date
6/18
3/5
5/7
11/19
7/16
7/9
5/21
3/26
11/24
6/11
12/17
12/22
4/2
6/25
11/5
12/22
7/1
2/19
8/6
7/23
10/15
2/12
5/14
12/10
11/5
6/30
11/26
8/13
12/3
10/15
2/5
9/10
4/2
Domestic
Distributor
Warner Bors
Paramount
Warner Bors
Disney
CMCSA-Universal
Paramount
Disney
Warner Bors
Disney
Fox
Paramount
Disney
CMCSA-Universal
Fox
Fox
Sony
Fox
Paramount
Paramount
Warner Bors
Warner Bors
CMCSA-Universal
Paramount
Independents
Summit
Relativity
FoxS
Relativity
Lions Gate
SPC
SGem
Summit
Dom
Gross ltd*
$381.0
352.4
254.5
241.1
209.8
209.1
191.5
186.8
181.0
176.8
176.7
169.7
169.1
165.2
149.3
146.4
143.6
142.6
132.1
127.0
123.5
117.5
116.6
108.1
104.0
Domestic
Distributor
Disney
Disney
Disney
Warner Bros
Warner Bros
GE-Universal
Disney
Sony
Disney
Paramount
Warner Bros
Sony
GE-Universal
Paramount
Paramount
Sony
Sony
Paramount
Warner Bros
GE-Universal
Fox
Warner Bros
Independents
Sum.
Wein
Lions Gate
FoxS
Sum.
SGem
SGem
Lions Gate
Dom
Gross ltd*
$415.0
334.2
312.4
295.9
292.6
251.5
238.7
217.6
200.8
176.6
172.1
171.2
163.2
162.0
148.4
148.4
131.8
128.0
119.2
118.3
117.2
110.5
105.3
104.4
100.5
300.5
135.5
103.1
107.0
90.4
80.0
60.1
60.1
281.3
83.5
82.3
79.2
58.0
56.8
55.8
54.7
Opening
Int'l
Wknd
Gross LTD*
$169.2
$947.1
97.9
771.4
85.9
327.0
90.2
802.8
86.2
416.5
12.8
482.7
66.1
368.4
39.6
348.0
65.7
268.3
54.8
305.0
65.1
192.0
26.0
37.0
26.2
119.3
47.7
500.4
34.1
390.5
55.1
207.2
39.2
341.0
35.6
421.1
23.2
205.6
35.5
132.9
38.1
121.9
28.3
92.1
53.2
103.3
37.5
75.9
52.6
101.7
Total
Gross LTD*
$1,328.1
1,123.8
581.5
1,043.9
626.3
691.8
559.9
534.8
449.3
481.8
368.7
206.7
288.4
665.6
539.8
353.6
484.6
563.7
337.7
259.9
245.4
209.6
219.9
184.0
205.7
Est. Direct
Neg Cost
$250.0
195.0
80.0
250.0
125.0
145.0
200.0
185.0
150.0
93.0
140.0
25.0
32.5
150.0
130.0
160.0
90.0
110.0
75.0
50.0
135.0
35.0
200.0
63.0
5.0
423.8
143.4
87.9
82.6
17.0
91.9
93.7
92.6
705.1
226.9
170.2
161.8
75.0
148.7
149.5
147.3
110.0
75.0
49.0
27.0
40.0
17.0
35.0
32.0
Opening
Wknd
$110.3
116.1
128.1
125.0
62.8
56.4
70.8
43.7
48.8
55.7
44.0
24.8
61.2
40.5
46.0
30.8
40.3
41.1
35.5
36.0
50.4
56.3
36.1
24.0
32.7
Int'l
Gross LTD*
$648.2
690.1
311.5
660.4
533.0
291.6
513.9
277.3
389.9
182.5
228.0
79.9
330.0
109.4
173.5
162.2
187.9
166.8
51.0
175.2
51.2
106.0
216.4
311.3
111.2
Total
Gross LTD*
$1,063.2
1,024.3
623.9
956.3
825.6
543.1
752.6
494.9
590.7
359.1
400.1
251.1
493.2
271.4
321.9
310.6
319.7
294.8
170.2
293.5
168.4
216.5
321.7
415.7
211.7
Est. Direct
Neg Cost
$200.0
200.0
200.0
220.0
160.0
69.0
165.0
165.0
260.0
40.0
170.0
38.0
125.0
80.0
130.0
100.0
150.0
80.0
100.0
110.0
20.0
52.0
200.0
155.0
65.0
64.8
0.4
34.8
1.4
21.8
30.5
26.7
29.3
398.0
275.4
171.4
222.4
108.6
35.0
236.1
0.6
698.5
410.9
274.5
329.4
199.0
115.0
296.2
60.7
68.0
15.0
80.0
13.0
58.0
25.0
60.0
20.0
138.1
32.2
1.2
18.9
17.0
0.6
18.6
14.8
*Lifetime-to-date (ltd) receipts through March 29, 2012, Disney-M = Miramax.
Source: Hollywood Reporter, SNL Kagan imdb.com, boxofficemojo.com, boxofficeguru.com, and BMO
Capital Markets and industry estimates.
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(cont’d)
Release
Date
12/18
6/24
7/15
5/29
6/5
5/8
11/20
12/23
12/25
3/27
7/1
5/1
5/22
11/13
6/19
4/3
8/7
1/16
1/30
11/6
5/15
5/21
9/18
7/24
12/25
($millions)
Yr Film
Avatar
Up
The Hangover
Star Trek
The Blind Side
Alvin and the Chipmunks: The Squeakquel
Sherlock Holmes
Monsters Vs. Aliens
Ice Age: Dawn of the Dinosaurs
Night at the Museum: Battle of the Smithsonian
2012
The Proposal
Fast and Furious
2 G.I. Joe: The Rise of Cobra
0 Paul Blart: Mall Cop
0 Taken
9 A Christmas Carol (2009)
Angels & Demons
Terminator Salvation
Cloudy with a Chance of Meatballs
G-Force
It's Complicated
Inglourious Basterds
District 9
Tyler Perry's Madea Goes to Jail
Knowing
Coraline
Law Abiding Citizen
Obsessed
11/20
8/21
8/14
2/20
3/20
2/6
10/16
4/24
Release
Date
7/18
5/2
5/22
7/2
6/27
6/6
11/7
11/14
3/14
5/30
7/18
12/25
5/16
12/12
6/13
6/27
6/20
12/25
11/26
11/21
8/13
12/25
8/1
7/11
9/26
($millions)
Yr Film
The Dark Knight
Iron Man
Hancock
WALL-E
Kung Fu Panda
Madagascar: Escape 2 Africa
Quantum of Solace
Dr. Seuss' Horton Hears a Who!
Sex and the City
Mamma Mia!
Marley and Me
The Chronicles of Narnia: Prince Caspian
Gran Torino
The Incredible Hulk
2 Wanted
0 Get Smart
0 The Curious Case of Benjamin Button
8 Four Christmases
Bolt
Tropic Thunder
Bedtime Stories
The Mummy: Tomb of the Dragon Emperor
Journey to the Center of the Earth
Eagle Eye
Twilight
Slumdog Millionaire
Valkyrie
Burn After Reading
Saw V
The Strangers
11/21
11/12
12/25
6/30
10/24
5/30
Domestic
Distributor
Fox
Paramount
Warner Bros
Disney
Warner Bros
Paramount
Warner Bros
Fox
Warner Bros
Fox
Fox
Fox
Sony
Disney
GE-Universal
Paramount
Sony
Fox
Disney
Sony
Warner Bros
Sony
Disney
GE-Universal
Independents
Summit
Weinstein
TriStar
Lions Gate
Summit
Focus
Overture
SGem
Dom
Gross ltd*
$749.8
402.1
302.0
293.0
277.3
257.7
256.0
219.6
209.0
198.4
196.6
179.9
177.2
166.1
164.0
155.1
150.2
146.3
145.0
137.9
133.4
125.3
124.9
119.4
112.6
Opening
Wknd
$77.0
109.0
77.8
68.1
45.0
75.2
34.1
48.9
62.3
59.3
41.7
85.1
54.2
65.2
33.6
71.0
54.7
31.8
24.7
30.1
46.2
42.6
30.3
31.7
22.1
Int'l
Gross LTD*
$2,021.7
434.2
632.0
438.3
190.2
128.0
53.2
223.5
315.0
183.2
690.1
193.2
235.9
603.6
153.4
188.0
152.3
37.0
81.8
187.4
352.6
246.0
118.1
173.4
106.4
Total
Gross LTD*
$2,771.5
836.3
934.0
731.3
467.5
385.7
309.2
443.1
524.0
381.6
886.7
373.1
413.1
769.7
317.4
343.1
302.5
183.3
226.8
325.3
486.0
371.3
243.0
292.8
219.0
Est. Direct
Neg Cost
$200.0
200.0
250.0
175.0
35.0
200.0
29.0
75.0
90.0
175.0
90.0
150.0
150.0
200.0
40.0
85.0
175.0
26.0
25.0
200.0
150.0
200.0
100.0
150.0
85.0
296.6
120.5
115.6
90.5
80.0
75.3
73.4
68.3
142.8
38.1
37.4
41.0
24.6
16.8
21.0
28.6
413.2
193.1
95.2
103.6
49.3
53.3
5.6
709.8
313.6
210.8
90.5
183.6
124.6
126.7
73.9
50.0
150.0
30.0
20.5
50.0
60.0
50.0
20.4
Domestic
Distributor
Warner Bros
Paramount
Paramount
Sony
Disney
Sony
Fox
Warner Bros
GE-Universal
Fox
Disney
Warner Bros
GE-Universal
GE-Universal
Warner Bros
Paramount
Warner Bros
Disney
Paramount
Disney
GE-Universal
Warner Bros
Paramount
Independents
Summit
FoxS
United Artists
Focus
Lions Gate
Rogue
Dom
Gross ltd*
$533.3
318.4
317.1
227.9
223.8
215.4
180.0
168.4
154.5
152.6
144.1
142.0
141.6
138.6
134.8
134.5
130.3
125.4
120.1
114.1
110.5
109.6
102.5
101.7
101.4
Opening
Wknd
$158.4
98.6
100.1
62.6
63.1
60.2
63.1
67.5
45.0
57.0
27.8
36.4
55.0
0.3
55.4
50.9
38.7
26.9
31.1
26.2
25.8
27.5
40.5
21.0
29.2
Int'l
Gross LTD*
$468.3
263.6
469.5
396.4
310.9
416.5
402.2
406.5
142.6
262.6
453.1
33.0
278.0
33.0
128.6
206.9
100.4
189.6
43.1
161.1
77.6
86.8
298.6
138.3
76.6
Total
Gross LTD*
$1,001.6
582.0
786.6
624.3
534.7
631.9
582.2
574.9
297.1
415.2
597.2
175.0
419.6
171.6
263.4
341.4
230.7
315.0
163.2
275.2
188.1
196.4
401.1
240.0
178.0
Est. Direct
Neg Cost
$185.0
185.0
185.0
175.0
150.0
150.0
150.0
200.0
85.0
65.0
65.0
43.8
200.0
33.0
150.0
65.0
80.0
150.0
80.0
150.0
92.0
80.0
145.0
60.0
80.0
190.1
115.0
82.6
60.4
56.7
52.6
69.6
0.4
21.0
19.1
30.1
21.0
179.8
96.5
99.3
94.7
57.1
29.0
369.9
211.5
181.9
155.1
113.8
81.6
37.0
15.0
75.0
37.0
10.8
9.0
*Lifetime-to-date (ltd) receipts through following 1Q, TWX (N) = New Line.
Source: Hollywood Reporter, SNL Kagan, imdb.com, boxofficemojo.com, boxofficeguru.com, and BMO
A member of BMO
Financial Group
71
April 2012
BMO Capital Markets
(cont’d)
($millions)
Yr Film
Release
Date
5/4
Spider-Man 3
5/18
Shrek the Third
7/3
Transformers
Dom
Gross ltd*
Opening
Wknd
Total
Gross LTD*
$151.1
$554.3
$890.8
Est. Direct
Neg Cost
$260
322.7
121.6
476.2
798.9
155.0
Paramount
319.2
70.5
388.4
707.6
160.0
260.0
Pirates of the Caribbean 3
Disney
309.4
114.7
651.6
961.0
Harry Potter and the Order of the Phoenix
7/11
Warner Bros
292.0
77.1
646.5
938.5
150.0
12/14
Warner Bros
255.3
77.2
326.7
582.0
8/3
GE-Universal
227.5
69.3
215.4
442.9
150.0
110.0
National Treasure: Book of Secrets
12/21
Disney
216.6
44.8
213.2
429.8
150.0
Alvin and the Chipmunks
12/14
3/9
Fox
213.7
44.3
130.8
344.5
Warner Bros
210.6
70.9
245.5
456.1
65.0
75.0
206.4
47.0
414.3
620.7
150.0
The Bourne Ultimatum
300
Ratatouille
6/29
Disney
The Simpsons Movie
7/27
Fox
183.1
74.0
343.5
526.6
70.0
Disney
168.3
39.7
85.1
253.4
60.0
GE-Universal
148.8
Wild Hogs
3/2
Knocked Up
70.2
219.0
30.0
Rush Hour 3
8/10
Warner
140.1
49.1
114.9
255.0
Live Free or Die Hard
6/24
6/1
Fox
134.5
33.4
248.1
382.6
140.0
110.0
Fantastic Four 2
6/15
Fox
131.9
58.1
156.6
288.5
130.0
American Gangster
30.7
11/2
GE-Universal
130.2
43.6
133.6
263.8
100.0
Enchanted
11/21
Disney
127.4
34.4
182.0
309.4
75.0
Bee Movie
11/2
126.6
38.0
158.9
285.5
150.0
Superbad
8/17
Sony
121.5
33.1
48.4
169.9
20.0
I Now Pronounce You Chuck and Larry
7/20
GE-Universal
120.1
34.2
66.0
186.1
85.0
Hairspray
7/20
Warner
118.9
27.5
81.8
200.7
Blades of Glory
3/30
Paramount
118.6
33.0
26.9
145.5
61.0
Warner Bros
Independents
Fox Searchlight
MGM/Weinstein
Disney-M
Lionsgate
Sgem
MGM/Weinstein
Lions Gate
Lions Gate
Sgem
117.2
36.1
194.2
311.4
100.0
135.0
72.0
69.7
63.3
61.4
58.3
55.2
53.6
50.6
0.4
20.6
1.2
31.8
21.8
26.4
21.4
14.0
23.7
39.5
58.4
50.3
70.6
14.2
19.6
0.0
10.4
96.8
174.5
130.4
120.0
133.9
75.6
77.9
55.2
64.0
147.4
20.0
25.0
N/A
N/A
13.0
N/A
N/A
55.0
N/A
Int'l
Gross LTD*
Total
Gross LTD*
Est. Direct
Neg Cost
$642.9
$1,066.2
$225.0
Ocean's Thirteen
6/8
Juno
1408
No Country for Old Men
Saw IV
Stomp the Yard
Halloween
Tyler Perry's Why Did I Get Married
3:10 to Yuma
Resident Evil: Extinction
12/5
6/22
11/9
10/26
3/18
8/31
12/13
11/15
10/28
($millions)
Yr Film
Release
Date
7/7
Night at the Museum
12/22
Cars
6/9
Domestic
Distributor
Disney
Dom
Gross ltd*
$423.3
Opening
Wknd
$135.6
68.0
Fox
250.9
30.4
323.1
574.0
100.0
Disney
244.1
60.1
217.9
462.0
120.0
5/26
Fox
234.4
102.8
224.9
459.3
210.0
The Da Vinci Code
5/19
Sony
217.5
77.1
540.7
758.2
125.0
Warner Bros.
Superman Returns
6/28
Happy Feet
11/17
Ice Age: The Meltdown
3/31
200.1
52.5
191.0
391.1
270.0
Warner Bros.
198.0
41.5
186.3
384.3
100.0
Fox
195.3
68.0
456.2
651.5
80.0
167.4
40.8
426.8
594.2
150.0
Casino Royale
11/17
Sony
The Pursuit of Happyness
12/15
Sony
163.6
26.5
143.5
307.1
55.0
155.0
38.5
180.2
335.2
130.0
Over the Hedge
5/19
Talladega Nights: The Ballad of Ricky Bobby
2
0
0
6
Int'l
Gross LTD*
$336.5
Sony
5/25
I Am Legend
2
0
0
7
Domestic
Distributor
Click
Mission: Impossible III
8/4
Sony
148.2
47.0
14.8
163.0
6/23
Sony
137.4
40.0
100.3
237.7
82.5
Paramount
134.0
47.7
263.6
397.6
150.0
90.0
5/5
72.5
The Departed
10/6
Warner Bros.
132.4
26.9
157.5
289.9
Borat: Cultural Learnings of America for Make Benefit Glorious Na
11/3
Fox
128.5
26.5
133.0
261.5
The Devil Wears Prada
6/30
Fox
124.7
27.5
201.6
326.3
35.0
GE-Universal
118.7
39.2
86.3
205.0
52.0
12/15
Paramount
103.4
0.4
51.2
154.6
90.0
Failure to Launch
3/10
Paramount
88.7
24.4
39.7
128.4
50.0
Inside Man
3/24
Universal
88.5
29.0
95.9
184.4
45.0
Open Season
9/29
Sony
85.1
23.6
104.8
189.9
85.0
The Santa Clause 3: The Escape Clause
11/3
Disney
84.5
19.5
26.3
110.8
70.0
The Pink Panther
Eight Below
2/10
2/17
Sony
Disney
Independents
Weinstein
Lionsgate
Lionsgate
Sgem
Fox Searchlight
82.2
81.6
20.2
20.2
76.6
38.8
158.8
120.4
80.0
40.0
90.7
80.2
63.3
62.3
59.6
40.2
33.6
30.0
26.9
0.4
87.6
84.6
0.1
49.0
40.4
178.3
164.8
63.4
111.3
100.0
45.0
10.0
6.0
N/A
N/A
The Break-Up
6/2
Dreamgirls
Scary Movie 4
Saw III
Tyler Perry's Madea's Family Reunion
Underworld: Evolution
Little Miss Sunshine
4/14
10/27
2/24
1/20
7/26
18.0
A member of BMO
Financial Group
72
April 2012
BMO Capital Markets
(cont’d)
($millions)
Yr Film
Release
Date
5/19
The Chronicles of Narnia: The Lion, the Witch and the Wardrobe
6/29
Fox
Dom
Gross ltd*
$380.3
Opening
Wknd
$108.4
Int'l
Total
Est. Direct
Gross LTD* Gross LTD*
Neg Cost
$469.7
$850.0
$113.0
Disney
291.7
65.6
453.1
744.8
180.0
Warner Bros.
290.0
102.7
602.2
892.2
150.0
Paramount
234.3
64.9
357.5
591.8
132.0
207.0
Ge-Universal
218.1
50.1
331.3
549.4
Wedding Crashers
7/15
TWX (N)
209.3
33.9
75.9
285.2
40.0
Charlie and the Chocolate Factory
7/15
Warner Bros.
206.5
56.2
268.5
475.0
150.0
Batman Begins
Madagascar
6/15
5/27
Warner Bros.
205.3
193.6
48.7
47.2
166.5
335.3
371.8
528.9
150.0
NA
Fox
Sony
Paramount
Fox
Disney
Fox
Fox
Disney
Sony
Ge-Universal
Disney
TWX (N)
Sony
Fox
Warner Bros.
DreamWorks
Independents
Lionsgate
Focus
Warner Independent
SGem
Dimension
Weinstein
Lionsgate
SGem
186.3
179.5
158.1
154.7
135.4
128.2
119.5
113.1
110.3
109.4
89.7
82.9
82.7
82.6
80.3
76.2
50.3
43.1
47.6
56.1
40.0
36.0
22.3
30.6
14.4
21.4
24.6
23.1
18.6
9.3
30.7
35.1
291.9
188.6
32.2
175.4
179.0
132.5
66.3
85.6
91.7
67.9
133.7
70.9
15.2
46.6
30.3
85.2
478.2
368.1
190.3
330.1
314.4
260.7
185.8
198.7
202.0
177.3
223.4
153.8
97.9
129.2
110.6
161.4
110.0
70.0
82.0
100.0
150.0
75.0
28.0
56.0
100.0
26.0
NA
43.0
32.0
NA
50.0
NA
87.0
83.0
77.4
75.1
74.1
51.4
50.6
46.8
31.7
0.5
0.1
30.1
29.1
12.4
21.9
19.0
57.1
95.0
45.2
69.1
84.6
49.4
0.0
20.4
144.1
178.0
122.6
144.2
158.7
100.8
50.6
67.2
4.0
14.0
NA
19.0
40.0
N/A
5.5
20.0
King Kong
2
0
0
5
12/9
11/18
War of the Worlds
Domestic
Distributor
12/14
Mr. & Mrs. Smith
Hitch
The Longest Yard
Fantastic Four
Chicken Little
Robots
Walk the Line
The Pacifier
Fun with Dick and Jane
The 40-Year-Old Virgin
Flightplan
Monster-in-Law
Are We There Yet?
Cheaper by the Dozen 2
The Dukes of Hazzard
The Ring Two
6/10
2/11
5/27
7/8
11/4
3/11
11/18
3/4
12/21
8/19
9/23
5/13
1/21
12/21
8/5
3/18
Saw II
Brokeback Mountain
March of the Penguins
The Exorcism of Emily Rose
Sin City
Hoodwinked
Diary of a Mad Black Woman
Boogeyman
10/28
12/9
6/24
9/9
4/1
12/16
2/25
2/4
($millions)
Yr Film
Spider-Man 2
Meet the Fockers
The Incredibles
Harry Potter and the Prisoner of Azkaban
The Day After Tomorrow
The Bourne Supremacy
National Treasure
The Polar Express
I, Robot
Troy
Ocean's Twelve
50 First Dates
Van Helsing
Lemony Snicket's A Series of Unfortunate Events
2 DodgeBall: A True Underdog Story
0 The Village
0 The Grudge
4 Collateral
Million Dollar Baby
The Princess Diaries 2: Royal Engagement
Starsky and Hutch
Along Came Polly
Mean Girls
The SpongeBob SquarePants Movie
Anchorman: The Legend of Ron Burgundy
Release
Date
6/30
12/22
11/5
6/4
5/28
7/23
11/19
11/10
7/16
5/14
12/10
2/13
5/7
12/17
6/18
7/30
10/22
8/6
12/15
8/11
3/5
1/16
4/30
11/19
7/9
Shrek 2
The Passion of the Christ
Shark Tale
The Aviator
Fahrenheit 9/11
Saw
Resident Evil: Apocalypse
You Got Served
Eternal Sunshine of the Spotless Mind
The Punisher
5/19
2/25
10/1
12/17
6/23
10/29
9/10
1/30
3/19
4/16
Domestic
Distributor
Sony
Universal
Disney
Warner Bros.
Fox
Universal
Disney
Warner Bros.
Fox
Warner Bros.
Warner Bros.
Sony
Universal
Paramount
Fox
Disney
Sony
DreamWorks
Warner Bros.
Disney
Warner Bros.
Universal
Paramount
Paramount
DreamWorks
Independents
Newmarket
Disney-M
Lionsgate
Lionsgate
SGem
SGem
Focus
Lionsgate
Dom
Gross ltd*
$373.6
279.3
261.4
249.5
186.7
176.2
173.0
162.8
144.8
133.4
125.5
120.9
120.2
118.6
114.3
114.2
110.4
101.0
100.5
95.2
88.2
88.1
86.1
85.4
85.3
441.2
370.3
160.9
102.6
119.2
55.2
51.2
40.4
34.4
33.8
Opening
Int'l
Total
Est. Direct
Wknd
Neg Cost
$783.8
$88.2
$410.2
$200.0
516.6
46.1
237.3
80.0
631.4
70.5
370.0
92.0
789.8
93.7
540.3
130.0
542.7
68.7
356.0
125.0
288.5
52.5
112.3
75.0
347.4
35.1
174.4
100.0
286.9
23.3
124.1
165.0
347.2
52.2
202.4
120.0
266.8
46.9
133.4
175.0
362.7
39.2
237.2
110.0
196.5
39.9
75.6
75.0
300.2
51.7
180.0
160.0
208.2
30.1
89.6
140.0
167.7
30.1
53.4
20.0
256.7
50.7
142.5
60.0
187.3
39.1
76.9
10.0
217.7
24.7
116.7
65.0
216.8
0.2
116.3
30.0
134.8
23.0
39.6
40.0
170.2
28.1
82.0
60.0
171.2
27.7
83.1
42.0
129.0
24.4
42.9
17.0
140.1
32.0
54.7
30.0
90.6
28.4
5.3
26.0
108.0
83.8
47.6
0.9
23.9
18.3
23.0
16.1
8.2
13.8
479.4
241.1
202.7
111.1
103.3
47.7
78.2
8.3
37.6
20.9
920.6
611.4
363.6
213.7
222.5
102.9
129.4
48.7
72.0
54.7
70.0
30.0
75.0
110.0
6.0
1.2
45.0
8.0
20.0
33.0
A member of BMO
Financial Group
73
April 2012
BMO Capital Markets
(cont’d)
($millions)
Yr Film
The Lord of the Rings: The Return of the King
Finding Nemo
Pirates of the Caribbean
The Matrix Reloaded
Bruce Almighty
X2: X-Men United
Elf
Terminator 3: Rise of the Machines
Bad Boys II
Anger Management
Bringing Down the House
The Hulk
2 Fast 2 Furious
Something's Gotta Give
Seabiscuit
S.W.A.T.
Freaky Friday
2 The Italian Job
0 How to Lose a Guy in 10 Days
0 American Wedding
3 Daddy Day Care
Daredevil
The Cat in the Hat
Charlie's Angels: Full Throttle
Cold Mountain
Release
Date
12/17
5/30
7/9
5/15
5/23
5/2
11/7
7/2
7/18
4/11
3/7
6/20
6/6
12/12
7/25
8/8
8/6
5/30
2/7
8/1
5/9
2/14
11/21
6/27
12/25
Spy Kids 3D: Game Over
Scary Movie 3
Bad Santa
Underworld
Lost in Translation
7/25
10/24
11/26
9/19
9/12
Domestic
Distributor
TWX (N)
Disney
Disney
Warner Bros.
Universal
Fox
TWX (N)
Warner Bros.
Sony
Sony
Disney
Universal
Universal
Sony
Universal
Sony
Disney
Paramount
Paramount
Universal
Sony
Fox
Universal
Sony
Disney
Independents
Dim.
Dim.
Dim.
Sgem
Focus
The Medallion
Cabin Fever
Whale Rider
Deliver Us from Eva
21 Grams
8/22
9/12
6/6
2/7
11/21
SGem
Lionsgate
Newmarket
Focus
Focus
($millions)
Yr Film
Spider-man
Lord of the Rings: The Two Towers
Attack of the Clones
Harry Potter/Chamber of Secrets
Signs
Austin Powers in Goldmember
Men in Black II
Ice Age
Catch Me If You Can
Die Another Day
Scooby-Doo
Lilo & Stitch
XXX
2 The Santa Clause 2
0 Minority Report
0 The Ring
2 Sweet Home Alabama
Release
Date
5/3
12/18
5/16
11/15
8/2
7/26
7/3
3/15
12/25
11/22
6/14
6/21
8/9
11/1
6/21
10/18
9/27
4/19
12/27
8/7
12/20
3/1
8/21
7/12
9/20
12/25
10/4
10/25
My Big Fat Greek Wedding
Chicago
Spy Kids 2
Gangs of New York
40 Days and 40 Nights
One Hour Photo
Halloween: Resurrection
The Banger Sisters
The Pianist
Jonah: A VeggieTales Movie
Frida
Domestic
Distributor
Sony
TWX (N)
Fox
Warner Bros.
Disney
TWX (N)
Sony
Fox
DreamWorks
MGM
Warner Bros.
Disney
Sony
Disney
Fox
DreamWorks
Disney
Independents
IFC
Miramax
Dimension
Miramax
Miramax
Fox Searchlight
Miramax
Fox Searchlight
Focus
Artisan
Miramax
Dom
Gross ltd*
$377.0
339.1
305.4
281.6
242.8
214.9
173.4
150.4
138.6
135.6
132.7
132.2
127.2
124.7
120.3
116.9
110.2
106.1
105.8
104.6
103.9
102.5
101.1
100.8
96.6
Opening
Int'l
Total
Est. Direct
Wknd
Neg Cost
$72.6
$741.9
$1,118.9
$94.0
70.3
524.9
864.1
95.0
46.6
348.5
653.9
125.0
91.8
457.0
738.6
150.0
68.0
241.7
484.6
85.0
85.6
191.5
406.4
110.0
31.1
47.0
220.4
33.0
44.0
283.0
433.4
175.0
46.5
134.7
273.3
130.0
42.2
60.1
195.7
75.0
31.1
32.0
164.7
35.0
62.1
113.1
245.3
150.0
50.5
108.9
236.0
80.0
16.1
142.0
266.7
80.0
20.9
28.1
148.3
85.0
37.1
90.8
207.7
80.0
22.2
50.6
160.8
25.0
19.5
69.7
175.8
60.0
23.8
71.3
177.1
50.0
33.4
126.4
231.0
55.0
27.6
48.5
152.4
60.0
40.3
76.0
178.5
80.0
38.3
32.8
133.9
109.0
37.6
151.9
252.7
120.0
14.6
77.4
174.0
79.0
110.4
110.0
60.1
52.0
33.4
48.1
12.3
21.8
13.0
110.7
NA
47.7
123.4
220.7
60.1
99.7
35.0
45.0
23.0
22.0
44.6
22.2
21.2
20.8
17.6
0.9
8.1
8.6
0.1
6.6
75.1
12.0
8.0
20.7
NA
119.7
34.3
29.1
41.4
17.6
4.0
NA
1.5
3.5
NA
0.3
44.1
60.4
20.0
16.3
Dom
Gross ltd*
$403.7
336.0
310.2
261.9
228.0
213.3
190.4
176.4
163.9
160.9
153.3
145.8
142.1
139.2
132.1
129.1
127.2
241.4
146.3
85.8
77.5
38.0
31.6
30.4
30.3
26.6
25.6
25.4
Opening
Int'l
Total
Est. Direct
Wknd
Neg Cost
$114.8
$404.0
$807.7
$139.0
62.0
579.0
915.0
100.0
80.0
338.0
648.2
115.0
88.4
604.4
866.3
110.0
60.1
175.0
403.0
75.0
73.1
11.0
224.3
65.0
52.1
235.0
425.4
140.0
46.3
197.0
373.4
60.0
30.1
173.0
336.9
65.0
47.1
219.0
379.9
125.0
54.2
115.0
268.3
90.0
35.3
118.0
263.8
80.0
44.5
112.0
254.1
70.0
29.0
34.0
173.2
60.0
35.7
197.0
329.1
105.0
15.0
101.0
230.1
50.0
35.6
48.0
175.2
30.0
0.6
2.1
16.7
9.5
12.2
0.3
12.3
10.0
0.1
6.2
0.2
115.0
136.0
NA
113.0
57.0
19.5
NA
NA
83.0
NA
5.0
356.4
282.3
85.8
190.5
95.0
51.1
30.4
30.3
109.6
25.6
30.4
5.0
45.0
35.0
100.0
NA
12.0
13.0
15.0
35.0
14.0
12.0
A member of BMO
Financial Group
74
April 2012
BMO Capital Markets
(cont’d)
($millions)
Yr Film
Harry Potter and the Sorcerer's Stone
The Lord of the Rings
Shrek
Monsters, Inc.
Rush Hour 2
The Mummy Returns
Pearl Harbor
Ocean's Eleven
Jurassic Park III
Planet of the Apes
2 Hannibal
0 American Pie 2
0 The Fast and the Furious
1 A Beautiful Mind
Lara Croft: Tomb Raider
Dr. Dolittle 2
The Princess Diaries
Black Hawk Down
Release
Date
11/16
12/19
5/16
11/2
8/3
5/4
5/25
12/7
7/18
7/27
2/9
8/10
6/22
12/21
6/15
6/22
8/3
12/28
Spy Kids
The Others
Bridget Jones's Diary
Scary Movie 2
Serendipity
Kate & Leopold
Gosford Park
In the Bedroom
Jay and Silent Bob Strike Back
Amelie
Memento
3/30
8/10
4/13
7/4
10/5
12/25
12/26
11/23
8/24
11/2
3/16
($millions)
Yr Film
How the Grinch Stole Christmas
Cast Away
Mission: Impossible II
Gladiator
What Women Want
The Perfect Storm
Meet the Parents
X-Men
What Lies Beneath
2
0
0
0
Release
Date
11/17
12/22
5/24
5/5
12/15
6/30
10/6
7/14
7/21
5/19
Dinosaur
Erin Brockovich
Charlie's Angels
Nutty Professor II: The Klumps
Big Momma's House
Remember the Titans
The Patriot
Chicken Run
Miss Congeniality
Gone in Sixty Seconds
3/17
11/3
7/28
6/2
9/29
6/28
6/21
12/22
6/9
7/10
12/8
12/29
2/4
12/22
2/18
11/17
12/22
10/27
9/8
Scary Movie
Crouching Tiger,Hidden Dragon
Traffic
Scream 3
Chocolat
Pitch Black
Bounce
Dracula 2000
Book of Shadows: Blair Witch 2
Nurse Betty
Domestic
Distributor
Warner Bros.
TWX (N)
DreamWorks
Disney
TWX (N)
Universal
Disney
Warner Bros.
Universal
Fox
MGM
Universal
Universal
Universal
Paramount
Fox
Disney
Sony
Independents
Miramax
Miramax
Miramax
Miramax
Miramax
Miramax
USA Films
Miramax
Miramax
Miramax
New Market
Dom
Gross ltd*
$315.3
291.1
267.7
252.6
226.2
202.0
198.5
182.0
181.2
180.0
165.1
145.1
144.5
144.3
131.2
113.0
108.2
106.7
Domestic
Distributor
Universal
Fox
Paramount
DreamWorks
Paramount
Warner Bros.
Universal
Fox
DreamWorks
Disney
Dom
Gross ltd*
$260.0
233.6
215.4
187.7
182.8
182.6
166.2
157.3
155.4
Universal
Sony
Universal
Fox
Disney
Sony
DreamWorks
Warner Bros.
Disney
Independents
Miramax
Sony Classics
USA
Miramax
Miramax
USA
Miramax
Miramax
Artisan
USA
112.7
96.5
71.5
71.3
50.3
47.1
33.4
30.7
30.1
28.8
25.5
Opening
Int'l
Total
Est. Direct
Wknd
Neg Cost
$90.3
$629.6
$944.9
$130.0
47.2
482.0
773.1
109.0
42.3
214.4
482.1
60.0
62.6
168.9
421.5
115.0
67.4
114.3
340.5
90.0
68.1
228.0
430.0
98.0
59.1
252.0
450.5
155.0
38.1
228.8
410.8
85.0
50.8
183.6
364.8
93.0
68.5
179.2
359.2
100.0
58.0
185.0
350.1
87.0
45.1
139.8
284.9
30.0
40.1
61.8
206.3
38.0
16.5
39.0
183.3
60.0
47.7
143.3
274.5
80.0
25.0
62.1
175.1
72.0
22.9
45.5
153.7
30.0
35.4
34.0
140.7
95.0
26.5
14.1
10.7
20.5
13.3
9.7
0.2
0.9
11.0
0.1
0.2
35.2
92.1
208.5
69.9
22.6
2.6
13.6
1.9
3.0
109.5
13.7
147.9
188.6
280.0
141.2
72.9
49.7
47.0
32.6
33.1
138.3
39.2
35.0
17.0
26.0
45.0
28.0
48.0
15.0
2.0
22.0
13.0
5.0
Opening
Int'l
Total
Est. Direct
Wknd
Neg Cost
$55.1
$85.0
$345.0
$123.0
30.1
190.7
424.3
90.0
57.8
350.0
565.4
125.0
34.8
269.5
457.2
103.0
33.6
189.5
372.3
65.0
41.3
143.1
325.7
120.0
28.6
135.3
301.5
55.0
54.5
137.0
294.3
75.0
29.7
133.3
288.7
90.0
137.7
125.6
125.3
123.3
117.6
115.7
113.3
106.8
106.8
101.6
38.9
28.1
40.1
42.5
25.7
20.9
22.4
17.5
13.9
25.3
216.9
132.8
137.9
40.3
53.7
21.0
102.0
116.8
103.0
129.5
354.6
258.4
263.2
163.6
171.3
136.7
215.3
223.6
209.8
231.1
128.0
51.0
92.0
84.0
30.0
30.0
110.0
42.0
45.0
90.0
157.0
128.1
124.1
89.1
71.5
39.2
36.8
33.0
26.4
25.2
42.3
0.7
0.3
34.7
1.1
11.6
11.4
8.6
13.2
7.1
120.2
85.1
84.2
63.2
75.2
13.9
16.6
13.4
21.3
4.2
277.2
213.2
208.3
152.3
146.7
53.1
53.4
46.4
47.7
29.4
19.0
15.0
50.0
40.0
15.0
23.0
35.0
37.0
15.0
24.0
*Lifetime-to-date (ltd) receipts through following 1Q, TWX (N) = New Line, DIS (M) = Miramax.
A member of BMO
Financial Group
75
April 2012
BMO Capital Markets
(cont’d)
($millions)
Yr Film
Star Wars: Episode 1
The Sixth Sense
Toy Story 2
Austin Powers 2
The Matrix
Tarzan
Big Daddy
The Mummy
Runaway Bride
Stuart Little
1 The Green Mile
9 American Beauty
9 World Is Not Enough
9 Notting Hill
Double Jeopardy
Wild Wild West
Analyze This
General's Daughter
American Pie
Sleepy Hollow
Release
Date
5/19
8/6
11/19
6/11
3/31
6/16
6/25
5/7
7/30
12/17
12/10
9/15
11/19
5/28
9/24
6/30
3/5
6/18
7/9
11/18
Blair Witch Project
She's All That
Dogma
Stir of Echoes
7/14
1/29
11/12
9/10
($millions)
Yr Film
Saving Private Ryan
Armageddon
Something About Mary
A Bug's Life
The Waterboy
Dr. Dolittle
Rush Hour
Deep Impact
Godzilla
Patch Adams
Lethal Weapon 4
Truman Show
Mulan
You've Got Mail
Enemy of the State
The Prince of Egypt
1 The Rugrats Movie
Release
Date
7/24
7/1
7/15
11/20
11/6
6/26
9/18
5/8
5/19
12/25
7/10
6/5
6/19
12/18
11/20
12/18
11/20
9
9 Shakespeare in Love
8 Everest
12/11
3/6
10/23
10/2
8/5
12/25
11/6
10/23
11/20
9/11
2/13
Life is Beautiful
What Dreams May Come
Halloween:H20
The Faculty
Elizabeth
T-Rex:..Cretaceous
Waking Ned Devine
Rounders
Borrowers
Domestic
Distributor
Fox
Disney
Disney/Pixar
TWX (N)
Warner Bros.
Disney
Sony
Universal
Paramount
Sony
Warner Bros.
DreamWorks
MGM
Universal
Paramount
Warner Bros.
Warner Bros.
Paramount
Universal
Paramount
Independents
Artisan
Miramax
Lionsgate
Artisan
Dom
Gross ltd*
$431.1
277.4
245.8
205.5
171.4
171.0
163.5
155.3
152.2
140.0
136.8
130.1
126.9
116.1
114.1
113.8
106.8
102.7
102.1
101.0
Opening
Wknd
$64.8
26.7
57.4
57.4
27.8
34.2
41.5
43.4
35.1
15.0
18.0
12.7
35.5
27.7
23.2
27.7
18.4
22.3
18.7
30.1
Int'l
Gross LTD*
$494.5
379.3
240.0
104.3
285.0
285.0
70.1
258.1
155.8
158.8
147.8
226.2
226.2
247.0
61.1
104.0
70.0
47.0
132.7
101.0
Total
Gross LTD*
$925.6
656.7
485.8
309.8
456.4
456.0
233.6
413.4
308.0
298.8
284.6
356.3
353.1
363.1
175.2
217.8
176.8
149.7
234.8
202.0
Est. Direct
Neg Cost
$115.0
55.0
90.0
40.0
63.0
150.0
35.0
80.0
75.0
100.0
60.0
15.0
120.0
45.0
40.0
170.0
30.0
60.0
12.0
70.0
140.5
63.4
29.4
21.1
29.2
16.1
8.7
5.8
107.8
39.8
5.0
0.0
248.3
103.2
34.4
21.1
0.5
10.0
10.0
13.0
Domestic
Distributor
DreamWorks
Disney
Fox
Disney
Disney
Fox
TWX (N)
Paramount
Sony
Universal
Warner Bros.
Paramount
Disney
Warner Bros.
Disney
DreamWorks
Paramount
Independents
Miramax
MacGillivrayFreeman
Miramax
Polygram
Miramax
Miramax
Polygram
Imax
FoxSearchlight
Miramax
Polygram
Dom
Gross ltd*
$216.3
201.6
176.5
162.8
161.5
144.2
141.2
140.5
136.3
135.0
129.8
125.6
120.6
115.8
111.5
101.3
100.5
Opening
Wknd
$30.6
36.1
13.7
33.3
39.4
29.0
33.0
41.2
55.7
25.3
34.0
31.5
22.7
18.4
20.0
14.5
27.3
Int'l
Gross LTD*
$263.2
353.0
183.6
195.2
29.0
146.0
104.1
208.3
239.7
67.2
155.0
122.8
182.8
135.0
138.8
117.2
54.2
Total
Gross LTD*
$479.5
554.6
360.1
358.0
190.5
290.2
245.3
348.8
376.0
202.2
284.8
248.4
303.4
250.8
250.3
218.5
154.7
Est. Direct
Neg Cost
$70.0
150.0
25.0
80.0
23.0
72.0
35.0
85.0
130.0
65.0
140.0
60.0
100.0
65.0
90.0
90.0
25.0
100.3
76.4
57.6
55.4
55.0
40.1
30.0
40.1
24.8
22.9
22.4
4.2
0.4
2.8
15.8
16.2
11.6
3.4
0.1
2.2
8.5
6.1
188.9
33.6
171.4
25.6
20.0
19.0
32.0
25.7
15.0
5.0
24.2
289.2
110.0
229.0
81.0
75.0
59.1
62.0
65.8
39.8
27.9
46.6
42.0
35.0
11.0
85.0
17.0
20.0
21.0
25.0
2.0
12.0
29.0
*Lifetime-to-date (ltd) receipts through following 1Q, TWX (N) = New Line, DIS (M) = Miramax.
Looking Ahead to 2012-2013
Exhibit 49 lists the films that we estimate will have the top box office appeal for 2012. We
project the 2012 box office will see a 3%-4% increase in revenue and a 0%-1% attendance increase on a 2%-3% or so increase in ticket prices. The first-quarter box office finished up
23.4%. Summer visibility on a comparative basis remains less robust from our early projections, while the fourth quarter should be up nicely. The best of the summer films are likely to
be The Dark Knight Rises (Batman) (TWX), The Amazing Spider-Man (SNE), and The Avengers (DIS). The fourth quarter is gaining better visibility as film promotion and awareness
gain traction. The top five anticipated films at this time in the fourth quarter are The Hobbit:
An Unexpected Journey (TWX), The Twilight Saga: Breaking Dawn Part Two (LGF), Skyfall
(Bond) (SNE), Rise of the Guardians (DWA), and World War 2 (VIAB). The last installment
of Twilight and the prequel The Hobbit should give a nice boost against an easy comp.
A member of BMO
Financial Group
76
April 2012
BMO Capital Markets
Exhibit 49. Most Highly Anticipated Films of 2012
2012
Film
The Vow
Dr. Seuss: The Lorax (3D)
The Hunger Games
The Avengers (3D)
Dark Shadows
What to Expect When You Are Expecting
Battleship
Men In Black 3 (3D)
Rock of Ages
Snow White and the Huntsman
Madagascar 3 (3D)
Brave (3D)
Abraham Lincoln: Vampire Hunter (3D)
GI Joe 2: Retaliation
The Amazing Spider-Man (3D)
Ice Age: Continental Drift (3D)
The Dark Knight Rises
The Bourne Legacy
Total Recall
The Expendables 2
Frankenweenie (3D)
Wreck-It Ralph (3D)
My Mother's Curse
Skyfall (Bond)
Ouija
Rise of the Guardians (3D)
47 Ronin (3D)
The Hobbit: An Unexpected Journey (3D)
Life of Pi (3D)
Talent
Rachel McAdams, Channing Tatum
Animation
Jennifer Lawrence
Robert Downey Jr, Samuel L. Jackson, Mark Ruffalo
Johnny Depp
Cameron Diaz
Liam Neeson, Brooklyn Decker, Rhianna
Tommy Lee Jones, Will Smith
Tom Cruise
Kristen Stewart
Animation
Animation
Eric Bana
Dennis Quaid
Andrew Garfield, Emma Stone, Martin Sheen
Animation
Christian Bale, Anne Hathaway, Tom Hardy
Jeremy Renner, Rachel Weisz, Edward Norton
Colin Farrell
Sylvester Stallone
Wynona Ryder, Martin Short
Animation
Seth Rogen, Barbara Streisand
Daniel Craig
McGregor
Robert Pattison, Kristen Stewart
Animation
Keanu Reeves
Peter Jackson (D)
Suraj Sharma, Irrfan Khan, Tabu
Studio
SNE
CMCSA
LGF
DIS
TWX
LGF
CMCSA
SNE
TWX
CMCSA
DWA
DIS
NWSA
VIAB
SNE
NWSA
TWX
CMCSA
SNE
LGF
DIS
DIS
VIAB
SNE
CMCSA
LGF
DWA
CMCSA
TWX
NWSA
Expected
Release Date
2/10/12
3/2/12
3/23/12
5/4/12
5/11/12
5/18/12
5/18/12
5/25/12
6/15/12
6/1/12
6/8/12
6/22/12
6/22/12
6/29/12
7/3/12
7/13/12
7/20/12
8/3/12
8/3/12
8/17/12
10/5/12
11/2/12
11/2/12
11/9/12
11/9/12
11/16/12
11/21/12
11/21/12
12/14/12
12/21/12
Source: Company information, boxofficemojo.com, and BMO Capital Markets., * Schedule as of April 10,
2012.
Key slots for 2013 and 2014 films are already being staked out by many studios that have
high-profile product. We are including high-profile films for 2013 that are currently scheduled
in Exhibit 50.
Exhibit 50. Future High-Profile Film Slate, 2013
2013
Film
A Good Day to Die Hard
The Croods (3D)
Oblivion
Iron Man 3
Star Trek 2
Fast & Furious 6
The Hangover Part III
Lone Ranger
After Earth
Man of Steel
Monsters University (3D)
R.I.P.D.
Despicable Me 2 (3D)
Robopocolypse
Turbo (3D)
World War 2
The Wolverine
The Smurfs 2 (3D)
Untitiled 300 Sequel (3D)
Me & My Shadow (3D)
Thor 2 (3D)
Catching Fire (Hunger Games 2)
The Hobbit: There and Back Again (3D)
Talent
Bruce Willis
Animation
Tom Cruise
Robert Downey Jr.
Chris Pine, Zoe Saldana, Zachary Quinto
Vin Diesel
Bradley Cooper, Ed Helms
Johnny Depp, Armie Hammer
Will Smith
Kevin Costner, Diane Lane, Amy Adams
Animation
Jeff Bridges, Ryan Reynolds
Animation
Steven Spielberg (D)
Animation
Brad Pitt
Hugh Jackman
Animation
NA
Animation
Chris Hemsworth
Jennifer Lawrence
Peter Jackson (D)
Studio
NWSA
DWA
CMCSA
DIS
VIAB
CMCSA
TWX
DIS
SNE
TWX
DIS
CMCSA
CMCSA
DIS
VIAB
VIAB
NWSA
SNE
TWX
DWA
DIS
LGF
TWX
Expected
Release Date
2/14/13
3/22/13
4/26/13
5/3/13
5/17/13
5/24/13
5/24/13
5/31/13
6/7/13
6/14/13
6/21/13
6/28/13
7/3/13
7/13/13
7/19/13
6/21/13
7/26/13
7/31/13
8/2/13
11/8/13
11/15/13
11/22/13
12/13/13
Source: Company information, boxofficemojo.com, and BMO Capital Markets. * Schedule as of April 10,
2012.
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Theatrical: Trends and Perspectives
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
2011 saw theatrical films hold the $10.0 billion level established in 2009’s record breaking year, but overall, the box office dipped 3.7% owing to weaker film product in the
fourth quarter and a difficult first quarter comparison against the prior year. 3D ticket
sales were approximately $1.83 billion, or about 18% of industry admission revenue, a
trend that should improve some in 2012.

We expect the eight major studios and independents to release more films in 2012 as
DreamWorks (Spielberg), MGM (resuming production, coming out of bankruptcy), Relativity, and Summit (now owned by LGF) add a meaningful number of films for wide release.

The animation business is healthy with 3D animated product adding incremental dollar
contributions. The best of 2012 is expected to be: Madagascar 3 (DWA, June 8, 2012),
Brave (DIS, June 22, 2012), Ice Age: Continental Drift (NWSA, July 13, 2012), Wreck It
Ralph (DIS, November 2, 2012), and Rise of the Guardians (DWA, November 21, 2012).
There were 11 animated films released in 2008 with 1 in 3D, 13 in 2009 with 8 3D films,
8 films in 2010 with each in 3D, and 12 in 2011, 10 of which were 3D.

3D up-charges globally remain robust (see Exhibit 52) as consumer receptivity for most
3D-formatted films is finding close to 60% of ticket sales to the premium format.

There is a growing trend to open major tent pole films day-and-date worldwide. This has
been driven by advertising, piracy, and global cross-promotional opportunities. Gone are
the days when almost all films skipped a season to open internationally three to six
months after their North American debuts. It is not unheard of to have a film open in selected foreign territories before its domestic release (How to Train Your Dragon in Russia in 2010, Mission: Impossible - Ghost Protocol in Europe in 2011). We like that studios are thinking globally, even in a split rights world.

We do not believe the film cost statistics published fully reflect the true cost of production and distribution because of the exclusion of participations obligations, which are increasingly being structured to reduce upfront capital expenditures or accommodate talent
demand. Participation allocations of 10%-25% or more of adjusted gross revenues are not
unusual for major event films and can add tens of millions of dollars to the film’s cost basis, even if they are not accounted for as part of a film’s publicized direct negative costs.

The 3D age has arrived. It brings about the ability of studios and exhibitors to tier ticket
pricing, currently roughly $3.00-plus per ticket above established levels for non-3D films.
Special event pricing can be even higher as highly popular programming like the Metropolitan Opera can command a $10-$25 per ticket premium. We have seen little pricing
resistance by consumers on up-charges for 3D at the $3.00 level. As with every technological innovation, some will choose not to buy a 3D ticket because they prefer the 2D
experience.

The international markets have shown meaningful box office growth over the past seven
years. Although currency fluctuations and barriers to entry in certain territories can add
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volatility to the international box office, we believe that the majority of growth in theatrical film revenue over the next several years will come from these markets. At this point,
the international box office is running at about 2.3x the North American level (see Exhibit 27).

Recent announcements from China (increasing the quota of US films to 34 and upping
the distributors' share of box office to 25% from the mid-teens) should improve the business to some extent. China has become the second-largest foreign market for US films
(behind Japan) at $2.02 billion (up 35% in 2011) from barely a top 20 market five years
ago. Exhibit 51 visualizes the growth in the Chinese exhibition industry since 2006.
Clearly, China is an important source of growth even beyond the theatrical window.
Exhibit 51. Chinese Exhibition Industry, 2006-2011
Year
2006
2007
2008
2009
2010
2011
Box Office ($/MM)
$328.6
$433.9
$606.7
$906.2
$1,506.7
$2,026.0
Admissions (MM)
176.2
195.6
209.8
263.7
373.9
414.5
Average Ticket Price
$1.86
$2.21
$2.89
$3.43
$4.03
$4.88
Source: I.H.S Screen Digest, BMO Capital Markets, and industry estimates.
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
While theatrical-to-home video release windows have stabilized near the 120-day range,
some distributors have tested shorter windows (Disney tested a 12-week window with Alice in Wonderland in 2010). No studios followed with a similar test in 2011.

Product placements are once again becoming a more visible (faddish?) component of the
film business. Look for increasing contributions from the interactive game segment for
high-profile animated and action films. For the most part, these deals are high guaranteed
payments with the potential for overages. Toy manufacturers seem to have the greatest
volatility in results – the peril of the pendulum: too much or too little and no solution!

Film advertising costs will go up in 2012 on a per film basis for those targeting a specific
gross rating point level as CPM/scatter pricing remains robust. Print ads are shrinking
rapidly, especially away from the big cities. Website, interactive, display, and other new
media platforms are commanding all, and often more, of the savings from declining print
spending. We would not be surprised to see high-single-digit increases in measures in
2012 given the scatter market environment. Social networks and other platforms can take
most films only so far.

3D conversion of existing 2D films for those films that were highly successful in a 2D
version should continue over the next few years. The Lion King generated $168.5 million
worldwide at the box office during its reissue in September 2011. Other reissues in 2012
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are Beauty and the Beast ($47.5 million to date), Star Wars ($43.3 million to date), The
Titanic ($27.8 million to date), and Finding Nemo. This could create a whole new level of
profitability from captive libraries if theatrical economics can drive other ancillary revenues as well. When will the first 3D film cable network emerge? Probably not for a
while.

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Look for premium pay television (HBO, Showtime, Starz) contracts to reduce per film
payments as contracts roll off. The perceived value has been reduced as sell-through,
digital, VOD, and streaming platforms have more extensively provided films at the consumer level. Conversely, cord cutting may occur to a modest level, a couple percentage
points perhaps, as a young demographic recreates the premium pay offerings through
other platforms. Premium pay channels are creating much more original programming
(series and specials), meaningfully lowering, we believe, the consequences of very modest cord cutting.
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Exhibit 52. Global 3D Premiums
Worldwide 3-D Premiums
Canada
Germany
$3.00
$3.85
+36% vs. 2D
+43% vs. 2D
U.K.
Russia
$2.25
+36% vs. 2D
China
$3.24
Japan
$5.61
+38% vs. 2D
+60% vs. 2D
U.S.
$3.79
+27% vs. 2D
$3.25
+40% vs. 2D
Spain
Mexico
$3.05
France
+37% vs. 2D
$3.10
+35% vs. 2D
$2.40
Italy
$3.45
S. Korea
+42% vs. 2D
$3.41
+53% vs. 2D
+66% vs. 2D
Brazil
$2.95
+60% vs. 2D
Australia
$3.66
+34% vs. 2D
Source: Daily Variety, BMO Capital Markets, and industry estimates.
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Home Video
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Home Video
Chaos theory squared may well be an apt quantitative and qualitative description of the home
video industry. Investors and companies are enduring myriad combinations and permutations
of technology and capital deployment. Perhaps investors would do well to redefine home
video to now include all the pathways to the consumer’s filmed entertainment access apart
from a theater screen and seat. When home video is defined one dimensionally, as in a DVD,
it would not make anyone’s top ten lists of favorite businesses owing to the secular and cyclical changes of the past three years. Taken three dimensionally, the business is transitioning in
a somewhat orderly fashion now, and digital ports are gaining traction nicely, although they
are still down in the aggregate by $3.5 billion or so.
There is going to be no shortage of nonlinear providers of filmed entertainment (Netflix,
Hulu, Apple, Amazon, Roku, Vudu, X-Box, etc.) and seemingly no shortage of capital to buy
and build consumer loyalty and capture a growing piece of the consumer spend on filmed entertainment, so those who may feel/think the industry is a graveyard should keep the big picture in mind.
State of the Industry
We do not see statistics that lead to a conclusion or conviction that consumers are watching
fewer films at home or elsewhere (office, iPhone, auto, plane, train, hospital, class). However,
packaged home video sales are clearly lower, particularly once the ranking gets past the top
ten sellers for both cyclical and secular (new portals or the move to lower-priced rentals at
$1.00 per day or subscription services that cost less than $9 per month) reasons. The impact is
real in dollar terms on packaged media, and the cyclical versus secular debate may not draw
to a close for five years or more. The biggest unknown will be the impact of UltraViolet and
cloud-based device mobility. We are not convinced at this point that cloud-based mobility
will jump-start consumer buying habits.
Despite the new video portals available to consumers and shifts in consumption habits, the
home video marketplace continues to be the largest proportional contributor to the filmed entertainment industry’s profitability. The composition of where those dollars are coming from
is changing meaningfully, but that should not be as worrisome as if those dollars were going
away.
Studios/film producers have accelerated their research and development experimentation with
many of the digital platforms and content aggregators. We remain impressed that the repackaging of libraries for digital aggregators is reestablishing library values.
Industry revenues were down an estimated 2.3% (sales down double digits and rentals down
low-single digits) to $18.0 billion in 2011, roughly the same level as 2001 when DVD sales
had just begun to accelerate on captive library sales, TV-to-DVD became a revenue contributor, and the “rental” business was beginning to be eclipsed by the sell-through business. The
video rental business on all platforms in 2011 accounted for $7.5 billion (down 1%) of the
$18.0 billion total market, with video on demand (VOD) up 7% to $1.9 billion. Absent VOD,
rentals were down 8%, although the 31 percentage point gain in kiosk sales in 2011 carried an
almost 40% discount per rental transaction versus the traditional brick-and-mortar store.
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With the new definition of home video as a multi-pronged business, one that includes the
emerging downloadable and streaming platforms, the business model is a little healthier than
many suspect. One can easily argue the nomenclature of “declining growth,” “mature industry,” and “cannibalized revenues” as reality, but at the end of 2011, it was an $18 billion industry with an improving demand curve even if sales of new titles have come off peaks (platform transition to Blu-Ray and digital formats, and lower promotional pricing by big-box
merchants, etc.) and library monetization in the DVD platform can be spoken of in the past
tense. Blu-Ray has provided a modestly improved in-home viewing experience that can only
help the sales or rental revenue base as the home theater becomes more sophisticated with
HDTV, 3D TV, and the like, especially where quality of video, and to a lesser extent, sound
are consumer choice variables when utilizing new technologies to enhance the watching experience. Home video is quietly evolving to a platform with a growing percentage of revenues
coming from the digital world of electronic sell-through (EST) and streaming.
The DVD platform produced three unprecedented revenue streams that helped drive incremental studio profits from 2001 to 2008. Captive libraries generated more than $6 billion in
profits for the studios by our estimation as the studios’ libraries (some 120,000 titles have
been re-released from television, film, and VHS platforms to date) were re-monetized in the
DVD format. Alongside the film product re-release, was a second revenue stream counted in
home video revenues, the TV-to-DVD product, which compiled DVD box sets of many of the
successful television series from the 1950s through the 2000s. The TV-to-DVD business generated close to $2.0 billion in annual sales during its peak years, although it is only producing
about 20% of that peak on an annual basis. Given the exceptionally low manufacturing costs
of the BD/DVD platforms of less than $0.60 per DVD unit and less than $1.00 now for Bluray, the economics have been very favorable for content owners at multiple consumer price
points.
For the most part, the legacy libraries have now been monetized at the $3.00-$10.00 gross
wholesale unit price levels for first cycle product and $24.00-$36.00 gross wholesale price
levels for boxed TV season series. We believe the incremental upside from captive libraries in
both film and television is behind the industry relative to the BD/DVD packaged platform and
is one of the major causes of the downward pressure on industry revenues to the $18 billion
level. Blu-Ray is gaining traction in unit sales (115 million domestic units in 2011, up 35%)
and revenues ($2.2 billion domestic revenues in 2011, up 27%). On a global basis, Blu-Ray
unit sales were up 45% over 2010 results to 234 million. As Blu-Ray hardware costs have
come down, adoption levels are escalating alongside disc sales with an estimated 13 million
standalone units sold in 2011, bringing total BD households to 40.4 million domestically. The
technology is now coming down to the $100 and lower level on laptop and desktop computers, which should boost utilization slightly.
A third revenue stream is generated by new film releases and current television season releases. As home penetration of the DVD platform reached the saturation point (see Exhibit 53
below) a few years ago, demand has predictably leveled off. DVD pricing levels have remained firm at the $16-$18 gross wholesale level for most frontline films, although BD gross
wholesale unit prices have come down to the $18-$22 level depending on premium packaging
that often includes a DVD and digital version. The demand curve has fallen into a fairly predictable buy-rent pattern for consumers, although the economy took its toll on the sell-through
market in 2009-2010, and certainly digital offerings have become preferable for a growing
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percentage of the population. Top movies (as noted in Exhibits 62-65) continue to generate
sales in excess of seven million units, and unit sales down the film revenue chain are also
showing significant sales.
Household penetration of DVD/BD player is creeping into the mid-90% range and the transition to Blu-ray is accelerating as noted earlier. Exhibits 53 and 54 detail the growth traction of
the disc platforms.
Exhibit 53. DVD Penetration of TV Households, 2007-2013E
93%
86%
87%
88%
93%
91%
91%
89%
106.9
110.4
103.9
99.9
100.9
89%
87%
85%
101.9
83%
81%
97.4
Penetration of TV HH
DVD Households
91%
95%
79%
77%
75%
2007
2008
2009
2010
2011
2012E
2013E
in millions
Source: SNL Kagan, I.H.S Screen Digest, DEG Group, and BMO Capital Markets and industry estimates.
Exhibit 54. BD Penetration of TV Households, 2007-2013E
81.0%
90%
96.2
60%
53.1%
BD Households
70%
50%
35.2%
23.9%
9.2%
4.3%
4.8
2007
10.5
14.8%
62.2
40%
30%
40.4
20%
27.3
Penetration of TV Households
80%
10%
16.9
0%
2008
2009
2010
2011
2012E
2013E
in millions
Source: SNL Kagan, I.H.S Screen Digest, DEG Group, and BMO Capital Markets and industry estimates
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Clearly, over the past 25 years, packaged home video has become the studios’ single-largest
profit center for films and an equally large part of the budgeting mindset relative to the production budgets and talent participation costs. Even with declining packaged media sales, it
remains the top revenue generator for studios, clearing over 35%-40% of revenues. We expect
home video’s share of the film-revenue pie to be stable in 2012 as EST and higher BD pricing
overcome much of the more modest decline in DVD sales. The number of brick-and-mortar
outlets is shrinking rapidly, as Blockbuster, Movie Gallery, and others shutter stores in bankruptcy or lease lapses over time. Blockbuster store closings have now taken the chain down to
the 1,200 stores level from the 5,000 level seven or eight years ago. The brick-and-mortar rentailers are losing meaningful market share as online subscription services (dominated by Netflix) pick up more subscribers and the kiosk business capitalizes on its broadened store presence as a readily accepted low-cost distribution point for consumer rentals. Retailers such as
Walmart, Best Buy, Target, Amazon, and Costco continue to account for more than 75% of
the packaged media sell-through market, with Walmart commanding close to a 35%-40%
market share. However, it is readily evident that shelf space for packaged media is shrinking
and promotional pricing and advertising is much more limited, hindering growth. The one
wrinkle could be mass merchants such as Walmart that are testing the idea of becoming the
location to upload existing DVD/BD to the UltraViolet cloud-based storage access portal. It is
too early to handicap the utilization quotient for this now. Importantly for the studios and distributors, the rising number of distribution choices has had the effect of significantly increasing the consumer’s home entertainment expenditure budget as opposed to simply seeing new
platforms cannibalize the existing revenue streams.
Consumer spending as a whole on filmed entertainment was respectable in 2011. The composition of the revenue pie is modestly changing, presenting studios and end point distributors with
interesting opportunities and challenges for growing market share and refocusing on maximizing
revenues from new distribution platforms such as BD premium packaging, VOD, streaming, and
downloading. Revenue declines in packaged media are changing the film budgeting process on
expectations of lower contributions from the platform, compressed over the next two or three
years even as new digital platforms gain traction and add meaningful dollars.
The industry is also evolving in terms of its delivery formats as Netflix picks up more subscribers (post a misstep or two in 2H11), Amazon capitalizes on its prime base, and Hulu
Plus, Vudu, Cinema Now, and X-Box gain traction. Netflix has taken the lead in integrating
the streaming business model. Redbox has joined the package media fray in the low-priced
kiosk world, which is picking up an extraordinary amount of market share, even with a 28-day
delay in availability on many new titles. The subscription model of online streaming may
meaningfully change the home video rental paradigm, helping consumers capture the convenience of online/in-store rentals as well as mirroring the old HBO model of aggregating content
at one price point, albeit on a modest lag. The knock on the streaming vendors is the age of
the titles in their library (most of them have been around the block a few times!), availability
of only a portion of their titles at any one time, and some restriction on availability in HD.
That said, the streaming sources should capture a growing audience when navigation guides
improve and the home interconnect between the Internet and television becomes more commonplace over the next few years. Access speeds, video quality, and DRM are factors in the
streaming equation as well. On the horizon though may well be the cost component, in which
high-speed data providers may implement gigabyte limits and/or incremental cost for overages. Such a new cost to consumers would be a headwind.
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To look at the growing consumer utilization of delivery formats, we have included statistics
on platform access in 2011 and 2010. The following exhibits detail the video rental share by
type. Kiosks continue to capture an ever-growing piece of the pie while store volumes continue to drop.
Exhibit 55. Video Rental Revenues by Type, 2011
Stores, 21.8%
VOD, 24.8%
Kiosk, 22.1%
Subscription,
31.4%
Source: Digital Entertainment Group and BMO Capital Markets and industry estimates.
Exhibit 56. Video Rental Revenues by Type, 2010
VOD, 23.0%
Stores, 30.4%
Kiosk, 16.7%
Subscription,
29.9%
Source: Digital Entertainment Group and BMO Capital Markets and industry estimates.
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We are impressed by the market share gains that kiosk players such as Redbox have taken in
the past three years, picking up much of the capacity freed up by rentailer store closures
(Blockbuster, Movie Gallery, locally owned, etc.). Cable/telcos are also taking a measurable
share of home video dollars via VOD, especially in the HDTV households. Traditional instore market share will likely decline further and at an accelerated pace for the next year or
two owing to bankruptcy economics, store closings and as new access portals become more
familiar to consumers. Fortunately for studios/distributors, those dollars are likely to stay in
the home video pie, even if shifted around. The lingering question of profitability via nonpackage sales or revenue sharing remains, although we sense investors have reduced contribution expectations meaningfully.
The Blu-Ray Platform
There are three primary dimensions for the consumer of the BD platform. First, HDTV
growth is a driver for hardware upgrades to BD players and software to capture the full advantage of the in-home video experience. The Digital Entertainment Group reported that 27
million HDTVs were purchased in 2011, with penetration now at 74.5 million households.
Second, few expect the massively profitable (at least $6 billion) replacement cycle the industry experienced when the DVD platform emerged to replace the VHS format to be replicated
for BD. The backwards compatibility of BD allows DVD play, making a reformatting of
home libraries far less necessary (although it appears early DVD titles do not play on all BD
players). Some may choose to add specific titles that an HDTV can make more enjoyable, but
we are doubtful this will represent much incremental revenue.
Third, new release inventories in the BD format will be balanced in the sell-through market
similar to what takes place with DVDs. Manufacturing costs per BD unit are about $1.00 versus less than $0.60 per packaged DVD unit. As BD hardware penetration grows and unit sales
increase proportionately with penetration levels, costs will likely come down toward the
$0.60-$0.75 level. Many studios are releasing combo or premium packaging that gives consumers BD, digital, and DVD versions for $2.00-$3.00 or so above single BD pricing, but
given the $0.60 or so cost of a DVD and pennies for digital versions, this enables an even
higher profit margin per unit. Premium packaging (BD, DVD, and digital copy) is providing a
$2.00-$3.00 gross wholesale uplift on a portion of unit sales for higher profile titles. For most
studios this would be the tie in to UltraViolet.
Blu-Ray players priced at mass-market consumer levels, essentially at $80 or less, are now
readily available and most have built in marketing/software connectivity to streaming services
such as Netflix and wireless connectivity to the Internet.
Spending Patterns
Exhibit 57 outlines the changes seen in the primary video distribution platforms. It is easy to
see the drop-off in total revenues the past five years, most of which came from the sales, not
the rental, side of the business. In 2011, domestic disc rentals were down 8%, while sales fell
11%. Blu-Ray rental should ramp up to the $2-$3 billion level and perhaps double that within
another two years as the DVD platform concedes to the new platform. The introduction of
digital distribution (VOD, streaming, electronic) to the home video market is beginning to
make its mark.
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Exhibit 57. Domestic Home Video Sales/Rental Revenue, 20032011
($ in Millions)
2003
3,223
5,068
$8,291.3
2004
1,787
6,060
$7,847.1
2005
1,002
6,593
$7,594.9
2006
242
7,254
0
$7,496.3
2007
2008
2009
2010
2011
47
7,056
46
$7,148.4
16
6,682
187
$6,885.7
0
6,056
434
$6,489.5
0
5,292
886
$6,177.6
0
4,255
1,418
$5,673.2
Y-O-Y
% Change
-20%
60%
-8%
2,158
10,621
$12,778.6
1,278
12,781
$14,059.0
501
13,397
$13,897.8
157
13,704
10
$13,870.6
16
13,135
179
$13,328.9
0
11,760
625
$12,384.8
0
9,797
1,073
$10,869.9
0
8,264
1,762
$10,025.9
0
6,714
2,238
$8,951.8
-19%
27%
-11%
$700.0
$700.0
$800.0
$1,000.0
$1,300.0
$1,600.0
$2,100.0
509
1,752
$2,260.5
554
1,869
994
$3,416.3
9%
7%
51%
$21,769.9
$22,606.1
$22,292.7
$22,366.9
$21,777.3
$20,870.5
$19,459.4
$18,464.0
$18,041.3
-2.3%
VHS Rentals
DVD Rentals
Blu-Ray DVD Rentals
Total Rentals
VHS Sales
DVD Sales
Blu-Ray DVD Sales
Total Sales
Electronic Sales
VOD
Subscription Streaming
Total Digital
Total Home Video
DVD % of Rental Market
DVD % of Sales Market
DVD % of Total Home Video Market
61%
83%
72%
77%
91%
83%
87%
96%
90%
97%
99%
94%
99%
99%
93%
97%
95%
88%
93%
90%
81%
86%
82%
73%
75%
75%
61%
Source: IHS, DEG, and BMO Capital Markets and industry estimates.
The domestic box office continues to show gains in dollars versus packaged media video sales
and physical disc rentals. We think that as digital connectivity grows, the sale and rental sides
of the business should show an improved ratio.
Exhibit 58. Box Office as Percentage of Rental and Sales, 20032011
($ in Millions)
179.3%
171.0%
163.3%
139.9%
135.2%
111.4%
119.5%
122.8%
116.4%
97.5%
72.3%
2003
66.7%
2004
72.5%
66.4%
63.6%
2005
2006
2007
Box Office as % of Rental
105.4%
113.7%
77.8%
2008
2009
2010
2011
Box Office as % of Sales
Source: IHS, DEG, Box Office Mojo, and BMO Capital Markets and industry estimates
Exhibit 59 charts home video rental and sales revenues for the past ten years. The acceleration
in sales in previous years was directly attributable to the sell-through pricing employed by
almost every major studio of roughly $16-$18 gross wholesale for front-line DVD titles and
as low as $3 for third- or fourth-cycle DVD releases. The phenomena of some mass retailers
selling front-line DVDs for as low as $9.99 to drive foot traffic does not change the gross
wholesale price of $16-$18 per unit paid almost universally by video retailers. The willingness of many mass merchants to effect profitless transactions to drive foot traffic is slowing
significantly and was one of the aggregate causes of revenue declines for 2009-2011.
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We readily admit that there are a variety of sources of varying industry statistics related to the
home video rental and sell-through business (SNL Kagan, Nielsen Media Research, Adams
IHS, DEG, Home Media Magazine, Rentrak, etc.), some of which are within a couple of percentage points of each other for the variety of published home video statistics. We have endeavored to use estimates that are balanced within the statistical spectrum. The trends observed using any of the credible sources typically reveal the same macro picture even if the
dollar amounts vary: the rental market has leveled off with subscription and lower-cost kiosk
models growing, while the sell-through market has seen a meaningful decline on secular
changes and growing preference for digital access/storage. Blu-Ray is slowly capturing packaged media buyers, helped in large part by consistent sub-$100 hardware pricing and growing
use of BD drives in laptops.
Exhibit 59. Home Video Sales and Rental Revenue, 2002-2011
Peak Sales
(Library Benefit)
$20,000
Recessionary
$Millions
$15,000
$10,000
$5,000
$0
2003
2004
2005
2006
2007
2008
2009
2010
2011
Rentals
$8,291
$7,847
$7,595
$7,496
$7,148
$6,886
$6,490
$6,178
$5,673
Sales
$12,779
$14,059
$13,898
$13,871
$13,329
$12,385
$10,870
$10,026
$8,952
Digital
$700
$700
$800
$1,000
$1,300
$1,600
$2,100
$2,260
$3,416
Total
$21,770
$22,606
$22,293
$22,367
$21,777
$20,870
$19,459
$18,464
$18,041
Rentals
Sales
Digital
Source: IHS, DEG, and BMO Capital Markets and industry estimates
In our view, the decline in consumer rental spending on an absolute basis is threefold: 1) kiosks are turning $4.00 rentals into $1 per day or slightly over per $2 transaction on average;
2) streaming-VOD is replacing both physical rental and sales models but is more heavily taking share from the sales side; and 3) EST options are taking business away at least at the margin.
Consumers are transitioning to the high-definition format (Blu-Ray), a desirable companion to
the home theater and high-definition television world as well as the emerging 3D world. BluRay also has the benefit for studios/distributors of making piracy more difficult and costly.
Each high-definition disk carries a manufacturing cost of less than $1.00 as opposed to the
$0.60 or so cost of the DVD product. It should also be noted that high-definition movies run
closer to 20 gigabytes versus the 3-5 gigabytes of the standard DVD. Utilization of MPEG-4
versus the current MPEG-2 technology should bring the amount of gigabytes per film down
significantly.
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Exhibit 60. Consumer Home Video Spending Patterns, 2003-2011
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
DVD Rental
2003
2004
2005
2006
2007
2008
2009
2010
2011
23.3%
26.8%
29.6%
32.4%
32.4%
32.0%
31.1%
28.7%
23.6%
Blu-Ray DVD Rentals
0.0%
0.0%
0.0%
0.0%
0.2%
0.9%
2.2%
4.8%
7.9%
DVD S.T.
48.8%
56.5%
60.1%
61.3%
60.3%
56.3%
50.3%
44.8%
37.2%
Blu-Ray DVD S.T.
0.0%
0.0%
0.0%
0.0%
0.8%
3.0%
5.5%
9.5%
12.4%
Digital
3.2%
3.1%
3.6%
4.5%
6.0%
7.7%
10.8%
12.2%
18.9%
DVD Rental
Blu-Ray DVD Rentals
DVD S.T.
Blu-Ray DVD S.T.
Digital
Source: Adams Media Research and BMO Capital Markets and industry estimates.
There are not many positives for the video rentailers, and we are not sure that the economics
will change appreciably, even after the bankruptcy process for some, because the financial
difficulty is not solely driven by rent expense or competition by other bricks-and-mortar rentailers. The problem is being driven by reduced demand as consumers choose other access
points. Managing or balancing dual formats (DVD and BD) has added another necessary set
of skills to store inventory management, one that is very challenging demographically as well.
Adding to the pain is the 28-day sell-through window preceding availability for video rental
that studios have negotiated with kiosk and online dominators (Redbox, Netflix, et al.). While
we do not expect sell-through to be healthy or robust, the delay to availability is unlikely to
help push rental dollars higher, especially as EST gains traction over the next few years. Fortunately or unfortunately, the industry has trained consumers that titles will be available
weekend one, which may cause confusion as advertising promotes availability, but only in
sell-through.
Exhibit 61 details some of the demand economics of the home video business. In one sense,
the business has diverted from typical consumer economics, as gross wholesale pricing has
not really come down for software in its first cycle of release. As the industry moves forward,
it faces the migration to electronic sell-through, which is unlikely to keep the studio economics as lucrative as in the past. This will provide meaningful challenges to the video rentailers
if they are singularly tied to one end-point distribution channel, a factor that we believe has
motivated Netflix, Amazon, Best Buy, Walmart, Microsoft, and others to invest meaningfully
in the EST business. The installed base of BD/DVD includes computers, which drives the installed base above total number of US households.
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Exhibit 61. DVD and BD Domestic Hardware and Software Market,
2003-2011
2003
DVD Hardware Units Sold (mil)
25.1
BD Hardware Units Sold (mil)
Installed Base (mil)
90.2
DVD Software Units Sold (mil)
656.8
DVD Software Sales Revenue ($/mil.) $10,621
BD Software Units Sold (mil)
BD Software Sales Revenue ($/mil.)
DVD Average Retail Price
$16.17
BD Average Retail Price
Titles Available (BD/DVD)
32,095
2004
25.6
127.3
858.2
$12,781
$14.89
44,218
2005
23.2
164.0
930.1
$13,397
$14.40
57,858
2006
23.3
0.3
175.0
958.1
$13,704
0.4
$10
$14.30
$28.61
67,741
2007
22.1
0.9
185.0
917.2
$13,135
5.6
$179
$14.32
$31.91
83,000
2008
20.7
2.1
195.0
837.6
$11,760
22.2
$625
$14.04
$28.15
91,000
2009
2010
2011
16.7
7.0
6.0
7.0
11.3
13.1
202.0
204.0
207.0
740.1
644.0
558.6
$9,797
$8,264
$7,959
43.1
76.0
137.7
$1,073
$1,762
$2,683
$13.24
$12.83
$14.30
$24.90
$23.19
$19.48
100,000 110,000 120,000
Source: Motion Picture Association of America, IHS, Consumer Electronics Association, SNL Kagan,
Home Media Magazine, and BMO Capital Markets and industry estimates.
The utilization of the Internet as one of a household’s access points to enjoy filmed entertainment is one of the emerging choices for consumers in this digital world that falls under the
broad definition of home video. While it is a small portion of the home video business today,
it will gain traction over the next few years as the technology for the television, navigation
guides, delivery speeds, and bandwidth grow. It can be a rental or sell-through business all
under one umbrella. A potential limiting factor or headwind is the growing chatter among cable system operators/telcos that charging for bandwidth is coming, as it already has in Canada. Avid users of the streaming touch point can hit gigabyte targets relatively quickly and
begin accumulating fairly high usage charges. The value proposition dissipates pretty quickly
if or when these access charges are implemented.
Studios are attracted to the IP platform as it potentially disintermediates aggregators and
eliminates a cost center. Conversely, piracy, business investment in systems and technology,
and managing the operational logistics must provide improved returns before another attempt,
either individually or collectively, can be made at the concept. It may well be that Disney’s
Keychest and DECE’s UltraViolet (Digital Entertainment Content Ecosystem) (comprising
most of the other studios and interested parties) will be the gateways to the platform.
Top Home Videos
The following tables outline the top home video titles released from 2008 to 2011 by total
first-cycle sell-through revenue. The top ten titles in 2011 on average underperformed the
2010 top ten titles primarily owing to lower sell-through from DVD. The home video business
may be facing some of the same competitive release date pressure that movies face in the
peak summer and holiday periods.
Exhibit 62. Top 10 New Releases of 2011
(in millions)
Title
Harry Potter and the Deathly Hallows, Part 2
Tangled
Cars 2
Rio
The Help
Bridesmaids
Top 10 Average
Studio
TWX
DIS
TWX
DIS
TWX
VIAB
DIS
NWSA
DIS
CMCSA
Home Video
Release
Date
11-Nov
29-Mar
15-Apr
1-Nov
6-Dec
30-Sep
6-Dec
2-Aug
6-Dec
20-Sep
Worldwide
Box Office
$1,328.1
$590.7
$956.3
$559.9
$581.5
$1,123.8
$1,043.9
$321.9
$206.7
$288.4
$700.1
Domestic
Box Office
$381.0
$200.8
$295.9
$191.5
$254.5
$352.4
$241.1
$143.6
$169.7
$169.1
$240.0
Gross DVD
Sell-Through
Rev ($ Mil)
$85.7
$92.5
$85.2
$64.4
$51.6
$41.6
$19.6
$64.8
$53.0
$50.4
$60.9
Gross Blu-Ray
Sell-Through
Rev ($ Mil)
$87.2
$56.6
$57.7
$55.7
$48.2
$57.5
$71.4
$19.3
$21.3
$19.5
$49.4
Total
Sell-Through
Rev ($ Mil)
$172.9
$149.1
$142.9
$120.1
$99.8
$99.1
$91.0
$84.1
$74.3
$69.9
$110.3
Tie
Ratio
0.45
0.74
0.48
0.63
0.39
0.28
0.38
0.59
0.44
0.41
0.48
Source: IHS Screen Digest and BMO Capital Markets and industry estimates.
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(in millions)
Title
Avatar
Toy Story 3
Despicable Me
Iron Man 2
Alice in Wonderland
Inception
The Blind Side
Alvin & The Chipmunks: The Squeakuel
Top 10 Average
Studio
NWSA
DIS
GE
DIS
Summit
DIS
Summit
TWX
TWX
NWSA
Home Video
Release
Date
22-Apr
2-Nov
14-Dec
28-Sep
20-Mar
1-Jun
4-Dec
7-Dec
23-Mar
30-Mar
Worldwide
Box Office
$2,771.5
$1,063.2
$543.1
$623.9
$709.8
$1,024.3
$698.5
$825.6
$309.2
$443.1
$901.2
Domestic
Box Office
$749.8
$415.0
$251.5
$312.4
$296.6
$334.2
$300.5
$292.6
$256.0
$219.6
$342.8
Gross DVD
Sell-Through
Rev ($ Mil)
$161.4
$153.4
$125.4
$96.3
$141.3
$103.4
$101.6
$73.6
$96.8
$96.5
$115.0
Gross Blu-Ray
Sell-Through
Rev ($ Mil)
$128.0
$71.0
$46.6
$69.5
$23.2
$49.0
$35.6
$56.1
$16.6
$9.7
$50.5
Total
Sell-Through
Rev ($ Mil)
$289.4
$224.4
$172.0
$165.8
$164.5
$152.4
$137.2
$129.7
$113.4
$106.2
$165.5
Tie
Ratio
0.39
0.54
0.68
0.53
0.55
0.46
0.46
0.44
0.44
0.48
0.50
Title
Studio
Home Video
Release
Date
The Hangover
Up
Twilight
Star Trek
Monsters vs. Aliens
Bolt
Top 10 Average
TWX
VIAB
DIS
Summit
TWX
VIAB
DWA
NWSA
DWA
DIS
15-Dec
20-Oct
10-Nov
21-Mar
8-Dec
17-Nov
6-Feb
15-Sep
29-Sep
24-Mar
(in millions)
Worldwide
Box Office
Domestic
Box Office
$467.3
$836.3
$723.0
$385.0
$934.0
$385.5
$582.2
$373.1
$381.6
$275.2
$534.3
$257.7
$402.1
$293.0
$277.3
$302.0
$196.6
$177.2
$179.9
$198.4
$114.1
$239.8
Gross DVD
Sell-Through
Rev ($ Mil)
$150.7
$131.9
$146.4
$158.9
$122.0
$102.7
$140.7
$73.7
$80.6
$72.8
$118.0
Gross Blu-Ray
Sell-Through
Rev ($ Mil)
$41.5
$59.1
$37.1
$9.1
$34.2
$50.8
$8.6
$22.1
$9.2
$11.3
$28.3
Total
Sell-Through
Rev ($ Mil)
$192.2
$191.0
$183.5
$168.0
$156.2
$153.5
$149.3
$95.8
$89.8
$84.1
$146.3
Tie
Ratio
0.75
0.48
0.63
0.61
0.52
0.78
0.84
0.53
0.45
0.74
0.63
(in millions)
Title
The Dark Knight
Iron Man
Wall-E
Kung Fu Panda
Mamma Mia!
Indiana Jones: Kingdom of the Crystal Skull
Hancock
Enchanted
Top 10 Average
Studio
TWX
VIAB
DIS
DWA
GE
VIAB
NWSA
DIS
SNE
DIS
Home Video
Release
Date
9-Dec
30-Sep
18-Nov
8-Nov
16-Dec
14-Oct
1-Apr
20-May
25-Nov
18-Mar
Worldwide
Box Office
$1,001.8
$582.0
$534.7
$631.9
$598.9
$786.6
$360.6
$457.4
$624.3
$340.5
$591.9
Domestic
Box Office
$533.3
$318.4
$223.8
$215.4
$144.1
$317.1
$217.3
$220.0
$227.9
$127.8
$254.5
Gross DVD
Sell-Through
Rev ($ Mil)
$242.6
$252.8
$184.8
$176.5
$173.8
$135.1
$147.3
$137.7
$112.5
$126.3
$168.9
Gross Blu-Ray
Sell-Through
Rev ($ Mil)
$54.7
$29.6
$17.4
$11.0
$10.0
$17.7
$2.3
$9.0
$18.0
$4.0
$17.4
Total
Sell-Through
Rev ($ Mil)
$297.3
$282.4
$202.2
$187.5
$183.8
$152.8
$149.6
$146.7
$130.5
$130.3
$186.3
Tie
Ratio
0.56
0.89
0.90
0.87
1.28
0.48
0.69
0.67
0.57
1.02
0.79
The Home Video Release Window
There have been significant headlines and headaches about collapsing release windows, especially as the technology has arrived in the home to meaningfully alter the DVD/BD buy-in.
The following tables show the changes in the release windows over the past 12 years. It is obvious that the release window has shrunk between theater release and home video release over
the past ten years or so. However, over the same time frame the average film has opened on
roughly 50% more screens and films released have generated over 95% of their revenues in
the first eight weeks, making the argument somewhat moot, in our opinion.
We expect the theatrical market to remain the most important promotional platform to drive
revenue for home video and all EST/streaming portals. While much was made in the past year
or so about the potential of simultaneous releases (theatrical, home video, and VOD), we see
almost no evidence of this in any mainline film and little intent on the part of studios to turn
customers who pay them two or three times (theater, DVD, premium-pay services like HBO
or Starz) into customers who buy the digital rights to the film on day one. Although this might
sound good, it is not yet ready for mainstream. Most theater chain operators even have understandings with film distributors that now have protected the theatrical window, in terms of
days or dollars, from home video, regardless of format.
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Exhibit 66. Movie Release Windows, 2000-2011
PPV Era
180
Theater to Video Platform
(days)
DVD Era
180
176
175
VOD Era
167
170
165
160
Streaming
Era
155
155
150
146
145
140
135
135
132
133
130
134
130
130
125
117
120
115
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: SNL Kagan.
While there may be little change in the release window for theatrical film to home video release, the interval between packaged media and VOD release has reversed itself, reflecting the
studios view of home video rental economics. The VOD window went to an average of 17
days prior to the DVD release in 2011. VOD is often available in fewer days than home video
rentals for most of the video rentailers that use either subscription- or Internet-based services.
Exhibit 67. Movie Release Windows, 2000-2011
Home Video to VOD/PPV
(days)
PPV Era
60
58
VOD Era
51
50
45
45
44
43
38
40
34
Streaming
Era
31
30
19
20
10
4
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
-10
-20
-17
Source: SNL Kagan.
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New Distribution Channels
The major entertainment conglomerates play multiple roles in the content and distribution
world. The majors (Disney, News Corp, Comcast, Sony, Time Warner, and Viacom) spend
$1-$2 billion annually creating theatrical and television product that is the life source of all
film content that finds its way to the variety of touch points, both new and old, and price
points that consumers access. Those touch points and price points have been expanding massively in the past five years and have created a “strategic era” for all involved. The major studios control copyrights and/or distribution rights to over 85% of the film and television content created over the past 75 years and are vigilant gate keepers over all the pipelines to
consumers.
New film product is available to consumers in a well-engineered and evolving fashion that is
designed to maximize revenues and splits to the creator and copyright controller’s greatest
advantage. Even in digitally enabled content, film sizes of 1-3 gigabytes for DVD quality
make large-scale portability (read: piracy) problematic for most consumers, especially those
who do not want to watch a film or television show on their desktop or laptop screen.
As new distribution touch points have emerged from the experimentation to the exploitation
stage in the revolution and evolution of technology (devices and delivery pipelines), content
creators and owners have not ceded control or access without compensation through a highly
legalized licensing process. In our opinion, there are no technologically innovative touch
points for film content that have the economic or consumer-driven advantage to neutralize or
eliminate the content owners’ leverage.
The methods of filmed entertainment consumption are changing, and have been for over 20
years, but the overall demand for film product remains as healthy as ever. In the end, no one is
receiving content for free and the studio providers are still getting paid one way or another for
the most part. We view the new delivery methods for film and television content as complementary, not substitutes, in most cases. Many of the content providers are also end point distributors to one or more touch points, only serving to enhance the studios’ leverage and control. The following chart details studio revenue per movie transaction.
Exhibit 68. Studio Revenue per Movie Transaction, 2010-2011
$1.12
DVD Kiosk
Rental
DVD Traditional
Rental
$2.65
$3.11
Blue-Ray Retail
$0.80
$11.58
DVD Retail
$0.41
$21.84
$8.94
Digital Retail
BBI
Cable/DBS/Telco
VOD
RedBox
Apple
TWC
CMCSA
VZ
Digital Rental
NFLX
DVD
Subscription
Rental
iTunes
WMT
TGT
AMZN
COST
BBY
Source: I.H.S Screen Digest and BMO Capital Markets.
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The entertainment industry is facing massive and potentially positive change as the nextgeneration technologies such as VOD, OTT aggregators, DVR, and streaming grow in availability, household penetration, and consumer utilization. The pie seems to grow each year as
new portals appear. This is not to say that one platform cannot be supplanted, such as what
Redbox kiosks did to Blockbuster. Blockbuster could likely have fared better versus Netflix
because 75% of US households are not Netflix subscribers and would still have rented videos
if a much cheaper and perhaps more convenient alternative had not arrived.
Enabling extended digital rights to the consumer level so that consumers can access their purchased film content across multiple platforms without incurring multiple or per use fees, is
certainly now on the horizon. Consumers are clearly willing to buy or subscribe to the new
and emerging distribution pipes and platforms, which create enormous opportunity for those
that engage, create, and control content in an innovative fashion.
There will be access everywhere, eventually. There is currently no killer app in the
OTT/digital revolution. There are many ways to access content and many aggregators, which
for the most part, are repacking film and television content already played or available elsewhere. Exhibits 69 and 70 detail projected OTT video delivery. We note that it will take most
of the rest of the decade for online television viewing to obtain a 50% penetration level. The
old adage that availability does not equal utilization should be seriously considered when
making investment decisions.
Exhibit 69. Projected U.S. Multichannel Subscription Substitution
with OTT Video Delivery
Total Occupied Households (HHs)
Total TV HHs
Total Residential High-Speed Data Subscribers
Total Multichannel HHs
% of Total Occupied HHs
Online Viewing HHs
HHs with Over-the-Top (OTT) Device
% of Online Viewing HHs
HHs with OTT Device Taking Multichannel Service
% of HHs w/OTT Device
Total Multichannel Substitutes (OTT Households)^
(mil.)
(mil.)
(mil.)
(mil.)
(%)
(mil.)
(%)
(mil.)
(%)
(%)
(mil.)
(%)
(mil.)
(%)
2010
116.1
115.9
76.2
98.5
85
33.4
29
18.2
55
16
16.2
89
2.5
2.1
2011E
117.2
114.7
79.8
99
84
38.2
33
26.3
69
22
22.3
85
4.5
4
2012E
119.7
117.2
83.5
99.7
83
43.8
37
32.7
75
27
26.8
82
6.6
6
2013E
121.2
118.7
86.9
100.5
83
49.2
41
38.1
78
31
30.3
79
8.6
7
2014E
122.7
120.1
89.8
101.3
83
54.8
45
42.5
78
35
33
78
10.4
8
2015E
124.3
121.6
92.8
102.2
82
60.4
49
48.4
80
39
37.3
77
12.1
10
CAGR
(%)
1.4
1
4
0.7
12.6
21.6
18.1
37.2
Source: SNL Kagan.
Exhibit 70. Device Breakout of Projected U.S. Households Viewing
Content with OTT Delivery
Device Type
Game Console
Stand Alone Set-Top Box
Internet Connected TVs and Blu-Ray Player
PCs/Home Media Server
Combined Video Devices for OTT Delivery
Average per HH
Total Households with Over-the-Top (OTT) Device
(mil.)
(mil.)
(mil.)
(mil.)
(mil.)
(mil.)
2010
7.2
4.6
2.0
6.2
20.1
1.1
18.2
2011E
10.2
9.4
6.7
8.4
34.7
1.3
26.3
2012E
13.1
13.1
15.6
10.0
51.8
1.6
32.7
2013E
16.0
15.9
26.3
11.3
69.5
1.8
38.1
2014E
18.7
17.7
36.3
12.4
85.2
2.0
42.5
2015E
21.5
19.0
47.9
13.4
101.9
2.1
48.4
CAGR
(%)
24.3%
32.5%
89.6%
16.7%
38.4%
13.8%
21.6%
Source: SNL Kagan.
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Consumer demand for filmed entertainment product remains relatively healthy as new distribution platforms extend the shelf life of filmed entertainment and expand the revenue cycles
for content on a variety of formats. Those who have voiced a view that film library values
have meaningfully diminished are finding that new content aggregators are paying significant
dollars for library product. To wit, the EPIX-Netflix deal provides $960 million over five
years. Clearly the adoption of iCasting, streaming, downloads, HDTV, digital 3D, among others, via subscription or a la carte, is setting the stage for a new round of growth that, for the
most part, extends the profit generating capability of the created product.
What copyright owners (principally the major studios) are experiencing is new money being
paid for library titles as the Netflixes and Apples of the new delivery/distribution points bring
new global customers and help create new product windows. The beauty and benefit of this
part of the ecosystem is that much, if not most, of the film and television libraries already
have been amortized. The margins on most of these portals or individual transactions are
among the highest on a studio's P&L because of pre-expensing of product development and
low incremental costs for digital delivery.
We remain confident that the new platforms will expand the overall economic rewards for
content owners, albeit creating angst with some inevitable displacement. This should further
improve the financial profile of the business for the major media conglomerates, many of
whom own both content and a variety of end-point distribution channels. One of the greatest
benefits of the evolution away from physical distribution aside from manufacturing and distribution cost savings is the diminishing role of the middle man/aggregator. It costs between
$30,000 and $50,000 to digitize a film so that it is compliant with the various digital platforms. Direct consumer sell points/portals are arriving and picking up some momentum sales
wise, which will continue to be engineered in a way to maximize titles and dollar sales.
Digital Rights Management (DRM) will capture significant management and intellectual capital to master and monetize in a manner that can both protect from piracy and provide portability. The initial conceptualization of Disney’s Keychest or DECE’s UltraViolet (virtual library
in the sky) is a one-stop store-and-retrieve for digital content on multiple platforms. These options will play broadly over the next few years and will certainly take a very visible role in the
digital distribution/consumer end game. At the fledging stage, UltraViolet, and soon to be
launched Disney/Apple’s Keychest, should ultimately shake out a good portion of the fringe
players in content aggregation over the next few years.
While there has been very little movement in the theatrical to home video release windows,
we have seen 30- to 60-day exclusivity for sell-through emerge and the almost complete
elimination of the home video to VOD/digital rental window.
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Exhibit 71. Release Windows by Month
Months
1
2
Domestic Theatrical
3
4
5
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24 plus
$24 Billion in Revenues
$25-$30 SVOD, $12-$18 Hotel
Domestic Sell Through
$18 Gross Wholesale, a $9 Billion Business
International Sell Through
$18 Gross Wholesale
Domestic Rental (Digital &
Physical)
$10-$17 Gross Wholesale
Streaming
$2.50-$4.50
International Rental
Domestic Premium Pay TV
13
$7.93 Average Ticket Price, $11.03 for 3D, a $10.2 Billion Business
International Theatrical
Super VOD (includes hotels)
6
$18 Gross Wholesale
HBO, Starz, Showtime
International Premium Pay
TV
Domestic & International
Cable
Domestic & International
Broadcast
Source: BMO Capital Markets
VOD/streaming/subscription, etc. services are gaining traction, but the studios are still getting
paid! VOD is finally gaining traction beyond events such as sports and concerts as consumers
pushed the buy button 25% more in 2011. Increasingly, the convenience, HD quality, closure
of many rentailers, delays in subscription availability, and broader studio offerings are enticing the push-button option.
Every major studio is experimenting in the digital world as the secular and cyclical changes
occurring with consumers evolve. Most content owners have not been hasty to make deals beyond two to three years with any of the content aggregators, in part because of existing deals
and in part because access and business models of the digital world are still evolving.
We do not characterize the success quotient as high relative to every new media opportunity,
but neither do we see excessive capital spent just to have a presence as smart or providing a
ROI that is advantageous. We believe significant attention is being paid to the learning curve
by the major studios, especially as revenue generation becomes a more visible part of the goal
of the major entertainment players. Keeping distribution deals short, picking different providers for licensing deals to keep the playing field full, and experimenting moderately-toaggressively with new devices and delivery systems are all tactics being employed.
In an attempt to not only protect, but also enhance profits, the major studios are shifting window access (28 days or more depending on pricing) and shrinking VOD releases to cable/telco providers to day-and-date with packaged media releases as VOD has gained traction
for movie rentals.
Content creation is a capital-intensive proposition, and the studios are unlikely to be squeezed
out of the value chain. Certainly the newbies in the distribution world, such as Netflix and
Hulu, have determined that creating original, and hopefully compelling, content with episodic
television offerings (House of Cards, Lilyhammer, Arrested Development for Netflix, Battleground for Hulu) can add to consumer perceptions and the value proposition, bringing a
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stickiness to subscription services. Web television, such as YouTube Channels, is experimental and may indeed be able to create a small handful of series that garner a loyal following.
We are just as confident that their success, whenever it might occur, is highly unlikely to lead
to a measurable cord-cutting migration at either the cable/satellite/telco or premium-pay level.
The challenge for the newbies is that the cost of these series has been running between
$750,000 and $2 million per episode, putting them in the strategic investment column rather
than profit column for the foreseeable future.
User generated content (UGC), at an earlier date thought by some to be a substitute for studio
created content, usually lacks the creative resources or production expertise to appeal to the
mass market or build a large enough or loyal fan base that can be monetized either by advertisers or subscribers at profitable levels. This is an enormous barrier to entry that would rarely,
if ever, have a financial impact on the larger or even large or small independent film producers. While the suggestion is ever present that YouTube, Facebook, and many others are formidable forces today and in the future, their core business model relates to the narrow band of
social media, which is highly unlikely to become an alternative to established distribution portals. If anything, they will become inexpensive promotional platforms for many studios to exploit. Our view: thanks for the platform, all you social networks!
The filmed entertainment content providers, primarily the studios, will take first place in the
content and delivery conundrum, in our opinion. As the entertainment pie gets bigger, the
adoption of new delivery methods grows, and filmed entertainment libraries become
monetized once again, the content providers will see their profits grow collectively as we
view the majority of new distribution portals as complements, not substitutes. That is not to
say, however, that some platforms will not be retired in the delivery shift and some may see
further declines in revenues. As a whole, we view the revenue generating opportunities for
film in the digital world growing over the long term, especially in the international marketplace over the next five years. As owners of the content, the studios have the ability to protect
and control their filmed entertainment, and without a large scale new entrant coming into the
content producing world, the studios will remain the primary source of content. In addition,
studios retain the control to design revenues and splits for their content to their best advantage; without the studios’ filmed entertainment libraries or production and development of
new entertainment content, there is little left for consumers to enjoy.
The brick and mortar rentailers will continue to disappear as new delivery portals and kiosks
with pricing at 25%-50% of traditional rentailers' proliferate. Blockbuster has closed, or is
closing, more than 60% of its stores. Other chains, such as Movie Gallery and local rentailers,
are experiencing the same woeful financial difficulties. The packaged media middleman will
also continue to suffer. There will likely continue to be a 1%-4% annual decline in sales of
Blu-Ray/DVDs. Retailers that have significant exposure (footage, SKUs, revenues) will continue to see fewer dollars from packaged media over the next five years. Certainly, the revenue declines are slowing, but it is not likely to take a meaningful or sustainable upturn in the
years ahead. It’s a digital world and most video retailers will not find their traditional transaction levels, even on high-profile product, getting any better.
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Overpayment by new content aggregators, which are strategically attempting to gain significant enough subscribers or market share to be one of the handful of eventual players in a new
digital world, are losing out. Their business model is overburdened in two ways: 1) the expense of licensing content, especially as some have already raised the cost to play by a factor
of 10 to 20; and 2) the cost to build a brand is hundreds of millions of dollars plus time (see
point 1) that is likely underearning versus required licensing payments. While we doubt announcements of new ventures will slow down for a year or two, we also think we will not see
much in the way of profits from the new players either.
The major studios are unlikely to find themselves with an untenable position, especially if
they continue to think, plan, and execute strategically. No one has made a dumb mistake that
Wall Street is aware of yet! For now, we should see more dollars for content that was expensed years, if not, decades ago.
VOD
Approximately 99% of US homes can now access digital signals from a cable/telco carrier.
VOD capability is in nearly 54% of digital homes now as digital adoption by the consumer is
required to access VOD offerings. Three things have been revealed over the past three years
relative to VOD: 1) consumers are now utilizing VOD for paid movie rentals; 2) consumers
have access to multiple devices to get movies on an a la carte basis, which is helping the buyin; and 3) shifting windows (delaying Netflix, Redbox, etc.) and shrinkage of VOD release to
day-and-date with package media is gaining consumer acceptance. While DVR usage is up
meaningfully, we think the option has retrained consumers to think in a nonlinear fashion.
This, combined with closing rentailers, is driving consumers to use VOD to access movies.
Also the closing of thousands of video stores, use of iTunes for downloads, and ease of access
have mitigated previous cost and access barriers.
Many of the cable system operators believe that day-and-date parity with home video release
dates would drive revenue on the VOD platform to higher levels and a number of studios are
beginning to include most product that will go to VOD access into day-and-date. It might be
premature to correlate accelerating VOD revenues with day-and-date despite the logic. In any
event, more homes are VOD-enabled and fresher film product is being promoted to and accessed by consumers. This trend should go on for the next few years. It has been simple for
the media and some investors to look at the VOD platform and presume that because the
technology is available, consumers will pay to use it. This has not proven to be the case yet.
That being said, leveraging advertising to multiple distribution portals is a high priority for the
major entertainment studios.
The following discussion reveals the economics of BD/DVD and VOD for content suppliers,
principally the major studios. The unit gross profit on a BD/DVD disc is in the range of
$8.00-$12.00 on a $16.00-$21.00 gross wholesale price point versus $2.50-$3.50 on a $4.99
VOD or streaming charge considering a 50%-70% split for the content provider from the cable system operator.
The challenge of providing frontline content for VOD remains scale and substitution. We do not
doubt that the studios are experimenting more fully to gain a better understanding of consumer
interest in VOD and streaming, and quite frankly, we think they have to be pleased that VOD is
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through levels for all but a few of the top event films of the year. With home video typically
generating more than 35%-40% of a film’s first-cycle profits, we believe the importance of this
revenue stream will continue to be tightly managed alongside emerging access platforms.
The revenue levels of VOD releases, for the most part, are now 25% of the newly defined
home video revenue pie. Digital is not substituting dollar for dollar the declines in sellthrough as a meaningful part of those declines relate to library and TV product, not first-run
movies. Nevertheless, a decline is a decline. The variables for consumer and studios, including DRM across various platforms, piracy in a digital world, storage limitations and download
times, will take time to sort out.
Economics of Streaming
Streaming video arrived with much conceptual fanfare in 2010, and we expect a fair amount
of data points, film product available, and customers (subscribers or a la carte consumers) to
push the IPTV platform in new directions and dimensions for decades to come. Whether there
is an “over-the-top” distinction or not, streaming will grow in utilization of watching videos at
home. The following exhibit details estimates for the market over the next few years.
Exhibit 72. Internet VOD Projections, 2008-2014E
(in millions)
PC HHs
Internet Penetration of PC HH
Internet HHs
Broadband Penetration of Internet HH
Broadband HHs
Broadband HH growth
Online Video Subscription Services:
Online Video Sub HHs
Net New Online Video Sub HHs
Avg. Online Video Sub HHs
Avg. monthly revenue per sub
Total Online Video Sub Revenues
2008
91.0
97.4%
88.6
82.1%
72.7
9.9%
9.4
1.9
8.4
$2.03
$205.20
% of HSD HHs making Online Video Purchases
Online Video Purchasing/Rental HHs
Net New Online Video Purchasing/Rental HHs
Avg. Online Video Purchasing/Rental HHs
Online Video Purchases:
Total Movie Titles Purchased
Avg. Movie Purchase price
Total Movie Purchase Revenues
Total TV Titles Purchased
Avg. TV Episode Purchase price
Total TV Purchase Revenues
Total Movie and TV Purchase Revenues
Movie Purchase % of Total Purchase
TV Purchase % of Total Purchase
Online Video Rentals:
Total Movie Titles Rentals
Avg. Movie Rental price
Total Movie Title Rental Revenues
Total TV Titles Rentals
Avg. TV Episode Rental price
Total TV Rental Revenues
Total Movie and TV Rental Revenues
Movie Rental % of Total Rental
TV Rental % of Total Rental
Summary:
Total Online Subscription Revenues
Total Online Movie Revenues
Total Online TV Revenues
Total Online Video Revenues
Growth
2009
92.0
96.8%
89.1
88.8%
79.1
8.8%
12.3
2.9
10.8
$2.57
$334.33
2010
94.8
96.3%
91.3
90.9%
83.0
4.9%
18.0
5.7
15.1
$5.09
$923.95
2011E
98.3
96.4%
94.7
88.7%
84.0
1.2%
20.2
2.3
19.1
$6.30
$1,444.81
2012E
101.5
96.4%
97.8
87.0%
85.1
1.3%
21.5
1.3
20.9
$7.48
$1,874.82
2013E
104.0
96.4%
100.3
88.5%
88.8
4.3%
22.2
0.7
21.9
$7.66
$2,007.30
2014E
106.5
96.5%
102.7
89.6%
92.1
3.7%
22.5
0.3
22.4
$7.82
$2,099.36
9.8%
6.6
1.4
5.9
10.9%
7.8
1.2
7.2
11.8%
9.1
1.3
8.5
12.7%
10.3
1.2
9.7
13.6%
11.6
1.3
11.0
14.6%
12.9
1.3
12.3
15.6%
14.4
1.4
13.7
22.1
$13.63
$301.73
107.9
$2.02
$218.17
$519.89
58.0%
42.0%
44.3
$14.32
$634.17
142.1
$2.04
$289.38
$923.55
68.7%
31.3%
65.1
$14.28
$929.81
167.0
$2.06
$344.74
$1,274.54
73.0%
27.0%
83.8
$14.36
$1,203.50
192.9
$2.13
$410.60
$1,614.09
74.6%
25.4%
105.2
$14.44
$1,519.49
224.9
$2.27
$509.91
$2,029.39
74.9%
25.1%
129.0
$14.41
$1,858.68
262.4
$2.50
$656.89
$2,515.57
73.9%
26.1%
151.2
$14.39
$2,176.79
297.3
$2.61
$775.67
$2,952.46
73.7%
26.3%
7.7
$4.86
$37.50
0.4
$0.99
$0.37
$37.86
99.0%
1.0%
16.6
$4.58
$76.11
0.1
$3.99
$0.22
$76.33
99.7%
0.3%
28.5
$4.41
$125.71
0.3
$1.62
$0.51
$126.23
99.6%
0.4%
63.8
$4.15
$264.52
1.3
$1.17
$1.54
$266.06
99.4%
0.6%
144.5
$3.99
$576.30
1.6
$1.32
$2.11
$578.41
99.6%
0.4%
306.1
$3.89
$1,190.20
2.0
$1.70
$3.43
$1,193.63
99.7%
0.3%
407.6
$3.88
$1,583.05
2.6
$2.14
$5.59
$1,588.64
99.6%
0.4%
$205.20
$334.33
$339.23
$710.28
$218.53
$289.61
$762.96 $1,334.22
83.4%
74.9%
$923.95
$1,055.52
$345.25
$2,324.72
42.2%
$1,444.81
$1,468.01
$412.14
$3,324.96
34.1%
$1,874.82
$2,095.79
$512.02
$4,482.63
33.2%
$2,007.30
$3,048.89
$660.32
$5,716.50
36.2%
$2,099.36
$3,759.84
$781.25
$6,640.45
21.1%
39.7%
45.4%
14.9%
43.5%
44.2%
12.4%
41.8%
46.8%
11.4%
35.1%
53.3%
11.6%
31.6%
56.6%
11.8%
Subscription % of Total
Online Movie % of Total
Online TV % of Total
26.9%
44.5%
28.6%
25.1%
53.2%
21.7%
Source: SNL Kagan, BMO Capital Markets, and industry estimates.
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We believe too much of the debate has been the broadly defined home video marketplace. It’s
not a secret that approximately $6 billion has left the traditional home video/packaged media
segment from its peek years (2005-2007). We estimate that about one-third to one-half of that
has returned in the incremental gains of VOD and internet-based platforms, and we note that
the annual declines have shrunk significantly this past year. Exhibit 73 visualizes how the
platform is likely to grow.
Exhibit 73. Projected Internet Movie Revenues, 2008-2020E
$6.30
7.00
$5.71
$5.03
6.00
5.00
$3.76
$3.67
$3.37
4.00
$3.00
$ bil.
$2.10
3.00
2.00
1.00
$2.18
$0.34
$1.06
$0.30
$0.04
$1.52
$0.93
$0.13
0.00
2008
2010
$1.58
$2.03
$2.34
$2.63
2018E
2020E
$0.58
2012E
Rental
2014E
2016E
Purchase
Source: SNL Kagan and BMO Capital Markets
The economics of streaming are still developing and are subject to bandwidth speeds available
through various providers. When consumers choose the VOD option through their video system provider to the home, be it cable, satellite, or telco, bandwidth is not an issue, but as consumers turn to an IP-driven delivery model it becomes more of a factor in terms of download
times and picture quality as Exhibit 74 details.
Scalability of the IP model does raise the age old issue of router, switching, and server capacity for the video provider and limitation that may exist as to how many customers can actually
be using the systems simultaneously. Estimates vary from 10% to 20% of subscribers to the
wire (fiber or coaxial) provider video can utilize the service simultaneously, perhaps not a
critical issue given that only 30% of households are currently subscribers to an IP content
provider. System capacity likely grows over time, but the amount of bandwidth grows proportionally as picture quality increases.
An additional issue looming is the intention of most IP services to move to a pay for usage
model that could cause a multiplier effect on bandwidth usage as most films range in size
from about two gigs to almost 30 gigs in BD quality. If aggregators face consumers getting
charged a dollar or two per film for bandwidth use, it may limit usage by some who might
find it easier and/or cheaper to use their cable connection rather than a third party.
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Exhibit 74. Economics of Streaming
Bitrate
(Mbps)
Online
Video
2.20
4,600
4,600
4,600
4,600
4,600
4,600
4,600
100
100
100
100
100
100
100
100
13,200
1,689,600
1,650
1.6
15,600
1,996,800
1,950
1.9
19,200
2,457,600
2,400
2.3
21,000
2,688,000
2,625
2.6
33,000
4,224,000
4,125
4.0
58,800
7,526,400
7,350
7.2
116,400
14,899,200
14,550
14.2
240,000
30,720,000
30,000
29.3
49
58
71
78
122
218
432
890
Average Broadband Connection Speed
(Kbps)
Movie Length
(Minutes)
Movie File Size
Movie File Size
Movie File Size
Movie File Size
(Mb)
(KB)
(MB)
(GB)
Movie Download Time
(Minutes)
Online
HD Video
2.60
Online
HD Video
3.20
Standard
TV
3.50
Online
HD Video
5.50
DVD
9.80
HD
Broadcast
19.40
Blu-ray
40.00
4,600
Cost per Gigabyte Delivered
Bandwidth Cost per Film Delivered
% Revenue Spent on Delivery
$0.07
$0.11
2.6%
$0.07
$0.13
3.0%
$0.07
$0.16
3.7%
$0.07
$0.18
4.1%
$0.07
$0.28
6.4%
$0.07
$0.50
11.4%
$0.07
$0.99
22.6%
$0.07
$2.05
46.5%
Movie Rental Download Price
Studio Share of Download
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
$4.41
70.0%
$3.09
Content Distributor Revenue After Bandwidth Cost
Movie Download-to-Own Price
Content Distributor Revenue After Bandwidth Cost
$1.21
$1.19
$1.16
$1.14
$1.04
$0.82
$0.33
($0.73)
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$14.28
68.5%
$9.78
$4.39
$4.36
$4.33
$4.32
$4.22
$4.00
$3.50
$2.45
Premium VOD – Unsuccessful Experiment So Far!
The focus on the potential shrinking distribution window into the home video/EST platforms
the past few years created some level of investor angst from time to time. The often mused
premium VOD (it was even bouncing around when the linear PPV option was used!) was
tested by two major studios in 2011 and was a non-revenue event. The cost factor of $25-$30
per click is a very limiting variable, in our opinion. Exhibit 75 defines the economics of premium VOD and traditional VOD for the studio and video provider using 70%/30% splits.
Some in the industry have suggested that studios may keep 80% of the up-charge.
Exhibit 75. Premium Vs. Traditional VOD Scenarios
Premium VOD
Price Points
Studio Take - 70%
Distributor Take - 30%
$25.00
$17.50
$7.50
$30.00
$21.00
$9.00
$35.00
$24.50
$10.50
$40.00
$28.00
$12.00
$50.00
$35.00
$15.00
Traditional VOD
Price Points
Studio Take - 70%
Distributor Take - 30%
$2.99
$2.09
$0.90
$3.99
$2.79
$1.20
$4.99
$3.49
$1.50
$5.99
$4.19
$1.80
$6.99
$4.89
$2.10
Source: SNL Kagan and BMO Capital Markets and industry estimates.
The economics for the studio are compelling if they are compared with traditional VOD or
disc economics should those be the target consuming platforms. However, the content providers are unlikely to commit to a new distribution window that meaningfully cannibalizes revenues elsewhere. Perhaps even more problematic is the promotional costs to gain audience
awareness and build a new consumption behavior. It is fairly clear that the heavy lifting for
promotional costs will be borne by the studios, and we sense as a home video substitute it is a
very expensive proposition. We do not believe premium VOD is a substitute for the theater,
even if exhibitors have predictably made the most noise about the potential encroachment.
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We have already discussed our view of the potential dynamics around the new window versus
the potential threat to the theatrical exhibition. We think it is minimal for the next few years.
As to the home video market, we think it may cannibalize a very modest amount in rentals
and sales.
Kiosks
The entry of the kiosk is providing consumers with an estimated 46,500 plus local venues to
access video rental product. Kiosks now account for 22% of the rental business. The major
players in the business are Redbox, owned by Coinstar, and Blockbuster Express, which is
currently being sold by NCR to Coinstar. Product typically rents for $1.00 per day and given
its convenient access, is growing market share fairly rapidly. Kiosks’ rapid growing unit levels will continue to take video rental market share from other brick-and-mortar rentailers.
Exhibit 76. Kiosk Projections, 2006-2012E
Year
2006
2007
2008
2009
2010
2011
2012E
Total
Kiosks
2,882
5,765
16,118
26,200
39,000
46,500
51,000
Total Rental
Turns (MM)
2.5
5.3
214.7
425.5
703.9
882.2
996.5
Rentals/
Location Average
(000's)
Spending/Rental
0.9
0.9
13.3
12.5
18.0
19.0
19.5
Total Kiosk
Rental Spending Revenue per
(MM/$)
Kiosk (000's)
$2.00
$2.02
$2.02
$2.02
$2.02
$2.02
$2.03
$5.0
$10.7
$434.2
$859.5
$1,423.2
$1,785.6
$2,019.0
$1.7
$1.9
$26.9
$32.8
$36.5
$38.4
$39.6
Ultra Violet – Bridge to the Digital Future
The roll-out in late 2011 of the Digital Entertainment Content Ecosystem (DECE) cloudbased digital rights management platform, UltraViolet (UV), has now set the state for the next
generation in content ownership and access. Consumers will ultimately be able to buy content
once and watch it on most of their screened devices as well as upload existing DVD/BD media to their dedicated digital locker.
The design of UV should allow consumers to aggregate their film libraries (digital right) in a
relatively convenient location, access that content from multiple connected devices (computer, TV, tablet, mobile, game console, BD player, etc.) to download or stream and let it be
used by up to six family or household members. Consumers will ultimately be able to repurpose existing disc libraries to their digital locker via conversion.
Currently, the UV consortium (alliance) includes those listed in the following exhibit.
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Exhibit 77. UltraViolet Alliance, 2012
Adobe
Akami
AMD
Arxan
BBC Worldwide
BBI
Best Buy
Blue Focus
Cable Labs
Catch Media
CGX
Cisco
CMCSA
COX
Cyberlink
Dell
Deluxe
DIVX
Dolby
DTSC
Elemental
Film Flex
FOX
HP
IBM
Intel
Kit Digital
LGF
Liberty Global
Lodge net
Motorola
MSFT
NBC Universal
NCR
NDS
Nokia
NVIDIA
Panasonic
Paramount
Philips
RIAA
Rogers
Toshiba
Rovi
Roxio
Sky
Samsung
Sea Change
Sony
T Mobile
Technicolor
VeriSign
Village Roadshow
Vudu
Warner
Source: BMO Capital Markets, UltraViolet, and industry estimates.
Content is available today from Warner Bros, Sony, Fox, Universal, Lions Gate, Paramount,
Flixster and likely Amazon for the UltraViolet platform, usually as a digital code attached to a
BD movie purchase. Increasingly, the ability to buy the digital rights will be totally segregated from the physical media piece.
Conspicuously absent are Disney and Apple, which have been collaborating on an alternative
cloud-based service, KeyChest. From what has been shared by Disney, KeyChest would operate in a similar fashion as UV by providing a cloud-based digital home for digital rights that
would have access through most streaming or download connected devices. We believe Apple’s closed ecosystem has been a favorable factor in its consumer relationships and its own
iCloud business would complement the digital rights appeal to consumers who continue to
demonstrate loyalty to the platforms.
Two key consumer touch points that are essential for broad adoption are the current packaged
media retailers (Walmart-about 35%-40% market share, Target, Best Buy, and Amazon)
which can facilitate placement of the digital copy to an individual’s account. The second necessity is the ability to migrate existing library ownership to the cloud (disc to digital), which
is one of UltraViolet’s most attractive features.
From a consumer adoption view, UV has signed up over one million subscribers in its first
few months of operation. The free membership should help grow its base. There is an inherent
attraction to many key demographic homes to utilize digital platforms versus the historical
physical media predominance. Reaching a broader subset of the population will require a
more seamless password piracy protection gate (entering multiple passwords and codes feels
cumbersome at this point). We are confident the access formula will get refined and improved
over time and not be an impediment to adoption. Exhibit 78 details how we project membership growth will occur.
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Exhibit 78. UltraViolet Subscriber Projections, 2011-2015E
10.5
8.5
in millions
6.6
3.5
1
2011
2012E
2013E
2014E
2015E
Source: BMO Capital Markets and industry estimates.
There is little consistency in strategy or availability of titles among the major studios, as you
would expect. The windows game among studios, distributors, (theaters, rentailers, digital
nonlinear aggregators, cable, and broadcasters) and consumers is in the transition and experimentation stage. The R&D that will go on over the next few years will give content producers
and distributors quantifiable and monetized insights into consumer preferences and behavior.
Cloud-based storage is attractive to a meaningful percentage of filmed entertainment users.
The multiple device access and multiple household users are appealing to an even larger
group. Do these variables add buying power back into the marketplace, regaining ground lost
to kiosks and subscriber services from nonlinear aggregators? Only modestly, in our opinion
at this point.
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Home Video: Trends and Perspectives

We believe four major factors have compressed packaged media home video revenue
over the past few years. First, we believe mass merchants are limiting promotional pricing for potential high-unit sales titles, which for the first week or two in a major event
film DVD/BD release often created more unit sales that are profitless transactions for the
retailer to drive foot traffic into the store. Second, economic conditions are reducing volume sales as consumers redesign their consumption patterns to less expensive or easier
access alternatives. Third, Blu-Ray is creating some level of transition confusion or constraint with a higher price tag attached, especially in the highly marketed premium packaging. Last, inroads by EST are gaining traction in a very healthy fashion. The variance
in tie ratios leads us to believe that the specific content of a film is driving unit sales versus historical trends, as opposed to the economy or platform alternatives. The best examples of this include Avatar and Toy Story 3. Exhibit 79 details the domestic video conversion rates versus domestic box office gross for films released over the past several years.
Exhibit 79. Quarterly Video Conversion Rates, 2004-2011
1Q
2Q
3Q
4Q
2004
0.87
0.69
0.84
0.93
2005
0.98
0.83
0.90
0.73
2006
0.90
0.86
0.88
0.85
2007
0.87
0.75
0.76
0.81
2008
0.86
0.68
0.81
0.70
2009
0.70
0.49
0.55
0.52
2010
0.46
0.40
0.46
0.48
2011
0.44
0.36
0.43
0.41
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
The maturing home video industry is getting its third and fourth makeovers, after revenue
sharing, BD/DVD, and now EST. At the same time Blu-Ray becomes broadly available
at mass-market hardware prices and the digital revolution arrives with thousands of films
to stream or download via subscription and pay-as-you-play models. This game is in the
early running and consumers are discovering its limitations including quality/light on
HD, availability, and age of films/few newer titles.

The emergence of the 28-day home video sell-through window, likely getting shoved to
56 days, pushed in large part by new agreements that many studios have with Netflix and
Redbox, should strategically enable studios to maximize retail sell-through revenues (as
75% of DVD/BD retail sales come in the first four weeks) as well as leverage VOD rentals, which carry 70% gross margins. The second revenue maximizing strategy has been to
limit the resale of used discs by rentailers at discounted prices after a few weeks of rentals that compete with new product sales.

Digital rights management issues remain in other emerging mediums, not the least of
which is portability. Some studios include a digital copy of a film in their Blu-Ray packaging for a $2-$3 up-charge. While still experimenting, we think this is an important step
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in addressing consumer frustration about portability of investment in films. Expect more
experimentation and headlines about this as the DECE consortium continues to roll out
UltraViolet. It remains to be seen if owning content in the cloud and gaining significant
portability is enough to drive buy rates at higher costs.
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
UltraViolet and eventually Keychest from Disney and Apple are introducing cloud storage and multi-platform access. UltraViolet recorded its one-millionth subscriber late in
2011. It becomes one more option for the consumer, although it is likely to achieve
higher membership as consumer technology is simplified. Portability of digital rights
management is a high consumer priority. Disintermediation is in the wind here, so we expect technology and logistics for UltraViolet will improve rapidly.

EST is moving toward technological critical mass as consumers experience great access
and familiarity with streaming and downloading, especially as consumer electronic devices come with built-in software and wireless internet access to branded content aggregators. These are modest businesses at the moment but will provide a new platform for
studios to monetize and sequence in the convenience-price-point spectrum.

Same-day VOD/DVD/BD “day-and-date” releases have moved from concept to broadbased reality as most successful films were available day-and-date and some were available pre-DVD release, which has caused the overall window to shrink to a negative 17
days. We think there is only a modest correlation between declines in sell-through and
narrowing or eliminated release windows for VOD.

As theater viewing moves to digital, home video moves to high definition and/or digital,
and consumers settle in with a new tech-driven home theater with multiple access points
for content, we think individuals are likely to show a meaningful preference for the better
visual and audio experience as opposed to “VHS quality” downloads that are increasingly
available via a variety of nonlinear providers. This competitive advantage, at least from a
qualitative perspective, is formidable for now, although quality is improving as MPEG-2
and MPEG-4 evolve.

Do not be confused by the accelerated acceptance, testing, and utilization of the variety of
access connections to secure filmed entertainment. The studios will continue to push toward disintermediation (it is not likely to be a Netflix-ruled world), whether with streaming or downloading. The major producers will continue to look for ways to increase their
portion of the revenue spread and may see more limited value to content aggregators over
time, but there is no reason not to take their money in the meantime.

Netflix has grown the online subscriber base to upwards of 22 million domestic customers now. Although by-mail consumers represent just over 20% of the BD/DVD homes,
mail remains a viable preference for a growing number of households. Those same
households generally still use VOD (and paid $4.00-$5.00 per click) for more spontaneous viewing, which is certainly a convenience when time, weather, etc. create the need.
The online market may grow to 25% of domestic households over the next few years.
Breaking into the BD subscription flow may be a less profitable proposition.
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
The international home video market is also seeing economy-driven contractions but
fewer technology-driven declines. The business is also strapped with negative currency
exchange rates at times on top of the broad economic impact, which at times skews revenues and could lead to poorly correlated conclusions about causation. With a smaller percentage of connected homes, the international markets are somewhat less vulnerable to
new distribution platform competition at the moment. This is a tough situation when piracy is the dominant market share leader in many of the largest population territories.

Studio revenue margins on the home video business have come under pressure as meaningful platform changes have occurred. The video rental business margin consistently
hovers in the 25% range with revenue sharing, while the margin on sell-through is steady
in the 79%-80% range. The new deals with those agreeing to a 28 day delay before a
rental window lowered margins a few percentage points in 2011 and will again in 2012.
Lower sales also hit margins by at least 400 bp in 2011.
Exhibit 80. Home Video Margins, 2002-2011E
57.4%
56.3%
57.2%
57.4%
54.0%
53.6%
50.1%
45.8%
41.0%
37.0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011E
Source: Adams Media Research and BMO Capital Markets and industry estimates.
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
The packaged media sales window is becoming crowded during the peak holiday release
periods. This has added significant dollars to advertising budgets and created a marketing
frenzy for the holiday season when a BD/DVD release might generate 10% or more in
incremental sales owing to the gift quotient and “under $20” value proposition. Every
Tuesday, the typical weekday retail release date for video, beginning in late September,
there is a new BD/DVD sell-though release that ultimately generates anywhere from 4
million to 10 million unit sales during its first-cycle release.

Advertising expenditures for print, outdoor, inserts, co-op, onscreen, television, and the
like for targeted for home video releases for even mid-level theatrical releases start at a
few million and can escalate beyond $30 million for event releases (Harry Potter, Twilight etc.). Marketing spend by the studios alone for home video likely exceeded $1.0 billion in 2011, continuing the upward trend from previous years, with the vast majority of
those dollars going to television and cable networks as well as co-op advertising with selected mass merchants. Clearly, subscription models negate the necessity for some ad
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spending, and we have not seen much in the way of co-op advertising for kiosk players.
VOD does get some marginal promotion, a variable that is likely to go up as VOD generates increasing revenues.

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Is it a Streampix versus Netflix world? Netflix clearly has first-mover advantage once
again in the home video subscription world (streaming now), but it will not be battling for
(or battling to retain) subscribers in this next touch point for consumers. Multichannel
providers (cable and telcos in particular) are building streaming and were connected
brands to maintain a primary video relationship with their customer base with offerings
ranging from TV Everywhere and now Streampix. As alliances form, the move by Comcast’s Streampix will be available on Apple’s iPad and iPhone devices. At $5.99 versus
Netflix’s $7.99, even with moderately differentiated content of film and TV, consumers
win.
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The theatrical exhibition business has been ground zero for the filmed entertainment industry
for almost a decade. It has grown to be a $15 billion domestic industry (admissions, concessions, ad revenues, and others) and close to $45 billion worldwide. The industry has weathered a proliferation of ancillary access points for consumers who can now enjoy films on
home video (broad definition) as well as on pay, cable, and broadcast networks.
In our opinion, the five most important dynamics today for investors to consider relative to
the exhibition industry are: 1) film releases; 2) admission and concession pricing flexibility;
3) availability and utilization of 3D screens; 4) alternative content growth; and 5) competitive
vulnerability from other media portals. Under most scenarios, the domestic industry is not
likely to be a double-digit grower, but individual company profitability is potentially enhanced by digital projection and 3D, on-screen advertising dollars, and new alternative programming offerings via digital networks such as sports, concerts, opera, and corporate/community venue utilization gains traction. We sense little ticket pricing resistance to the
2%-4% increases that theater owners have implemented annually over the past decade or so,
as indicated by the admissions numbers. 3D or large screen format ticket premiums ($3.00
plus per ticket) enable tiered ticket price increases for films. Concession pricing has benefited
from concession packaging and also appears to be somewhat flexible, although we sense more
caution on concession pricing by many of the larger exhibitors. Theater concession prices always seem expensive, but that rarely stops per capita spending from staying close to admission/CPI level of increases.
The financial dynamics of the film industry have pitted producers (studios and independents)
and distributors against end point retailers such as theaters, video retailers, and digital aggregators. This is not a new phenomenon for the industry. At times, too many movies have
chased too few screens, and at other times, too many screens have chased too few movies. We
are likely in an era where too many 3D films have been chasing too few 3D-enabled screens,
although we expect this disparity to be rectified by the end of 2012 in the US. As new distribution platforms emerged in the early 1990s, such as home video and pay-TV, and film releases became wider in the international markets, producers moved to make more films, leading theaters to build more screens, which in turn then changed the financial dynamics as the
supply of films or capital to produce them disappeared in 2009-2010. The end result in the
1990s was too many screens or uneconomical leases, which eventually led to financial restructuring and new ownership for many of the circuits early in the millennium.
An Exhibition Review
The 2011 domestic box office finished down 3.7% owing to a difficult first-quarter comparison that could not be offset by the gains from second- and third-quarter films and was further
challenged by a very anemic fourth quarter from a comparative basis. Admissions were down
4.2% for the year on a ticket price increase of approximately 0.5%. The major studios released close to 1% more films in 2011, a reversal of the declines seen over the past four years.
The arrival of digital cinema and 3D, as well as accelerating gains in digital screen counts
(roughly 25,621 digital screens and 12,565 digital 3D screens in the US), is giving consumers
the option of an enhanced experience at the movies and theater operators an opportunity to
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sell tickets at a $3.00-plus premium and special events at as much as $25 premiums (Metropolitan Opera, World Cup Soccer, etc.). The North American exhibition industry statistics are
detailed in Exhibit 81.
Exhibit 81. Exhibition Statistics and Growth Trends, 2000-2011
$10,595
Domestic Box Office (MM/$)
$9,155
00-11 CAGR
=2.9%
$9,663
$9,381
$9,240
2001
2002
2003
2004
2005
5 yr CAGR =
1.3%
Recessionary
Period
`
Recessionary
Period
2000
$10,174
$9,209
$8,841
$8,412
$7,448
$10,565
$9,630
2006
2007
1,406
1,404
2008
2009
2010
2011
Admissions (mil)
1,576
1,532
1,487
1,379
2000
2001
2003
2004
2005
2006
2007
00-11 CAGR =
3.6%
$6.88
$5.39
6.0%
2000
$5.66
$5.81
$6.03
2002
1,283
2003
2004
Screens +/# Studio Films Released
Admissions +/Avg Ticket Price +/-
2005
$7.18
2009
2010
2011
$7.89
$7.93
5.2%
0.5%
$7.50
4.5%
4.4%
3.2%
3.0%
2008
$6.55
$6.41
$6.21
3.8%
2.7%
Recessionary
Period
2001
1,339
`
Recessionary
Period
2002
Avg Ticket Price
% Increase
1,413
1,341
00-11 CAGR =0.9%
Recessionary
Period
5 yr CAGR = 2.2%
1,511
1,421
2.2%
2006
5.0%
Recessionary
Period
2007
2008
2009
5 yr CAGR = 3.6%
2010
2011
2000
2001
2002
2003
2004
2005
-2.3%
-3.1%
1.9%
0.4%
1.8%
3.0%
3.7%
0.8%
-0.8%
5.9%
8.9%
-0.7%
-3.0%
4.6%
6.0%
-2.8%
-1.4%
-8.7%
6.0%
11.3%
2.7%
3.8%
3.0%
3.2%
CAGR Admissions (00-11)
-
4.6%
5.3%
2.5%
1.5%
-0.6%
CAGR Screens (00-11)
-
-3.1%
-0.6%
-0.3%
0.3%
0.8%
CAGR Avg Ticket Price (00-11)
-
5.0%
3.8%
3.8%
3.6%
3.5%
Screens +/# Studio Films Released
Admissions +/Avg Ticket Price +/-
2006
2007
2008
2009
2010
2011
1.8%
1.5%
-0.4%
1.0%
0.8%
0.2%
11.2%
0.2%
3.9%
-11.8%
-1.4%
8.7%
2.0%
-0.1%
-4.5%
5.4%
-5.2%
-4.2%
2.2%
5.0%
4.4%
4.5%
5.2%
0.5%
-0.2%
-0.2%
-0.7%
-0.1%
-0.6%
-0.9%
CAGR Screens (00-11)
1.0%
1.0%
0.9%
0.9%
0.9%
0.8%
CAGR Avg Ticket Price (00-11)
3.3%
3.5%
3.6%
3.7%
3.9%
3.6%
CAGR Admissions (00-11)
Source: Motion Picture Association of America, boxofficemojo.com, Reel Source, and BMO Capital Markets and industry estimates.
Although attendance has grown at roughly the equivalent pace as population over the past 12
years (+3.6% CAGR), it is impressive that the plethora of filmed entertainment platforms and
price points consumers now have to access film product has seemingly cannibalized the exhibition industry attendance only modestly. Our observation and analysis suggest variances in
the commercial appeal of film product are a bigger driver of attendance fluctuations in any
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particular year than competing media platforms or other leisure time activities. Theatrical admissions were down approximately 4.2% in 2011, according to Box Office Mojo’s estimated
numbers. We expect 2012 admissions to be up modestly, which should drive mid-single-digit
box office revenue growth.
We believe the pricing power of concessions has been close to parity with ticket price increases, even if it feels higher. That said, cost pressures in the business (sugar, corn, cocoa,
vegetable oil, etc.) have increased but have not seemingly had a noticeable influence on industry concession margins, which have stayed at the mid-80% level or better for a decade or
more as detailed in Exhibit 82. It appears theater operators have been able to keep pace with
increased labor costs (minimum wages) and concession costs for at least the past five years.
Exhibit 82. Exhibitor Margins versus Commodity Pricing
89.8%
89.6%
89.2%
89.7%
89.0%
88.5%
85.9%
85.9%
85.7%
86.0%
86.4%
84.3%
84.3%
83.8%
84.8%
84.8%
79.6%
79.3%
79.3%
79.4%
78.9%
79.2%
2006
2007
2008
2009
2010
2011
85.0%
RGC
CKEC
CGX
83.9%
CNK
U.S. Fair Average Quality Cocoa Bean: Historical Weekly Spot Prices 2/20063/2012
$4,500
$3,500
$3,000
$2,500
USD/Metric Tonne
$4,000
$2,000
01
/2
7
05 /06
/1
2/
08 06
/2
5
12 /06
/0
8
03 /06
/2
3/
07 07
/0
6
10 /07
/1
9/
02 07
/0
8
05 /08
/2
3
09 /08
/0
5
12 /08
/1
9
04 /08
/1
0/
07 09
/2
4
11 /09
/0
6
02 /09
/1
9
06 /10
/0
4
09 /10
/1
7/
01 10
/0
7
04 /11
/2
2/
08 11
/0
5
11 /11
/1
8/
03 11
/0
2/
12
$1,500
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U.S. Sugar: Historical Weekly Spot Prices 6/2006-3/2012
$0.35
$0.30
$0.20
USD/Pound
$0.25
$0.15
$0.10
06
/0
2/
09 06
/1
5/
12 06
/2
9/
04 06
/1
3/
07 07
/2
7/
11 07
/0
9/
02 07
/2
2/
06 08
/0
6/
09 08
/1
9/
01 08
/0
2/
04 09
/1
7/
07 09
/3
1/
11 09
/1
3/
02 09
/2
6/
06 10
/1
1/
09 10
/2
4/
01 10
/0
7/
04 11
/2
2/
08 11
/0
5/
11 11
/1
8/
03 11
/0
2/
12
$0.05
Yellow Corn: Historical Weekly Spot Prices 11/2006-3/2012
$8.50
$6.50
$5.50
$4.50
USD/Bushel (56 lb.)
$7.50
$3.50
01
/1
2/
07
04
/2
7/
07
08
/1
0/
07
11
/2
3/
07
03
/0
7/
08
06
/2
0/
08
10
/0
3/
08
01
/1
6/
09
07
/1
7/
09
11
/0
6/
09
02
/1
9/
10
06
/0
4/
10
09
/2
4/
10
01
/0
7/
11
04
/2
2/
11
08
/0
5/
11
11
/1
8/
11
03
/0
2/
12
$2.50
Source: Company reports and BMO Capital Markets and industry estimates.
It is difficult to merchandise new food product offerings that carry an 85%-90% margin, but
most circuits have expanded food offerings that add incremental dollars to the business without denting cola and popcorn sales, which both carry astronomical 90%-plus margins. A small
cola and small popcorn are now more than $11 in many theaters in the top 20 US markets, potentially a “bargain” now that the small-sized beverage comes in a 32-ounce cup! Although
some theater circuits are upsizing unit packaging to deflect pricing resistance, the limitations
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of this packaging strategy are becoming more apparent, in our opinion. The mega-plex footprint with more square footage in the common areas to deal with larger crowds now affords
more options for food service, a strategy that has worked well for Cineplex in Canada and is
being tested in the US at various circuits (Regal, Cinemark, AMC), whether through branded
outsourcing or in-house kitchen facilities.
Circuit Transactions
Private equity has twice played a major role in this industry since the late 1990s. The first occurrence was in the distressed securities and bankruptcy process of 1998-2002 as eight of the
top eleven theater chains went through major reorganizations or bankruptcy. The second wave
of ownership change occurred from 2002 to 2005, as the public markets (in the case of Regal)
or private equity (AMC and Cinemark) brought in new owners or new capital. It appears the
next move of private equity may be to exit the business as evidenced by Onex’s sale of most
of its stake in Cineplex in 2009 and Madison Dearborn Partners’ sale of its remaining stake in
Cinemark in 2011
The following table delineates industry transactions over the past ten years.
Exhibit 83. Exhibitor Circuit Transactions
Year
2010
2009
2008
2007
2006
2005
2004
2003
2002
Seller
Kerasotes Theaters
Westcore Properties
Muvico Theaters, Inc
Consolidated Theaters
Cinema Entertainment Corp
Pacific Theaters
Century Theaters, Inc.
GKC Theaters
AMC/Loews
Famous Players (Viacom)
Buyer
AMC
Regal Entertainment
Cinemark Holdings, Inc.
Regal Entertainment
Marcus Corp
Reading International
Cinemark Holdings, Inc.
Carmike
Loews/AMC
Cineplex Galaxy
Eastern Federal R/C Theaters
RGC
Cinemark
Screens
Sold
972
35
4
400
122
181
1017
263
787
Price
Price Per Screen
($/MM)
($/000)
275
283.0
29
830.0
49
12,250.0
210
525.0
76
620.5
72
397.8
1,200
1,180.0
62
236.1
Merger of Equals
399
507.0
Estimated
EV/EBITDA*
6.0X
NA
7.5X
7.0x
9.0x
5.3x
10.0x
314
159
506.4
6.7x
Madison Dearborn & Partners
3,177
1,500
472.1
8.3x
Loews Cineplex
Bain Capital, et. al.
2,835
1,460
515.0
7.8x
Signature Theaters
Regal Entertainment
309
227
734.3
6.1x
AMC Theaters
J.P. Morgan Partners & Apollo Group
3,544
2,019
569.7
7.7x
Landmark
2929 Entertainment
185
80
432.4
14.9x
Hoyts Cinemas
Regal Entertainment
554
213
384.7
4.9x
Gulf States Theaters
AMC
68
45
661.8
4.8x
General Cinemas
AMC
701
175
249.2
3.4x
Grove Cinemas
Pacific Theaters
14
30
2,142.9
NA
*EV/EBITDA multiples reflect EBITDA for the year in which transaction occurred and is before any cost
savings or synergies.
Source: Company reports, Kagan, industry trade data, and BMO Capital Markets and industry estimates.
Now a number of privately held circuits, including Muvico, Rave, Hollywood, and a portion
of National Amusements, appear to be seeking buyers for corporate or financial reasons.
While the capital markets are far less restrictive than they have been in the past three years,
the capital allocation policies of many of the larger circuits seem to be directed to dividend
increases and debt repayments as opposed to major building programs. That said, we expect a
new phase of consolidation to begin later in 2013 as technology costs, tax issues, and industry
fundamentals motivate smaller regional operators.
Operationally, the industry focus has shifted from simply consolidating through screen closures,
leveraging geographical footprints, and acquiring additional screens, to a strategy of improving
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the customer experience with stadium seating, digital sound, 3D-enabled projectors or large
screen formatted theaters (XD, RPX, UltraAVX, etc). The operators are also offering more diverse concessions and dining services. Favorable elements for the industry include theater-level
economics (firm-term settlements versus historical sliding scales, on-screen advertising providing incremental revenues, 3D ticket premiums, alternative content, etc.), limited capital expenditure requirements (building fewer new screens), enhanced free cash flow, maximized advertising
and facilities platforms, expanded food service including alcohol at some locations, reserved
seating, and elevated film experiences via digital projection, large screen formats, and 3D.
Economic Splits
Surprisingly, little change has occurred in the economic splits on film rentals as an offset to
increasingly wider openings for event films, despite the migration to “firm-term” settlements.
The top five films of 2011 opened in an average of 4,000 or more theaters on more than 8,000
screens and now on more than 2,500 3D-enabled screens (when applicable). It has become increasingly normal for films to open in more than 3,500 theaters and on more than 7,500
screens, versus only 2,500-3,000 screens in the past decade. We realize that not all screens are
created equal, as some screens have just over 100 seats, while some of the largest auditoriums
in the US have slightly more than 2,500 seats. The average is approximately 220 seats per
screen by our estimation. The new battleground for studios is not for the highest seat count
screens, but rather for 3D-enabled screens, which create a supply problem during peak release
periods. We expect this problem to be rectified over the next 12 months as the major US exhibitors accelerate their ramp-up of 3D-enabled screens. With concession margins at nearly
86%, it simply pays to get consumers in the door. We expect to see the average film rental
costs in the 53%-54% range for 2012, basically unchanged. There will be exceptions (Avatar
was likely closer to 60%), but there is little leverage on either side of the equation to consistently move the average film cost out of that range, even though the success or lack of commercial appeal of any one film can influence the equation.
Theater and Screen Counts
Screen counts have moved sideways over the past two years as developer funds have disappeared. As delineated in Exhibit 84, the aggregate screen count for the theatrical exhibition
industry declined from the peak level of 37,131 in 1999 to an estimated 35,173 at the end of
2001 as bankruptcy enabled a cost-effective closure of unprofitable or disadvantageous
screens. Since 2001, the count has now risen to an estimated 39,641 with multi/mega-plexes,
stadium seating, digital projection, and enhanced concession facilities dominating the new
screen additions. Older facilities with unfavorable leases, smaller screen counts, and noncompetitive locations continue to be closed each year. Equilibrium in the screen count has allowed
for distribution stability in the financial pendulum. Today, there are still too many 3D films
chasing too few 3D-enabled screens during the peak release windows of summer and the
holidays. This past summer there were five or six 3D-formatted films in release on most
weekends.
The massive upheaval in financial markets a few years ago has significantly reduced the capital available to developers to build new theater complexes and is reducing new screen additions at least through 2012. New projects are getting built selectively, but they will be numbered to only a handful or two, adding less than 1% to the total screen count. The decline in
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film production in 2009-2010 may have also compressed motivation to build new screens in
the US, especially given the perception of revenue upside from 3D. The reality is that better
ROIC exists in 3D than new theater builds.
Theater-level economics are improving in other dimensions too as less favorable leases are
being renegotiated or unprofitable/competitive film zone theaters are closed in the new economy, average screen counts per theater continue to rise, which leverages theater-level overhead, and some operators achieve economies of scale as buying power for concessions and
FF&E (principally AMC, Regal, Cineplex, and Cinemark), and advertising is consolidated
over a larger base of screens.
The domestic screen count was roughly flat in 2011, which we believe indicates that the rationalization process that began last decade continues to play. Although each circuit has its
own goals, priorities, and plans, most of the major theater chain operators are closing older
theaters that typically have below-average screen counts and are selectively opening new
mega-plexes in higher-growth population areas that are underserved. As mentioned, developers have been at a meaningful disadvantage as capital markets have provided far fewer dollars
to build new projects over the past few years, meaningfully curtailing new screen builds. That
has been okay for exhibitors that have been far more focused on digital projection/3D installations than building new screens given the better ROIC characteristic of 3D. See exhibit 90 for
more analysis of 3D economics.
The average number of screens per theater for the leading exhibitors continues to be almost
double the average screens per theater for all theater operators. Given the declines in film output by the major studios over the past four years, we seriously doubt that very many megaplexes with more than 20 screens are going to be built once developers return to the game.
Exhibits 84 and 85 depict the trends in the screen rationalization process and its effect on
screen count per theater dynamics.
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Exhibit 84. Domestic Screen and Theater Count, 1990-2011
40,000
37,131
Number of Domestic Screens
35,000
Recessionary
Period
23,689
35,173 35,836
37,740 38,415
38,974 38,834 39,233 39,547 39,641
Recessionary
Period
31,865
29,731
30,000
25,000
36,280
34,168
35,995 36,652
24,300 25,000
25,787
26,586
Industry
Reorganization
Period
27,805
20,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Number of Domestic Theaters
8,834 9,051
8,800
8,113 8,008
7,966
8,300
Industry Reorganization
Period
8,316
7,798
7,480 7,418 7,477
7,800
7,300
Recessionary
Period
Recessionary
Period
6,992
6,800
6,253 6,144
6,100 6,031 6,114
5,939 5,928
6,300
5,942 5,884
5,827
5,800
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Motion Picture Association of America, NATO, I.H.S. Screen Digest, company data, and BMO Capital Markets and industry
estimates.
Exhibit 85. Domestic Screen Count per Theater, 1990-2011
Average Domestic Screens Per Theater
5.6
4.3
4.6
5.8
5.9
6.1
6.2
6.5
6.6
6.7
6.6
6.7
6.8
5.0
3.8
3.1
2.7
2.7
3.2
3.3
3.3
2.7
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Average Screens Per Top 10 Exhibitors
9.0
7.6
5.0
5.2
5.5
5.7
5.8
6.1
9.7
10.2
11.0 10.8 11.1 11.3 11.3
12.1 12.5
11.9 12.0 12.0
7.8
6.3
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Motion Picture Association of America, NATO, I.H.S. Screen Digest, company data, and BMO
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Cinema Advertising
On-screen advertising has become an incremental growth business as it has evolved from
slide-driven local ads into a sophisticated technology-driven digital entertainment presentation
platform. The new digital pre-feature content offers a better-quality cinema experience with
more targeted consumer segments and a steadier pricing plan. The higher-quality pre-feature
shows and digital entertainment have enabled cinema to become a more competitive media
platform in the $300 billion US advertising market. Exhibit 86 illustrates the growth in the
business over the past 11 years. We believe that cinema advertising will not slow down for a
while as more theaters join the digital on-screen advertising marketplace and advertisers garner more information about this captive audience.
Exhibit 86. US Cinema On-Screen Advertising Spending, 20012012E
$/mil
$697
$712
2008
2009
$731
$732
2010
2011E
$750
$659
$572
2001-2011
CAGR =
13.6%
$453
$374
$260
$273
2002
2003
$204
2001
2004
2005
2006
2007
2012E
Source: SNL Kagan, Cinema Advertising Council, and BMO Capital Markets and industry estimates.
Digital Projection and 3D
Digital projection and its 3D complement have taken center stage in the industry as Digital
Cinema Implementation Partners (DCIP) has raised $880 million to drive digital projection
installations, which is a prerequisite for 3D-formatted films. Digital projection saves studios
hundreds of dollars per screen (after Virtual Print Fees) and will ultimately save $1,000 or
more per screen, an expense that totals between $1.2 billion and $1.5 billion annually in print,
shipping, insurance, and post screening disposal costs. A DCIP joint venture flow chart is depicted below.
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Exhibit 87. DCIP Joint Venture
Studios
Disney
Lions Gate
MGM
Paramount
Sony
Universal
20th Century Fox
Warner Bros
Studios Viritual
Fee Payments
$600-$800 per screen
Capital for Digital
Projection Systems
Kasima ($445 mm)
DCIP Joint Venture
DCIP Financing Vehicle
1,000 in 2010
$1,000 per
projector per year
$1,000 per
projector per year
1,000 in 2010
$1,000 per
projector per year
1,000 in 2010
Digital Projection
System
($65k-$70k per
screen)
Digital Projection
System
($65k-$70k per
screen)
AMC
(5,048 screens)
Regal
(6,614 screens)
Cinemark
(5,152 screens)
Source: Company reports and BMO Capital Markets and industry estimates.
Exhibit 88 delineates the global position of digital projection and 3D. Disruptions in the capital markets meaningfully delayed implementation of DCIP’s internal projected timeline, but
with funding now complete, the rapid ramp-up of 3D-enabled screens continues.
Exhibit 88. Worldwide Digital and 3D Screens, 2000-2012E
Digital Screens
Domestic
International
Worldwide Total
Digital Market Share
Domestic
International
Digital Growth
Domestic
International
Worldwide
2000
13
17
30
2001
19
20
39
2002
76
92
168
2003
77
118
195
2004
85
245
330
2005
324
515
839
2006
2,003
980
2,983
2007
4,632
1,831
6,463
2008
5,515
3,272
8,787
2009
7,418
8,954
16,372
2010
14,735
20,335
35,070
2011
25,621
38,204
63,825
43.3%
56.7%
48.7%
51.3%
45.2%
54.8%
39.5%
60.5%
25.8%
74.2%
38.6%
61.4%
67.1%
32.9%
71.7%
28.3%
62.8%
37.2%
45.3%
54.7%
42.0%
58.0%
40.1%
59.9%
39.2%
60.8%
160.0%
142.9%
150.0%
46.2%
17.6%
30.0%
300.0%
360.0%
330.8%
1.3%
28.3%
16.1%
10.4%
107.6%
69.2%
281.2%
110.2%
154.2%
518.2%
90.3%
255.5%
131.3%
86.8%
116.7%
19.1%
78.7%
36.0%
34.5%
173.7%
86.3%
98.6%
127.1%
114.2%
73.9%
87.9%
82.0%
34.1%
39.6%
37.4%
2000
-
2001
-
2002
-
2003
-
2004
-
2005
84
84
2006
202
52
258
2007
986
313
1,299
2008
1,427
1,116
2,543
2009
3,269
5,730
8,999
2010
7,837
14,568
22,405
2011
12,565
23,414
35,979
-
-
-
-
-
100.0%
0.0%
78.3%
20.2%
75.9%
24.1%
56.1%
43.9%
36.3%
63.7%
35.0%
65.0%
34.9%
65.1%
32.7%
67.3%
140.5%
207.1%
388.1%
501.9%
403.5%
44.7%
256.5%
95.8%
129.1%
413.4%
253.9%
139.7%
154.2%
149.0%
60.3%
60.7%
60.6%
12.3%
23.9%
19.9%
3-D Screens
Domestic
International
Worldwide Total
3-D Market Share
Domestic
International
3-D Growth
Domestic
International
Worldwide
-
-
-
-
-
-
-
2012E 00-'11 CAGR
34,357
99.3%
53,314
101.7%
87,671
100.7%
2012E 06-'11 CAGR
14,110
128.4%
29,014
239.4%
43,124
168.5%
Source: Screen Digest and BMO Capital Markets and industry estimates.
International markets have become an important source for 3D film product. Exhibit 89 details the ramp-up in 3D screens over the past six years and projections for 2012 and 2013.
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Exhibit 89. Number of Digital 3D Screens, 2006-2013E
Region
2006
2007
2008
Europe
12
205
559
3,399
7,749
11,225
12,892
13,739
US
2009
2010
2011
2012E
2013E
202
986
1,427
3,269
7,837
12,565
14,110
14,443
Canada
4
8
87
279
668
925
1,012
1,057
Latin America
5
14
91
362
1,104
2,119
2,841
3,164
2
18
68
240
325
429
480
35
84
361
1,622
4,807
8,820
11,840
13,597
258
1,299
2,543
8,999
22,405
35,979
43,124
46,480
Africa/Middle East
Asia/Pacific
Total
-
Source: Screen Digest
The quick ramp-up in 3D screens is understandable given the very compelling economics surrounding a 3D film. We believe there is a financial change coming over the next few years for
theater circuits with broad penetration of 3D technology. The following chart details the incremental dollar contribution per ticket from a 3D film. For the theater owner, which has
spent $5,000-$7,000 (all in, above digital projector costs, which are typically paid for by third
parties) per screen to upgrade to 3D, the ROIC appears fairly high.
Exhibit 90. 3D Producer/Exhibitor Economics
Studio
Exhibitor
2D Film
3D Film
2D Film
3D Film
2011 Domestic Average Ticket Price
$7.93
$10.93^
$7.93
$10.93^
Distributor/Exhibitor Split (53.5% / 46.5%)
$3.69
$5.08
$4.24
$5.85
3-D Participation/Glasses Contribution
$0.00
$0.38
$0.00
$0.38
Gross Contribution/Ticket
$4.24
$5.54
$3.69
$4.77
Contribution Margin
53.5%
50.4%
46.5%
43.4%
Incremental Dollar Benefit per Ticket
$1.30
$1.08
Incremental Revenue Contribution/Film
30.6%
29.4%
*Exhibitors: Per admissions fee made to RealD
*Studios: Cost for glasses paid to RealD
^Assumes average up charge of $3.00 in US
Source: Company information and BMO Capital Markets and industry estimates.
We do not see resistance to 3D tickets premiums nor do we sense most exhibitors are going to
push too far too fast in raising ticket premiums for 3D. That being said, the ticket board at
most theaters is becoming quite a pricing grid! As is true with 2D ticket prices, larger markets
typically charge higher prices. Anecdotally, our recent stops around the US have seen 3D featured film ticket prices coming in at a low of $8.00 (Albuquerque/El Paso) and a high of
$18.00 (NYC). Up-charges at the low end were $2.50 and at the high end (non-IMAX) were
$4.50. The “average” is currently about $3.25. Large screen formats (LSF) run from $3.00 to
$5.00 depending on if the film is showing in 3D or 2D. We are also seeing the VIP theater
emerge with reduced seat counts, leather seats, food/beverage and alcohol service, reserved
seats, and other amenities at the $5.00-$12.00 premium level.
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Theater Circuits
Exhibit 91 lists the top ten theater circuits based on the current number of screens. The top ten
theater circuits own approximately 56% of the currently operating screens in North America.
Exhibit 91. Top 10 North American Theater Circuits—2011
Ranking
Headquarters
Screens
Screens/
Theater
% of North
American Screens
1
Regal Entertainment Group
Knoxville, TN
6,614
527
12.6
16.9%
2,767
66
2
AMC
Kansas City, MO
5,048
347
14.5
12.9%
2,192
195
3
Cinemark USA, Inc.
Plano, TX
3,878
297
13.1
9.9%
1,844
8
4
Carmike Cinemas, Inc.
Columbus, GA
2,254
237
9.5
5.7%
744
0
5
Cineplex Entertainment LP
Toronto, ON
1,352
130
10.4
3.4%
396
14
18
Rank Cinema Company
6
Rave Motion Pictures
Dallas, TX
918
Theaters
61
15.0
3D
Screens
IMAX
Screens
2.3%
341
7
Marcus Theaters Corp.
Milwaukee, WI
684
55
12.4
1.7%
103
8
Hollywood Theaters
Portland, OR
546
49
11.1
1.4%
40
0
9
National Amusements, Inc.
Dedham, MA
450
34
13.2
1.1%
233
0
10
Harkins Theatres
Phoenix, AZ
429
30
14.3
1.1%
52
0
0
Source: Film Journal, NATO, Screen Digest, company filings, and BMO Capital Markets and industry estimates.
The top five theatrical exhibitors captured the majority in box office revenue for 2011, taking
in 53.7% of the industry revenues versus 53.9% in 2010 and 52.5% in 2009 as seen in Exhibits 92-94.
Exhibit 92. North American Box Office Revenue Share, 2011
AMC
16.7%
Other
46.3%
Regal
18.1%
Cineplex
5.7%
Carmike
3.0%
Cinemark
10.2%
Source: Company reports, Box office Mojo, Reel Source, and BMO Capital Markets and industry estimates
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AMC
16.7%
Other
46.1%
Regal
18.5%
Cineplex
5.7%
Carmike
3.1%
Cinemark
9.9%
AMC
15.3%
Other
47.5%
Regal
18.8%
Cineplex
5.5%
Carmike
3.3%
Cinemark
9.7%
Most of the major theater circuits that have improved their corporate and operating cost structures, are facing far less of a competitive threat from new screen builds in their respective
markets and are beginning to leverage positive demographic, technological, and concession
product trends. We believe this has made the industry a much more attractive investment vehicle, especially given the free cash flow characteristic of the business as currently designed
as well as significant dividend payouts from Cineplex (4.4%), Regal (6.2%), and Cinemark
(3.8%).
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Summer Dynamics
Summer (May through August) is the most important film season for both studios and exhibitors. Over 40% of the year’s box office revenues are typically generated during the summer
season. While there is always a place for analysis of the annual box office attendance and
pricing, what happens in summer is far more important to almost all the players (studios and
exhibitors) in determining the health of the industry. The 2011 summer box office was up
6.3% over 2010 and set an all-time box office record of $4.5 billion. We think summer 2012
could be somewhat challenging given the all-time high achieved last summer and the typical
impact of the Olympics, political conventions, and to a far lesser extent for the big circuits,
higher gasoline prices. It would not surprise us if the key summer box office was down in the
low- to mid-single-digit percent range.
The following graphs depict the dollar volume and annual changes in box office revenues and
attendance as well as the top five film averages during the key summer period over the past 11
years.
Exhibit 95. Summer Box Office, 2001-2011
Summer Box Office (Bil/$)
ALL TIME
RECORD
$5.00
$4.50
$4.50
$4.00
$3.50
$3.77
$3.78
$3.88
$4.19
$4.17
2007
2008
$4.23
$4.23
2009
2010
$3.76
$3.53
$3.41
$3.00
$2.50
2001
2002
2003
2004
2005
2006
2011
Summer Box Office Y-O-Y % Change
22.0%
11.2%
10.6%
6.5%
6.3%
2.6%
1.5%
0.3%
2001
2002
2003
2004
2005
2006
2007
2008
-0.5%
2009
0.1%
2010
2011
-8.9%
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Films Released
220
208
200
180
176
180
179
184
174
160
175
150
140
132
130
125
120
100
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Summer as % of Total Domestic
44.2%
43.3%
41.2%
43.3%
41.4%
40.9%
40.9%
40.5%
40.0%
2001
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2003
2004
129
2005
39.9%
2006
2007
2008
2009
40.1%
2010
2011
April 2012
BMO Capital Markets
Films Released by the Majors
50
46
45
42
42
40
39
40
41
36
36
36
35
34
30
30
25
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Films Released % Change
20.0%
17.3%
13.0%
4.5%
0.6%
2002
-1.5%
2003
2004
2005
2006
2007
2008
2009
2010
2.3%
2011
-3.3%
-3.8%
-13.5%
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Summer Admissions % Change
16.2%
7.9%
5.9%
4.2%
2001
2002
2003
2004
-0.4%
2005
2006
2007
-3.5%
2008
2009
2010
-2.8%
-4.7%
-2.8%
2011
-0.1%
-11.8%
Toy Story 3
The Dark Knight
$408.9 million
$533.3 million
Transformers 2
$402.1 million
Spider-Man 3
$336.5 million
Harry Potter
Top Five Film Average (MM/$)
350
$381.0 million
Shrek 2
$441.2 million
300
$313.1
$316.1
$303.7
$308.0
$284.1
$281.6
$258.8
$268.7
$260.9
$242.6
250
$207.2
200
150
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Top Five Films as % of Total Summer
38.0%
37.4%
36.3%
35.9%
35.5%
34.3%
34.3%
36.4%
34.7%
31.6%
30.4%
2001
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2002
2003
2004
131
2005
2006
2007
2008
2009
2010
2011
April 2012
BMO Capital Markets
Top Five Films as % of Total Year Domestic Box Office
16.4%
16.2%
14.1%
14.5%
15.0%
13.7%
14.3%
14.2%
14.6%
14.0%
12.3%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Release Window
The focus on the potential shrinking distribution window into the home video/EST platforms
the past few years created some level of investor angst. The latest tests by two major studios
of creating a premium VOD window 60 days post theatrical release turned into a non-revenue
event. As noted in our Theatrical Film section, we believe studios, even those considering the
premium VOD option, do not wish to cannibalize existing theatrical, home video and EST
revenue streams to create a new window that requires promotional dollars above incremental
profits. We think the number of films that would be considered to outperform their promotional costs is ten or fewer annually, even if the studios were to unlock the window for their
best films. None of the tests of the platform to date have included even a top 20 domestic
film. This may rightly be characterized as putting a little toe in the water. We also estimate
that over 95% of the top 25 films gross box office receipts are achieved in the first eight
weeks in theaters. The high cost factor of $25-$30 per view is also a very limiting variable for
premium VOD, in our opinion.
As windowing relates to home video release dates, the most frequently used term to describe
the distribution window for years has been “collapsing,” which in our opinion is nowhere near
accurate and disregards the exclusivity window for theatrical runs and practical reality of distribution for most home video releases. We note that some of the bigger exhibitors in the larger designated market areas (DMAs) have added contractual language that protects the exhibition window for a specified number of days, beyond the typical 95% or more of revenues
the top films generate in the first eight weeks. While studios would like to capture some of the
gross ratings point advertising investment benefits from a film’s theatrical release to reduce
the promotional expense of a film’s home video release, this is more likely to be a factor for
the film that has generated only modest theatrical revenues and is rushed to home video release. Shortening the window to 90 days for unsuccessful product is a smart move and in no
way affects exhibitors, in our opinion, as they have likely significantly reduced runs for such
films after week three or four anyway.
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The following graph delineates the number of days a film takes to go from the theater to DVD
release. In a sense, Exhibit 96 may be overstating the shrinkage factor in 2011 as the exclusivity period of sell-through now masks the 28-day embargo to which most rentailers have
agreed.
Exhibit 96. Theater to Video Release Window, 2002-2011
(Days)
DVD Surpases
VHS Revenues
Digital Era Begins
167
Sell Through
Peaks
155
Blu-Ray Era
Begins
146
135
132
133
130
134
130
117
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: SNL Kagan
The top 20 films of 2011 saw an average of 126 days between theatrical release and home
video release, more than the 117-day industry-wide average as the following exhibit details.
We continue to observe that a major driver in decision-making regarding a film’s home video
release remains peak holiday selling opportunities and competitive factors typical of other
major releases. Anecdotally, we continue to hear of promotional/date suggestions from Walmart, which controls about 35%-40% of DVD and BD sales. The top three films of 2011 saw
days-to-DVD release around the 90-day mark. However, there appears to be no quantifiable
evidence that consumers skipped a theater ticket purchase in favor of an earlier opportunity to
view the home video version of the film. We reiterate our view that the marginal film has the
best revenue uptake from an early home video release, a factor that is not likely to influence
macro exhibition revenues across the board.
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Exhibit 97. Theater to Video Release Window for Top 20 Films of
2011
2011 Films
Fast Five
Cars 2
Thor
The Help
Bridesmaids
Kung Fu Panda 2
Puss in Boots
X-Men: First Class
Rio
The Smurfs
Studio Parent
2011 Theatrical
Release
DBOG
DVD Release
Days to DVD
Release
TWX
VIAB
Summit
TWX
DIS
CMCSA
VIAB
DIS
TWX
DIS
NWSA
DIS
DIS
Uni.
P/DW
P/DW
Fox
Fox
Sony
Fox
7/15
6/29
11/18
5/26
5/20
4/29
12/16
6/24
12/16
5/6
8/5
7/22
8/10
5/13
5/26
10/28
6/3
4/15
7/29
12/16
$381.0
$352.4
$281.3
$254.5
$241.1
$209.8
$209.1
$191.5
$186.8
$181.0
$176.8
$176.7
$169.7
$169.1
$165.2
$149.2
$146.4
$143.6
$142.6
$132.1
11-Nov
30-Sep
11-Feb-12
6-Dec
18-Oct
4-Oct
17-Apr-12
1-Nov
May 2012 Est.
13-Sep
13-Dec
25-Oct
6-Dec
20-Sep
13-Dec
24-Feb-12
11-Sep
2-Aug
2-Dec
27-Mar-12
Average Days
2011 Industry Average
88
93
85
194
151
158
123
130
136
130
130
95
118
130
201
119
100
109
126
102
126
117
Source: SNL Kagan, VideoETA, boxofficemojo.com, and BMO Capital Markets and industry estimates,
data through March 29, 2012
While it is easy to see the shrinkage in the number of days to a BD/DVD release from theatrical release over a 10- or 15-year period, we believe this has much more to do with the wider
number of screens on which most films open and, thus, the resulting shorter theatrical runs.
Many studios have decided for now that narrowing the release window to a period of less than
90 days does not maximize revenues any further for most films. It is not uncommon for studios to delay the home video release of some of their films beyond the average 117 days for
2011, as seen in Exhibit 97, to take advantage of the higher sell-though potential of the holiday season. The holiday season is a major gating factor for all home video releases and release dates have become as competitive as those in the theatrical world. With films generating
95% or more of their box office gross in the first eight weeks of their theatrical release, we do
not believe changes in the BD/DVD/EST release window threaten theater revenue streams.
Per Capita Spending
Per capita spending increases are the natural outgrowth of admissions, rising ticket prices (especially now with 3D accounting for 18% of domestic box office gross), new event offerings
that typically carry higher average ticket prices, and expansion or repackaging of concession
offerings. According to Box Office Mojo, the average ticket price in 2011 was up an estimated 3.0% from 2010, with a portion of that gain attributable to higher 3D ticket contributions. Exhibit 98 breaks out average per capita spending for admissions and concessions over
the past decade. We note that the CAGR for pricing of both admissions and concessions has
moderately outpaced inflation, although we suspect that the “law of low numbers” is in part
the primary cause of the overage. Ticket prices generally increase in increments of $0.25,
which on a $6.00, $7.00, $8.00, or $9.00 ticket would put them above consumer price index
(CPI) increases. We expect 2%-3% aggregate ticket price increases in 2012, although 3D up
charges certainly can push ticket price levels up if their success quotient accelerates. Exhibitors are also using tiered price points to improve ticket price yields. Examples of such are
shrinking discounts for matinees and implementing higher premiums for Friday and Saturday
nights.
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Exhibit 98. Per Capita Spending, 2000-2011
Avg Ticket Price
00-11 CAGR = 3.6%
$8.00 % Increase
$7.00
$6.00
$5.00
$5.39
$5.66
$5.81
6.0%
$6.03
3.8%
2.7%
$4.00
$6.21
3.0%
$6.41
$6.55
$6.88
2.2%
5.0%
2006
2007
$7.50
$7.18
5.2%
4.5%
4.4%
0.5%
5 yr CAGR = 3.6%
Recessionary
Period
3.2%
Recessionary
Period
$3.00
2000
2001
2002
2003
2004
2005
2008
2009
2010
Avg Concessions Rev per
Capita/CAGR
$3.20
$3.00
$2.80
$2.60
$2.40
$2.20
$2.00
$1.80
$1.60
$1.40
$1.20
$7.93
$7.89
00-11 CAGR = 3.6%
$2.84
$2.51
$2.12
$2.18
2.8%
$2.24
2.8%
$2.21
1.4%
$2.33
3.4%
$2.65
4.3%
2001
2002
4.3%
$2.99
3.9%
3.8%
$3.09
$3.12
3.8%
3.6%
5 yr CAGR = 2.4%
2.4%
Recessionary
Period
Recessionary Period
2000
$2.96
2011
2003
2004
2005
2006
2007
2008
2009
2010
2011
Avg. Rev. per Capita/CAGR
$11.00
00-11 CAGR = 3.6%
$10.00
$9.00
$8.00
$7.51
$7.84
4.4%
$7.00
$8.05
$8.24
3.5%
3.1%
$8.54
3.3%
$9.72
$8.92
$9.20
3.8%
3.5%
3.8%
$10.49
3.8%
3.4%
$10.98
$11.05
3.9%
3.6%
5 yr CAGR =3.3%
Recessionary Period
Recessionary Period
$6.00
$10.14
$5.00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: Motion Picture Association or America, boxofficemojo.com, company information, and BMO Capital Markets and industry estimates.
Exhibitors have been able to maintain and/or improve concession dollars on enhanced product
or packaging (the infamous 32-ounce “small” beverage at Regal!). Per capita concession revenues in 2011 were up close to 1%. We expect 2012 per-capita spending on concessions to be
up by low-single-digit percentages as higher-priced food items are included in concession offerings. Buying power through consolidation also seems to be a positive factor, as have longterm beverage agreements that mitigate the upward swings in commodity prices. Over the
past decade, theater owners have moved concession offerings upscale from the classic popcorn and soda to cappuccino, baked cookies, pizza, bottled water, etc. This variety has no
doubt helped improve the customer experience and increase per capita spending, although we
doubt there is going to be a trend toward higher labor, lower gross profit margin items absent
a material volume increase.
The following graph depicts the year-over-year change in average concessions per patron,
highlighting the effect during recessionary periods.
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Exhibit 99. Average Domestic Concession/Patron Y-O-Y Change,
2000-2011
7.7%
7.2%
Recessionary
Period
Recessionary Period
5.6%
5.4%
5.0%
4.2%
2.8%
3.3%
2.8%
1.0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
1.0%
2009
2010
2011
-1.3%
Source: MPAA, company information, and BMO Capital Markets and industry estimates.
Admission and Concession Margins
Pricing on concessions and theater tickets has transitioned to levels where patrons are using
credit cards and theater-installed countertop ATMs to order and pay for purchases. Exhibit
100 tracks concession margins over the past 12 years.
Exhibit 100. Average Concession Margins, 2000-2011
86.6%
86.8%
86.0%
86.2%
86.8%
87.5%
87.1%
86.8%
86.3%
Recessionary
Period
85.0%
84.4%
84.5%
Recessionary
Period
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: Company information and BMO Capital Markets and industry estimates.
Concession margins are conspicuously and notoriously high, but consumer trends remain stable and unaffected seemingly by the continual upward bias in pricing. Packaging and bundling have become a much more prominent marketing thrust for most of the major circuits.
Upsizing has become a financially beneficial practice for employees at many of the major operators and given the incremental pennies for 16 ounces of a soft drink or one ounce of popcorn as well as minimum wage of its employees, $0.10-$0.25 rewards per transaction can add
up quickly. It is little wonder that up-selling is becoming a far more prevalent (if not a nuisance!) practice at most of the theater circuits. We remain watchful over concession margins
as key raw material prices (sugar, corn, cocoa, etc.) have escalated. It seems at this point that
inflationary factors, including higher minimum wages, are passing through without harm to
profitability.
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Film rentals reflect the percentage of box office gross retained by the exhibitors from admission revenues and are the lifeblood of the exhibitor. The percentage has remained within a
very narrow range for the past 15 years. Exhibit 101 details the net box office receipts retained by the exhibitors over the past 20-plus years, varying within about 300 basis points. As
mentioned previously, the greater percentage of films that are being released on firm terms
has negated some of the variability of the rentals retained by exhibitors. We do not see any
major swing factors that will change split economics. 3D technology royalty payments of
about $0.42 per ticket are generally accounted for in “other theater costs.”
Exhibit 101. Average Theater Film Rental Margins, 1991-2011
49.2%
48.7%
Avatar
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
48.1%
48.0%
47.5%
47.0%
46.9% 46.9%
46.8%
46.7%
46.7%
46%
46.2%
46.2%
46.2%46.3%
46.0%
45.8%
46.0%
45.5%45.6%
Source: Company information from 4 of the top 7 exhibitors and BMO Capital Markets and industry estimates.
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Theatrical Exhibitors: Trends and Perspectives

The 2012 domestic box office through week 13 is up 23.1%, a nice rebound from a difficult 4Q11 and 2011 box office. Exhibit 102 details the 2012 year-to-date stats.
Exhibit 102. Year-to-Date Box Office Stats
2008
$2,358.0
2009
$2,657.3
12.7%
2010
$2,960.3
11.4%
2011
$2,345.9
-20.8%
2012
$2,834.2
20.8%
Admissions
% Change
328.4
59.9%
354.3
7.9%
375.2
5.9%
295.8
-21.2%
353.4
19.5%
Average Ticket Price
% Change
$7.18
4.4%
$7.50
4.5%
$7.89
5.2%
$7.93
0.5%
$8.02
1.1%
3-D Films Released
3-D Films as % of DBOG
3
3.1%
4
9.9%
3
17.7%
6
13.8%
8
19.3%
Key Films Released*
% Change
49
4.3%
37
-24.5%
37
0.0%
43
16.2%
41
-4.7%
Revenue (MM)
% Change
*generating over $3.0 million
Source: Box Office Mojo, Company Reports, and BMO Capital Markets, data through April 9, 2012
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
The over-screened, overbuilt status of the industry has been rationalized to a great extent
with the most recent focus on older, under-screened facilities being closed. Screen equilibrium appears to have finally arrived. The paradigm will now revolve around 3Denabled screens. We expect a continuing rapid pace of 3D system installations into midto late 2012.

Away from swings in the box office, cash flow margins are stable to improving for the
public theater owners. We believe this is the result of underperforming screen closures
and renegotiated lease terms as landlords have had few alternatives. Most exhibitors can
still achieve modest incremental efficiencies, although it remains unknown what impact
changes in medical insurance will be a year or two down the road. With a higher percentage of part-time employees than most other businesses, and many within the expanding
age umbrella of parent’s coverage, the outcome is unlikely to be a major incremental expense item.

We believe the ebb in capital expenditure cycle is near a low in terms of theater builds as
capital constraints for developers and theater operators have limited most expansion activity through 2012.

We believe that the demand by distributors for 8,000-plus screens to open major event films
during the peak summer and holiday periods has led to “firm term” economics for the studio/distributor and the exhibitor. Although a rather optimistic perception, the demand for more
screens and better screen placements during the peak seasonal periods may actually help drive
better rental margins for the exhibitors in the next few years. Admittedly, this may only be 50100 basis points to the exhibitor, but all of that incremental revenue falls to the pretax income
line.
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
Digital projection is ramping up quickly. The addition of 3D technology will likely mirror the pace of digital installations. Roughly 40% of the domestic screens were digital at
the end of 2011. Digital cinema is the gateway to 3D, which may afford significant revenue upside as the movie going experience is enhanced. Digital also offers some level of
optimization of seat capacity in high-use periods for the theaters with multiple digital
screens, although it has been difficult to quantify the benefits.

DCIP is not a funding source for 3D enablement or the required silver screen necessary to
be installed to utilize the advantages of the technology. Silver screens cost approximately
$100 per foot (i.e., 50-foot screen costs approximately $5,000 from Stewart silver
screens, the bellwether of the industry). This will be a capital expenditure for the theater
owner, not DCIP. DCIP’s contribution per screen is capped at $68,000. Expense above
that will be the responsibility of the theater owner. We think theater owners on average
will be spending $5,000-$7,000 per screen to cover the other installation and implementation costs.

Digital projection is going to allow more films to open on more screens at a reduced cost
for studios, especially when critical mass has been achieved so that satellite delivery (via
DCDC) can be leveraged versus the current hard drive with key codes; that’s probably
achieved at the 20,000 screen level. Furthermore, digital cinema should enable more
films to play in smaller markets below the top 100 DMAs as the cost basis (film prints)
and screen availability can now be addressed.

Portability of film in the digital format should enable theater owners to more quickly adjust screen designation to optimize seating capacity within each theater complex. A film
can be moved from a theater with 250 seats to one with 400 seats with a few computer
keyboard strokes if the consumer demand reveals that more seats are needed at peak attendance periods.

A large portion of theater overhead is sensitive to changes in wage and benefit costs. Although labor costs for hourly workers have been fairly stable recently, increases in medical and other insurance costs have trended above ticket price increases. Insurance costs
are also spiking well above historical growth levels, especially after the hurricane damage
experienced in 2005-2009. Very little can be done to mitigate these costs other than raising ticket prices. We note that even with the federal minimum wage increase, operators
feel little impact since a large portion of the labor mix is already above the proposed
minimum owing to state minimum wage laws.

Investors must be conscious of the headline risk 3D HDTV will have from time to time
and the perceived influence it will have on movie-going habits of the public. The temptation to extrapolate the story is too great, when all one has to do is dust off and repolish a
story about HBO, VOD, DVD, etc., to draw the picture. The home theater is rapidly becoming a reality and, in many instances, can provide an exceptional experience. The 3D
TV product is likely to see significant advertising and shelf space in 2013-2015. As
unique and enticing as the products by Samsung, Vizio, Sony, Panasonic, Toshiba, or
Sharp can be, we do not think they are even a close substitute for all of the variables that
consumers have in going to a movie theater.
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April 2012
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
Premium VOD windows have been tested by a couple of studios, although capability and
utilization did not appear to move in tandem. We expect more R&D involving digital delivery to be a continual reality.

Uncertainties remain over the potential impact of the new health care legislation passed
in 2010. It is a little early to handicap this issue or its impact on theater owners, although
it is very safe to say costs are not going to go down.

Exhibit 103 provides comparative data on five public exhibitors (AMC has public debt
only at this point).
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Exhibit 103. Exhibition Industry Comparable Table
AMC Ent.
AMC
Comparative Statisitcs (LTM)
EXHIBITORS
LTM revenue (December 2011)
$2,456.3
LTM op inc (adj)
($43.7)
Margin
-1.8%
EBITDA (adj)
$168.8
Margin
6.9%
EBITDAR (adj)
$640.6
Margin
G&A ratio
Debt
Net debt
Carmike
CKEC
Cinemark
CNK
IMAX
IMAX
Regal
RGC
$998.2
$482.2
$1,976.5
$236.6
$2,681.7
$102.8
$40.6
$265.5
$28.8
$448.2
10.3%
$167.8
16.8%
$167.8
8.4%
$72.9
15.1%
$102.9
13.4%
$415.7
21.0%
$654.5
12.2%
$41.0
17.3%
$41.0
26.1%
16.8%
21.3%
33.1%
17.3%
2.4%
5.7%
4.0%
4.9%
30.8%
$2,163.2
Cash
Cineplex
CGX (1)
$196.4
$315.4
$1,713.4
$55.1
16.7%
$645.8
24.1%
$1,027.3
38.3%
2.5%
$1,956.7
$213.5
$49.0
$13.9
$521.4
$18.1
$253.0
$1,949.7
$147.4
$301.5
$1,192.0
$36.9
$1,703.7
Debt to EBITDA
12.8x
1.2x
4.3x
4.1x
1.3x
Net debt to EBITDA
11.6x
0.9x
4.1x
2.9x
0.9x
2.6x
3.4x
1.2x
3.1x
2.6x
1.3x
1.9x
1.8x
0.9x
Debt to EBITDAR
Net debt to EBITDAR
3.0x
LTM admission revenue
LTM concession revenue
Theaters
Total Screens
International Screens (Outside North America)
Screens per theater
Digital screens
IMAX screens
3-D screens
% digital
2.9x
1.7x
$1,701.3
$577.3
$309.8
$1,293.4
$681.9
$291.6
$172.4
$602.9
347
130
237
456
634
527
5,048
1,352
2,254
5,152
634
6,614
NA
$1,842.6
NA
$708.0
55
0
0
1,274
298
0
14.5
10.4
9.5
11.3
1.0
12.6
891
2,128
4,007
443
5,300
2,301
% digital
0.9x
3.0x
46%
66%
125
14
2,192
396
94%
78%
744
70%
80%
8
634
66
2,321
548
2,767
43%
29%
33%
45%
86%
42%
3-D provider
Real D
Real D
Real D
Real D
NA
Real D
Attendance (MM)
191.9
66.1
47.2
247.4
NA
211.9
Admission revenue per screen (000's)
337.0
427.0
137.4
251.0
NA
278.6
Concessions per screen (000's)
135.1
215.7
76.5
117.0
NA
107.0
38.0
48.9
20.9
48.0
NA
32.0
Admission per patron
$8.86
$8.74
$6.57
$5.23
NA
$8.69
Admission margin
47.1%
48.1%
46.0%
45.2%
Concessions per patron
$3.55
$4.41
$3.65
$2.44
Concession margin
86.4%
79.2%
88.5%
84.8%
Attendance per screen (000's)
NA
NA
NA
48.2%
$3.34
86.4%
Revenues per patron
$12.42
$13.15
$10.22
$7.66
Theater level cash flow
$228.8
$98.9
$91.9
$431.3
NA
Theater CF per screen
$45.3
$73.1
$40.8
$83.7
NA
$56.6
Admission margin
47.1%
48.1%
46.0%
45.2%
NA
48.2%
79.2%
88.5%
Concession margin
86.4%
LTM free cash flow
($15.8)
$115.7
$50.6
84.8%
$206.4
$12.03
NA
($32.6)
$374.4
86.4%
$265.9
FCF/EBITDA
-9.4%
68.9%
69.4%
49.6%
-79.4%
41.2%
FCF/EBITDAR
-2.5%
68.9%
49.2%
31.5%
-79.4%
25.9%
Price
NA
$29.83
$13.45
$22.29
$23.03
Shares
NA
58.2
12.8
113.3
66.5
154.1
Market Cap
NA
$1,734.7
$172.5
$2,525.4
$1,530.4
$2,043.4
Enterprise Value
NA
$1,882.1
$474.0
$3,717.4
$1,567.4
$3,747.1
FCF/Share
NA
$1.99
$3.95
$1.82
EV/EBITDA
NA
11.2x
6.5x
8.9x
38.2x
P/FCF
NA
15.0x
3.4x
12.2x
-47.0x
7.7x
FCF yield
NA
6.7%
29.3%
8.2%
-2.1%
13.0%
P/Adjusted cash flow
NA
14.1x
6.2x
12.6x
-60.4x
7.3x
P/Adjusted cash flow yield
NA
7.1%
16.0%
8.0%
-1.7%
13.6%
1.01
($0.49)
$13.26
$1.73
5.8x
Credit analysis:
Current ratio
0.69
0.41
0.48
2.06
1.10
Total assets / total liabilities
105%
200%
99%
141%
190%
80%
Debt / debt + equity
0.93
0.24
1.02
0.63
0.22
1.41
NA
3.2x
1.1x
2.6x
8.3x
1.9x
CAPEX/EBITDA
Fixed charge coverage ratio
77.2%
35.3%
26.5%
44.5%
65.5%
13.5%
CAPEX/revenue
5.3%
6.1%
4.0%
9.4%
11.4%
3.3%
Cash from operations / CAPEX
0.88
2.91
3.62
2.12
0.23
4.05
Depreciation / cash from operations
1.86
0.37
0.46
0.38
1.51
61.4%
93.3%
59.6%
CAPEX / depreciation
Total debt to cash flow
123.1%
4.5
4.4
285.8%
8.8
0.56
44.1%
18.9
1.1
ROIC
-3.5%
9.3%
12.0%
9.0%
12.6%
34.6%
5.5
ROE
-63.1%
8.0%
279.0%
9.4%
8.8%
-26.6%
ROA
-9.8%
3.9%
-1.8%
2.8%
4.1%
5.9%
(1) Canadian $
Source: Company Reports and BMO Capital Markets and industry estimates.
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Television
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Television
Change agents and variables abound in the television ecosystem as content, delivery infrastructure and systems, hardware (mobile and tablets to oversize 100-inch HD televisions and
every screen in between) as well as consumer behavior are turning the evolution of television
into a revolution. The television platform has at least seven major dynamics at work, all of
which are changing the content creation paradigm and economics for producers, distributors,
aggregators and consumers alike. The seven major dynamics at work that are likely to be important investment variables over the next year or two are: 1) consumers are watching more
programming each year - they just aren’t watching it in a linear fashion as they have in the
past; 2) consumers are not watching TV when networks (more broadly defined than one of the
traditional primetime networks) choose to broadcast; 3) consumers do not seem limited to a
free environment for viewing - they are seemingly willing to pay the nonlinear aggregators for
what they want to watch as well as having an advertising component as “pay” for access; 4)
consumer attraction to a variety of programming content has created significant new content
verticals that are major profit centers to owners, producers and networks; 5) the research and
development dollars creating, chasing and hopefully capitalizing on the new television world
(IPTV, VOD, etc.) are likely to be significant, although not necessarily creating a zero sum
game scenario; 6) new capital is coming into the business to buy content or innovate touch
points for consumers, both of which are positives for established content creators and owners;
and 7) retransmission fees are generating hundreds of millions of dollars per network in profits annually.
Viewership
Consumers continue to increase their television viewing, perhaps at an even greater pace than
is calculated by traditional audience measurements services as new portals such as IPTV grow
in popularity, outpacing current measurement yard sticks used by advertisers (who cry no
tears that audiences may be undercounted!). Certainly the diversity of cable networks and the
digital broadcast environment has served to provide more content that is capturing a greater
number of viewers. The higher penetration levels of technology such as the DVR has also
played an important role in allowing households to time shift viewing from traditional linear
constraints. Exhibits 104 and 105 detail the average per-day usage of television.
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Exhibit 104. Total Household Hours:Minutes TV Viewing Per Day,
1999-2011
8:47
8:52
8:34
8:38
(Hours:Minutes)
8:24
8:11
8:09
8:14
8:14
8:18
8:21
8:01
7:55
7:55
7:40
7:39
7:42
7:31
7:26
20
10
-1
01
1*
09
-2
01
0*
20
08
-2
00
9*
20
20
07
-2
00
8*
06
-2
00
7*
20
05
-2
00
6*
20
20
04
-2
0
05
04
03
-2
0
20
20
02
-2
0
03
02
01
-2
0
01
20
00
-2
0
20
19
99
-2
0
00
7:12
*Live +7
Source: Nielsen , BMO Capital Markets, and industry estimates.
Exhibit 105. Adults 18-24 Hours:Minutes TV Viewing Per Day,
1999-2011
4:04
3:43
(Hours:Minutes)
3:36
3:25
3:20
3:21
3:07
3:52
3:49
3:50
3:11
3:13
3:25
3:26
3:24
3:13
3:04
2:52
2:38
11
*
20
10
-1
0
10
*
20
09
-2
0
09
*
20
08
-2
0
08
*
20
07
-2
0
07
*
20
06
-2
0
06
*
20
05
-2
0
05
20
04
-2
0
04
20
03
-2
0
03
20
02
-2
0
02
20
01
-2
0
01
20
00
-2
0
19
99
-2
0
00
2:24
*Live +7
Source: Nielsen, BMO Capital Markets, and industry estimates.
The annual improvement in total household and key advertiser demographic (18-24 year olds)
television viewing has been helped by VOD and DVR usage within the seven-day metric.
What is just as clear is that original programming on a number of cable networks such as
USA, AMC, TNT, HBO, Showtime, Starz, and SyFy continues to capture more primetime
viewership as delineated in Exhibit 106. The statistics are clear. Households are watching
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more television. They are just not limiting themselves to the traditional primetime broadcast
networks.
Exhibit 106. Primetime Broadcast vs. Cable, 2003-2011E
% of All TV Homes in Primetime
65%
59%
60%
53%
55%
50%
48%
45%
45%
53%
58%
59%
60%
54%
51%
42%
42%
43%
40%
40%
36%
38%
37%
36%
2010
2011E
35%
30%
2003
2004
2005
2006
2007
Broadcast
2008
2009
Cable
Source: Turner Research, Nielsen, BMO Capital Markets, and industry estimates.
The transition in household ratings measurement from live audiences to commercial viewership plus three days of DVR/VOD viewing (which likely undercounts the total audience actually watching a program, in our opinion) as the primary measure for advertising revenues has
not meaningfully changed the economics of the network providers as some had speculated or
concluded two or three years ago. One thing appears stable in the midst of all the other variables in the television equation despite headlines often to the contrary: there is greater diversity in touch points of consumer access, but the sum of those touch points is pushing up total
minutes per household.
The DVR, VOD, and HDTV
The ability of consumers to access content via wire, fiber, satellite and IP is growing at a rapid
pace, perhaps even beyond the current audience measurement tools that contribute to most
quantitative models that gauge viewership. There is no shortage of access portals for consumers and almost no need to wait for reruns, strip syndication, or season packaging on a disc or
digital downloads to watch or own one’s favorite series. As noted previously, VOD and DVR
as well as over-the-top (OTT) subscriptions are being utilized to a much greater extent as
households or subscribers have grown, as detailed in the following exhibits.
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Exhibit 107. US DVR Households, 2004-2011
44.1
40.1
32.9
25.0
28.2
17.4
11.7
7.3
2004
in millions
2005
2006
2007
2008
2009
2010
2011
Source: SNL Kagan , BMO Capital Markets, and industry estimates.
Exhibit 108. US VOD Households, 2004-2011
41.7
41.3
2008
2009
43.1
45.2
36
27.3
29.9
17.1
2004
in millions
2005
2006
2007
2010
2011
Source: SNL Kagan , BMO Capital Markets, and industry estimates.
Exhibit 109 outlines the fairly conservative roll-out scenario. We note that household formation turned negative in 2011, the first time that has happened in anyone’s recollection. It is
likely to pick up again by 0.5% or so in 2012 and 2013.
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Exhibit 109. US DVR Penetration, 2004-2013E
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
TV HH
109.6
110.2
111.4
112.8
114.5
114.4
115.9
114.7
115.2
116.7
DVR HH
7.3
11.7
17.4
25.0
28.2
32.9
40.1
44.1
48.1
51.9
DVR Penetration
of TV HH
6.7%
10.6%
15.6%
22.2%
24.6%
28.8%
34.6%
38.4%
41.8%
44.5%
Source: I.H.S. Screen Digest, Adams Media Research, SNL Kagan, Forrester Research, BMO Capital
Markets, and industry estimates
Also commanding the headlines the past year or so has been the introduction of 3D HDTV.
The major HDTV manufacturers such as Samsung, Vizio, Toshiba, Panasonic, and Sony hit
the consumer electronics market place with new 3D-capable products, albeit in higher-priced
infancy technologically. Interestingly enough, consumers have not overly embraced the active
shutter eyewear necessary to push penetration levels to the broadly acceptable level. Highprofile events, such as ESPN’s 3D broadcast of the World Cup and the Olympics, are likely to
continue and enhance the evolution of the home theater entertainment experience. As penetration rates of hardware grow, active eyewear technology is standardized, and 3D programming
expands over the next few years, 3D can only be a plus for TV viewing and ratings. There are
many baby steps in the process technologically and many years in the content creation side
(mostly movies today, 35-plus new each year) until there will be enough scale on the hardware and content side to drive a meaningful consumer business.
Broadcast Networks
Demand for television production is primarily driven by the owners and operators of the five
primetime broadcast networks (seven if you count Televisa and Univision), as well as cable
and pay cable networks that in recent years have become the new growth engine for programming by doubling and tripling production dollars. While broadcast network viewership
levels have suffered steady erosion and fragmentation over the past 25 years, there may be
less erosion or a slowing pace to ratings erosion as DVRs penetrate households. There continue to be “must see” series such as American Idol for Fox from 2002 to 2012, Dancing with
the Stars for ABC from 2005 to 2012, Modern Family for ABC from 2009 to 2012, and the
NCIS's from CBS from 2003 to 2012, but many of these series have hit ratings and revenue
plateaus.
Each of the four major primetime networks (ABC, CBS, FOX, NBC) has substantially fewer
viewers today than five or ten years ago as shown in Exhibit 110, as well as an increasingly
aging average demographic. Since the networks’ heyday of the 1970s and early 1980s, when
the “Big Three” achieved combined primetime ratings in the 50%-60% range and captured
75%-90% of the primetime audience, the television marketplace and viewer loyalty have become meaningfully fragmented. Cable networks such as ESPN, Fox News, TNT, USA, FX,
TBS, MTV, Nickelodeon, and especially those with growing original episodic programming,
successful pay cable original programming (Mad Men, Boardwalk Empire, Weeds, Dexter,
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Band of Brothers, etc.), and extended sports programming (the ESPN suite of channels, Fox
Regional Sports Networks, etc.) have contributed to the broadcast network viewer and rating
declines over the past ten years (Exhibit 110). Given that many of the cable networks are
owned by primetime broadcast players, the ultimate economics have not gone away for ABC,
NBC, and FOX. The popularized Nielsen ratings do not reflect the time-shift viewership that
was enabled via some 44+ million homes with DVRs that are watching primetime broadcast
or cable network series outside the C+3 window. The DVR became part of the 2007-2008 statistical picture at season’s end. We also note the emergence of streaming by the networks on
their own websites, VOD by a number of MSOs/telcos, and iCasting (Apple and now others)
are creating millions of incremental viewers for a meaningful portion of the primetime schedule but without direct compensation from advertisers.
Exhibit 110. Primetime Network Live Ratings***, 2000-2011
CR Measurement**
CAGR =
-3.9%
30.4
00/01
28.5
01/02
27.7
02/03
27.1
03/04
27.1
04/05
27.3
05/06
24.6
06/07
22.6
21.2
07/08
08/09
20.5
20.5
09/10
10/11
ABC, CBS, NBC, FOX
Source: Nielsen Media Research, BMO Capital Markets, and industry estimates. **The ratings currency is
now viewership of commercials vs. historical viewership of programming. ***% of All TV Households
As illustrated above, combined live viewer network primetime ratings have declined nearly
3.9% annually over the past 11 television seasons, although the 2011/2012 season to date has
seen a nice uptick. The primary reason for most of the long-term decline has been viewers’
leisure time being absorbed by programming success for cable networks and the utilization of
DVRs, streaming, series downloads, and to some lesser extent on other leisure options such as
the Internet and video gaming. The latter options are often overweighed, in our opinion, as local TV viewership minutes continue to climb.
Primetime Programming
Primetime has certainly expanded from the four majors (ABC, CBS, FOX, NBC) to almost a
dozen as two Spanish language and at least six cable and pay networks have become frequent
suppliers of original series programming. Over and above are the hundreds of hours of original programming produced by Nickelodeon, Disney, and Warner for the 2-18 age demographic.
Reality programming (Idol-Fox, Survivor-CBS, Dancing with the Stars-ABC, The VoiceNBC, etc.), is generating more upfront profit on a typically smaller capital investment with
the downside being little-to-no back-end profits, much like sports and news programming.
That is, once you know who the number one Idol, Bachelor, Survivor, or Dancer is, there is
only a small audience that wants to review that series. Reality programming is now commanding over 20% of the network primetime schedule. The risk/reward ratio is so favorable for a
successful series that the format is likely to continue to represent a growing priority for network programmers.
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New digital distribution portals for content, such as advertiser-supported streaming, iTunes, or
OTT web-based network sponsored streaming for example, have driven continual programming investment increases as the new sources of potential revenues make the ROIC trade-off
look favorable. We estimate that production investment dollars for primetime programming
has risen at a CAGR of about 3.6% over the past ten seasons. Investors continue to have some
dislocation and advertising fragmentation concerns as they integrate the impact of DVRs and
VOD on ratings and how consequential the emerging platforms will be to bottom-line fundamentals.
Exhibit 111 delineates the aggregate initial production costs to launch a one-hour series on
primetime programming over the past 21 television seasons. These costs do not aggregate
profit participations by talent (producers, writers, directors, actors) or residuals to production
participants. While the costs continue to increase at an inflation-multiple pace, the major networks continue to produce 50%-65% of their programming schedule each year because of the
favorable worldwide economics for programming and new/incremental revenue streams.
Exhibit 111. Primetime Network Programming Costs, 1991-2012E
CAGR
=3.6%
($ Millions)
$8.3
$5.8
$6.2
$5.9
91/92
92/93
93/94
$6.5
$6.9
94/95
95/96
96/97
$10.2
$10.5
98/99
99/00
$11.2
$11.8
$12.4
$13.3
$14.0
$14.8
$16.5
$17.0
$15.6
$15.9
$16.3
$16.5
06/07
07/08
08/09
09/10 10/11E 11/12E
$8.9
97/98
00/01
01/02
02/03
03/04
04/05
05/06
Source: Nielsen Media Research, SNL Kagan, company reports, BMO Capital Markets, and industry estimates.
Exhibit 112 illustrates the percentage of network ownership of the programs broadcast by the
top networks. We have used a comparison of the 2007 to 2012 television seasons to analyze
the priority and philosophy the various networks have toward the ownership of their respective primetime schedules. ABC saw a decline in the 2006/2007 season owing to the move of
Monday Night Football from ABC to ESPN. Similarly, a portion of the increase for NBC is
its carriage of NFL on Sunday night. Previously, ESPN carried the Sunday night game.
Program ownership, whether in whole or in part, has been leveraged for each of the networks
as new end-point opportunities for consumers materialize. The traditional profit model for a
deficit-financed network run, which hoped to create 80 or more episodes and a stripsyndicated product that once led to significant profits, has now been replaced with the addition of TV-to-DVD, downloading (Disney has had more than 500 million downloads of five
of its most successful series, which nets revenue close to $0.90 per download on average), and
advertiser-supported streaming. Successful series have also benefited from owned and operated stations (O&Os) for the major networks. What was once a deficit-financed business has
now become a cash business for the top one-third of series on the air.
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Exhibit 112. Network Ownership of Primetime Network
Programming
61%
46%
51%
50%
ABC
50%
60%
60%
64%
64%
53%
52%
CBS
07/08
56%
59%
60%
52%
NBC
08/09
09/10
10/11
60%
60%
62%
63%
50%
FOX
11/12
Source: Hollywood Reporter, BMO Capital Markets and industry estimates, and corporate reports.
The traditional pilot season and development business has been radically changed since the
WGA strike and new Guild agreements. The practice of developing dozens of scripts for 30or 60-minute shows, with each costing $3-$7 million dollars to produce, had become a costly
and ineffective way of creating original primetime broadcast or cable network scripted series.
Typically, one out of ten of these pilots lasts into season two and close to one out of 20 makes
it to the traditional 65-80 episodes needed for a meaningful strip syndication run. In addition,
most studios maintained “housekeeping” deals with a handful or two of producer-writer teams
that created ideas and scripts exclusively, or at least for first look, for that studio-network, often adding tens of millions of dollars in studio overhead annually. Much of that process and a
majority of that overhead has come to an end in the aftermath of the 2008 WGA strike. Most
of the major television production studios have cut back on the number of pilots they produce
and eliminated many of their housekeeping deals. What is replacing the research and development script/pilot business is more long-form television series produced for cable networks
in 12- to 13-episode mini-seasons. We are now even seeing two 12-episode pods on some of
the more successful series, especially on cable networks that can program around big four
network original episode periods such as summer when reruns abound.
The network primetime broadcasters are also moving away from debuting new and returning
series exclusively or primarily in September. While using alternative start dates has its origin
at Fox because of the MLB playoffs and World Series and CBS (Survivor), all of the primetime broadcasters look to platform potentially highly successful series at alternative start periods so that they have the least amount of competition in acquiring a healthy sampling for their
new seasons.
These changes solidify the economic reality that television production is going to be controlled by a handful of players matched by the ten or so highly successful producers of television series (i.e., Dick Wolf, Steven Bochco, Jerry Bruckheimer, David Kelley, JJ Abrams,
David Wells, Donald Bellisario, etc.). The addition of reality programming on primetime
television has also led most of the primetime networks to devote more than 20% of their programming hours to the format. The establishment of key brands, most prominently characterized by Fox’s Idol, ABC’s Dancing with the Stars and The Bachelor, and CBS’s Survivor and
Amazing Race, is what the television business is all about in terms of generating profitability
over a substantial period of time.
Networks have become much more experimental or opportunistic in making product available
through the three newer distribution portals: streaming through the network website with
modified commercials; available for purchase via iTunes and other aggregators at $0.99A member of BMO
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$1.99; and more recently as free VOD content. As Netflix, Roku, Hulu, and others feed their
constituencies, broader viewership is occurring. Less clear is the aggregate dollar opportunity,
although we reiterate: no one watches for free. Most of the other portals remain research and
development experiments for now with moderate advertising contribution relative to primary
broadcast outlet revenues. The following table profiles a representative, though frequently
changing, list of programming available via new portals.
Exhibit 113. Current Primetime Programming Portals
Network Series
ABC
20/20
America's Funniest Home Videos
The Bachelor
The Bachelorette
Bachelor Pad
Body of Proof
Castle
Cougar Town
Dancing with the Stars
Desperate Housewives
Don’t Trust the B…in Apartment 23
Duets
Extreme Makeover: Home Edition
GCB
Grey's Anatomy
Happy Endings
Jimmy Kimmel Live!
Last Man Standing
Lost
Man Up
The Middle
Missing
Modern Family
Nightline
Once Upon a Time
Pan Am
Private Practice
The River
Revenge
Rookie Blue
Scandal
Secret Millionaire
Shark Tank
Suburgatory
What Would You Do?
Wife Swap
Wipeout
Work It
CW
NBC
90210
America's Next Top Model
Dr. Drew's Lifechangers
Gossip Girl
Hart of Dixie
Nikita
One Tree Hill
Remodeled
Ringer
Supernatural
The Secret Circle
The Vampire Diaries
30 Rock
America's Got Talent
Are You There, Chelsea?
Awake
Bent
Biggest Loser
Celebrity Apprentice
Community
Dateline
Fashion Star
Fear Factor
The Firm
Grimm
Harry's Law
Law & Order: SVU
Parenthood
Parks and Recreation
Smash
The Office
The Voice
Up All Night
Whitney
Who Do You Think You Are
Who's Still Standing
Available On:
Website iTunes
VOD
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Available On:
Website iTunes
VOD
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Network Series
CBS
2 Broke Girls
48 Hours Mystery
60 Minutes
A Gifted Man
Big Brother
Blue Bloods
Criminal Minds
CSI
CSI: Miami
CSI: New York
Hawaii Five-O
How I Met Your Mother
I Get That A Lot
Mike and Molly
NCIS
NCIS: Los Angeles
NYC 22
Person of Interest
Rob
Rules of Engagement
Survivor
The Amazing Race
The Big Bang Theory
The Good Wife
The Mentalist
The Season So Far
Two and a Half Men
Ultimate Look Back
Undercover Boss
Unforgettable
X
X
X
X
X
FOX
Alcatraz
American Dad
American Idol
America's Most Wanted
Bob's Burgers
Bones
Breaking In
Cops
Family Guy
Fringe
Glee
Hell's Kitchen
House
I Hate My Teenage Daughter
Kitchen Nightmares
Masterchef
Mobbed
Napoleon Dynamite
New Girl
Q'VIVA The Chosen
Raising Hope
So You Think You Can Dance
Terra Nova
The Cleveland Show
The Finder
The Simpsons
The X Factor
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Source: Company websites, iTunes, Cox, Comcast, Time Warner Cable, and BMO Capital Markets.
The magnitude of streaming was close to 400 million episodes for ABC in 2011 out of some
800 million domestic paid downloads (or now even the growing hordes of subscription-based
downloads), which represents exceptionally high profit dollars, and at least a majority is incremental from a viewer who would not likely otherwise create a positive ratings impact. The
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trade-off is that even if there is some cannibalization from broadcast TV, it should become
more financially beneficial each year.
The international markets have picked up over the past few years (satellite networks, etc.), increasing revenue for many of the hour-long action and drama series. Reality programming is
finding its way into the international markets as well but often as a licensed product for local
production that will resonate better with local audiences. Fortunately, these dynamics have
taken production deficits down meaningfully and are less of a financing factor or capital allocation battle than they were five to seven years ago. Also, the utilization of the back-end on
sister cable networks has become almost a given in the production decision-making process,
internalizing the economic benefit along most of the distribution pipeline. The occasional outliers, such as when Ugly Betty from Disney (ABC) went to TV Guide, will happen when the
third-party economics are compelling.
The following table outlines a collection of prices being paid for top-tier US-produced original television programming on a per episode basis in 12 key international territories. These
numbers in the aggregate push many series (top 25 at least) into the black on a cash basis.
Exhibit 114. US Television Programming Prices in 12 Key
International Markets
Territory
(in thousands $)
U.K.
Germany
France
Italy
Spain
Netherlands
Russia
Canada
Japan
Australia
Brazil
Mexico
Drama
Sitcom
TV Movies
Reality
Docs/Kids/Arts
350
250
200
125
100
50
40
300
60
50
40
35
250
150
100
50
40
30
25
150
20
30
20
20
200
125
90
80
70
40
40
125
50
40
50
35
150
75
50
30
40
20
20
75
25
30
15
15
75
50
30
25
20
15
15
50
15
15
10
10
Source: THR Research , BMO Capital Markets, and industry estimates.
Advertising
The advertising marketplace for most of the broadcasting segments has been far more robust
than most investors forecasted the past few years, either from upfront commitments or scatter
market pricing, which has provided broadcasters with a margin of confidence about the television broadcasting and cable network business, especially as retransmission fees begin to be
banked. The current unknowns surrounding advertising are the fragmentation to new media,
leading many on both the broadcasting/cable net side as well as the investment side to await
“the other shoe dropping” syndrome. That shoe, relative to television, has been hanging for
years.
The following table lays out the broad-based television-advertising revenue marketplace, although we note that new platform ad revenues are not counted in these numbers. The past
year saw close to double-digit upfront gains and national scatter pricing averaging up close to
20% throughout the year. From an advertiser’s perspective nationally, the economy is fine.
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Exhibit 115. Television Advertising Revenue, 2000-2011
($ Billions)
Network Television
% Change
Cable Networks
% Change
Syndication
% Change
Spot: National & Local
% Change
Total Revenues
% Change
2000
$17.1
2001
$15.9
2002
$16.9
2003
$17.1
2004
$18.8
2005
$18.8
2006
$19.4
2007
$19.5
2008
$19.7
2009
$18.1
2010
$19.1
15.5%
-7.0%
6.3%
1.2%
9.9%
0.0%
3.2%
0.5%
1.0%
-8.1%
5.5%
3.7%
$10.5
$10.4
$10.9
$12.7
$14.4
$16.4
$17.9
$19.5
$20.9
$20.1
$22.1
$25.3
18.0%
-1.0%
4.8%
16.5%
13.4%
13.9%
9.1%
8.9%
7.2%
-3.6%
9.7%
14.5%
$3.1
$3.1
$3.0
$3.4
$3.7
$3.8
$4.2
$4.2
$4.4
$4.2
$4.5
2011
$19.8
$4.9
6.9%
0.0%
-3.2%
13.3%
8.8%
2.7%
11.4%
-1.5%
5.5%
-4.5%
7.1%
8.9%
$25.8
$21.5
$23.1
$23.6
$23.4
$21.8
$23.6
$22.6
$21.1
$17.6
$18.8
$18.2
11.2%
-16.7%
7.4%
2.2%
-0.8%
-6.8%
8.3%
-4.2%
-6.8%
-16.4%
6.8%
-3.3%
$56.5
$50.9
$53.9
$56.8
$60.3
$60.8
$65.1
$65.8
$66.1
$60.0
$64.5
$68.2
13.5%
-9.9%
5.9%
5.4%
6.2%
0.8%
7.1%
1.0%
0.4%
-9.1%
7.4%
5.7%
Source: Electronic Media, CAB, TVB, TNS/CMR, McCaan Erickson, Kagan, BMO Capital Markets, and industry estimates.
We believe the television advertising outlook for 2012-2013 will continue the typical upfront/scatter tug-o-war. The upfront market is becoming much less of a factor in advertising
revenue generation, given the evolution of programming (cable networks, 13 episode miniseasons, midyear or late-season starts, etc.) as well as buy-and-sell strategies. Upfront sales
were robust in 2011 (varied up high-single/low-double digits for the networks) on an approximately 80% sell-out level. Aggregate ad revenues now appear less tied to the upfront
combined pre-sale business, as scatter gains of low to mid-teens nationally are having a very
beneficial influence on total ad revenues. Scatter has once again proved more resilient in the
2011/2012 season to date, and it does not appear make-goods have taken much unsold inventory that would add to robust pricing in the scatter market.
The modest data bank from commercial ratings (C+3) has shown somewhat less erosion in
commercial viewing versus audience counts, the backbone of historical revenues, than many
expected. There appears to be an equally growing body of data that suggest ad awareness using a DVR or VOD platform gets high recall measurement.
Scatter market advertising is defined as advertising inventory that is not sold before the
primetime season begins or advertising inventory that has become available owing to cancelled season commitments. Scatter was strong in 2011, and sustained much of those gains in
the first quarter of 2012. The return of autos and financials helped an already robust environment in 2011, and political advertising will be a very positive variable this year (but nonexistent next, so we expect the chatter on advertising will turn negative in 2H12).
The primetime networks historically sell 70%-85% of their primetime advertising inventory
during the May-June upfront market. Exhibits 116, 117, and 118 illustrate upfront advertising
market activity over the past 12 years. We note that simply looking at advertising dollars sold
can be misleading as inventory sell levels fluctuate, which was the case for the 2009-2010
season when the four major networks sold 20% or so less inventory to secure targeted CPM
pricing (perhaps 60% of avails versus 75% or so most years). Conversely, ratings guarantees,
which fluctuate from network to network, have been pegged down 2%-4% annually the past
few years, reducing the need for as much inventory used on make-goods.
Total upfront ad sales have remained remarkably stable. Clearly, the 2011/2012 season continued the rebound from the low of 2009/2010. This seeming paradox reflects the value of audience reach by the major primetime networks despite its downward ratings spiral. The following exhibit details the upfront commitments for the past 12 years. We expect the
2012/2013 season to have CPMs in the upfront up by mid-single digits.
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Exhibit 116. Upfront Market Sales Broadcast Networks*, 20002012
($ Billions)
$9.4
$9.5
$9.3
$9.3
$9.2
$9.0
$9.0
$8.5
$8.1
$8.1
$7.4
$7.1
00/01
01/02
02/03
03/04
04/05
05/06
06/07
07/08
08/09
09/10
10/11
11/12
Source: Broadcasting & Cable, CAB, TVB, SNL Kagan, Hollywood Reporter, BMO Capital Markets, and
industry estimates. *Includes Sports and Specials.
The introduction of the commercial ratings measurement tool, as well as DVR viewership
over three days post live broadcast, has changed some of the upfront dynamic. Confusion over
live ratings, C+3, C+7, and now mobile, OTT, and other delivery methods exists. We expect a
better tone, more upfront commitments, and the likelihood of better CPM pricing given the
strength in the current double-digit increase over the year in the scatter market.
Exhibit 117. Average Upfront Primetime Network CPM Pricing
Changes, 2002-2011E*
$32
11.3%
$30
8.5%
$28
2.0%
3.0%
$26
2.0%
4.0%
4.5%
$24
6.8%
$22
4.5%
$20
$18
$16
2002
2003
2004
2005
2006
2007
2008
2009
2010E
2011E
Source: SNL Kagan, Media Week, and Multichannel News, * Including live sports.
Exhibit 118 outlines and details upfront advertising over the past 12 years. Three dynamics
are at work in the marketplace: CPMs, inventory levels sold, and ratings guarantees, each of
which contributes to the overall sales numbers. This should lead investors to consider factors
beyond aggregate numbers in generating ongoing analysis of the implications for the major
broadcasting networks.
Exhibit 118. Upfront Sales by Network and Market 2000-2012
($ Billions)
Network/Market
ABC
CBS
NBC
FOX
CW
Broadcast Nets:
Cable
Total Nets + Cable
Syndication
00/01
$2.3
1.6
2.3
1.3
$8.1
4.3
$12.4
2.4
01/02
$1.7
1.4
2.0
1.3
$7.1
4.0
$11.1
1.7
02/03
$1.5
1.9
2.6
1.3
$8.1
3.1
$11.2
1.5
03/04
$1.5
2.1
3.0
1.5
$9.4
4.1
$13.5
2.0
04/05
$1.3
2.4
2.9
1.6
$9.5
4.5
$14.0
2.2
05/06
$2.1
2.4
2.0
1.6
$9.3
6.5
$15.8
2.3
06/07
$2.3
2.4
1.9
1.8
0.7
$9.0
7.3
$16.3
2.2
07/08
$2.4
2.5
1.9
1.9
0.6
$9.2
7.5
$16.7
2.3
08/09
$2.5
2.5
1.9
2.0
0.4
$9.3
7.9
$17.2
2.2
09/10
$1.9
2.1
1.5
1.6
0.3
$7.4
6.5
$13.9
1.5
Total Ad Markets
$14.8
$12.8
$12.7
$15.5
$16.2
$18.1
$18.5
$19.0
$19.4
$15.4
% YOY
-24%
-16%
-21%
-20%
-18%
-20%
-18%
-19%
-32%
-20%
10/11
$2.2
2.4
1.7
1.9
0.4
$8.5
8.0
$16.5
1.6
$18.1
% YOY
16%
12%
13%
16%
19%
14%
23%
18%
7%
17%
11/12
$2.3
2.6
1.7
2.0
0.4
$9.0
9.3
$18.3
1.8
$20.1
% YOY
5%
11%
1%
7%
11%
6%
16%
11%
9%
03/04
84%
82%
83%
82%
-
04/05
77%
80%
80%
79%
-
05/06
85%
82%
75%
80%
-
06/07
76%
82%
75%
75%
50%
Inventory sold
07/08
75%
77%
75%
75%
50%
08/09
83%
80%
80%
85%
50%
09/10
63%
60%
65%
60%
50%
10/11
75%
75%
80%
80%
73%
11/12
80%
80%
80%
80%
77%
11%
Source: Broadcasting & Cable, CAB, TVB, SNL Kagan, Hollywood Reporter, , BMO Capital Markets, and industry estimates.
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The aggregate upfront headline numbers are often somewhat misleading in that they do not
reveal the percentage of advertising inventory sold to achieve aggregate upfront sales dollars.
Also, upfront revenue commitments are often diluted as ratings-driven cancellations and
make-goods, which can represent perhaps as much as 10% of upfront commitments, come
into play during the season. Also, there can be slippage as holds turn into orders or cancellations. Obviously, scatter market pricing trends have been significantly above the upfront, up
at the double-digits level according to recent network broadcaster commentary. While not the
20%-40% seen in the 2010/2011 season, it is still a good growth rate in absolute terms. We do
not believe make-goods have been the demand driver. This usually sets the stage for a healthy
upfront marketplace, although we see no upside to creating an unreasonable expectation this
far ahead of the May-June selling season. What advertisers have learned over the past two or
three years is that they can profitably sell or swap unused time secured in the upfront marketplace.
Retransmission Fees
Retransmission fee arrangements and negotiations will remain a center point for TV station
owners, cable, DBS, telco operators, and networks. Exhibit 119 details SNL Kagan’s projections for the magnitude of potential broadcast retransmission fees. It appears that some markets are approaching $1 per subscriber per month.
Exhibit 119. Total O&O and Affiliate Retransmission Fee
Projections
$3,893
4,000
$3,281
3,500
$2,697
3,000
2,500
$2,033
$1,455
1,500
$1,137
1,000
$265
$109
$319
0
$1,043
$262
$182
2010
$886
$340
$305
$325
$142
$710
$579
$358
$451
2,000
500
$367
$404
$730
$1,061
$552
$877
$698
$413
$532
$351
$304
$460
$572
$675
$224
2011
2012
2013
2014
2015
ABC
CBS
FOX
NBC
UVN
Source: SNL Kagan
The debate is not settled on how much the non-owned and operated stations will kick back to
the networks, but it is meaningful. Disney has said it expects $400-$500 million annually by
2014-2015. This compares against the network’s current $800-$900 million total operating
income.
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Broadcast Network Ratings
Exhibit 120 details ratings statistics for the broadcast marketplace. We note the following:

The CW has not moved ratings measurably higher than either of its predecessor networks,
The WB and UPN. One plus one did not end up equaling two.

We doubt deficit financing will go away completely, but many of the top series do not
carry deficits after the first season because of TV-to-DVD and iCasting revenues.

Ratings at the five major television broadcast networks continue to lose share to basic cable networks, especially as original series production accelerates.
Exhibit 120. Primetime HH Ratings by Network, 1990-2011*
Ratings
ABC
CBS
NBC
Fox
4 Networks
WB
UPN
CW
5 Networks
90/91
10.6
12.3
11.0
–
33.9
–
–
–
33.9
Increases/Decreases
ABC
CBS
NBC
Fox
4 Networks
WB
UPN
CW
5 Networks
91/92
11.0
12.5
11.1
7.6
42.2
–
–
–
42.2
92/93
11.4
12.3
10.9
7.0
41.6
–
–
–
41.6
91/92
4.4%
1.2%
0.8%
–
24.5%
–
–
–
24.5%
92/93
3.6%
-1.7%
-1.9%
-7.9%
-1.5%
–
–
–
-1.5%
93/94
11.3
12.7
11.1
7.7
42.8
–
–
–
42.8
94/95
10.9
10.0
11.5
7.2
39.6
1.7
3.6
–
44.9
95/96
10.8
9.7
11.7
7.6
39.8
2.4
4.8
–
47.0
93/94
94/95
-1.0%
-3.9%
3.3% -20.7%
1.8%
3.6%
10.0%
-6.5%
2.9%
-7.4%
–
–
–
–
–
–
2.9%
5.0%
95/96
-0.6%
-3.4%
1.7%
5.6%
0.5%
41.2%
33.3%
–
4.7%
96/97
9.2
9.6
10.5
7.0
36.3
2.6
3.2
–
42.1
97/98
8.5
9.6
10.2
7.0
35.3
3.1
2.8
–
41.2
98/99
8.1
9.1
8.9
5.9
32.0
3.2
2.0
–
37.2
99/00
9.4
8.6
8.6
6.3
32.9
2.6
2.7
–
38.2
00/01
8.6
8.6
8.1
5.1
30.4
2.5
2.5
–
35.4
01/02
6.4
8.4
8.5
5.2
28.5
2.4
2.8
–
33.7
02/03
6.1
8.1
7.6
5.9
27.7
2.5
2.2
–
32.4
03/04
5.8
8.2
7.2
5.9
27.1
2.4
2.2
–
31.7
04/05
6.5
8.4
6.5
5.7
27.1
2.2
2.3
–
31.6
96/97
97/98
98/99
99/00
00/01
01/02
02/03
-14.8%
-7.6%
-4.7% 16.0%
-8.5% -25.6%
-4.7%
-1.0%
0.0%
-5.2%
-5.5%
0.0%
-2.3%
-3.6%
-10.3%
-2.9% -12.7%
-3.4%
-5.8%
4.9% -10.6%
-7.9%
0.0% -15.7%
6.8% -19.0%
2.0% 13.5%
-8.8%
-2.8%
-9.3%
2.8%
-7.6%
-6.3%
-2.8%
8.3% 19.2%
3.2% -18.8%
-3.8%
-4.0%
4.2%
-33.3% -12.5% -28.6% 35.0%
-7.4% 12.0% -21.4%
–
–
–
–
–
–
–
-10.4%
-2.1%
-9.7%
2.7%
-7.3%
-4.8%
-3.9%
03/04
-4.9%
1.2%
-5.3%
0.0%
-2.2%
-4.0%
0.0%
–
-2.2%
04/05
12.1%
2.4%
-9.7%
-3.4%
0.0%
-8.3%
4.5%
–
-0.3%
05/06
6.7
8.1
6.5
6.0
27.3
2.1
2.1
–
31.5
06/07
6.1
7.6
4.8
6.1
24.6
–
–
2.0
26.6
07/08
5.5
6.2
4.8
6.1
22.6
–
–
1.5
24.1
08/09
5.2
6.6
4.3
5.1
21.2
–
–
1.1
22.3
09/10
4.8
6.3
4.2
5.2
20.5
–
–
1.2
21.7
10/11
4.6
6.9
3.9
5.1
20.5
–
–
1.1
21.6
05/06
06/07
07/08
08/09
3.1%
-9.0%
-9.8%
-5.5%
-3.6%
-6.2% -18.4%
6.5%
0.0% -26.2%
0.0% -10.4%
5.3%
1.7%
0.0% -16.4%
0.7%
-9.9%
-8.1%
-6.2%
-4.5%
–
–
–
-8.7%
–
–
–
–
– -25.0% -26.7%
-0.3% -15.6%
-9.4%
-7.5%
09/10
-7.7%
-4.5%
-2.3%
2.0%
-3.3%
–
–
9.1%
-2.7%
10/11
-4.2%
9.5%
-7.1%
-1.9%
0.0%
–
–
-8.3%
-0.5%
Source: Nielsen Media Research, SNL Kagan, Motion Picture Association of America, Cable Television Ad
Bureau, BMO Capital Markets, and industry estimates. *Live.
Exhibit 121 details the primetime ratings for the 2011/2012 season to date.
Exhibit 121. Season-to-Date Live Performance by Network*
8.0%
5.0%
4.0%
0.0%
3.0%
1.0%
-6.0%
-8.0%
Viewers
A18-49
Source: Variety and Nielsen Media Research. *Through 3/25/12.
What these numbers tell us more than anything else is not that fewer households are watching
the big four primetime networks, but that they are not watching them in a linear (live) fashion.
The current primetime schedule is listed in Exhibit 122.
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Exhibit 122. Current Broadcast Primetime Schedule
7:00-7:30
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
7:30-8:00
8:00-8:30
ABC
CBS
NBC
FOX
CW
ABC
CBS
NBC
FOX
CW
Last Man Standing
ABC
CBS
NBC
FOX
CW
The Middle
9:00-9:30
9:30-10:00
Two and a Half Men
Mike and Molly
Alcatraz
American's Next Top Model
Hart of Dixie
Cougar Town
The River
NCIS
Body of Proof
NCIS: Los Angeles
Unforgettable
The Biggest Loser
Fashion Star
I Hate My Teenage Daughter
90210
New Girl
Breaking In
Ringer
Suburgatory
Modern Family
Are You There, Chelsea?
Bent
Happy Endings
Criminal Minds
Survivor
Whitney
10:30-11:00
Hawaii Five O
Smash
House
Raising Hope
10:00-10:30
Castle
The Voice
Missing
CSI
Bent
Rock Center with Brian Williams
Up All Night
Entertainment Tonight
American Idol
America's Next Top Model
One Tree Hill
ABC
CBS
NBC
FOX
CW
Grey's Anatomy
Missing
ABC
CBS
NBC
FOX
CW
ABC
CBS
NBC
FOX
ABC
CBS
NBC
FOX
8:30-9:00
2 Broke Girls
Big Bang Theory
Big Bang Theory
Person of Interest
Community
30 Rock
The Office
American Idol
Touch
The Vampire Diaries
The Secret Circle
Private Practice
Awake
Shark Tank
What Would You Do?
Undercover Boss
The Mentalist
Dateline
Who Do You Think You Are?
Grimm
Entertainment Tonight
Kitchen Nightmares
Fringe
Nikita
Supernatural
Wipeout
The Insider
20/20
The Insider
My Extreme Affliction
NCIS: Los Angeles
Criminal Minds
48 Hours
Harry's Law
The Firm
Law & Order: SVU
Desperate Housewives
GCB
Q'Viva The Chosen
America's Funniest Home Videos
Once Upon a Time
60 Minutes
Amazing Race
The Good Wife
Dateline NBC
Harry's Law
The Simpsons
The Cleveland Show
The Simpsons
Bob's Burgers
Family Guy
CSI: Miami
American Dad
Source: Neilsen, TV Guide, Company websites, BMO Capital Markets, and industry estimates, as of March 2012
Although overall ratings are very visible, most advertising dollars follow a select group of key
demographics and series. The most important target demographic for a majority of primetime
advertisers is Adults 18-49. The series and networks that generate the highest ratings in this
key demographic can typically command the highest premiums from advertisers. The following lists the top primetime broadcast television series for the key demographic.
A member of BMO
Financial Group
159
April 2012
BMO Capital Markets
Exhibit 123. Top Primetime Broadcast Series for Key Demo
Series
American Idol
The Voice
2 Broke Girls
Two and a Half Men
X-Factor
Rob
Once Upon a Time
New Girl
Smash
Person of Interest
Suburgatory
Mike & Molly
Last Man Standing
Revenge
Finder
Glee
Unforgettable
Hawaii 5-0
Criminal Minds
The River
Survivor
House
Modern Family
NCIS
NCIS LA
Network
FOX
NBC
CBS
CBS
FOX
CBS
ABC
FOX
NBC
CBS
ABC
CBS
ABC
CBS
ABC
ABC
FOX
FOX
CBS
CBS
CBS
ABC
CBS
CBS
ABC
CBS
CBS
Length
60
60
30
30
60
30
60
30
60
60
60
30
30
30
30
60
60
60
60
60
60
60
60
60
30
60
60
Producer
NWSA
NBC
TWX
TWX
NWSA
CBS
DIS
NWSA
CMCSA
TWX
DCS
CBS
TWX
CBS
NWSA
DIS
NWSA
NWSA
CBS
CBS
CBS
DIS
CBS
CBS
ABC
CBS
CBS
Source: Nielsen Media Research, BMO Capital Markets, and industry estimates.
Exhibit 124 outlines primetime network ratings generated by the key demographic over the
past 13 seasons and the 2011/2012 season to date. Idol (Fox) commanded 30-second spot
pricing in the $500,000-$700,000 range in 2011 with peaks in the $700,000-$900,000 for the
past few episodes. There will be a similar kind of upside when ABC’s Desperate Housewives
comes to its conclusion this season.
Exhibit 124. Adult 18-49 Key Demographic Primetime Ratings,
1998-2012 to Date
Network
ABC
CBS
NBC
FOX
WB
UPN
CW
98/99
4.5
3.8
5.2
4.8
1.6
1.3
-
99/00
5.5
3.7
5.0
4.2
1.4
1.6
-
00/01
4.4
4.0
4.8
4.5
1.6
1.6
-
01/02
3.6
4.0
4.8
3.8
1.6
1.8
-
02/03
3.8
3.8
4.4
4.0
1.7
1.5
-
03/04
3.5
3.8
4.4
4.2
1.7
1.5
-
04/05
3.7
4.0
3.5
3.8
1.4
1.4
-
05/06
3.8
3.8
3.3
4.0
1.3
1.3
-
06/07
3.2
3.3
2.9
3.7
1.2
07/08
3.0
2.9
2.8
4.2
1.0
08/09
2.9
3.1
2.8
3.6
0.9
09/10
2.9
3.1
2.8
3.6
0.9
10/11 11/12 STD*
2.5
2.5
2.9
3.1
2.3
2.6
3.5
3.3
0.9
0.8
Note: Ratings reflect September through May first-run results, *STD through March 25, 2012.
Source: Nielsen Media Research, Variety, BMO Capital Markets, and industry estimates.
A member of BMO
Financial Group
160
April 2012
BMO Capital Markets
Cable
Part of cable’s ratings success over the past seven years in siphoning off primetime viewership has been the rapid increase in programming investment, as detailed in the Exhibit 125.
Exhibit 125. Cable’s Programming Investment, 1999-2012E
$23.8
$25.0
$22.1
$20.0
$18.6
$20.0
CAGR = 11.3%
$16.2
$17.5
$14.4
$15.0
$12.7
$10.2
$11.1
$8.4
$10.0
$5.9
$6.6 $7.2
$5.0
$0.0
1999
2001
2003
2005
2007
2009
2011E
Source: SNL Kagan, BMO Capital Markets, and industry estimates.
The success of series such as The Closer (TNT), White Collar (USA), Saving Grace (TNT),
Mad Men (AMC, debuted 3/25 after more than a five-quarter hiatus), Burn Notice (USA),
Damages (FX), and Trust Me (TNT) have played an important role in the gains cable has
made in taking audience share from the major broadcasting networks. These series typically
have harder-edge content, which may also play into their demographic success. Exhibit 126
delineates the top original series on cable networks.
A member of BMO
Financial Group
161
April 2012
BMO Capital Markets
Exhibit 126. Highest Rated New Scripted Original Cable Series,
2009-2012
Series
Mad Men
Walking Dead
Royal Pains
White Collar
Men of a Certain Age
Leverage
Hawthorne
Fairly Legal
Secret Life of the American Teenager
Warehouse 13
Drop Dead Diva
Dark Blue
Meet the Browns
Boardwalk Empire
Network
Corporate
Parent
Total Viewers
(mm)
AMC
AMC
USA
USA
TNT
TNT
TNT
USA
ABC Family
Syfy
Lifetime
TNT
TBS
HBO
AMCX
AMCX
CMCSA
CMCSA
TWX
TWX
TWX
CMCSA
DIS
CMCSA
DIS
TWX
TWX
TWX
11.0
9.0
7.4
6.0
4.9
4.2
4.0
4.0
3.9
3.9
3.3
3.2
3.0
3.0
Source: Turner Broadcasting System research, BMO Capital Markets, and industry estimates.
Premium Cable Networks are spending major dollars on series and mini-series in part to build
subscriber connectedness. Exhibit 127 is a sampling of investments by HBO, Showtime, and
Starz.
Exhibit 127. HBO, Showtime, & Starz Series Investments
Series
The Pacific
Camelot
Boardwalk Empire
Game of Thrones
Pillars of the Earth
The Borgias
The Tudors
Spartacus: Blood & Sand
Party Down
Network
HBO
Starz
HBO
HBO
Starz
Showtime
Showtime
Starz
Starz
Type
Mini-Series
Series
Series
Series
Mini-Series
Series
Series
Series
Series
Total Season/Series
Investment
$215
$77
$50
$50
$40
$40
$35
$30
$24
Source: SNL Kagan , BMO Capital Markets, and industry estimates
Syndication
Another important component in the production activities of the major studios is television
syndication, which comes in basically two platforms: 1) first-run and 2) strip syndication, or
off-network syndication. First-run syndication programming represents the series local stations buy for original airing, including talk shows, news magazines, game shows, and reality
programs. Strip syndication represents previously aired “off-network” series produced mainly
for network primetime that local stations buy for re-airing Monday through Friday outside
primetime hours.
Syndication can be quite lucrative in either format. Strip syndication of a network primetime
series typically generates cash profits in the tens, if not hundreds, of millions of dollars. The
useful revenue half-life of some series can be decades, especially as cable networks have pro-
A member of BMO
Financial Group
162
April 2012
BMO Capital Markets
liferated and created programming demand. Downloads, TV-to-DVD, streaming and VOD
(via cable or telco) are just the new media version of strip syndication.
Exhibit 128. $1 Million Plus Off-Network Cash Syndication Deals
Year Deal
Made
2010
2005
2009
2011
2009
2004
2004
2001
2004
2005
2003
2001
2005
2003
2006
2001
1998
Year
Available
2011
2006
2013
2014
2012
2005
2006
2004
2007
2008
2006
2003
2009
2006
2009
2003
2002
Series
The Big Bang Theory
The Sopranos
NCIS: Los Angeles
Hawaii 5-0
The Mentalist
Law & Order: Criminal Intent
CSI: New York
CSI
Cold Case
House
Without a Trace
Law & Order: Special Victims Unit
Medium
CSI: Miami
Grey's Anatomy
The West Wing
Seinfield
Original
Network
CBS
HBO
CBS
CBS
CBS
NBC
CBS
CBS
CBS
FOX
CBS
NBC
NBC/CBS
CBS
ABC
NB
NB
Cable Network
TBS
A&E
USA
TNT
TNT
Bravo/USA
Spike TV
Spike TV
TNT
Bravo/USA
TNT
USA
Lifetime
A&E
Lifetime
Bravo
TBS
Est Cash License Fee/
Episode (MM/$)
$2.55
$2.50
$2.35
$2.30
$2.20
$1.93
$1.90
$1.60
$1.40
$1.40
$1.33
$1.30
$1.30
$1.20
$1.20
$1.20
$1.00
Source: SNL Kagan and BMO Capital Markets.
Syndication (first-run and strip) has remained a $4.0-billion-plus industry and has a unique
mixture of entertainment, game, reality (more and more, Alaska, Ghosts, Pawn, etc.), and
classic reruns of successful sitcoms and dramas.
A member of BMO
Financial Group
163
April 2012
BMO Capital Markets
Television: Trends and Perspectives
A member of BMO

Television production activity has never been stronger as a variety of cable networks such
as TNT, HBO, Starz, Showtime, AMC, and USA air significantly more scripted and reality (which may be scripted!) series, broadcasting networks move more series outside the
traditional fall premier window, and the hybrids (NFLX) create new series for nonlinear
networks.

The most prolific new production activity remains original programming for cable networks. Look for production dollars to be up close to double-digit percentages annually for
the next few years as millions of incremental viewers tune in to new series.

Advertising demand and dollars outstripped expectations for the primetime and cable
markets in 2011 as feared demand/supply concerns were overcome by a healthier economy and the return of absent advertisers materialized. The new fear, cord cutting, that presupposed that content, new and old, would be available at no cost and with no commercials is a myth.

We expect the four main primetime networks to maintain their high percentage of internally produced or owned series for their primetime programming needs. The CW has
clearly found a niche market in the 18-34 demographic, as has Univision and Telemundo
in the Hispanic language demographic. These series generally have positive economics for
their owners.

New and international distribution portals such as TV-to-DVD, streaming, DVR, IPTV,
and VOD have essentially eliminated much of the deficit financing for top-tier series.

Programming costs are rising faster than ad rates on both network and cable platforms.
This is due in part to the new distribution platforms that provide incremental dollars to
producers who in turn are pumping more dollars into enhanced creative resources (writers) and production values. We think networks are working hard to reposition production
economics at lower cost levels, but the only tangible success to date is lower housekeeping talent deal costs, which is meaningful.

Sports rights continue to be costly, but MLB and NHL agreements show few gains by the
leagues. NASCAR is growing as a bona fide sports rights platform. Live sports broadcasts
are a very important ad platform as the DVR era unfolds. 3D is the next application to enhance the allure of sports programming.

The 2012-2013 upfront is likely to have a positive bent as it kicks off in May. Upfront
sales have normalized as many advertisers learned painfully in 2009 to 2011 that scatter
market pricing is unlikely to dip below levels in upfront. There is no easy way to capture
advertising inventory cheap on the most broadly distributed networks. When would there
have been a more predictable time to gain negotiating leverage on CPMs? Unfortunately,
many had to go to the scatter market, pay up over 10%, and lose the ratings guarantees
that accompany upfront buys.
Financial Group
164
April 2012
BMO Capital Markets

Many foreign markets have become more particular about buying US shows. Reality television is selling both previously produced episodes and formats that can be locally produced in the native language, but not for high dollar amounts away from American Idol.
Interestingly enough, many of the more successful reality series had their start in the UK.

Consumer demand for DVRs (principally in a satellite or cable box) has been robust, and
VOD usage has grown rapidly. Time shifting in the digital format can easily leave advertisers without a predictable platform, although data after three and half seasons seems to
reveal less fallout than feared a few years ago. Broadcast and cable networks continue to
pound the undercount drum with A.C. Nielsen in a measured fashion. It appears the ratings gurus are adapting to the new world of TV watching very slowly.

The shift in audience measurement as a core tool for ad dollar calculations makes DVR
penetration a more important mandate. Approximately 45 million households in the US
watch time-shifted television with a good portion of that outside the ad dollar boundaries.

We see less of a market for original broadcast product for television movies and miniseries—too costly, too short a shelf life, and too little foreign interest. We expect no rebound
in this long format programming.

The digital download market is growing rapidly. PriceWaterhouseCooper’s projections
see the digital download market growing from $456 million in 2010 to $1.04 billion in
2014. The 2011 estimated gain was over 20%. Those dollars are typically shared with the
producer/distributor and provider on a 70%/30% split.
Exhibit 129. Digital Download Market, 2006-2014E
$1,035
$855
$700
$560
$361
$456
$252
$24
2006
$113
2007
2008
2009
2010
2011
2012E
2013E
2014E
in millions
Source: PriceWaterhouse Coopers , BMO Capital Markets, and industry estimates.

A member of BMO
We see more original programming for cable networks such as AMC, Lifetime, TNT, and
USA, as they differentiate themselves from “rerun” territory. Success these past few years,
including Mad Men, Fairly Legal, The Closer, White Collar, Walking Dead, and Burn Notice, is pushing more series development, especially as more adult content can create
higher back-end value, particularly in digital download and as nonlinear aggregators pump
dollars into production.
Financial Group
165
April 2012
A member of BMO
BMO Capital Markets

Fewer sitcoms and more reality and drama series are being produced as reality and actiondrama series have been attracting lots of after-viewing revenue. According to Nielsen,
roughly 65% of the 2011/2012 primetime television season was devoted to reality and
drama programming.

Web TV (Hulu, AOL, Amazon, Apple TV, Yahoo, MSN, etc.) is emerging as another important distribution portal. While ComScore numbers suggest usage in the high-singledigit millions per month range, much of the content has been of a clip nature and therefore
more reasonably classified as promotional. Clearly, full-episode product is coming to the
medium; monetizing it is in its infancy.

Hulu is a joint venture among News Corp, NBC/Comcast, and Disney, which enables
commercial sponsored streaming video of television programming and feature films in the
flash video format. The platform broadcasts Fox, NBC, PBS, E!, and Sundance, in addition to others. After Apple’s iCasting business, Hulu is emerging as one of the largest and
content admired internet streaming players. Going public, going paid subscriber, going international…never a dull moment.

According to Nielsen, mobile internet users (83.2 million) spend 3% of their time watching video and movies, still a small percentage of the more than 122 million smart phones
in the US. This opportunity continues to have significant intellectual and marketing capital
directed to garnering further usage.

Over-the-top video services are gaining visibility as one more portal for consumer access.
According to SNL, an estimated 26.3 million households have OTT devices (principally
game consoles, Ethernet enabled TVs, and discrete set top boxes) installed. The consumer
intrigue revolves around enabling a substitution of multi-channel content aggregators.
Challenges remain, content access being the primary one. Why would most content providers grant access without compensation beyond current Internet-based offerings? Stay
tuned.
Financial Group
166
April 2012
BMO Capital Markets
Investment Perspective
A member of BMO
Financial Group
167
April 2012
A member of BMO
Financial Group
BMO Capital Markets
168
April 2012
Tkr
Rating
Price
Target
A member of BMO
Financial Group
CKEC
CNK
CGX
RLD
RGC
Mkt.
OP
OP
OP
OP
OP
OP
Mkt.
Mkt.
Mkt.
OP
OP
OP
$14.00
$29.00
C$32.00
$15.00
$19.00
$53.00
$23.00
$14.00
$19.00
$19.00
$46.00
$59.00
$59.00
$13.45
$22.29
$29.83
$11.96
$13.26
$42.15
$17.43
$12.21
$19.33
$19.67
$36.03
$47.08
$50.69
Price
4/12
12
12
12
3
12
12
9
9
12
3
6
FY
$0.84
$1.29
$0.84
$0.60
$0.17
$0.17
$1.04
$1.00
$1.00
Annual
Div.
3.8%
4.3%
6.3%
1.4%
0.9%
0.9%
2.9%
2.1%
2.0%
%
Yield
1
1
1
4
1
1
2
2
1
4
3
Qtr
$0.23
$0.34
$0.23
($0.06)
$0.11
$0.64
$0.88
$0.56
$0.14
$0.07
$0.31
($0.11)
$0.31
$0.20
($0.07)
$0.13
$0.64
$0.90
$0.56
$0.11
$0.23
$0.31
Current Quarter
--- EPS --Consensus
CYE
NA = Not Applicable N.M. = Not Meaningful NR = Not Rated
EBITDA defined as Earnings Before Interest, Taxes, Depreciation and Amortization and does not exclude minority interests' share or include equity income/(losses).
*BMO Capital Markets makes a market in this security
^BMO Capital Markets has Managed or Co-Managed a public offering of securities for this company.
Exhibitors Average (CKEC, CGX, CNK, RGC)
Carmike Cinemas *
Cinemark Holdings
Cineplex Inc.
RealD^
Regal Entertainment Gp
Exhibition Equities
Walt Disney Co
DIS
DWA
LGF
News Corp*
Non-voting
NWSA
Voting NWS
Time Warner
TWX
Viacom
Non-voting
VIAB
Voting
VIA
Majors Average (DIS, NWSA, TWX, VIAB)
ENTERTAINMENT EQUITIES - OUTPERFORM SECTOR VIEW
COMPANY
Entertainment Industry
($1.44)
$0.22
($0.01)
$0.08
($0.04)
$0.58
$0.72
$0.49
$0.10
$0.34
$0.26
PY
($0.60)
$1.25
$0.85
($0.29)
$0.48
$2.89
$3.78
$2.54
$1.02
($0.41)
$1.18
EPS
26.8x
N.M.
17.8x
35.1x
N.M.
27.6x
14.5x
12.5x
12.5x
16.6x
17.0x
N.M.
16.4x
73
520
173
56
486
6,757
3,981
10,207
113
68
6,059
7.8x
6.5x
6.7x
10.9x
12.1x
7.2x
8.6x
8.0x
8.3x
8.9x
12.1x
34.2x
9.4x
----------- 2011 ------------- EBITDA --P/E
(Mil.)
ADJ.EV/
$1.10
$1.64
$1.46
$0.49
$0.72
$3.20
$4.34
$2.99
$1.00
($0.03)
$1.30
EPS
33%
4582%
16.2x
12.3x
13.6x
20.5x
24.6x
18.5x
12.8x
11.3x
10.8x
14.1x
17.5x
N.M.
14.9x
87
572
220
89
535
7,089
4,270
11,140
131
69
6,600
1%
9%
6.6x
5.4x
6.1x
8.6x
7.6x
6.5x
8.0x
7.6x
7.7x
8.2x
10.4x
34.0x
8.6x
----------- 2012E ------------- EBITDA --ADJ.EV/
P/E
(Mil.)
$1.29
$1.83
$1.70
$0.37
$0.77
$3.55
$5.00
$3.48
$1.10
$1.16
$1.61
EPS
14.4x
10.4x
12.1x
17.6x
32.3x
17.3x
10.9x
10.2x
9.4x
12.1x
15.8x
10.5x
12.0x
96
603
233
86
554
7,282
4,575
12,380
144
285
7,325
6.3x
4.9x
5.7x
8.1x
7.8x
6.3x
7.4x
7.4x
7.2x
7.4x
9.5x
8.2x
7.8x
----------- 2013E ------------- EBITDA --P/E
(Mil.)
ADJ.EV/
12.8
113.3
58.2
56.8
154.1
1,053.3
558.0
1,909.0
85.2
149.2
2,636.0
Diluted
Shares
Out
(Mil.)
172
2,525
1,735
679
2,043
37,950
26,271
80,464
1,484
1,822
50,954
Mkt
Cap
(Mil.)
302
1,192
147
(4)
1,763
16,048
6,643
10,620
(116)
518
6,022
Net
Debt+
Pref.
(Mil.)
474
3,467
1,882
675
3,491
53,998
32,914
91,084
1,368
2,340
56,976
Enterprise
Value
(Mil.)
BMO Capital Markets
BMO Capital Markets Coverage Entertainment Coverage Universe
Source: BMO Capital Markets estimates and corporate reports.
169
April 2012
Symbol
Price
A member of BMO
Financial Group
CKEC
CNK
CGX
RLD
RGC
DIS
DWA
LGF
NWSA
TWX
VIAB
$13.45
$22.29
$29.83
$11.96
$13.26
$42.15
$17.43
$12.21
$19.33
$36.03
$47.08
17.75%
2.12%
25.19%
29.30%
62.00%
14.40%
10.26%
19.41%
-26.23%
12.05%
7.60%
13.97%
34.75%
2010
Total
Return
3.50%
-10.88%
12.12%
20.66%
-69.37%
-7.92%
7.45%
1.07%
-43.71%
27.80%
23.83%
15.26%
17.17%
2011
Total
Return
35.60%
95.49%
20.55%
15.84%
50.63%
10.50%
12.66%
12.40%
5.06%
46.75%
8.35%
-0.30%
3.68%
2012
YTD
Return
Mkt.
OP
OP
OP
OP
OP
OP
Mkt.
Mkt.
OP
OP
Equity
Rating
^IPO at $16.00 on 7/15/2010
*BMO Capital Markets makes a market in this security
4/24/08
3/2/10
1/19/10
8/25/10
3/2/10
3/31/03
10/28/09
6/14/10
1/11/11
1/11/11
4/22/10










Last
D
Rating
I
Date Chg R
EBITDA defined as Earnings Before Interest, Taxes, Depreciation and Amortization and does not exclude minority interests' share or include equity income/(losses).
$0.84
$1.29
$0.84
$0.60
$0.17
$1.04
$1.00
Annual
Dividend
NA. = Not Applicable N.M. = Not Meaningful NR = Not Rated ^ = IPO price 4/23/07
Exhibitor Average
Carmike Cinemas *
Cinemark Holdings*
Cineplex Inc.
RealD^
Regal Entertainment Gp
Exhibition Equities
Majors Average
Walt Disney Co
News Corp*
Non-voting
Time Warner
Viacom
Non-voting
ENTERTAINMENT EQUITIES - OUTPERFORM SECTOR VIEW
Company
Entertainment Industry
$53.00
$23.00
$14.00
$19.00
$46.00
$59.00
Target
Price
$10.39 $14.00
$16.25 $29.00
C$17.31 C$32.00
$17.50 $15.00
$13.59 $19.00
$14.76
$31.98
$7.00
$14.63
$33.28
$35.84
Price At
Rtgs Chg
/ Ini
4/5/2012
5/5/2011
5/12/2011
11/2/2011
1/21/2011
8/29/2011
8/16/2011
9/8/2010
8/11/2011
5/4/2011
8/5/2011
Target
Date
Change
4.1%
30.1%
7.3%
25.4%
43.3%
25.7%
32.0%
14.7%
-1.7%
27.7%
25.3%
Current
Price To
Target
6.6x
5.4x
6.1x
8.6x
7.6x
6.5x
12.8x
8.2x
10.4x
34.0x
8.6x
7.6x
7.7x
2012E
EV/EBITDA
Value
$17.13
$27.09
$31.59
$14.57
$17.41
$57.82
$17.05
$14.46
$19.45
$40.28
$59.14
2012E
DCF
Value
27.3%
21.5%
5.9%
21.8%
31.3%
37.2%
-2.2%
18.4%
0.6%
11.8%
25.6%
Price
To DCF
Value
6.0x
8.0x
7.0x
10.0x
8.0x
10.0x
10.0x
10.0x
9.0x
8.0x
9.0x
DCF
Terminal
Mutiple
NA
NA
NA
NA
NA
$49.88
$34.99
$7.94
$37.52
$67.57
$83.16
2012E
PMV
Value
16.1%
8.5%
14.4%
131.7%
3.8%
12.0%
-13.2%
N.M.
12.4%
5.8%
7.1%
EBITDA
Growth
'10E-'12E
N.M.
12.3%
28.4%
N.M.
24.8%
20.3%
-28.6%
N.M.
9.3%
15.1%
19.9%
EPS
Growth
'10E-'12E
62.6%
-29.6%
8.9%
N.M.
26.5%
-2.2%
27.1%
N.M.
4.5%
14.2%
39.7%
FCF
Growth
'10E-'12E
BMO Capital Markets
BMO Capital Markets Coverage Entertainment Coverage Universe
170
April 2012
BMO Capital Markets
Financial Statistics for Entertainment Equities Under BMO Capital Markets Coverage
Comparable Valuation Table
ENTERTAINMENT
BMO Capital Markets Rating
Target Price
Stock Price 4/12/2012
52-Week High
52-Week Low
% from 52-Week High
% from 52-Week Low
Shares (Diluted)
Average Daily Volume ('000)
Average Daily Dollar Volume ('000)
Annual Dividend
Dividend Yield
Market Cap
Net Debt & Preferreds
Senior Debt Rating (S&P/Moodys)
Unadjusted Enterprise Value
Auditors
Disney
DIS
DreamWorks
Lions Gate
News Corp
Time Warner
Viacom
DWA
LGF
NWSA
TWX
VIA.B
OP
OP
$53.00
$42.15
$44.50
$28.19
-5%
50%
1,909.0
10,540
$444,261.0
$0.60
1.4%
$80,464.4
$10,620.0
A/A2
$91,084.4
PwCoopers
Mkt.
Mkt.
OP
$23.00
$17.43
$28.03
$16.34
-38%
7%
85.2
1,851
$32,262.9
Nil
$1,484.3
($116.1)
NR
$1,368.2
PwCoopers
$14.00
$12.21
$16.19
$5.76
-25%
112%
149.2
626
$7,643.5
Nil
$1,822.0
$517.8
B-/B1
$2,339.8
Ernst & Young
$19.00
$19.33
$20.40
$13.38
-5%
44%
2,636.0
22,857
$441,825.8
$0.17
0.9%
$50,953.9
$6,022.0
BBB+/Baa1
$56,975.9
Ernst & Young
$46.00
$36.03
$39.24
$27.62
-8%
30%
1,053.3
6,881
$247,922.4
$1.04
2.9%
$37,950.4
$16,048.0
BBB/Baa2
$53,998.4
Ernst & Young
OP
$706.0
$1,582.7
$59.00
$47.08
$52.67
$35.13
-11%
34%
558
4,995
$235,164.6
$1.00
2.1%
$26,270.6
$6,643.0
BBB+/Baa2
$32,913.6
PwCoopers
2011
Revenue
$40,893.0
EBITDA
$10,207.0
$113.4
$68.3
$33,405.0
$28,974.0
$14,914.0
$6,059.0
$6,757.0
$3,981.0
EBITDA Margin %
25.0%
16.1%
4.3%
18.1%
23.3%
26.7%
EBITDA Growth %
15.0%
-34.8%
-14.7%
15.9%
6.6%
6.9%
8.9x
2.2x
12.1x
1.9x
34.2x
1.5x
9.4x
1.7x
8.0x
1.9x
8.3x
2.2x
EV / EBITDA
EV/Revenue
Debt/EBITDA
1.0x
0.0x
5.9x
2.3x
3.2x
16.6x
17.0x
N.M.
16.4x
12.5x
12.5x
12.2%
17.7%
6.6%
8.4%
N.M.
11.8%
9.8%
11.5%
9.2%
11.7%
24.0%
24.6%
WACC
PMV Valuation
8.4%
$26.10
8.3%
$31.83
6.5%
$5.40
9.9%
$26.26
7.6%
$55.70
8.5%
$68.65
DCF Valuation
Interest Coverage Ratio
$57.82
29.8x
$17.05
N.M.
$14.46
1.3x
$19.45
7.2x
$40.28
5.6x
$59.14
9.7x
8.7%
6.1%
0.2%
3.5%
2.7%
1.0%
34.9%
38.1%
4.0%
19.3%
11.4%
P/E
ROE
ROIC
CapEx/Sales
CapEx/EBITDA
Free Cash Flow*
FCF Per Share*
1.7x
3.9%
$1,950.0
($9.7)
$39.5
$3,168.0
$2,676.0
$2,487.0
$1.02
($0.11)
$0.30
$1.20
$2.51
$4.18
FCF Per Share Multiple
41.3x
N.M.
40.5x
16.1x
14.3x
FCF Per Share Yield
2.4%
-0.7%
2.5%
6.2%
7.0%
$696.0
$1,395.0
11.3x
8.9%
2012E
Revenue
$42,335.0
EBITDA
$11,140.0
$131.0
$68.8
$34,815.0
$29,825.0
$15,135.0
$6,600.0
$7,089.0
$4,270.0
EBITDA Margin %
26.3%
18.8%
EBITDA Growth %
9.1%
8.2x
2.2x
0.9x
P/E
14.1x
17.5x
ROE
13.3%
6.1%
N.M.
10.8%
10.4%
28.8%
ROIC
18.8%
9.0%
9.1%
12.0%
12.4%
27.2%
WACC
PMV Valuation
8.4%
$49.88
8.3%
$34.99
6.5%
$7.94
9.9%
$37.52
7.6%
$67.57
8.5%
$83.16
DCF Valuation
$57.82
30.9x
$17.05
N.M.
$14.46
1.0x
$19.45
7.3x
$40.28
5.5x
$59.14
10.2x
9.4%
5.0%
0.1%
3.4%
2.5%
1.0%
35.9%
26.7%
2.9%
18.2%
10.6%
EV / EBITDA
EV/Revenue
Debt/EBITDA
CapEx/Sales
CapEx/EBITDA
Free Cash Flow*
FCF Per Share*
4.9%
19.0%
23.8%
28.2%
15.5%
0.7%
8.9%
4.9%
7.3%
10.4x
2.0x
0.0x
34.0x
1.7x
3.5x
8.6x
1.6x
2.1x
7.6x
1.8x
3.1x
7.7x
2.2x
1.6x
N.M.
14.9x
11.3x
10.8x
3.5%
$3,204.4
$64.7
$7.7
$3,083.6
$2,986.9
$2,336.8
$1.79
$0.76
$0.06
$1.22
$3.06
$4.35
23.5x
22.9x
200.7x
15.8x
11.8x
10.8x
FCF Per Share Yield
4.3%
4.4%
0.5%
6.3%
8.5%
9.2%
$741.0
$1,920.0
$35,925.0
$30,800.0
$15,620.0
$285.0
$7,325.0
$7,282.0
$4,575.0
2013E
Revenue
$45,660.0
EBITDA
$12,380.0
$144.0
EBITDA Margin %
27.1%
19.4%
14.8%
20.4%
23.6%
29.3%
EBITDA Growth %
11.1%
9.9%
314.4%
11.0%
2.7%
7.1%
EV / EBITDA
7.4x
9.5x
8.2x
7.8x
7.4x
7.2x
EV/Revenue
2.0x
1.8x
1.2x
1.6x
1.8x
P/E
12.1x
15.8x
10.5x
12.0x
10.2x
9.4x
WACC
8.4%
8.3%
6.5%
9.9%
7.6%
8.5%
2.1x
PMV Valuation
$49.88
$34.99
$7.94
$37.52
$67.57
$83.16
DCF Valuation
$49.88
$34.99
$7.94
$19.45
$67.57
$59.14
32.6x
CapEx/Sales
CapEx/EBITDA
Free Cash Flow*
FCF Per Share*
288.0x
2.9x
5.6x
9.6x
5.0%
4.7%
0.2%
3.5%
2.4%
1.0%
18.6%
24.3%
1.1%
17.1%
8.6x
10.3%
3.5%
$5,666.8
$73.5
$213.2
$3,680.0
$3,059.8
$2,307.3
$3.26
$0.87
$1.46
$1.53
$3.39
$4.81
12.9x
20.1x
8.4x
12.6x
10.6x
9.8x
FCF Per Share Yield
Earnings Per Share - Continuing Operations
2009 EPS
2010 EPS
2011 EPS
2012E EPS
2013E EPS
EPS CAGR 09-13E
7.7%
5.0%
12.0%
7.9%
9.4%
10.2%
$1.82
$2.07
$2.54
$2.99
$3.48
17.5%
$1.73
$1.96
$1.02
$1.00
$1.10
-16.7%
($1.40)
($0.21)
($0.41)
($0.03)
$1.16
N.M.
$0.66
$1.09
$1.18
$1.30
$1.61
25.3%
$1.83
$2.41
$2.89
$3.20
$3.55
20.3%
$2.39
$3.02
$3.78
$4.34
$5.00
22.1%
*Before project capital spending or acquisitions
A member of BMO
Financial Group
171
April 2012
BMO Capital Markets
Financial Statistics for Exhibitors Under BMO Capital Markets Coverage
Comparable Valuation Table
EXHIBITORS
BMO Capital Markets Rating
Target Price
Stock Price 04/12/12
52-Week High
52-Week Low
% from 52-Week High
% from 52-Week Low
Shares (Diluted)
Average Daily Volume ('000)
Average Daily Dollar Volume ('000)
Annual Dividend
Dividend Yield
Market Cap
Net Debt & Preferreds
Senior Debt Ratings (S&P / Moodys)
Unadjusted Enterprise Value
Auditors
2011
Revenue
EBITDA
EBITDA Margin %
EBITDA Growth %
EV / EBITDA
EV/Revenue
Debt/EBITDA
P/E
ROE
ROIC
WACC
DCF Valuation
CapEx/Sales
CapEx/EBITDA
Free Cash Flow
FCF Per Share
FCF Per Share Yield
2012E
Revenue
EBITDA
EBITDA Margin %
EBITDA Growth %
EV / EBITDA
EV/Revenue
Debt/EBITDA
P/E
ROE
ROIC
WACC
DCF Valuation
CapEx/Sales
CapEx/EBITDA
Free Cash Flow
FCF Per Share
FCF Per Share Yield
2013E
Revenue
EBITDA
EBITDA Margin %
EBITDA Growth %
EV / EBITDA
EV/Revenue
P/E
WACC
DCF Valuation
CapEx/Sales
CapEx/EBITDA
Free Cash Flow
FCF Per Share
FCF Per Share Yield
Cinemark
CNK
Cineplex
CGX
Carmike
CKEC
Real D
RLD
Regal
RGC
OP
OP
Mkt.
OP
OP
$29.00
$22.29
$23.26
$17.10
-4%
30%
113.298
1,403
$31,272.87
$0.84
3.8%
$2,525.4
$1,192.0
B1/BB$3,467.4
Deloitte & Touche
$32.00
$29.83
$30.16
$21.85
-1%
37%
58.2
89
$2,654.87
$1.29
4.3%
$1,734.7
$147.4
NA
$1,882.1
PwCoopers
$14.00
$13.45
$14.92
$5.14
-10%
162%
12.8
261
$3,510.45
Nil
$172.5
$301.5
B1/B$474.0
Deloitte & Touche
$15.00
$11.96
$35.60
$7.85
-66%
52%
56.8
1,088
$13,012.48
Nil
$679.2
($4.2)
NA
$675.0
Ernst & Young
$19.00
$13.26
$14.74
$11.15
-10%
19%
154.1
2,269
$30,086.94
$0.84
6.3%
$2,043.4
$1,763.3
B3/B+
$3,490.9
KPMG
$2,279.6
$519.5
22.8%
6.9%
6.7x
1.5x
3.0x
17.8x
12.7%
11.4%
6.6%
$27.09
4.2x
8.1%
35.6%
$206.4
$1.82
12.2x
8.2%
$998.2
$173.2
17.3%
3.2%
10.9x
1.9x
0.9x
35.1x
8.1%
11.5%
6.2%
$31.59
7.0x
6.1%
35.0%
$115.7
$1.99
15.0x
6.7%
$482.2
$72.8
15.1%
12.7%
6.5x
1.0x
3.6x
N.M.
N.M.
10.7%
8.9%
$17.13
2.1x
4.0%
26.5%
$13.9
$1.08
12.4x
8.1%
$246.1
$55.7
22.6%
234.7%
12.1x
2.7x
-0.2x
N.M.
N.M
N.M.
8.5%
$14.57
60.6x
41.5%
183.4%
-$67.1
-$1.60
N.M.
-13.4%
$2,681.7
$485.5
18.1%
-2.2%
7.2x
1.3x
3.8x
27.6x
N.M.
15.3%
7.3%
$17.41
3.2x
3.3%
18.0%
$286.4
$1.85
7.2x
14.0%
$2,467.0
$571.9
23.2%
10.1%
6.1x
1.4x
2.8x
13.6x
18.2%
14.1%
6.6%
$27.09
4.8x
11.7%
50.4%
$54.4
$0.48
46.4x
2.2%
$1,102.0
$219.8
19.9%
26.9%
8.6x
1.7x
0.8x
20.5x
13.5%
17.0%
6.2%
$31.59
9.6x
5.0%
25.0%
$107.6
$1.85
16.1x
6.2%
$533.5
$87.2
16.3%
19.7%
5.4x
0.9x
3.3x
12.3x
-0.3%
17.6%
8.9%
$17.13
3.0x
4.1%
25.2%
$35.3
$2.24
6.0x
16.6%
$252.7
$89.3
35.4%
60.4%
7.6x
2.7x
0.0x
24.6x
N.M
19.6%
8.5%
$14.57
N.M.
28.5%
80.6%
-$25.2
-$0.44
N.M.
-3.7%
$2,901.0
$535.2
18.4%
10.2%
6.5x
1.2x
3.6x
18.5x
N.M.
21.5%
7.3%
$17.41
3.8x
3.8%
20.6%
$312.5
$2.03
6.5x
15.3%
$2,577.0
$603.3
23.4%
5.5%
5.7x
1.3x
12.1x
6.6%
$27.09
5.2x
7.0%
29.8%
$188.2
$1.66
13.4x
7.4%
$1,163.0
$232.9
20.0%
6.0%
8.1x
1.6x
17.6x
6.2%
$31.59
12.6x
4.7%
23.6%
$128.5
$2.09
14.3x
7.0%
$557.0
$96.3
17.3%
10.5%
4.9x
0.9x
10.4x
8.9%
$17.13
3.4x
3.9%
22.8%
$39.6
$2.36
5.7x
17.5%
$290.9
$86.3
29.7%
-3.4%
7.8x
2.3x
32.3x
8.5%
$14.57
115.1x
18.9%
63.7%
-$1.2
-$0.02
-596.0x
-0.2%
$3,032.0
$553.8
18.3%
3.5%
6.3x
1.2x
17.3x
7.3%
$17.41
3.7x
3.6%
19.9%
$319.6
$2.05
6.5x
15.4%
Earnings Per Share - Continuing Operations
2009 EPS
2010 EPS
2011 EPS
$0.99
$1.31
$1.25
$0.95
$0.88
$0.85
($1.22)
($0.99)
($0.60)
($1.06)
($2.09)
($0.29)
$0.78
$0.46
$0.48
2012E EPS
$1.64
$1.46
$1.10
$0.49
$0.72
2013E EPS
EPS CAGR 09-12E
$1.83
16.7%
$1.70
15.7%
$1.29
N.M.
$0.37
N.M.
$0.77
-0.4%
A member of BMO
Financial Group
172
April 2012
BMO Capital Markets
EPS Growth
Walt Disney
Viacom
Time Warner
News Corp
Lions Gate
Carmike Cinemas
RealD
Cineplex
Regal Entertainment
Cinemark Holdings
IMAX Corporation
Fiscal Year
9
9
12
6
12
3
FY2011
EPS %Change
$2.54
22.8%
$3.78
25.2%
$2.89
19.9%
$1.18
8.3%
$1.02
-47.7%
($0.41)
N.M.
FY2012E
EPS %Change
$2.99
17.9%
$4.34
14.8%
$3.20
10.6%
$1.30
10.3%
$1.00
-2.5%
($0.03)
N.M.
FY2013E
EPS %Change
$3.48
16.1%
$5.00
15.3%
$3.55
10.9%
$1.61
23.7%
$1.10
10.4%
$1.16
N.M.
Fiscal Year
FY2011
EPS %Change
FY2012E
EPS %Change
FY2013E
EPS %Change
12
3
12
12
12
12
($0.60)
($0.29)
$0.85
$0.48
$1.25
$0.88
N.M.
N.M.
-4.0%
4.3%
-3.9%
-13.7%
$1.10
$0.49
$1.46
$0.72
$1.64
$1.01
N.M.
N.M.
71.7%
49.3%
31.2%
14.8%
$1.29
$0.37
$1.70
$0.77
$1.83
$1.18
N.M.
N.M.
16.5%
7.0%
11.5%
16.8%
Source: BMO Capital Markets estimates, Thomson ONE, and corporate reports.
Top-Line Growth
News Corp
Walt Disney
Time Warner
Viacom
Lions Gate
Carmike Cinemas
IMAX Corporation
Cineplex
Cinemark Holdings
Regal Entertainment
RealD
Fiscal Year
6
9
12
9
12
3
FY2011
Revenue %Change
$33,405
1.9%
$40,893
7.4%
$28,974
7.8%
$14,914
11.7%
$706
-10.0%
$1,583
-0.1%
Fiscal Year
FY2011
Revenue %Change
12
12
12
12
12
3
$482
$270
$998
$2,280
$2,682
$246
-1.8%
8.5%
-0.8%
6.5%
-4.5%
64.3%
FY2012E
FY2013E
Revenue %Change Revenue %Change
$34,815
4.2% $35,925
3.2%
$42,335
3.5% $45,660
7.9%
$29,825
2.9% $30,800
3.3%
$15,135
1.5% $15,620
3.2%
$696
-1.4%
$741
6.5%
$1,395
-11.9%
$1,920
37.6%
FY2012E
FY2013E
Revenue %Change Revenue %Change
$534
$298
$1,102
$2,467
$2,901
$253
10.6%
10.6%
10.4%
8.2%
8.2%
2.7%
$557
$344
$1,163
$2,577
$3,032
$291
4.4%
15.3%
5.5%
4.5%
4.5%
15.1%
A member of BMO
Financial Group
173
April 2012
BMO Capital Markets
EBITDA Growth
Walt Disney
News Corp
Viacom
Time Warner
Lions Gate
RealD
Cineplex
IMAX Corporation
Carmike Cinemas
Regal Entertainment
Cinemark Holdings
Fiscal Year
12
9
6
9
12
3
FY2011
EBITDA %Change
$113
-34.8%
$10,207
15.0%
$6,059
15.9%
$3,981
6.9%
$6,757
6.6%
$68
-14.7%
FY2012E
EBITDA %Change
$131
15.5%
$11,140
9.1%
$6,600
8.9%
$4,270
7.3%
$7,089
4.9%
$69
0.7%
FY2013E
EBITDA %Change
$144
9.9%
$12,380
11.1%
$7,325
11.0%
$4,575
7.1%
$7,282
2.7%
$285
314.4%
Fiscal Year
FY2011
EBITDA %Change
FY2012E
EBITDA %Change
FY2013E
EBITDA %Change
3
12
12
12
12
12
$56
$173
$94
$73
$486
$520
234.7%
3.2%
1.0%
12.7%
-2.2%
6.9%
$89
$220
$114
$87
$535
$572
60.4%
26.9%
20.5%
19.7%
10.2%
10.1%
$86
$233
$144
$96
$554
$603
-3.4%
6.0%
27.1%
10.5%
3.5%
5.5%
Free Cash Flow Yield
Viacom
Time Warner
News Corp
Walt Disney
Lions Gate
Fiscal Year
9
12
6
12
9
3
FCF per share Yields
FY2011
FY2012E FY2013E
8.9%
9.2%
10.2%
7.0%
8.5%
9.4%
6.2%
6.3%
7.9%
-0.7%
4.4%
5.0%
2.4%
4.3%
7.7%
2.5%
0.5%
12.0%
FCF per share Yields
Fiscal Year
FY2011 FY2012E FY2013E
Carmike Cinemas
Regal Entertainment
Cineplex
Cinemark Holdings
RealD
12
12
12
12
3
8.1%
14.0%
6.7%
8.2%
-13.4%
16.6%
15.3%
6.2%
2.2%
-3.7%
17.5%
15.4%
7.0%
7.4%
-0.2%
A member of BMO
Financial Group
174
April 2012
BMO Capital Markets
Return on Invested Capital
Viacom
Walt Disney
Time Warner
News Corp
Lions Gate
Fiscal Year
9
9
12
6
3
12
FY2010
22.5%
15.7%
11.0%
10.6%
9.4%
13.8%
FY2011 FY2012E
24.6%
27.2%
17.7%
18.8%
11.7%
12.4%
11.5%
12.0%
11.8%
9.1%
8.4%
9.0%
Fiscal Year
FY2010
FY2011 FY2012E
Regal Entertainment
RealD
Carmike Cinemas
Cineplex
Cinemark Holdings
12
3
12
12
12
13.5%
N.M
6.6%
10.4%
11.1%
15.3%
N.M.
10.7%
11.5%
11.4%
21.5%
19.6%
17.6%
17.0%
14.1%
Return on Equity
Viacom
Walt Disney
News Corp
Time Warner
Lions Gate
Cinemark Holdings
IMAX Corporation
Cineplex
Carmike Cinemas
RealD
Regal Entertainment
Fiscal Year
9
9
6
12
12
3
FY2010
21.9%
10.6%
10.3%
7.8%
14.2%
N.M.
Fiscal Year
FY2010 FY2011E FY2011E
12
12
12
12
3
12
15.0%
66.7%
8.4%
N.M.
N.M.
N.M.
FY2011 FY2012E
24.0%
28.8%
12.2%
13.3%
9.8%
10.8%
9.2%
10.4%
6.6%
6.1%
N.M.
N.M.
12.7%
16.5%
8.1%
N.M.
N.M.
N.M.
18.2%
16.5%
13.5%
-0.3%
N.M
N.M.
A member of BMO
Financial Group
175
April 2012
BMO Capital Markets
Interest Coverage
Walt Disney
Viacom
News Corp
Time Warner
Lions Gate
Fiscal Year
12
9
9
6
12
3
FY2010
N.M.
21.7x
8.8x
5.8x
5.4x
1.4x
FY2011 FY2012E
N.M.
N.M.
29.8x
30.9x
9.7x
10.2x
7.2x
7.3x
5.6x
5.5x
1.3x
1.0x
Fiscal Year
FY2010
FY2011 FY2012E
RealD
Cineplex
Cinemark Holdings
Regal Entertainment
Carmike Cinemas
3
12
12
12
12
9.6x
7.2x
4.3x
3.4x
1.8x
60.6x
7.0x
4.2x
3.2x
2.1x
N.M.
9.6x
4.8x
3.8x
3.0x
Leverage (Debt/EBITDA)
Walt Disney
Viacom
News Corp
Time Warner
Lions Gate
Fiscal Year
12
9
9
6
12
3
FY2010
0.0x
1.0x
1.7x
2.2x
2.9x
6.5x
FY2011 FY2012E
0.0x
0.0x
1.0x
0.9x
1.7x
1.6x
2.3x
2.1x
3.2x
3.1x
5.9x
3.5x
Fiscal Year
FY2010
FY2011 FY2012E
RealD
Cineplex
Cinemark Holdings
Carmike Cinemas
Regal Entertainment
3
12
12
12
12
0.3x
1.8x
3.2x
4.8x
4.3x
NM
0.9x
3.0x
3.6x
3.8x
NM
0.8x
2.8x
3.3x
3.6x
A member of BMO
Financial Group
176
April 2012
BMO Capital Markets
Appendix
A member of BMO
Financial Group
177
April 2012
A member of BMO
Financial Group
BMO Capital Markets
178
April 2012
BMO Capital Markets
Top 150 Domestic Films Released in 2011 (1/50)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Fast Five
Cars 2
Thor
The Help
Bridesmaids
Kung Fu Panda 2
Puss in Boots
X-Men: First Class
Rio
The Smurfs
Super 8
Rango
Horrible Bosses
Green Lantern
Hop
Just Go With It
The Girl with the Dragon Tattoo (2011)
Bad Teacher
Cowboys & Aliens
Gnomeo and Juliet
The Green Hornet
The Lion King (in 3D)
The Muppets
Real Steel
Crazy, Stupid, Love.
Battle: Los Angeles
Immortals
The Descendants
Zookeeper
War Horse
Limitless
Tower Heist
Contagion
Moneyball
We Bought a Zoo
Jack and Jill
Hugo
Studio*
TWX
DIS
Summit
TWX
DIS
CMCSA
VIAB
DIS
TWX
DIS
NWSA
DIS
DIS
CMCSA
DWA
DWA
NWSA
NWSA
SNE
NWSA
VIAB
VIAB
TWX
TWX
CMCSA
VIAB
SNE
SNE
SNE
CMCSA
DIS
SNE
DIS
DIS
DIS
TWX
SNE
Relativity
NWSA
SNE
DIS
Relativity
CMCSA
VIAB
TWX
SNE
NWSA
SNE
VIAB
VIAB
Estimated
Cost
$250.0
195.0
110.0
80.0
250.0
125.0
145.0
200.0
185.0
150.0
93.0
140.0
25.0
32.5
150.0
130.0
160.0
90.0
110.0
75.0
50.0
135.0
35.0
200.0
63.0
5.0
80.0
90.0
20.0
163.0
NA
120.0
NA
45.0
NA
50.0
70.0
75.0
49.0
80.0
66.0
27.0
75.0
NA
60.0
50.0
NA
79.0
13.0
NA
Domestic
Gross
$381.0
352.4
281.3
254.5
241.1
209.8
208.8
191.5
186.6
181.0
176.8
176.7
169.7
169.1
165.2
149.3
146.4
143.6
142.6
131.4
127.0
123.5
117.5
116.6
108.1
104.0
103.0
102.4
100.3
100.2
100.0
98.8
94.2
88.6
85.5
84.4
83.6
83.5
82.0
80.4
79.5
79.2
78.0
77.6
75.7
75.6
74.8
74.2
73.0
73.0
Widest #
Theaters
4,375
4,088
4,066
3,675
4,164
3,793
3,555
4,115
3,703
3,963
3,691
3,715
3,014
2,958
3,952
3,963
3,692
3,842
3,427
3,734
3,424
3,923
3,134
3,816
3,616
3,329
3,548
2,950
3,049
3,754
3,037
3,584
2,340
3,440
3,440
3,020
3,417
3,120
2,038
3,482
2,856
2,838
3,870
3,087
3,222
3,018
3,170
3,438
3,118
2,608
OpenWknd
Gross
$169.2
97.9
138.1
85.9
90.2
86.2
12.8
66.1
39.6
65.7
54.8
65.1
26.0
26.2
47.7
34.1
55.1
39.2
35.6
23.2
35.5
38.1
28.3
53.2
37.5
52.6
30.5
12.8
31.6
36.4
25.4
33.5
30.2
29.2
27.3
19.1
35.6
32.2
1.2
20.1
7.5
18.9
24.0
9.7
22.4
19.5
9.4
25.0
29.5
11.4
% of
Total
44.4%
27.8%
49.1%
33.8%
37.4%
41.1%
6.1%
34.5%
21.2%
36.3%
31.0%
36.8%
15.3%
15.5%
28.8%
22.8%
37.6%
27.3%
25.0%
17.7%
27.9%
30.8%
24.1%
45.6%
34.7%
50.5%
29.6%
12.5%
31.5%
36.3%
25.4%
33.9%
32.0%
33.0%
32.0%
22.6%
42.6%
38.6%
1.5%
25.0%
9.5%
23.9%
30.8%
12.5%
29.6%
25.8%
12.5%
33.7%
40.4%
15.6%
Open #
Theaters
4,375
4,088
4,061
3,615
4,155
3,644
425
4,115
3,703
3,955
3,648
3,715
2,534
2,918
3,925
3,952
3,641
3,826
3,395
3,723
3,379
3,917
3,040
3,816
3,579
3,321
3,548
2,914
3,049
3,750
2,994
3,584
2,330
3,440
3,440
3,020
3,417
3,112
29
3,482
2,376
2,756
3,367
3,087
3,222
2,993
3,117
3,438
3,105
1,277
Release
15-Jul
29-Jun
18-Nov
26-May
20-May
29-Apr
16-Dec
24-Jun
16-Dec
6-May
5-Aug
22-Jul
10-Aug
13-May
26-May
28-Oct
3-Jun
15-Apr
29-Jul
16-Dec
10-Jun
4-Mar
8-Jul
17-Jun
1-Apr
21-Oct
11-Feb
21-Dec
24-Jun
29-Jul
11-Feb
14-Jan
16-Sep
23-Nov
7-Oct
29-Jul
11-Mar
11-Nov
16-Nov
8-Jul
25-Dec
18-Mar
4-Nov
21-Dec
9-Sep
23-Sep
23-Dec
11-Nov
11-Feb
23-Nov
* Denotes ownership interest at release.
Box office numbers through 3/19/12
Source: boxofficemojo.com, BMO Capital Markets estimates.
A member of BMO
Financial Group
179
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Dolphin Tale
No Strings Attached
Mr. Popper's Penguins
Happy Feet Two
Unknown
The Adjustment Bureau
Water for Elephants
The Lincoln Lawyer
Midnight in Paris
I Am Number Four
Source Code
New Year's Eve
Insidious
Tyler Perry's Madea's Big Happy Family
Diary of a Wimpy Kid: Rodrick Rules
Footloose (2011)
The Dilemma
Arthur Christmas
Hall Pass
Soul Surfer
Final Destination 5
The Artist
The Ides of March
Hanna
Something Borrowed
Spy Kids: All the Time in the World
Scream 4
Big Mommas: Like Father, Like Son
Red Riding Hood
In Time
Paul
J. Edgar
The Roommate
Jumping the Broom
The Change-Up
30 Minutes or Less
Colombiana
Sucker Punch
Larry Crowne
A Very Harold & Kumar 3D Christmas
Drive (2011)
50/50
Courageous
The Rite
Arthur (2011)
Extremely Loud & Incredibly Close
The Debt
The Sitter
Priest
Studio*
TWX
VIAB
NWSA
TWX
TWX
CMCSA
NWSA
LGF
SNE
SNE
DIS
Summit
TWX
Film District
LGF
NWSA
VIAB
CMCSA
SNE
TWX
TriS
TWX
Wein.
SNE
CMCSA
TWX
W/Dim.
W/Dim.
NWSA
TWX
NWSA
CMCSA
TWX
SNE
SNE
CMCSA
SNE
SNE
TWX
CMCSA
TWX
Film District
Summit
SNE
TWX
TWX
TWX
CMCSA
NWSA
SNE
Estimated
Cost
$37.0
25.0
55.0
NA
30.0
50.2
38.0
40.0
17.0
35.0
60.0
32.0
56.0
1.5
NA
21.0
24.0
70.0
NA
36.0
19.0
40.0
15.0
NA
30.0
35.0
27.0
40.0
32.0
42.0
40.0
40.0
35.0
16.0
6.6
52.0
28.0
40.0
82.0
30.0
19.0
15.0
8.0
2.0
37.0
40.0
NA
20.0
25.0
60.0
Domestic
Gross
$72.3
70.7
68.2
64.0
63.7
62.5
58.7
58.0
56.8
55.8
55.1
54.7
54.5
54.0
53.3
52.7
51.8
48.5
46.5
45.1
43.9
42.6
42.1
41.0
40.3
39.0
38.5
38.2
37.9
37.7
37.5
37.4
37.3
37.3
37.3
37.1
37.1
36.7
36.4
35.6
35.1
35.1
35.0
34.5
33.0
33.0
31.8
31.2
30.4
29.1
Widest #
Theaters
3,515
3,050
3,342
3,611
3,043
2,847
2,820
2,707
1,038
2,926
3,156
2,971
3,505
2,419
2,288
3,169
3,555
2,943
3,376
2,950
2,240
3,155
1,756
2,199
2,545
2,904
3,305
3,314
2,821
3,030
3,127
2,806
1,985
2,534
2,035
2,913
2,888
2,614
3,033
2,976
2,875
2,904
2,479
1,214
2,985
3,276
2,630
1,874
2,752
2,864
OpenWknd
Gross
$19.2
19.7
18.4
21.2
21.9
21.2
16.8
13.2
0.6
18.6
19.4
14.8
13.0
13.3
25.1
23.8
15.6
17.8
12.1
13.5
10.6
18.0
0.2
10.5
12.4
13.9
11.6
18.7
16.3
14.0
12.1
13.0
11.2
15.0
15.2
13.5
13.3
10.4
19.1
13.1
13.0
11.3
8.6
9.1
14.8
12.2
0.1
9.9
9.9
15.0
% of
Total
26.5%
27.8%
27.0%
33.2%
34.3%
33.9%
28.7%
22.8%
1.1%
33.4%
35.3%
27.1%
23.9%
24.6%
47.0%
45.1%
30.0%
36.8%
26.0%
30.0%
24.2%
42.3%
0.5%
25.6%
30.7%
35.7%
30.2%
49.0%
43.0%
37.2%
32.1%
34.9%
30.1%
40.2%
40.8%
36.5%
36.0%
28.4%
52.4%
36.8%
36.9%
32.3%
24.7%
26.4%
44.8%
37.0%
0.2%
31.8%
32.4%
51.3%
Open #
Theaters
3,507
3,018
3,339
3,606
3,043
2,840
2,817
2,707
6
2,926
3,154
2,961
3,505
2,408
2,288
3,167
3,549
2,940
3,376
2,950
2,214
3,155
4
2,199
2,535
2,904
3,295
3,305
2,821
3,030
3,122
2,802
1,910
2,534
2,035
2,913
2,888
2,614
3,033
2,973
2,875
2,886
2,458
1,161
2,985
3,276
6
1,826
2,750
2,864
Release
23-Sep
21-Jan
17-Jun
18-Nov
18-Feb
4-Mar
22-Apr
18-Mar
20-May
22-Jul
18-Feb
1-Apr
9-Dec
1-Apr
22-Apr
25-Mar
14-Oct
14-Jan
23-Nov
25-Feb
8-Apr
12-Aug
25-Nov
7-Oct
8-Apr
6-May
19-Aug
15-Apr
18-Feb
11-Mar
28-Oct
18-Mar
9-Nov
4-Feb
6-May
5-Aug
12-Aug
26-Aug
25-Mar
1-Jul
4-Nov
16-Sep
30-Sep
30-Sep
28-Jan
8-Apr
25-Dec
31-Aug
9-Dec
13-May
A member of BMO
Financial Group
180
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
The Mechanic
The Iron Lady
Abduction
Beastly
Winnie the Pooh
Killer Elite
Season of the Witch
Our Idiot Brother
Tinker, Tailor, Soldier, Spy
Don't Be Afraid of the Dark
Sanctum
Monte Carlo
Your Highness
The Darkest Hour
Mars Needs Moms
Dream House
Conan the Barbarian (2011)
The Three Musketeers (2011)
The Eagle
Shark Night 3D
Fright Night (2011)
Apollo 18
Born to Be Wild (IMAX)
The Thing (2011)
Young Adult
African Cats
Judy Moody and the NOT Bummer Summer
My Week with Marilyn
What's Your Number?
One Day
Warrior
The Tree of Life
The Rum Diary
Glee The 3D Concert Movie
The Conspirator
Jane Eyre
Drive Angry
Straw Dogs (2011)
Win Win
Prom
I Don't Know How She Does It
Johnny English Reborn
Kevin Hart: Laugh at My Pain
Sarah's Key
The Big Year
Take Me Home Tonight
Cedar Rapids
Beginners
A Separation
Studio*
CBS
Wein.
LGF
CBS
DIS
Open Road
Relativity
Wein.
CMCSA
Film District
CMCSA
NWSA
CMCSA
Summit
DIS
CMCSA
LGF
Summit
CMCSA
Relativity
DIS
W/Dim.
TWX
CMCSA
VIAB
DIS
Relativity
Wein.
NWSA
CMCSA
LGF
NWSA
Film District
NWSA
Roadside
CMCSA
Summit
SNE
NWSA
Wein.
DIS
Wein.
CMCSA
Code
Wein.
NWSA
Relativity
NWSA
CMCSA
SNE
Estimated
Cost
$40.0
NA
30
17
30
70
40
5
NA
25
30
20
49.9
30
150
50
90
75
25
25
30
5
NA
38
12
NA
20
NA
20
15
25
32
45
9
25
NA
NA
25
NA
30
8
24
45
NA
NA
41
NA
NA
3.2
NA
Domestic
Gross
$29.1
28.6
28.1
27.9
26.7
25.1
24.8
24.8
24.1
24.0
23.2
23.2
21.6
21.4
21.4
21.3
21.3
20.4
19.5
18.9
18.3
17.7
17.1
16.9
16.3
15.4
15.0
14.6
14.0
13.8
13.7
13.3
13.1
11.9
11.5
11.2
10.7
10.3
10.2
10.1
10.1
9.7
8.3
7.7
7.7
7.2
6.9
6.9
5.8
5.6
Widest #
Theaters
2,704
1,244
3,118
1,959
2,405
2,986
2,827
2,555
886
2,780
2,789
2,473
2,772
2,327
3,117
2,664
3,015
3,017
2,296
2,848
3,114
3,330
208
2,996
987
1,224
2,524
630
3,011
1,725
1,883
237
2,292
2,040
849
319
2,290
2,408
388
2,505
2,730
2,490
1,554
287
319
2,150
2,003
462
170
282
OpenWknd
Gross
$11.4
0.2
10.9
9.9
7.9
9.4
10.6
7.0
0.3
8.5
9.4
7.5
9.4
3.0
6.9
8.1
10.0
8.7
8.7
8.4
7.7
8.7
0.9
8.5
0.3
6.0
6.1
1.8
5.4
5.1
5.2
0.4
5.1
6.0
3.5
0.2
5.2
5.1
0.2
4.1
4.7
4.4
3.8
1.9
0.1
3.3
3.5
0.3
0.1
0.1
% of
Total
39.2%
0.8%
38.9%
35.4%
29.4%
37.2%
42.7%
28.3%
1.3%
35.5%
40.7%
32.1%
43.3%
14.0%
32.3%
38.2%
47.1%
42.6%
44.6%
44.5%
42.1%
49.2%
5.1%
50.2%
1.9%
38.9%
40.5%
12.0%
38.7%
36.7%
38.4%
2.8%
39.2%
50.3%
30.4%
1.6%
48.4%
49.6%
1.5%
40.5%
46.5%
45.6%
46.2%
24.8%
1.5%
45.1%
50.0%
4.4%
2.4%
1.1%
Open #
Theaters
2,703
4
3,118
1,952
2,405
2,986
2,816
2,555
4
2,760
2,787
2,473
2,769
2,324
3,117
2,661
3,015
3,017
2,296
2,806
3,114
3,328
206
2,996
8
1,220
2,524
244
3,002
1,719
1,869
4
2,273
2,040
707
4
2,290
2,408
5
2,505
2,730
2,476
1,552
98
5
2,150
2,003
15
5
3
Release
28-Jan
30-Dec
23-Sep
4-Mar
15-Jul
23-Sep
7-Jan
26-Aug
9-Dec
26-Aug
4-Feb
1-Jul
8-Apr
25-Dec
11-Mar
30-Sep
19-Aug
21-Oct
11-Feb
2-Sep
19-Aug
2-Sep
8-Apr
14-Oct
9-Dec
22-Apr
10-Jun
23-Nov
30-Sep
19-Aug
9-Sep
27-May
28-Oct
12-Aug
15-Apr
11-Mar
25-Feb
16-Sep
18-Mar
29-Apr
29-Apr
16-Sep
21-Oct
9-Sep
22-Jul
14-Oct
4-Mar
11-Feb
3-Jun
30-Dec
A member of BMO
Financial Group
181
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Toy Story 3
Alice in Wonderland (2010)
Iron Man 2
Inception
Despicable Me
Shrek Forever After
Tangled
The Karate Kid
Tron Legacy
True Grit
Clash of the Titans (2010)
Grown Ups
Megamind
Little Fockers
The King's Speech
The Last Airbender
Shutter Island
The Other Guys
Salt
Jackass 3-D
Valentine's Day
Black Swan
Robin Hood
The Expendables
Due Date
Date Night
Yogi Bear
The Social Network
Sex and the City 2
The Book of Eli
The Fighter
The Town
Prince of Persia: The Sands of Time
Red
Percy Jackson & The Olympians: The Lightning Thief
Unstoppable
Eat Pray Love
Dear John
The A-Team
Knight & Day
Dinner for Schmucks
The Tourist
The Bounty Hunter
Diary of a Wimpy Kid
The Sorcerer's Apprentice
Studio*
DIS
DIS
DIS
Summit
TWX
TWX
GE
DWA
DWA
DIS
SNE
DIS
VIAB
TWX
SNE
DWA
GE
Wein.
VIAB
VIAB
SNE
SNE
VIAB
TWX
NWSA
GE
NWSA
LGF
TWX
NWSA
TWX
SNE
TWX
TWX
VIAB
TWX
DIS
Summit
NWSA
VIAB
NWSA
SNE
SNE
NWSA
NWSA
VIAB
SNE
SNE
NWSA
DIS
Estimated
Cost
$200.0
200.0
200.0
68.0
220.0
160.0
69.0
165.0
165.0
260.0
40.0
170.0
38.0
125.0
80.0
130.0
100.0
15.0
150.0
80.0
100.0
110.0
20.0
52.0
13.0
200.0
155.0
80.0
65.0
55.0
80.0
40.0
100.0
80.0
25.0
37.0
200.0
58.0
95.0
3.0
100.0
60.0
25.0
110.0
117.0
69.0
100.0
40.0
15.0
150.0
Domestic
Gross
$415.0
334.2
312.4
300.5
296.0
292.6
251.5
238.7
217.6
200.8
176.6
172.1
171.2
163.2
162.0
148.4
148.4
135.5
131.8
128.0
119.2
118.3
117.2
110.5
107.0
105.3
103.5
103.1
100.5
98.7
100.2
96.8
95.3
94.8
93.6
92.2
90.8
90.4
88.8
84.8
81.5
80.6
80.0
77.2
76.4
73.0
67.3
67.1
64.0
63.2
Widest #
Theaters
4,028
3,739
4,390
4,468
4,125
3,792
3,602
4,386
4,060
3,603
3,740
3,451
3,464
3,802
3,534
3,949
3,675
2,584
3,203
3,356
3,651
3,612
3,139
3,665
2,407
3,505
3,555
3,398
3,365
3,380
3,515
2,921
3,445
3,111
2,534
2,935
3,646
3,349
3,396
3,239
3,261
3,108
3,062
3,544
3,104
3,046
2,756
3,118
3,083
3,504
OpenWknd
Gross
$110.3
116.1
128.1
64.8
125.0
62.8
56.4
70.8
43.7
48.8
55.7
44.0
24.8
61.2
40.5
46.0
30.8
0.4
40.3
41.1
35.5
36.0
50.4
56.3
1.4
36.1
24.0
34.8
32.7
25.2
16.4
22.4
31.0
32.8
0.3
23.8
30.1
21.8
31.2
40.7
22.7
23.1
30.5
25.7
20.1
23.5
16.5
20.7
22.1
17.6
% of
Total
26.6%
34.7%
41.0%
21.6%
42.2%
21.5%
22.4%
29.7%
20.1%
24.3%
31.5%
25.6%
14.5%
37.5%
25.0%
31.0%
20.8%
0.3%
30.6%
32.1%
29.8%
30.4%
43.0%
51.0%
1.3%
34.3%
23.2%
33.8%
32.5%
25.5%
16.4%
23.1%
32.5%
34.6%
0.3%
25.8%
33.1%
24.1%
35.1%
48.0%
27.9%
28.7%
38.1%
33.3%
26.3%
32.2%
24.5%
30.8%
34.5%
27.8%
Open #
Theaters
4,028
3,728
4,380
4,468
4,125
3,792
3,476
4,359
4,055
3,603
3,663
3,451
3,047
3,777
3,534
3,944
3,536
4
3,169
2,991
3,651
3,612
3,081
3,665
18
3,503
3,555
3,270
3,355
3,374
3,515
2,771
3,445
3,111
4
2,861
3,646
3,255
3,356
3,216
3,207
3,082
2,969
3,535
3,098
2,911
2,756
3,074
3,077
3,504
Release
18-Jun
5-Mar
7-May
30-Jun
19-Nov
16-Jul
9-Jul
21-May
26-Mar
24-Nov
11-Jun
17-Dec
22-Dec
2-Apr
25-Jun
5-Nov
22-Dec
26-Nov
1-Jul
19-Feb
6-Aug
23-Jul
15-Oct
12-Feb
3-Dec
14-May
10-Dec
13-Aug
5-Nov
9-Apr
17-Dec
1-Oct
27-May
15-Jan
10-Dec
17-Sep
28-May
15-Oct
12-Feb
22-Oct
12-Nov
13-Aug
5-Feb
11-Jun
23-Jun
30-Jul
10-Dec
19-Mar
19-Mar
14-Jul
A member of BMO
Financial Group
182
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
A Nightmare on Elm Street (2010)
The Last Song
The Wolfman
Get Him to the Greek
Tooth Fairy
Secretariat
Easy A
Takers
Legend of the Guardians: The Owls of Ga'Hoole
Life as We Know It
Letters to Juliet
Wall Street: Money Never Sleeps
Predators
Hot Tub Time Machine
Kick-Ass
Killers
Saw 3D
Cop Out
Cats & Dogs: The Revenge of Kitty Galore
Edge of Darkness
Gulliver's Travels
Death at a Funeral (2010)
Step Up 3-D
The Last Exorcism
Legion (2010)
Burlesque
The Crazies
For Colored Girls
The Back-Up Plan
Vampires Suck
The American
Green Zone
Marmaduke
Devil
Hereafter
When in Rome
Love and Other Drugs
She's Out of My League
Scott Pilgrim vs. the World
Charlie St. Cloud
Morning Glory
How Do You Know
Daybreakers
Nanny McPhee Returns
The Switch
Brooklyn's Finest
Machete
Ramona and Beezus
Studio*
TWX
DIS
GE
GE
SNE
LGF
NWSA
DIS
SNE
SNE
TWX
TWX
Summit
NWSA
NWSA
MGM
LGF
LGF
LGF
TWX
TWX
TWX
NWSA
SNE
DIS
LGF
SNE
SNE
Over.
LGF
CBS
NWSA
GE
GE
NWSA
GE
TWX
DIS
NWSA
VIAB
GE
GE
VIAB
SNE
LGF
GE
DIS
Over.
NWSA
NWSA
Estimated
Cost
$35.0
20.0
150.0
40.0
60.0
20.0
48.0
35.0
8.0
32.0
80.0
38.0
30.0
70.0
40.0
36.0
30.0
75.0
20.0
30.0
85.0
80.0
112.0
21.0
30.0
1.8
26.0
55.0
20.0
21.0
35.0
20.0
20.0
100.0
50.0
NA
50.0
NA
30.0
20.0
60.0
44.0
40.0
120.0
20.0
35.0
19.0
17.0
10.5
15.0
Domestic
Gross
$63.1
63.0
62.0
61.0
60.1
60.1
60.0
59.7
58.4
57.7
55.7
53.4
53.0
52.5
52.0
50.3
48.1
47.1
45.7
44.9
43.6
43.3
42.8
42.7
42.4
41.0
40.2
39.4
39.1
37.7
37.5
36.7
35.6
35.1
33.6
33.6
32.7
32.7
32.4
32.0
31.5
31.2
31.0
30.2
30.1
29.0
27.8
27.2
26.6
26.2
Widest #
Theaters
3,332
2,794
3,223
2,702
3,209
2,155
3,345
3,108
2,974
2,206
3,575
3,150
2,975
3,597
2,669
2,771
3,065
2,859
2,808
3,150
3,705
3,066
3,089
2,459
2,439
2,874
2,476
3,037
2,479
2,127
3,280
3,233
2,833
3,004
3,213
2,811
2,424
2,456
2,458
2,958
2,820
2,725
2,544
2,483
2,523
2,798
2,017
1,939
2,678
2,719
OpenWknd
Gross
$32.9
16.0
31.5
17.6
26.7
29.3
14.0
12.7
17.7
20.5
16.1
14.5
13.5
19.0
24.8
14.0
19.8
15.8
22.5
18.2
12.3
17.2
6.3
16.2
15.8
20.4
17.5
11.9
16.1
19.5
12.2
12.2
13.2
14.3
11.6
12.3
0.2
12.4
9.7
9.8
10.6
12.4
9.2
7.5
15.1
8.4
8.4
13.4
11.4
7.8
% of
Total
52.1%
25.4%
50.8%
28.9%
44.4%
48.8%
23.3%
21.3%
30.3%
35.5%
28.9%
27.2%
25.5%
36.2%
47.7%
27.8%
41.2%
33.5%
49.2%
40.5%
28.2%
39.7%
14.7%
37.9%
37.3%
49.8%
43.5%
30.2%
41.2%
51.7%
32.5%
33.2%
37.1%
40.7%
34.5%
36.6%
0.7%
37.9%
29.9%
30.6%
33.7%
39.7%
29.7%
24.8%
50.2%
29.0%
30.2%
49.3%
42.9%
29.8%
Open #
Theaters
3,332
2,673
3,222
2,697
3,203
2,155
3,344
3,072
2,856
2,206
3,575
3,150
2,968
3,565
2,669
2,754
3,065
2,859
2,808
3,150
3,705
3,066
2,546
2,459
2,435
2,874
2,476
3,037
2,476
2,127
3,280
3,233
2,823
3,003
3,213
2,809
6
2,456
2,455
2,956
2,818
2,718
2,518
2,483
2,523
2,784
2,012
1,936
2,670
2,719
Release
30-Apr
31-Mar
12-Feb
4-Jun
10-Sep
2-Apr
22-Jan
8-Oct
17-Sep
27-Aug
24-Sep
8-Oct
14-May
24-Sep
9-Jul
26-Mar
16-Apr
4-Jun
29-Oct
26-Feb
30-Jul
29-Jan
25-Dec
16-Apr
6-Aug
27-Aug
22-Jan
24-Nov
26-Feb
5-Nov
23-Apr
18-Aug
1-Sep
12-Mar
4-Jun
17-Sep
15-Oct
29-Jan
24-Nov
12-Mar
13-Aug
30-Jul
10-Nov
17-Dec
8-Jan
20-Aug
20-Aug
5-Mar
3-Sep
23-Jul
A member of BMO
Financial Group
183
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Leap Year
You Again
Alpha and Omega
Piranha 3D
Lottery Ticket
The Spy Next Door
From Paris with Love
The Losers
Faster
Hubble 3D
Just Wright
Skyline
The Next Three Days
The Kids Are All Right
Our Family Wedding
Country Strong
Oceans
Remember Me
Going the Distance
Furry Vengeance
127 Hours
Splice
The Ghost Writer
Youth in Revolt
My Soul to Take
Repo Men
Case 39
Let Me In
Extraordinary Measures
Avatar: Special Edition
Jonah Hex
The Girl with the Dragon Tattoo
Fair Game (2010)
Get Low
Blue Valentine
MacGruber
The Girl Who Played with Fire
Cyrus
Babies
Conviction
City Island
The Last Station
Winter's Bone
Waiting for "Superman"
The Secret in Their Eyes
It's Kind of a Funny Story
The Warrior's Way
The Girl Who Kicked the Hornet's Nest
I Am Love
Mao's Last Dancer
Studio*
GE
DIS
LGF
W/Dim.
TWX
LGF
LGF
TWX
CBS
TWX
NWSA
GE
LGF
GE
NWSA
SNE
DIS
Summit
TWX
Summit
NWSA
TWX
Summit
W/Dim.
GE
GE
VIAB
Over.
CBS
NWSA
TWX
MBox
Summit
SNE
Wein.
GE
MBox
NWSA
GE
NWSA
Anch.
SNE
RAtt.
VIAB
SNE
GE
Rela.
MBox
Magn.
Gold.
Estimated
Cost
$19.0
26.0
NA
24.0
17.0
NA
52.0
25.0
34.0
NA
NA
10.0
30.0
4.0
NA
15.0
80.0
16.0
32.0
35.0
18.0
30.0
45.0
18.0
25.0
32.0
26.0
20.0
31.0
200.0
47.0
13.0
22.0
7.0
1.0
10.0
NA
7.0
NA
12.5
6.0
18.0
2.0
NA
NA
8.0
42.0
NA
NA
NA
Domestic
Gross
$25.9
25.7
25.1
25.0
24.7
24.3
24.1
23.6
23.2
21.8
21.5
21.4
21.1
20.8
20.3
20.2
19.4
19.1
17.8
17.6
17.5
17.0
15.5
15.3
14.7
13.8
13.3
12.1
12.1
10.7
10.5
10.1
9.5
9.2
8.9
8.5
7.6
7.5
7.3
6.8
6.7
6.6
6.4
6.4
6.4
6.4
5.7
5.2
5.0
4.8
Widest #
Theaters
2,512
2,548
2,625
2,491
1,974
2,924
2,722
2,936
2,470
151
1,831
2,883
2,564
994
1,609
1,441
1,232
2,215
3,030
3,002
916
2,450
819
1,873
2,572
2,521
2,212
2,042
2,549
812
2,825
202
436
570
450
2,551
185
454
543
672
269
354
141
330
166
757
1,622
208
166
137
OpenWknd
Gross
$9.2
8.4
9.1
10.1
10.7
9.7
8.2
9.4
8.5
0.4
8.3
11.7
6.5
0.5
7.6
0.0
6.1
8.1
6.9
6.6
0.3
7.4
0.2
6.9
6.8
6.1
5.4
5.1
6.0
4.0
5.4
0.3
0.7
0.1
0.2
4.0
0.9
0.2
2.2
0.1
0.0
0.1
0.1
0.1
0.2
2.0
3.0
0.9
0.1
0.2
% of
Total
35.5%
32.7%
36.3%
40.4%
43.3%
39.9%
34.0%
39.8%
36.6%
1.9%
38.6%
54.7%
30.8%
2.4%
37.4%
0.2%
31.4%
42.4%
38.8%
37.5%
1.5%
43.5%
1.2%
45.1%
46.3%
44.2%
40.6%
42.1%
49.6%
37.4%
51.4%
3.3%
6.9%
1.0%
2.2%
47.1%
11.9%
2.4%
30.1%
1.5%
0.5%
1.1%
1.3%
2.2%
2.6%
31.3%
52.6%
17.0%
2.4%
4.2%
Open #
Theaters
2,511
2,548
2,625
2,470
1,973
2,924
2,722
2,936
2,454
39
1,831
2,880
2,564
7
1,605
2
1,206
2,212
3,030
2,997
4
2,450
4
1,873
2,572
2,521
2,211
2,020
2,549
812
2,825
34
46
4
4
2,551
108
4
534
11
2
3
4
4
10
742
1,622
154
8
33
Release
8-Jan
24-Sep
17-Sep
20-Aug
20-Aug
15-Jan
5-Feb
23-Apr
24-Nov
19-Mar
14-May
12-Nov
19-Nov
9-Jul
12-Mar
22-Dec
22-Apr
12-Mar
3-Sep
30-Apr
5-Nov
4-Jun
19-Feb
8-Jan
8-Oct
19-Mar
1-Oct
1-Oct
22-Jan
27-Aug
18-Jun
19-Mar
5-Nov
30-Jul
29-Dec
21-May
9-Jul
18-Jun
7-May
15-Oct
19-Mar
15-Jan
11-Jun
24-Sep
16-Apr
8-Oct
3-Dec
29-Oct
18-Jun
20-Aug
A member of BMO
Financial Group
184
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Avatar
Up
The Hangover
Star Trek
The Blind Side
Sherlock Holmes
Monsters Vs. Aliens
2012
The Proposal
Fast and Furious
G.I. Joe: The Rise of Cobra
Paul Blart: Mall Cop
Taken
A Christmas Carol (2009)
Angels & Demons
G-Force
District 9
It's Complicated
Couples Retreat
Paranormal Activity
Watchmen
The Princess and the Frog
Public Enemies
Julie & Julia
He's Just Not That Into You
The Ugly Truth
Up in the Air
Knowing
Hannah Montana The Movie
Where the Wild Things Are
Zombieland
Coraline
Law Abiding Citizen
Hotel for Dogs
Michael Jackson's This Is It
I Love You, Man
Obsessed
Race to Witch Mountain
The Final Destination
Studio*
NWSA
VIAB
TWX
Summit
DIS
TWX
VIAB
TWX
NWSA
TWX
DWA
NWSA
NWSA
NWSA
SNE
DIS
GE
VIAB
SNE
NWSA
DIS
SNE
TWX
SNE
Wein.
DIS
SNE
GE
GE
VIAB
TWX
DIS
GE
SNE
TWX
LGF
SNE
VIAB
Summit
DIS
TWX
SNE
GE
Overture
VIAB
SNE
VIAB
SNE
DIS
TWX
Estimated
Cost
$200.0
200.0
250.0
50.0
175.0
35.0
150.0
29.0
75.0
90.0
175.0
90.0
150.0
150.0
200.0
40.0
85.0
175.0
26.0
25.0
200.0
150.0
200.0
100.0
150.0
150.0
30.0
85.0
70.0
0.2
130.0
105.0
100.0
40.0
26.1
20.5
38.0
25.0
50.0
35.9
100.0
23.6
60.0
50.0
35.3
62.0
28.2
20.4
51.0
40.0
Domestic
Gross
$737.6
402.1
302.0
296.6
293.0
277.3
257.7
254.4
218.7
208.0
198.4
196.6
179.9
177.2
166.1
164.0
155.1
150.2
146.3
145.0
137.9
133.4
125.3
124.9
120.5
119.4
115.6
112.6
109.2
107.9
107.5
104.3
97.1
94.1
94.0
90.5
88.9
83.7
80.0
79.6
77.2
75.6
75.3
73.4
73.0
72.1
71.4
68.3
67.2
66.5
Widest #
Theaters
3,461
4,293
4,455
4,124
3,886
3,545
4,053
3,407
3,747
3,626
4,136
4,102
4,102
4,101
3,444
3,158
3,674
4,007
3,206
3,184
3,683
3,527
3,602
3,119
3,358
3,697
3,180
2,955
3,074
2,712
3,611
3,475
3,336
2,528
3,175
2,203
2,975
2,218
3,337
3,231
3,735
3,171
2,320
2,890
3,271
3,481
2,829
2,634
3,268
3,121
OpenWknd
Gross
$77.0
109.0
77.8
142.8
68.1
45.0
75.2
34.1
48.9
62.3
59.3
41.7
85.1
54.2
65.2
33.6
71.0
54.7
31.8
24.7
30.1
46.2
42.6
30.3
38.1
31.7
37.4
22.1
34.3
0.1
55.2
0.8
25.3
20.0
27.8
41.0
27.6
1.2
24.6
32.3
32.7
24.7
16.8
21.0
17.0
23.2
17.8
28.6
24.4
27.4
% of
Total
10.4%
27.1%
25.8%
48.1%
23.2%
16.2%
29.2%
13.4%
22.4%
30.0%
29.9%
21.2%
47.3%
30.6%
39.3%
20.5%
45.8%
36.4%
21.7%
17.0%
21.8%
34.6%
34.0%
24.3%
31.6%
26.5%
32.4%
19.6%
31.4%
0.1%
51.3%
0.8%
26.1%
21.3%
29.6%
45.3%
31.0%
1.4%
30.8%
40.6%
42.4%
32.7%
22.3%
28.6%
23.3%
32.2%
24.9%
41.9%
36.3%
41.2%
Open #
Theaters
3,452
4,234
4,325
4,024
3,766
3,269
3,849
3,110
3,700
3,626
4,104
4,099
4,099
4,096
3,404
3,056
3,461
4,007
3,144
3,183
3,683
3,527
3,530
3,119
3,165
3,697
3,049
2,887
3,000
12
3,611
2
3,334
2,354
3,175
2,032
2,882
15
3,332
3,118
3,735
3,036
2,299
2,890
3,271
3,481
2,711
2,514
3,187
3,121
Release
18-Dec
24-Jun
15-Jul
20-Nov
29-May
5-Jun
8-May
20-Nov
23-Dec
25-Dec
27-Mar
1-Jul
1-May
22-May
13-Nov
19-Jun
3-Apr
7-Aug
16-Jan
30-Jan
6-Nov
15-May
21-May
18-Sep
21-Aug
24-Jul
14-Aug
25-Dec
9-Oct
25-Sep
6-Mar
25-Nov
1-Jul
7-Aug
6-Feb
20-Feb
24-Jul
4-Dec
20-Mar
10-Apr
16-Oct
2-Oct
6-Feb
16-Oct
16-Jan
28-Oct
20-Mar
24-Apr
13-Mar
28-Aug
A member of BMO
Financial Group
185
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
The Taking of Pelham 1 2 3
Friday the 13th (2009)
17 Again
The Time Traveler's Wife
Bruno
Bride Wars
The Haunting in Connecticut
Ghosts of Girlfriends Past
Funny People
Tyler Perry's I Can Do Bad All By Myself
My Bloody Valentine 3-D
Land of the Lost
Old Dogs
My Sister's Keeper
Precious: Based on the Novel "Push" by Sapphire
Underworld: Rise of the Lycans
Confessions of a Shopaholic
The Lovely Bones
Year One
The Unborn (2009)
Planet 51
Drag Me to Hell
Orphan
Duplicity
Surrogates
Ninja Assassin
Invictus
State of Play
Notorious (2009)
Crazy Heart
The Pink Panther 2
All About Steve
Halloween II (2009)
The Informant!
The Last House on the Left (2009)
The Men Who Stare at Goats
(500) Days of Summer
Earth (2009)
Push
9
The Soloist
Toy Story / Toy Story 2 (3D)
Did You Hear About the Morgans?
The Stepfather (2009)
The Uninvited
Brothers
Saw VI
Dance Flick
The Fourth Kind
The International
Studio*
SNE
TWX
TWX
TWX
GE
NWSA
LGF
TWX
GE
LGF
LGF
GE
DIS
TWX
LGF
SNE
DIS
VIAB
SNE
GE
SNE
GE
TWX
GE
DIS
TWX
TWX
GE
NWSA
NWSA
SNE
NWSA
Wein.
TWX
GE
Overture
NWSA
DIS
Summit
GE
VIAB
DIS
SNE
SNE
VIAB
LGF
LGF
VIAB
GE
SNE
Estimated
Cost
$100.0
19.0
20.6
39.0
43.3
30.0
20.8
40.4
75.0
13.0
15.0
100.0
35.0
30.0
10.0
35.0
31.3
65.0
60.0
16.0
70.0
30.0
20.5
60.0
80.0
40.0
60.0
61.2
20.0
7.0
87.3
45.0
15.0
22.0
25.0
25.0
7.5
15.3
38.0
30.0
61.7
5.2
58.0
20.0
25.1
26.0
11.0
25.0
10.0
50.0
Domestic
Gross
$65.5
65.0
64.2
63.4
60.1
58.7
55.4
55.3
51.9
51.7
51.5
49.4
49.4
49.2
47.6
45.8
44.3
44.0
43.3
42.7
42.2
42.1
41.6
40.6
38.6
38.1
37.5
37.0
36.8
36.7
35.9
33.9
33.4
33.3
32.8
32.4
32.4
32.0
31.8
31.7
31.7
30.7
29.6
29.1
28.6
28.5
27.7
25.7
25.5
25.5
Widest #
Theaters
3,077
3,105
3,255
2,988
2,759
3,228
2,732
3,175
3,008
2,255
2,534
3,534
3,425
2,606
1,003
2,942
2,534
2,638
3,024
2,359
3,035
2,510
2,750
2,579
2,992
2,503
2,170
2,807
1,641
1,361
3,245
2,265
3,088
2,505
2,402
2,453
1,048
1,804
2,313
2,060
2,090
1,752
2,718
2,734
2,344
2,088
3,036
2,459
2,530
2,364
OpenWknd
Gross
$23.4
40.6
23.7
18.6
30.6
21.1
23.0
15.4
22.7
23.4
21.2
18.8
16.9
12.4
1.9
20.8
15.1
0.1
19.6
19.8
12.3
15.8
12.9
14.0
14.9
13.3
8.6
14.1
20.5
0.1
11.6
11.2
16.3
10.5
14.1
12.7
0.8
8.8
10.1
10.7
9.7
12.5
6.6
11.6
10.3
9.5
14.1
10.6
12.2
9.3
% of
Total
35.7%
62.5%
36.9%
29.3%
50.9%
35.9%
41.5%
27.8%
43.7%
45.3%
41.2%
38.1%
34.2%
25.2%
4.0%
45.4%
34.1%
0.3%
45.3%
46.4%
29.1%
37.5%
31.0%
34.5%
38.6%
34.9%
22.9%
38.1%
55.7%
0.2%
32.3%
33.0%
48.8%
31.5%
43.0%
39.2%
2.6%
27.5%
31.8%
33.8%
30.6%
40.7%
22.3%
39.9%
36.0%
33.3%
50.9%
41.2%
47.8%
36.5%
Open #
Theaters
3,074
3,105
3,255
2,988
2,756
3,226
2,732
3,175
3,007
2,255
2,534
3,521
3,425
2,606
18
2,942
2,507
3
3,022
2,357
3,035
2,508
2,750
2,574
2,951
2,503
2,125
2,803
1,638
4
3,243
2,251
3,025
2,505
2,401
2,443
27
1,804
2,313
1,661
2,024
1,745
2,718
2,734
2,344
2,088
3,036
2,450
2,527
2,364
Release
12-Jun
13-Feb
17-Apr
14-Aug
10-Jul
9-Jan
27-Mar
1-May
31-Jul
11-Sep
16-Jan
5-Jun
25-Nov
26-Jun
6-Nov
23-Jan
13-Feb
11-Dec
19-Jun
9-Jan
20-Nov
29-May
24-Jul
20-Mar
25-Sep
25-Nov
11-Dec
17-Apr
16-Jan
16-Dec
6-Feb
4-Sep
28-Aug
18-Sep
13-Mar
6-Nov
17-Jul
22-Apr
6-Feb
9-Sep
24-Apr
2-Oct
18-Dec
16-Oct
30-Jan
4-Dec
23-Oct
22-May
6-Nov
13-Feb
A member of BMO
Financial Group
186
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Aliens in the Attic
Observe and Report
Fighting
Love Happens
Fame (2009)
Under the Sea 3D
The Fantastic Mr. Fox
Shorts
Gamer
Nine
Astro Boy
Jonas Brothers: The 3D Concert Experience
The Invention of Lying
Inkheart
Fired Up
New in Town
The Hurt Locker
Jennifer's Body
Imagine That
Adventureland
Armored
A Perfect Getaway
The Goods: Live Hard, Sell Hard
Ponyo
The Box
I Love You Beth Cooper
Capitalism: A Love Story
Amelia
Cirque du Freak: The Vampire's Assistant
Crank: High Voltage
Whip It
An Education
12 Rounds
Sunshine Cleaning
Sorority Row
Extract
Not Easily Broken
The Young Victoria
Pandorum
Whiteout
The Boondock Saints II: All Saints Day
Next Day Air
Away We Go
Dragonball Evolution
A Serious Man
Everybody's Fine
A Single Man
Street Fighter: The Legend of Chun-Li
My Life in Ruins
The Road
Studio*
NWSA
TWX
GE
GE
MGM
TWX
NWSA
TWX
LGF
Wein.
Summit
DIS
TWX
TWX
SNE
LGF
Summit
NWSA
VIAB
DIS
SNE
GE
VIAB
DIS
TWX
NWSA
Overture
NWSA
GE
LGF
NWSA
SNE
NWSA
Overture
Summit
DIS
SNE
Apparition
Overture
TWX
Apparition
Summit
GE
NWSA
GE
DIS
Wein.
NWSA
NWSA
Wein.
Estimated
Cost
$45.0
18.0
15.4
18.0
18.0
NA
40.0
25.4
12.5
80.0
65.0
8.4
18.5
60.0
20.0
20.2
15.0
16.0
55.0
12.2
20.0
14.0
10.0
NA
30.0
18.0
NA
40.0
40.0
20.4
15.0
7.5
22.9
NA
12.5
8.0
5.0
35.0
40.0
35.0
8.0
3.0
17.0
46.0
NA
21.0
NA
50.8
NA
25.0
Domestic
Gross
$25.2
24.0
23.1
23.0
22.5
21.1
21.0
20.9
20.5
19.7
19.6
19.2
18.5
17.3
17.2
16.7
16.4
16.2
16.1
16.0
16.0
15.5
15.1
15.1
15.1
14.8
14.4
14.2
13.9
13.7
13.0
12.4
12.2
12.1
12.0
10.8
10.6
10.6
10.3
10.3
10.3
10.0
9.5
9.4
9.2
9.2
9.0
8.7
8.7
8.1
Widest #
Theaters
3,108
2,727
2,312
1,922
3,133
108
2,304
3,105
2,502
1,412
3,020
1,276
1,743
2,655
1,811
1,941
535
2,738
3,011
1,876
1,919
2,159
1,849
927
2,635
1,872
995
1,070
2,754
2,223
1,738
763
2,331
642
2,665
1,614
725
476
2,506
2,745
524
1,139
506
2,181
262
2,141
353
1,164
1,165
396
OpenWknd
Gross
$8.0
11.0
11.0
8.1
10.0
0.7
0.3
6.4
9.2
0.3
6.7
12.5
7.0
7.6
5.5
6.7
0.1
6.9
5.5
5.7
6.5
5.9
5.6
3.6
7.6
4.9
0.2
3.9
6.3
7.0
4.7
0.2
5.3
0.2
5.1
4.3
5.3
0.3
4.4
4.9
0.5
4.1
0.1
4.8
0.3
3.9
0.2
4.7
3.2
1.5
% of
Total
31.7%
45.8%
47.6%
35.2%
44.4%
3.1%
1.3%
30.6%
44.9%
1.3%
34.2%
65.1%
37.8%
43.9%
32.0%
40.1%
0.9%
42.6%
34.2%
35.6%
40.6%
38.1%
37.1%
23.8%
50.3%
33.1%
1.6%
27.5%
45.3%
51.1%
36.2%
1.3%
43.4%
1.8%
42.5%
39.8%
50.0%
2.5%
42.7%
47.6%
5.3%
41.0%
1.4%
51.1%
2.7%
42.4%
2.4%
54.0%
36.8%
18.5%
Open #
Theaters
3,106
2,727
2,309
1,898
3,096
49
4
3,105
2,502
4
3,014
1,271
1,707
2,655
1,810
1,941
4
2,702
3,008
1,862
1,915
2,159
1,838
927
2,635
1,858
4
820
2,754
2,223
1,721
4
2,331
4
2,665
1,611
724
44
2,506
2,745
68
1,138
4
2,181
6
2,133
9
1,136
1,164
111
Release
22-Nov
10-Apr
24-Apr
18-Sep
25-Sep
13-Feb
13-Nov
21-Aug
4-Sep
18-Dec
23-Oct
27-Feb
2-Oct
23-Jan
20-Feb
30-Jan
26-Jun
18-Sep
12-Jun
3-Apr
4-Dec
7-Aug
14-Aug
14-Aug
6-Nov
10-Jul
23-Sep
23-Oct
23-Oct
17-Apr
2-Oct
9-Oct
27-Mar
13-Mar
11-Sep
4-Sep
9-Jan
18-Dec
25-Sep
11-Sep
30-Oct
8-May
5-Jun
10-Apr
2-Oct
4-Dec
11-Dec
27-Feb
5-Jun
25-Nov
A member of BMO
Financial Group
187
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
The Dark Knight
Iron Man
Hancock
WALL-E
Kung Fu Panda
Twilight
Quantum of Solace
Sex and the City
Mamma Mia!
Marley and Me
Gran Torino
The Incredible Hulk
Wanted
Get Smart
The Curious Case of Benjamin Button
Four Christmases
Slumdog Millionaire
Bolt
Tropic Thunder
Bedtime Stories
Eagle Eye
Step Brothers
You Don't Mess with the Zohan
Yes Man
10,000 B.C.
Beverly Hills Chihuahua
High School Musical 3: Senior Year
Pineapple Express
Valkyrie
21
What Happens in Vegas
Jumper
Cloverfield
The Day the Earth Stood Still (2008)
27 Dresses
Hellboy II: The Golden Army
Vantage Point
The Spiderwick Chronicles
Fool's Gold
Seven Pounds
Role Models
Hannah Montana/Miley Cyrus: Best of Both Worlds Concert Tour
The Happening
Forgetting Sarah Marshall
Studio*
TWX
VIAB
VIAB
SNE
DIS
DWA
Summit
DWA
SNE
NWSA
TWX
GE
NWSA
DIS
TWX
GE
GE
TWX
VIAB
TWX
NWSA
DIS
VIAB
DIS
GE
TWX
VIAB
SNE
SNE
TWX
TWX
DIS
DIS
SNE
UA
SNE
NWSA
NWSA
VIAB
NWSA
NWSA
GE
SNE
VIAB
TWX
SNE
GE
DIS
NWSA
GE
Estimated
Cost
$185.0
185.0
185.0
175.0
150.0
150.0
37.0
150.0
200.0
85.0
65.0
65.0
43.8
200.0
33.0
150.0
65.0
80.0
150.0
80.0
15.0
150.0
92.0
80.0
145.0
60.0
80.0
65.0
90.0
70.0
105.0
20.0
11.0
27.0
75.0
35.0
35.0
85.0
25.0
80.0
30.0
85.0
40.0
90.0
70.0
55.0
28.0
7.0
48.0
30.0
Domestic
Gross
$533.3
318.4
317.1
227.9
223.8
215.4
190.1
180.0
168.4
154.5
152.6
144.1
142.0
141.6
138.6
134.8
134.5
130.3
125.4
120.1
115.0
114.1
110.5
109.6
102.5
101.7
101.4
100.5
100.0
97.2
94.8
94.5
90.6
87.3
82.6
81.2
80.3
80.2
80.0
79.3
76.8
76.0
72.3
71.2
70.2
70.0
67.3
65.3
64.5
63.2
Widest #
Theaters
4,366
4,154
4,264
3,965
3,992
4,136
3,649
4,065
3,501
3,961
3,325
3,194
3,505
3,929
3,045
3,508
3,185
3,915
2,988
3,540
2,943
3,654
3,473
3,684
3,778
2,830
3,614
3,182
3,466
3,434
3,454
3,239
3,626
3,072
2,838
2,952
3,255
3,430
3,411
3,560
3,074
3,212
3,163
3,847
3,125
2,758
2,798
687
2,986
2,872
OpenWknd
Gross
$158.4
98.6
100.1
62.6
63.1
60.2
69.6
63.1
67.5
45.0
57.0
27.8
36.4
55.0
0.3
55.4
50.9
38.7
26.9
31.1
0.4
26.2
25.8
27.5
40.5
21.0
29.2
30.9
38.5
18.3
35.9
29.3
42.0
23.2
21.0
24.1
20.2
27.4
40.1
30.5
23.0
34.5
22.9
19.0
21.6
14.9
19.2
31.1
30.5
17.7
% of
Total
29.7%
31.0%
31.6%
27.5%
28.2%
27.9%
36.6%
35.1%
40.1%
29.1%
37.4%
19.3%
25.6%
38.8%
0.2%
41.1%
37.8%
29.7%
21.5%
25.9%
0.3%
23.0%
23.3%
25.1%
39.5%
20.6%
28.8%
30.7%
38.5%
18.8%
37.9%
31.0%
46.4%
26.6%
25.4%
29.7%
25.2%
34.2%
50.1%
38.5%
29.9%
45.4%
31.7%
26.7%
30.8%
21.3%
28.5%
47.6%
47.3%
28.0%
Open #
Theaters
4,366
4,105
4,260
3,965
3,992
4,114
3,419
4,056
3,451
3,954
3,285
2,976
3,480
3,929
6
3,505
3,175
3,911
2,988
3,310
10
3,651
3,319
3,681
3,760
2,811
3,510
3,094
3,462
3,434
3,410
3,215
3,623
3,072
2,711
2,648
3,215
3,428
3,411
3,560
3,057
3,204
3,149
3,847
3,125
2,758
2,792
683
2,986
2,798
Release
18-Jul
2-May
22-May
2-Jul
27-Jun
6-Jun
21-Nov
7-Nov
14-Nov
14-Mar
30-May
18-Jul
25-Dec
16-May
12-Dec
13-Jun
27-Jun
20-Jun
25-Dec
26-Nov
12-Nov
21-Nov
13-Aug
25-Dec
1-Aug
11-Jul
26-Sep
25-Jul
6-Jun
19-Dec
7-Mar
3-Oct
24-Oct
6-Aug
25-Dec
28-Mar
9-May
14-Feb
18-Jan
12-Dec
18-Jan
11-Jul
22-Feb
14-Feb
8-Feb
19-Dec
7-Nov
1-Feb
13-Jun
18-Apr
A member of BMO
Financial Group
188
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Baby Mama
Burn After Reading
Step Up 2 the Streets
Saw V
The Strangers
The Forbidden Kingdom
The Tale of Despereaux
Australia
The House Bunny
Nim's Island
Made of Honor
College Road Trip
The Sisterhood of the Traveling Pants 2
Speed Racer
Prom Night (2008)
Rambo
Welcome Home Roscoe Jenkins
Tyler Perry's Meet the Browns
Nights in Rodanthe
Max Payne
Righteous Kill
Body of Lies
Lakeview Terrace
Meet the Spartans
Harold and Kumar Escape from Guantanamo Bay
First Sunday
The Secret Life of Bees
Tyler Perry's The Family That Preys
Death Race
Changeling
Star Wars: The Clone Wars
Semi-Pro
Fireproof
Drillbit Taylor
Definitely, Maybe
The Love Guru
Doubt
Transporter 3
Quarantine
Nick and Norah's Infinite Playlist
Zack and Miri Make a Porno
The Eye
Leatherheads
Mirrors
Space Chimps
The Bank Job
Milk
Untraceable
Defiance
The Reader
Studio*
GE
GE
DIS
LGF
GE
LGF
GE
NWSA
SNE
NWSA
SNE
DIS
TWX
TWX
SNE
LGF
GE
LGF
TWX
NWSA
Overture
TWX
SNE
NWSA
TWX
SNE
NWSA
LGF
GE
GE
TWX
TWX
Gold
VIAB
GE
VIAB
DIS
LGF
SNE
SNE
Wein
LGF
GE
NWSA
NWSA
LGF
GE
SNE
VIAB
Wein
Estimated
Cost
$30.0
37.0
15.0
10.8
9.0
70.0
60.0
130.0
25.0
37.0
40.0
31.0
27.0
120.0
20.0
50.0
35.0
10.0
30.0
35.0
60.0
70.0
20.0
36.0
12.0
20.0
11.0
10.0
45.0
55.0
8.5
45.0
0.5
40.0
20.0
62.0
20.0
35.0
12.0
10.0
24.0
15.0
58.0
35.0
37.0
20.0
20.0
35.0
32.0
32.0
Domestic
Gross
$60.5
60.4
58.0
56.7
52.6
52.1
50.8
49.5
48.2
48.0
46.0
45.6
44.1
43.9
43.9
42.8
42.4
42.0
41.9
40.7
40.1
39.4
39.3
38.2
38.1
37.9
37.8
37.1
36.3
35.7
35.2
33.5
33.5
32.9
32.2
32.2
31.9
31.7
31.7
31.5
31.5
31.4
31.4
30.7
30.1
30.1
30.0
28.7
27.7
26.9
Widest #
Theaters
2,627
2,657
2,528
3,084
2,477
3,151
3,107
2,721
2,763
3,518
2,816
2,706
2,714
3,606
2,821
2,764
2,387
2,016
2,704
3,381
3,152
2,714
2,574
2,643
2,545
2,213
1,630
2,070
2,586
1,896
3,452
3,121
905
3,061
2,220
3,012
1,287
2,626
2,463
2,421
2,735
2,470
2,798
2,664
2,538
1,613
882
2,368
1,793
1,203
OpenWknd
Gross
$17.4
19.1
18.9
30.1
21.0
21.4
10.1
14.8
14.5
13.2
14.8
13.6
10.7
18.6
20.8
18.2
16.2
20.1
13.4
17.6
16.3
12.9
15.0
18.5
14.9
17.7
10.5
17.4
12.6
0.5
14.6
15.1
6.8
10.3
9.8
13.9
0.5
12.1
14.2
11.3
10.1
12.4
12.7
11.2
7.2
5.9
1.5
11.4
0.1
0.2
% of
Total
Open #
Theaters
2,543
2,651
2,470
3,060
2,466
3,151
3,104
2,642
2,714
3,513
2,729
2,706
2,707
3,606
2,700
2,751
2,387
2,006
2,704
3,376
3,152
2,710
2,464
2,605
2,510
2,213
1,591
2,070
2,532
15
3,452
3,121
839
3,056
2,204
3,012
15
2,626
2,461
2,421
2,735
2,436
2,769
2,664
2,511
1,603
36
2,368
2
8
Release
25-Apr
12-Sep
14-Feb
24-Oct
30-May
18-Apr
19-Dec
26-Nov
22-Aug
4-Apr
2-May
7-Mar
6-Aug
9-May
11-Apr
25-Jan
8-Feb
21-Mar
26-Sep
17-Oct
12-Sep
10-Oct
19-Sep
25-Jan
25-Apr
11-Jan
17-Oct
12-Sep
22-Aug
24-Oct
15-Aug
1-Feb
26-Sep
21-Mar
14-Feb
20-Jun
12-Dec
26-Nov
10-Oct
3-Oct
31-Oct
1-Feb
4-Apr
15-Aug
18-Jul
7-Mar
26-Nov
25-Jan
31-Dec
10-Dec
A member of BMO
Financial Group
189
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
The Women (2008)
One Missed Call
The Other Boleyn Girl
Street Kings
Shutter
Superhero Movie
W.
Never Back Down
Traitor
The Wrestler
Vicky Cristina Barcelona
Babylon A.D.
Revolutionary Road
The X-Files: I Want to Believe
Mad Money
Appaloosa
The Spirit
Igor
My Best Friend's Girl
Frost/Nixon
Kit Kittredge: An American Girl
The Ruins
88 Minutes
Swing Vote
Pride & Glory
Bangkok Dangerous
Disaster Movie
Last Chance Harvey
The Duchess
The Haunting of Molly Hartley
Ghost Town
Fly Me to the Moon
Religulous
The Pirates Who Don't Do Anything
Under the Same Moon
Rachel Getting Married
Miss Pettigrew Lives for a Day
Soul Men
Meet Dave
The Longshots
Be Kind, Rewind
Doomsday
Stop-Loss
Penelope
The Express
U2 3D
Smart People
The Visitor
The Boy in the Striped Pajamas
Sex Drive
Studio*
GE
TWX
SNE
NWSA
NWSA
MGM
LGF
Summit
Overture
NWSA
MGM
NWSA
VIAB
NWSA
Overture
TWX
LGF
MGM
LGF
GE
GE
VIAB
SNE
DIS
TWX
LGF
LGF
Overture
VIAB
Freestyle
VIAB
Summit
LGF
GE
Wein
SNE
GE
MGM
NWSA
MGM
TWX
GE
VIAB
Summit
GE
NGC
DIS
Overture
DIS
Summit
Estimated
Cost
$16.0
20.0
35.0
20.0
15.0
35.0
25.1
20.0
22.0
NA
NA
70.0
35.0
30.0
22.0
20.0
30.7
30.0
20.0
25.0
10.0
20.0
30.0
21.0
30.0
45.0
20.0
20.7
25.2
5.0
20.0
25.0
2.5
18.0
NA
NA
NA
25.0
60.0
25.0
NA
30.0
25.0
15.0
40.0
NA
7.0
NA
NA
19.0
Domestic
Gross
$26.9
26.9
26.8
26.4
25.9
25.9
25.5
24.9
23.5
23.5
23.2
22.5
21.9
21.0
20.7
20.2
19.8
19.5
19.2
17.9
17.7
17.4
17.2
16.3
15.7
15.3
14.2
13.9
13.8
13.6
13.4
13.0
13.0
13.0
12.6
12.6
12.3
12.1
11.8
11.5
11.2
11.0
10.9
10.0
9.8
9.7
9.5
9.4
9.0
8.4
Widest #
Theaters
2,995
2,240
1,212
2,469
2,756
2,965
2,050
2,729
2,108
776
726
3,425
1,077
3,185
2,470
1,290
2,509
2,341
2,636
1,105
1,849
2,814
2,168
2,213
2,585
2,654
2,642
1,108
1,207
2,652
1,512
713
568
1,340
454
391
539
2,048
3,011
2,089
810
1,938
1,305
1,207
2,810
686
1,119
270
679
2,421
OpenWknd
Gross
$10.1
12.5
8.2
12.5
10.4
9.5
10.5
8.6
7.9
0.2
3.8
9.5
0.2
10.0
7.7
0.2
6.5
7.8
8.3
0.2
0.2
8.0
7.0
6.2
6.3
7.8
5.8
0.1
0.2
5.4
5.0
1.9
3.4
4.3
2.8
0.3
2.5
5.4
5.3
4.1
4.1
4.9
4.6
3.8
4.6
1.0
4.1
0.1
0.3
3.6
% of
Total
Open #
Theaters
2,962
2,240
1,166
2,467
2,753
2,960
2,030
2,729
2,054
4
692
3,390
3
3,185
2,470
14
2,509
2,339
2,604
3
5
2,812
2,168
2,213
2,585
2,650
2,642
6
7
2,652
1,505
452
502
1,337
266
9
535
2,044
3,011
2,089
808
1,936
1,291
1,196
2,808
61
1,106
4
17
2,421
Release
12-Sep
4-Jan
1-Feb
11-Apr
21-Mar
28-Mar
17-Oct
14-Mar
27-Aug
17-Dec
15-Aug
29-Aug
26-Dec
25-Jul
18-Jan
19-Sep
25-Dec
19-Sep
19-Sep
5-Dec
20-Jun
4-Apr
18-Apr
1-Aug
24-Oct
5-Sep
29-Aug
25-Dec
19-Sep
31-Oct
19-Sep
15-Aug
1-Oct
11-Jan
19-Mar
3-Oct
7-Mar
7-Nov
11-Jul
22-Aug
22-Feb
14-Mar
28-Mar
1-Feb
10-Oct
23-Jan
11-Apr
11-Apr
7-Nov
17-Oct
A member of BMO
Financial Group
190
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Spider-Man 3
Shrek the Third
Transformers
I Am Legend
300
Ratatouille
The Simpsons Movie
Wild Hogs
Knocked Up
Rush Hour 3
Juno
Fantastic Four: Rise of the Silver Surfer
American Gangster
Enchanted
Bee Movie
Superbad
Hairspray (2007)
Blades of Glory
Ocean's Thirteen
Ghost Rider
Evan Almighty
Meet the Robinsons
Norbit
The Game Plan
The Bucket List
Bridge to Terabithia
Beowulf
Disturbia
Fred Claus
1408
The Golden Compass
Charlie Wilson's War
Saw IV
Stomp the Yard
Surf's Up
Halloween (2007)
TMNT
3:10 to Yuma (2007)
P.S. I Love You
Sweeney Todd: The Demon Barber of Fleet Street
Studio*
Sony
DWA
P/DW
BV
WB
WB
Uni.
BV
Fox
WB
BV
Fox
BV
Uni.
NL
FoxS
Fox
Fox
Uni.
BV
DWA
Sony
Uni.
NL
P/DW
WB
Sony
Uni.
BV
P/DW
BV
WB
BV
Par.
P/DW
WB
MGM/W
NL
Mira.
Uni.
LGF
SGem
Sony
MGM/W
LGF
WB
LGF
WB
P/DW
SGem
Estimated
Cost
$260.0
155.0
160.0
260.0
150.0
150.0
110.0
150.0
65.0
75.0
150.0
70.0
60.0
30.0
140.0
20.0
110.0
130.0
100.0
75.0
150.0
20.0
85.0
68.0
61.0
105.0
110.0
175.0
65.0
60.0
45.0
45.0
25.0
150.0
20.0
100.0
25.0
180.0
30.0
75.0
10.0
14.0
80.0
20.0
9.0
34.0
55.0
24.0
50.0
45.0
Domestic
Gross
$336.5
322.7
319.2
309.4
292.0
254.9
227.5
216.2
213.0
210.6
206.4
183.1
168.3
148.8
140.1
135.1
134.5
131.9
130.2
127.1
126.6
121.5
120.1
118.9
118.6
117.2
115.8
100.5
97.8
95.7
90.6
87.7
82.3
82.2
80.2
72.0
72.0
70.0
69.6
66.6
63.3
61.4
58.9
58.3
55.2
54.1
53.6
53.6
52.6
50.6
Widest #
Theaters
4,324
4,172
4,050
4,362
4,285
3,648
3,701
3,832
3,499
3,280
3,940
3,926
3,401
2,975
3,778
2,534
3,411
3,963
3,110
3,730
3,984
3,069
3,501
3,121
3,467
3,565
3,620
3,636
3,435
3,145
3,342
2,915
3,210
3,249
3,132
3,603
2,733
3,528
2,037
2,594
3,183
2,169
3,531
3,475
2,034
3,120
3,006
2,471
1,507
2,848
OpenWknd
Gross
$151.1
121.6
70.5
114.7
77.1
77.2
69.3
44.8
44.3
70.9
47.0
74.0
39.7
30.7
49.1
0.4
33.4
58.1
43.6
34.4
38.0
33.1
34.2
27.5
33.0
36.1
45.4
31.2
25.1
34.2
23.0
0.3
22.6
27.5
22.2
18.5
20.6
25.8
1.2
9.7
31.8
21.8
17.6
26.4
21.4
24.3
14.0
6.5
9.3
23.7
% of
Total
44.9%
37.7%
22.1%
37.1%
26.4%
30.3%
30.5%
20.7%
20.8%
33.7%
22.8%
40.4%
23.6%
20.6%
35.0%
0.3%
24.8%
44.0%
33.5%
27.1%
30.0%
27.2%
28.5%
23.1%
27.8%
30.8%
39.2%
31.0%
25.7%
35.7%
25.4%
0.4%
27.5%
33.5%
27.7%
25.7%
28.6%
36.9%
1.7%
14.6%
50.2%
35.5%
29.9%
45.3%
38.8%
44.9%
26.1%
12.1%
17.7%
46.8%
Open #
Theaters
4,252
4,122
4,011
4,362
4,285
3,606
3,660
3,832
3,475
3,103
3,940
3,922
3,287
2,871
3,778
7
3,408
3,959
3,054
3,730
3,928
2,948
3,495
3,121
3,372
3,565
3,619
3,604
3,413
3,136
3,103
16
3,139
3,153
2,925
3,603
2,678
3,528
28
2,575
3,183
2,051
3,528
3,472
2,011
3,110
2,652
2,454
1,249
2,828
Release
4-May
18-May
3-Jul
25-May
11-Jul
14-Dec
3-Aug
21-Dec
14-Dec
9-Mar
29-Jun
27-Jul
2-Mar
1-Jun
10-Aug
5-Dec
27-Jun
15-Jun
2-Nov
21-Nov
2-Nov
17-Aug
20-Jul
20-Jul
30-Mar
8-Jun
16-Feb
22-Jun
30-Mar
9-Feb
28-Sep
25-Dec
16-Feb
16-Nov
13-Apr
9-Nov
22-Jun
7-Dec
9-Nov
21-Dec
26-Oct
12-Jan
8-Jun
31-Aug
12-Oct
23-Mar
7-Sep
21-Dec
21-Dec
21-Sep
A member of BMO
Financial Group
191
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Music and Lyrics
Atonement
Are We Done Yet?
This Christmas
Michael Clayton
Premonition
Dan in Real Life
The Kingdom
Shooter
License to Wed
Underdog
No Reservations
Because I Said So
Aliens Vs. Predator - Requiem
The Water Horse: Legend of the Deep
Epic Movie
Hitman
30 Days of Night
Fracture
Stardust
There Will Be Blood
The Brave One
The Heartbreak Kid
Freedom Writers
Smokin' Aces
The Messengers
The Number 23
Good Luck Chuck
Mr. Bean's Holiday
Breach
Zodiac
Balls of Fury
Mr. Magorium's Wonder Emporium
August Rush
Tyler Perry's Daddy's Little Girls
The Great Debaters
28 Weeks Later
We Own the Night
Mr. Brooks
Hannibal Rising
The Nanny Diaries
Mr. Woodcock
Nancy Drew
The Mist
The Reaping
Grindhouse
Sicko
Across the Universe
Perfect Stranger
Hot Fuzz
Studio*
WB
Focus
SonR
SGem
WB
Sony
BV
Uni.
Par.
WB
BV
WB
Uni.
Fox
SonR
Fox
Fox
Sony
NL
Par.
ParV
WB
P/DW
Par.
Uni.
SGem
NL
LGF
Uni.
Uni.
Par.
Rog.
Fox
WB
LGF
MGM/W
FoxA
Sony
MGM
MGM/W
MGM/W
NL
WB
MGM/W
WB
W/Dim.
LGF
SonR
SonR
Rog.
Estimated
Cost
$35.0
30.0
37.0
13.0
25.0
20.0
25.0
80.0
61.0
25.0
30.0
28.0
38.0
50.0
45.0
35.0
70.0
30.0
30.0
70.0
25.0
50.0
50.0
21.0
17.0
16.0
30.0
15.0
25.0
50.0
85.0
16.0
70.0
30.0
6.0
25.0
15.0
21.0
20.0
50.0
40.0
32.0
25.0
18.0
30.0
67.0
9.0
NA
45.0
10.0
Domestic
Gross
$50.6
50.2
49.7
49.1
48.7
47.9
47.6
47.5
47.0
43.8
43.8
43.1
42.7
41.8
40.4
39.7
39.7
39.6
39.0
38.6
37.6
36.8
36.8
36.6
35.8
35.4
35.2
35.0
33.3
33.2
33.1
32.9
32.0
31.7
31.4
30.1
28.6
28.6
28.5
27.7
25.9
25.8
25.6
25.6
25.1
25.0
24.5
24.3
24.0
23.6
Widest #
Theaters
2,955
1,400
2,944
1,921
2,585
2,831
1,941
2,836
2,806
2,715
3,013
2,425
2,529
2,617
2,777
2,840
2,468
2,859
2,443
2,565
1,620
2,837
3,233
2,286
2,219
2,529
2,759
2,612
1,778
1,505
2,379
3,081
3,168
2,310
2,111
1,290
2,305
2,402
2,453
3,003
2,636
2,237
2,612
2,423
2,603
2,629
1,117
964
2,661
1,272
OpenWknd
Gross
$13.6
0.8
14.3
18.0
0.7
17.6
11.8
17.1
14.5
10.4
11.6
11.7
13.1
10.1
9.2
18.6
13.2
16.0
11.0
9.2
0.2
13.5
14.0
9.4
14.6
14.7
14.6
13.7
9.9
10.5
13.4
11.4
9.6
9.4
11.2
6.0
9.8
10.8
10.0
13.1
7.5
8.8
6.8
8.9
10.0
11.6
0.1
0.7
11.2
5.8
% of
Total
26.9%
1.6%
28.8%
36.7%
1.5%
36.7%
24.8%
36.0%
30.9%
23.7%
26.5%
27.1%
30.7%
24.2%
22.8%
46.9%
33.2%
40.4%
28.2%
23.8%
0.5%
36.7%
38.0%
25.7%
40.8%
41.5%
41.5%
39.1%
29.7%
31.6%
40.5%
34.7%
30.0%
29.7%
35.7%
19.9%
34.3%
37.8%
35.1%
47.3%
29.0%
34.1%
26.6%
34.8%
39.8%
46.4%
0.3%
2.7%
46.7%
24.6%
Open #
Theaters
2,955
32
2,877
1,858
15
2,831
1,921
2,793
2,806
2,604
3,013
2,425
2,526
2,611
2,772
2,801
2,458
2,855
2,443
2,540
2
2,755
3,229
1,360
2,218
2,528
2,759
2,612
1,714
1,489
2,362
3,052
3,164
2,310
2,111
1,171
2,303
2,362
2,453
3,003
2,629
2,231
2,612
2,423
2,603
2,624
1
23
2,661
825
Release
14-Feb
7-Dec
4-Apr
21-Nov
5-Oct
16-Mar
26-Oct
28-Sep
23-Mar
3-Jul
3-Aug
27-Jul
2-Feb
25-Dec
25-Dec
26-Jan
21-Nov
19-Oct
20-Apr
10-Aug
26-Dec
14-Sep
5-Oct
5-Jan
26-Jan
2-Feb
23-Feb
21-Sep
24-Aug
16-Feb
2-Mar
29-Aug
16-Nov
21-Nov
14-Feb
25-Dec
11-May
12-Oct
1-Jun
9-Feb
24-Aug
14-Sep
15-Jun
21-Nov
5-Apr
6-Apr
22-Jun
14-Sep
13-Apr
20-Apr
A member of BMO
Financial Group
192
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
WAR
The Last Mimzy
Amazing Grace
The Hills Have Eyes 2
The Invisible
Reno 911!: Miami
Gone Baby Gone
Reign Over Me
Vacancy
Georgia Rule
Waitress
Becoming Jane
Walk Hard: The Dewey Cox Story
Into the Wild
Next
Hostel Part II
Eastern Promises
Dead Silence
The Hitcher (2007)
Elizabeth: The Golden Age
Happily N'Ever After
Catch and Release
The Kite Runner
Alpha Dog
The Invasion
Lions for Lambs
Tim Burton's The Nightmare Before Christmas in Disney
Digital 3-D (2007 re-issue)
Awake
Hot Rod
Firehouse Dog
The Namesake
The Comebacks
Daddy Day Camp
Shoot 'Em Up
I Think I Love My Wife
Evening
The Darjeeling Limited
Sydney White
The Lives of Others
In the Land of Women
The Astronaut Farmer
Dragon Wars
Primeval
Pathfinder: Legend of the Ghost Warrior
La Vie en Rose
BRATZ
Rendition
Death Sentence
Once
Black Snake Moan
Studio*
LGF
NL
IDP
FoxA
BV
Fox
Mira.
Sony
SGem
Uni.
FoxS
Mira.
Sony
ParV
Par.
LGF
Focus
Uni.
Rog.
Uni.
LGF
Sony
ParV
Uni.
WB
UA
BV
MGM/W
Par.
Fox
FoxS
FoxA
SonR
NL
FoxS
Focus
FoxS
Uni.
SPC
WB
WB
Free
BV
Fox
PicH
LGF
NL
Fox
FoxS
ParV
Estimated
Cost
$25.0
25.0
15.0
15.0
20.0
10.0
19.0
20.0
19.0
60.0
NA
17.2
35.0
NA
70.0
10.2
49.8
20.0
12.0
35.0
25.0
25.0
NA
NA
80.0
35.0
Domestic
Gross
$22.5
21.5
21.3
20.8
20.6
20.3
20.3
19.7
19.4
19.1
19.1
18.7
18.3
18.3
18.2
17.6
17.3
16.8
16.5
16.4
15.6
15.5
15.4
15.3
15.1
15.0
Widest #
Theaters
2,277
3,017
1,162
2,465
2,019
2,702
1,713
1,747
2,551
2,531
707
1,210
2,650
660
2,733
2,350
1,408
1,806
2,836
2,006
2,381
1,622
715
1,292
2,776
2,216
OpenWknd
Gross
$9.8
10.0
4.1
9.7
7.7
10.3
5.5
7.5
7.6
6.8
0.1
1.0
4.2
0.2
7.1
8.2
0.5
7.8
7.8
6.2
6.6
7.7
0.5
6.4
6.0
6.7
% of
Total
43.6%
46.5%
19.2%
46.6%
37.4%
50.7%
27.1%
38.1%
39.2%
35.6%
0.5%
5.2%
23.0%
1.2%
39.0%
46.6%
3.2%
46.4%
47.3%
37.8%
42.3%
49.7%
3.1%
41.8%
39.7%
44.7%
Open #
Theaters
2,277
3,017
791
2,447
2,019
2,702
1,713
1,671
2,551
2,523
4
100
2,650
4
2,725
2,350
15
1,805
2,831
2,001
2,381
1,622
35
1,289
2,776
2,215
Release
24-Aug
23-Mar
23-Feb
23-Mar
27-Apr
23-Feb
19-Oct
23-Mar
20-Apr
11-May
2-May
3-Aug
21-Dec
21-Sep
27-Apr
8-Jun
14-Sep
16-Mar
19-Jan
12-Oct
5-Jan
26-Jan
14-Dec
12-Jan
17-Aug
9-Nov
NA
9.0
15.0
15.0
9.5
10.0
6.0
34.0
14.0
NA
NA
16.5
2.0
10.0
13.0
75.4
NA
45.0
NA
10.0
27.5
28.0
0.2
15.0
14.5
14.4
13.9
13.9
13.6
13.3
13.2
12.8
12.6
12.5
11.9
11.9
11.3
11.1
11.0
11.0
10.6
10.2
10.1
10.0
9.7
9.5
9.4
9.4
564
2,023
2,607
2,881
335
2,812
2,332
2,108
1,794
979
698
2,106
259
2,155
2,155
2,277
2,444
1,756
178
1,509
2,250
1,823
150
1,253
5.3
5.9
5.3
3.8
0.2
5.6
3.4
5.7
5.7
3.5
0.1
5.2
0.2
4.7
4.5
5.0
6.0
5.0
0.2
4.2
4.1
4.2
0.1
4.1
36.6%
41.0%
38.1%
27.3%
1.8%
42.1%
25.8%
44.5%
45.2%
28.0%
1.1%
43.7%
1.9%
42.3%
40.9%
45.5%
56.6%
49.0%
1.8%
42.0%
42.3%
44.2%
0.7%
43.6%
564
2,002
2,607
2,860
6
2,812
2,332
2,108
1,776
977
2
2,104
9
2,155
2,155
2,277
2,444
1,720
8
1,509
2,250
1,822
2
1,252
19-Oct
30-Nov
3-Aug
4-Apr
9-Mar
19-Oct
8-Aug
7-Sep
16-Mar
29-Jun
29-Sep
21-Sep
9-Feb
20-Apr
23-Feb
14-Sep
12-Jan
13-Apr
8-Jun
3-Aug
19-Oct
31-Aug
16-May
2-Mar
A member of BMO
Financial Group
193
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Cars
Night at the Museum
The Da Vinci Code
Superman Returns
Happy Feet
Casino Royale
Over the Hedge
Click
The Departed
Borat: Cultural Learnings of America for Make Benefit
Glorious Nation of Kazakhstan
The Break-Up
Dreamgirls
Scary Movie 4
Failure to Launch
Inside Man
Open Season
The Pink Panther
Charlotte's Web (2006)
Eight Below
Saw III
Nacho Libre
You, Me and Dupree
Eragon
Monster House
Jackass: Number Two
Barnyard: The Original Party Animals
RV
V for Vendetta
World Trade Center
Big Momma's House 2
Rocky Balboa
Step Up
Flushed Away
Deja Vu
Miami Vice
The Holiday
The Fast and the Furious: Tokyo Drift
The Shaggy Dog
Poseidon
The Good Shepherd
Studio*
BV
BV
Fox
Fox
Sony
WB
Fox
WB
Sony
Sony
DWA
Sony
Sony
Par.
WB
Estimated
Cost
$225.0
120.0
120.0
210.0
125.0
270.0
80.0
85.0
150.0
55.0
130.0
72.5
82.5
150.0
90.0
Domestic
Gross
$423.3
244.1
243.6
234.4
217.5
200.1
195.3
194.8
167.2
162.8
155.0
148.2
137.4
134.0
132.2
Widest #
Theaters
4,133
3,988
3,768
3,714
3,757
4,065
3,969
3,804
3,443
3,169
4,093
3,807
3,764
4,059
3,017
OpenWknd
Gross
$135.6
60.1
30.4
102.8
77.1
52.5
68.0
41.5
40.8
26.5
38.5
47.0
40.0
47.7
26.9
% of
Total
32.0%
24.6%
12.5%
43.9%
35.4%
26.2%
34.8%
21.3%
24.4%
16.3%
24.8%
31.7%
29.1%
35.6%
20.3%
Open #
Theaters
4,133
3,985
3,685
3,690
3,735
4,065
3,964
3,804
3,434
2,852
4,059
3,803
3,749
4,054
3,017
Release
7-Jul
9-Jun
22-Dec
26-May
19-May
28-Jun
31-Mar
17-Nov
17-Nov
15-Dec
19-May
4-Aug
23-Jun
5-May
6-Oct
Fox
Fox
Uni.
P/DW
W/Dim.
Par.
Uni.
BV
Sony
Sony
Par.
BV
Lions
Par.
Uni.
Fox
Sony
Par.
Par.
Sony
WB
Par.
Fox
MGM
BV
DWA
BV
Uni.
Lions
Sony
Uni.
SGem
BV
WB
Uni.
18.0
35.0
52.0
90.0
39.4
50.0
45.0
60.0
85.0
80.0
85.0
30.0
12.0
35.0
54.0
100.0
75.0
11.5
51.0
50.0
50.0
63.0
40.0
24.0
12.0
143.0
80.0
135.0
6.0
85.0
60.0
50.0
60.0
160.0
110.0
128.5
124.7
118.7
102.1
90.7
88.7
88.5
84.5
84.3
82.2
81.9
81.6
80.2
80.2
75.6
74.7
73.7
72.8
72.6
71.7
70.5
70.3
70.2
70.2
65.3
64.5
64.0
63.5
63.3
63.2
62.5
62.3
61.1
60.7
59.9
2,611
2,882
3,146
2,214
3,674
3,202
2,867
3,458
3,833
3,477
3,745
3,122
3,167
3,083
3,137
3,030
3,553
3,063
3,311
3,651
3,365
3,021
3,261
3,019
2,647
3,707
3,108
3,026
2,194
2,698
3,030
3,207
3,501
3,555
2,250
26.5
27.5
39.2
0.38
40.2
24.4
29.0
19.5
23.6
20.2
11.5
20.2
33.6
28.3
21.5
23.2
22.2
29.0
15.8
16.4
25.6
18.7
27.7
12.2
20.7
18.8
20.6
25.7
30.0
12.8
24.0
26.9
16.3
22.2
9.9
20.6%
22.1%
33.0%
0.4%
44.3%
27.5%
32.8%
23.1%
28.0%
24.6%
14.0%
24.8%
41.9%
35.3%
28.4%
31.1%
30.1%
39.8%
21.8%
22.9%
36.3%
26.6%
39.5%
17.4%
31.7%
29.1%
32.2%
40.5%
47.4%
20.3%
38.4%
43.2%
26.7%
36.6%
16.5%
837
2,847
3,070
3
3,602
3,057
2,818
3,458
3,833
3,477
3,566
3,066
3,167
3,070
3,131
3,020
3,553
3,059
3,311
3,639
3,365
2,957
3,261
3,017
2,467
3,707
3,108
3,021
2,194
2,610
3,027
3,207
3,501
3,555
2,215
3-Nov
30-Jun
2-Jun
15-Dec
14-Apr
10-Mar
24-Mar
3-Nov
29-Sep
10-Feb
15-Dec
17-Feb
27-Oct
16-Jun
14-Jul
15-Dec
21-Jul
22-Sep
4-Aug
28-Apr
17-Mar
9-Aug
27-Jan
20-Dec
11-Aug
3-Nov
22-Nov
28-Jul
24-Feb
8-Dec
16-Jun
20-Jan
10-Mar
12-May
22-Dec
A member of BMO
Financial Group
194
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
The Benchwarmers
Little Man
Curious George
Invincible
Blood Diamond
The Guardian
The Omen (2006)
The Queen
Final Destination 3
The Prestige
The Lake House
Apocalypto
Firewall
Date Movie
When a Stranger Calls
Hostel
Nanny McPhee
Silent Hill
We Are Marshall
Glory Road
Lady in the Water
The Hills Have Eyes
John Tucker Must Die
Stranger Than Fiction
The Illusionist
The Texas Chainsaw Massacre: The Beginning
The Grudge 2
Gridiron Gang
Last Holiday
The Nativity Story
The Wild
Man of the Year
16 Blocks
Accepted
The Sentinel
Deck the Halls
Take the Lead
Children of Men
Pan's Labyrinth
Babel
Snakes on a Plane
She's the Man
Flags of Our Fathers
United 93
Employee of the Month
Garfield: A Tail of Two Kitties
The Ant Bully
Crank
Stick It
Studio*
FoxS
SonR
SonR
Uni.
BV
WB
BV
Fox
Mira.
NL
BV
WB
BV
WB
Fox
SGem
Lions
Uni.
Sony
WB
BV
WB
FoxS
Fox
Sony
YFG
NL
Sony
Sony
Par.
NL
BV
Uni.
WB
Uni.
Fox
Fox
NL
Uni.
PicH
ParV
NL
P/DW
P/DW
Uni.
Lions
Fox
WB
Lions
BV
Estimated
Cost
$8.0
33.0
64.0
50.0
25.0
100.0
60.0
25.0
25.0
25.0
40.0
40.0
40.0
60.0
20.0
15.0
4.5
34.0
50.0
40.0
N/A
75.0
15.1
18.0
38.0
16.5
16.0
20.0
30.0
45.0
35.0
80.0
40.0
45.0
23.0
60.0
40.0
30.0
72.0
19.0
25.0
33.0
20.0
55.0
15.0
12.0
50.0
45.0
12.0
20.0
Domestic
Gross
$59.9
59.8
58.6
58.4
57.8
56.5
55.0
54.6
54.3
54.1
53.1
52.3
50.7
48.8
48.5
47.9
47.3
47.1
47.0
43.5
42.6
42.3
41.8
41.0
40.4
39.9
39.5
39.1
38.4
38.4
37.6
37.4
37.3
36.9
36.3
36.3
35.1
34.7
35.2
34.3
34.1
34.0
33.7
33.6
31.5
28.4
28.4
28.1
27.8
26.9
Widest #
Theaters
1,602
3,282
2,537
2,609
2,987
1,920
3,241
2,723
1,830
2,880
2,305
2,645
2,465
2,840
2,898
3,004
2,337
2,148
2,932
2,606
2,397
3,235
2,621
2,566
2,270
1,438
2,820
3,214
3,510
2,514
3,183
2,854
2,626
2,706
2,917
2,851
3,205
3,009
1,524
1,143
1,251
3,555
2,631
2,375
1,871
2,579
2,981
3,050
2,515
2,044
OpenWknd
Gross
$0.37
19.7
21.6
14.7
17.0
8.6
18.0
16.0
0.12
19.2
14.8
13.6
15.0
13.6
19.1
21.6
19.6
14.5
20.2
6.1
13.6
18.0
15.7
14.3
13.4
0.93
18.5
20.8
14.4
12.8
7.8
9.7
12.3
11.9
10.0
14.4
12.0
12.1
0.50
0.57
0.39
13.8
10.7
10.2
11.5
11.4
7.3
8.4
10.5
10.8
% of
Total
0.6%
32.9%
36.9%
25.2%
29.4%
15.2%
32.7%
29.3%
0.2%
35.5%
27.9%
26.0%
29.6%
27.9%
39.4%
45.1%
41.4%
30.8%
43.0%
14.0%
31.9%
42.6%
37.6%
34.9%
33.2%
2.3%
46.8%
53.2%
37.5%
33.3%
20.7%
25.9%
33.0%
32.2%
27.5%
39.7%
34.2%
34.9%
1.4%
1.7%
1.1%
40.6%
31.8%
30.4%
36.5%
40.1%
25.7%
29.9%
37.8%
40.1%
Open #
Theaters
7
3,274
2,533
2,566
2,917
1,910
3,241
2,723
3
2,880
2,281
2,645
2,465
2,840
2,896
2,999
2,195
1,995
2,926
2,606
2,222
3,235
2,620
2,560
2,264
51
2,820
3,211
3,504
2,514
3,183
2,854
2,515
2,706
2,914
2,819
3,205
3,009
16
17
7
3,555
2,623
1,876
1,795
2,579
2,946
3,050
2,515
2,038
Release
26-Jul
7-Apr
14-Jul
10-Feb
25-Aug
8-Dec
29-Sep
6-Jun
30-Sep
10-Feb
20-Oct
16-Jun
8-Dec
10-Feb
17-Feb
3-Feb
6-Jan
27-Jan
21-Apr
22-Dec
13-Jan
21-Jul
10-Mar
28-Jul
10-Nov
18-Aug
6-Oct
13-Oct
15-Sep
13-Jan
1-Dec
14-Apr
13-Oct
3-Mar
18-Aug
21-Apr
22-Nov
7-Apr
25-Dec
29-Dec
27-Oct
18-Aug
17-Mar
20-Oct
28-Apr
6-Oct
16-Jun
28-Jul
1-Sep
28-Apr
A member of BMO
Financial Group
195
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
The Descent
Thank You for Smoking
Jet Li's Fearless
Clerks II
An Inconvenient Truth
Deep Sea 3-D (IMAX)
The Wicker Man
The Covenant
Stay Alive
The Black Dahlia
My Super Ex-Girlfriend
Lucky Number Slevin
Waist Deep
ATL
Flicka
A Prairie Home Companion
Pulse
Beerfest
Akeelah and the Bee
The Marine
Aquamarine
Ultraviolet
School for Scoundrels
Just My Luck
Annapolis
Notes on a Scandal
Unaccompanied Minors
An American Haunting
Black Christmas
Marie Antoinette
Larry the Cable Guy: Health Inspector
The Last King of Scottland
See No Evil
Tristan and Isolde
Everyone's Hero
Hollywoodland
Arthur and the Invisibles
One Night with the King
Friends with Money
Letters From Iwo Jima
Flyboys
How to Eat Fried Worms
Bon Cop, Bad Cop
Idlewild
Freedomland
Volver
The Protector
Zoom
End of the Spear
Dave Chappelle's Block Party
Studio*
Lions
FoxS
Rog.
MGM/W
ParC
WB
WB
SGem
BV
Uni.
Fox
MGM/W
Rog.
WB
Fox
PicH
W/Dim.
WB
Lions
Fox
Fox
SGem
MGM/W
Fox
BV
FoxS
WB
Free
MGM/W
Sony
Lions
FoxS
Lions
Fox
Fox
Focus
MGM
8X
SPC
WB
MGM
NL
All.
Uni.
SonR
SPC
W/DD
SonR
RM
Rog.
Estimated
Cost
$6.6
$6.5
30.0
5.0
N/A
40.0
40.0
20.0
20.0
50.0
65.0
27.0
20.0
17.0
15.0
N/A
20.3
12.5
10.0
15.0
17.0
30.0
20.0
45.0
32.0
25.0
26.0
14.0
9.0
N/A
4.0
8.0
8.0
30.0
60.0
20.0
20.0
6.5
6.0
19.0
60.0
12.0
N/A
N/A
35.0
N/A
8.0
35.0
10.0
N/A
Domestic
Gross
$26.0
24.8
24.6
24.1
24.1
24.1
23.6
23.4
23.1
22.5
22.5
22.5
21.3
21.2
21.0
20.3
20.3
19.2
18.8
18.8
18.6
18.5
17.8
17.3
17.1
16.8
16.6
16.3
16.2
16.0
15.7
15.4
15.0
14.7
14.5
14.4
14.4
13.4
13.4
13.3
13.1
13.0
12.7
12.6
12.5
12.3
12.0
12.0
12.0
11.7
Widest #
Theaters
2,095
1,020
1,810
2,150
587
47
2,784
2,681
2,009
2,236
2,702
1,989
1,006
1,602
2,877
767
2,323
2,964
2,195
2,545
2,538
2,558
3,007
2,543
1,607
682
2,775
1,703
1,544
870
1,747
540
1,270
1,845
2,898
1,551
2,248
909
1,010
781
2,033
1,870
260
975
2,361
689
1,541
2,501
1,163
1,200
OpenWknd
Gross
$8.9
0.3
10.6
10.1
0.3
0.7
9.6
8.9
10.7
10.0
8.6
7.0
9.4
11.6
7.7
4.6
8.2
7.0
6.0
7.1
7.5
9.1
8.6
5.7
7.7
0.4
5.8
5.8
3.7
5.4
6.9
0.1
4.6
6.6
6.1
5.9
4.3
4.1
0.6
0.1
6.0
4.0
1.4
5.7
5.8
0.2
5.0
4.5
4.3
6.2
% of
Total
34.2%
1.1%
43.1%
41.9%
1.2%
2.9%
40.7%
38.0%
46.3%
44.4%
38.2%
31.1%
44.1%
54.7%
36.7%
22.7%
40.4%
36.5%
31.9%
37.8%
40.3%
49.2%
48.3%
32.9%
45.0%
2.5%
34.9%
35.6%
22.8%
33.8%
43.9%
0.9%
30.7%
44.9%
42.1%
41.0%
29.9%
30.6%
4.4%
0.7%
45.8%
30.8%
11.0%
45.2%
46.4%
1.6%
41.7%
37.5%
35.8%
53.0%
Open #
Theaters
2,095
5
1,806
2,150
4
43
2,784
2,681
2,009
2,226
2,702
1,984
1,004
1,602
2,877
760
2,323
2,964
2,195
2,545
2,512
2,558
3,004
2,541
1,605
22
2,775
1,675
1,544
859
1,710
4
1,257
1,845
2,896
1,548
2,247
909
28
5
2,033
1,870
133
973
2,361
5
1,541
2,501
1,163
1,200
Release
4-Aug
17-Mar
22-Sep
21-Jul
24-May
3-Mar
1-Sep
8-Sep
24-Mar
15-Sep
21-Jul
7-Apr
23-Jun
31-Mar
20-Oct
9-Jun
11-Aug
25-Aug
28-Apr
13-Oct
3-Mar
3-Mar
29-Sep
12-May
27-Jan
25-Dec
8-Dec
5-May
25-Dec
20-Oct
24-Mar
27-Sep
19-May
13-Jan
15-Sep
8-Sep
29-Dec
13-Oct
7-Apr
20-Dec
22-Sep
25-Aug
4-Aug
25-Aug
17-Feb
3-Nov
8-Sep
11-Aug
20-Jan
3-Mar
A member of BMO
Financial Group
196
April 2012
BMO Capital Markets
Rank Title
1
The Chronicles of Narnia: The Lion, the Witch and the
2
Wardrobe
3
War of the Worlds
4
King Kong
5
Wedding Crashers
6
Charlie and the Chocolate Factory
7
Batman Begins
8
Madagascar
9
10 Mr. & Mrs. Smith
11 Hitch
12 The Longest Yard
13 Fantastic Four
14 Chicken Little
15 Robots
16 Walk the Line
17 The Pacifier
18 Fun with Dick and Jane
19 The 40-Year-Old Virgin
20 Flightplan
21 Saw II
22 Brokeback Mountain
23 Monster-in-Law
24 Are We There Yet?
25 Cheaper by the Dozen 2
26 The Dukes of Hazzard
27 March of the Penguins
28 The Ring Two
29 Constantine
30 The Exorcism of Emily Rose
31 Four Brothers
32 Sin City
33 The Interpreter
34 Guess Who
35 Sahara
36 Coach Carter
37 Herbie: Fully Loaded
38 The Amityville Horror (2005)
39 Sky High
40 Bewitched
41 Jarhead
42 Cinderella Man
43 The Family Stone
44 Red Eye
45 Memoirs of a Geisha
46 White Noise
47 Wallace and Gromit: The Curse of the Were-Rabbit
48 Be Cool
49 Crash
50 Yours, Mine and Ours
Studio*
Fox
BV
WB
Par.
Uni.
NL
WB
WB
DWA
Fox
Sony
Par.
Fox
BV
Fox
Fox
BV
Sony
Uni.
BV
Lions
Focus
NL
SonR
Fox
WB
WIP
DW
WB
SGem
Par.
Dim.
Uni.
Sony
Par.
Par.
BV
MGM
BV
Sony
Uni.
Uni.
Fox
DW
Sony
Uni.
DWA
MGM
Lions
Par.
Domestic
Gross
$380.3
Widest #
Theaters
3,663
291.7
290.0
234.3
218.1
209.3
206.5
205.3
193.6
186.3
179.5
158.1
154.7
135.4
128.2
119.5
113.1
110.3
109.4
89.7
87.0
83.0
82.9
82.7
82.6
80.3
77.4
76.2
76.0
75.1
74.5
74.1
72.7
68.9
68.7
67.3
66.0
65.2
63.9
63.3
62.7
61.6
60.1
57.9
57.0
56.4
56.1
56.0
54.6
53.4
3,853
3,858
3,910
3,627
3,131
3,790
3,858
4,142
3,451
3,575
3,654
3,619
3,658
3,776
3,160
3,181
3,239
3,006
3,424
2,949
2,089
3,424
2,810
3,211
3,785
2,506
3,341
3,006
3,045
2,649
3,230
2,814
3,147
3,200
2,574
3,521
3,323
2,912
3,188
2,448
2,820
2,469
3,134
1,654
2,279
3,656
3,216
1,905
3,210
OpenWknd
Open #
Gross
Theaters
Release
$108.4
3,661
19-May
65.6
102.7
64.9
50.1
33.9
56.2
48.7
47.2
50.3
43.1
47.6
56.1
40.0
36.0
22.3
30.6
14.4
21.4
24.6
31.7
0.5
23.1
18.6
9.3
30.7
0.1
35.1
29.8
30.1
21.2
29.1
22.8
20.7
18.1
24.2
12.7
23.5
14.6
20.1
27.7
18.3
12.5
16.2
0.7
24.1
16.0
23.5
9.1
17.5
3,616
3,858
3,908
3,568
2,925
3,770
3,858
4,131
3,424
3,575
3,634
3,602
3,654
3,776
2,961
3,131
3,056
2,845
3,424
2,949
5
3,424
2,709
3,175
3,785
4
3,332
3,006
2,981
2,533
3,230
2,758
3,147
3,154
2,524
3,521
3,323
2,905
3,174
2,411
2,812
2,466
3,079
8
2,261
3,645
3,216
1,864
3,206
9-Dec
18-Nov
29-Jun
14-Dec
15-Jul
15-Jul
15-Jun
27-May
10-Jun
11-Feb
27-May
8-Jul
4-Nov
11-Mar
18-Nov
4-Mar
21-Dec
19-Aug
23-Sep
28-Oct
9-Dec
13-May
21-Jan
21-Dec
5-Aug
24-Jun
18-Mar
18-Feb
9-Sep
12-Aug
1-Apr
22-Apr
25-Mar
8-Apr
14-Jan
22-Jun
15-Apr
29-Jul
24-Jun
4-Nov
3-Jun
16-Dec
19-Aug
9-Dec
7-Jan
5-Oct
4-Mar
6-May
23-Nov
A member of BMO
Financial Group
197
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Tim Burton's Corpse Bride
Kicking and Screaming
Hoodwinked
Hide and Seek
The Hitchhiker's Guide to the Galaxy
Syriana
Racing Stripes
Miss Congeniality 2: Armed and Fabulous
Just Like Heaven
The Skeleton Key
Munich
Kingdom of Heaven
Boogeyman
The Legend of Zorro
Must Love Dogs
Transporter 2
Rumor Has It
Fever Pitch
The Adventures of Sharkboy and Lavagirl in 3D
The Sisterhood of the Traveling Pants
Pride and Prejudice
The Brothers Grimm
Beauty Shop
Derailed
The Island
The Ringer
Hostage
The Constant Gardener
In Her Shoes
Bad News Bears
Dreamer: Inspired by a True Story
Because of Winn-Dixie
Just Friends
Stealth
House of Wax
The Wedding Date
Good Night, and Good Luck.
A History of Violence
Get Rich or Die Tryin'
The Fog
Zathura
Rent
Capote
Doom
XXX: State of the Union
Elizabethtown
Aeon Flux
Serenity
Dark Water
Domestic
Gross
$53.4
52.8
51.4
51.1
51.1
50.8
50.6
49.8
48.5
48.3
47.9
47.4
47.4
46.8
45.6
43.9
43.1
43.0
42.1
39.2
39.1
38.4
37.9
36.4
36.0
35.8
35.4
34.6
33.6
32.9
32.9
32.8
32.6
32.6
32.1
32.1
31.7
31.6
31.5
31.0
29.6
29.2
29.1
28.8
28.2
26.9
26.9
25.9
25.5
25.5
Studio*
WB
Uni.
Wein.
Fox
BV
WB
Lions
WB
WB
DW
Uni.
Uni.
Fox
SGem
Sony
WB
Fox
WB
Fox
Dim.
WB
Focus
Dim.
MGM
Wein.
DW
FoxS
Mira.
Focus
Fox
Par.
DW
Fox
NL
Sony
WB
Uni.
WIP
NL
Par.
SonR
Sony
SonR
SPC
Uni.
SonR
Par.
Par.
Uni.
BV
Widest #
Theaters
3,204
3,470
3,020
3,005
3,133
1,775
1,703
3,185
3,233
3,543
2,784
1,498
3,219
3,052
3,520
2,505
3,320
2,815
3,275
2,655
2,583
1,335
3,098
2,659
2,447
3,138
1,853
2,183
1,387
2,840
3,183
2,735
3,188
2,505
3,495
3,111
1,704
929
1,348
1,666
2,972
3,232
2,437
1,239
3,044
3,480
2,517
2,608
2,189
2,657
OpenWknd
Open #
Gross
Theaters
Release
$388k
5
16-Sep
20.2
3,455
13-May
12.4
2,394
16-Dec
22.0
3,005
28-Jan
21.1
3,133
29-Apr
0.4
5
23-Nov
21.9
1,483
25-Feb
13.9
3,185
14-Jan
14.0
3,233
24-Mar
16.4
3,508
16-Sep
16.1
2,771
12-Aug
4.2
532
23-Dec
19.6
3,216
6-May
19.0
3,052
4-Feb
16.3
3,520
28-Oct
12.9
2,505
29-Jul
16.5
3,303
2-Sep
3.5
2,815
25-Dec
12.4
3,267
8-Apr
12.6
2,655
10-Jun
9.8
2,583
1-Jun
2.9
215
11-Nov
15.1
3,087
26-Aug
12.8
2,659
30-Mar
12.2
2,443
11-Nov
12.4
3,122
22-Jul
5.2
1,829
23-Dec
10.2
2,123
11-Mar
8.7
1,346
31-Aug
10.0
2,808
7-Oct
11.4
3,183
22-Jul
9.2
2,007
21-Oct
10.2
3,188
18-Feb
9.2
2,505
23-Nov
13.3
3,495
29-Jul
12.1
3,111
6-May
11.1
1,694
4-Feb
0.4
11
7-Oct
0.5
14
23-Sep
12.0
1,652
9-Nov
11.8
2,972
14-Oct
13.4
3,223
11-Nov
10.0
2,433
23-Nov
0.3
12
30-Sep
15.5
3,044
21-Oct
12.7
3,480
29-Apr
10.6
2,517
14-Oct
12.7
2,608
2-Dec
10.1
2,188
30-Sep
9.9
2,657
8-Jul
A member of BMO
Financial Group
198
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Unleashed
Elektra
Ice Princess
Lord of War
Match Point
Two for the Money
Prime
Deuce Bigalow: European Gigolo
Hustle and Flow
A Lot Like Love
George A. Romero's Land of the Dead
Assault on Precinct 13
Man of the House
Valiant
The Producers
Cursed
Into the Blue
The Upside of Anger
North Country
Pooh's Heffalump Movie
Roll Bounce
Kung Fu Hustle
The Devil's Rejects
Son of the Mask
Rebound
The Perfect Man
Wolf Creek
Waiting...
Magnificent Desolation (IMAX)
The Gospel
The Greatest Game Ever Played
The Cave
Broken Flowers
The Honeymooners
The New World
The Matador
The Weather Man
Wild Safari 3D (IMAX)
Casanova
Lords of Dogtown
Mrs. Henderson Presents
The Polar Express - IMAX
Shopgirl
In the Mix
Domino
The Great Raid
Cry Wolf
The Ice Harvest
Transamerica
Aliens of the Deep (IMAX)
Domestic
Gross
$24.5
24.4
24.4
24.1
23.2
23.0
22.8
22.4
22.2
21.8
20.7
20.0
19.7
19.5
19.4
19.3
18.8
18.8
18.3
18.1
17.4
17.1
17.0
17.0
16.8
16.5
16.2
16.1
16.0
15.8
15.3
15.0
13.7
12.8
12.7
12.6
12.5
11.6
11.3
11.3
11.0
10.9
10.3
10.2
10.2
10.2
10.0
9.0
9.0
8.7
Studio*
Rog.
Fox
BV
Lions
DW
Uni.
Uni.
Sony
ParC
BV
Uni.
Rog.
Sony
BV
Uni.
Dim.
Sony
NL
WB
BV
FoxS
SPC
Lions
NL
Fox
Uni.
W/Dim.
Lions
Imax
SGem
BV
SGem
Focus
Par.
NL
Wein.
Par.
NWav
BV
Sony
Wein.
WB
BV
Lions
NL
Mira.
Rog.
Focus
Wein.
BV
Widest #
Theaters
1,962
3,204
2,501
2,814
512
2,397
1,837
3,127
1,016
2,502
2,253
2,297
2,422
2,016
978
2,805
2,789
1,166
2,555
2,529
1,661
2,503
1,757
2,966
2,464
2,090
1,761
1,652
82
983
1,810
2,195
433
1,912
811
905
1,510
21
1,011
1,865
522
66
493
1,608
2,223
920
1,789
1,555
656
27
OpenWknd
Open #
Gross
Theaters
Release
$10.9
1,957
13-May
12.8
3,204
14-Jan
6.8
2,501
18-Mar
9.4
2,814
16-Sep
0.4
8
28-Dec
8.7
2,391
7-Oct
6.2
1,827
28-Oct
9.6
3,127
12-Aug
8.0
1,013
22-Jul
7.6
2,502
22-Apr
10.2
2,249
24-Jun
6.5
2,297
19-Jan
8.9
2,422
25-Feb
5.9
2,014
19-Aug
0.2
6
16-Dec
9.6
2,805
25-Feb
7.1
2,789
30-Sep
0.2
9
11-Mar
6.4
2,555
21-Oct
5.8
2,529
11-Feb
7.6
1,625
23-Sep
0.3
7
8-Apr
7.1
1,757
22-Jul
7.5
2,966
18-Feb
5.0
2,464
1-Jul
5.3
2,087
17-Jun
2.8
1,749
25-Dec
6.0
1,652
7-Oct
0.5
80
23-Sep
7.5
969
7-Oct
3.7
1,014
30-Sep
6.1
2,195
26-Aug
0.8
27
5-Aug
5.5
1,912
10-Jun
0.0
3
25-Dec
0.1
4
30-Dec
4.2
1,510
28-Oct
N/A
N/A
8-Apr
0.1
37
25-Dec
5.6
1,865
3-Jun
0.1
6
9-Dec
1.2
66
23-Nov
0.2
8
21-Oct
4.4
1,608
23-Nov
4.7
2,223
14-Oct
3.4
819
12-Aug
4.4
1,789
16-Sep
3.7
1,550
23-Nov
0.5
2
2-Dec
0.5
27
28-Jan
A member of BMO
Financial Group
199
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Shrek 2
Spider-Man 2
Meet the Fockers
The Incredibles
National Treasure
The Polar Express
Shark Tale
I, Robot
Troy
Ocean's Twelve
50 First Dates
Van Helsing
Fahrenheit 9/11
DodgeBall: A True Underdog Story
The Village
The Grudge
The Aviator
Collateral
Million Dollar Baby
Starsky and Hutch
Along Came Polly
Mean Girls
Scooby-Doo 2: Monsters Unleashed
The Notebook
Alien vs. Predator
Man on Fire
The Terminal
Garfield: The Movie
Ray
Ladder 49
Christmas with the Kranks
Sideways
White Chicks
Hidalgo
The Forgotten
Kill Bill Vol. 2
The Manchurian Candidate
Barbershop 2: Back in Business
Miracle
Friday Night Lights
Hellboy
The Stepford Wives
Domestic
Gross
$441.2
373.6
370.3
279.3
261.4
249.5
186.7
176.2
173.0
162.8
160.9
144.8
133.4
125.5
120.9
120.2
119.2
118.6
114.3
114.2
110.4
102.6
101.0
100.5
95.2
88.2
88.1
86.1
85.4
85.3
84.2
81.0
80.3
77.9
77.9
75.4
75.3
74.5
73.8
71.5
70.8
67.3
67.1
66.2
66.0
65.1
64.4
61.3
59.6
59.5
Studio*
DWA
SNE
NM
Uni.
BV
WB
Fox
Uni.
BV
WB
DW
Fox
WB
WB
Sony
Uni.
Lions
Par.
Fox
BV
Sony
Mira.
DW
WB
BV
WB
Uni.
Par.
Par.
DW
WB
NL
Fox
Fox
DW
Fox
Uni.
BV
SonR
FoxS
Sony
BV
SonR
Mira.
Par.
MGM
BV
Uni.
SonR
Par.
Widest #
Theaters
4,223
4,166
3,408
3,554
3,933
3,855
3,444
3,304
3,243
3,650
4,070
3,494
3,411
3,290
3,612
3,580
2,011
3,623
3,020
3,733
3,348
2,530
3,205
2,375
3,490
3,185
3,052
3,054
3,307
3,104
3,312
2,323
3,401
2,986
2,914
3,150
2,474
3,261
3,416
1,786
2,800
3,065
3,144
3,073
2,867
2,711
2,755
3,004
3,043
3,057
OpenWknd
Open #
Gross
Release
Theaters
$108.0
4,163
19-May
88.2
4,152
30-Jun
83.8
3,043
25-Feb
46.1
3,518
22-Dec
70.5
3,933
5-Nov
93.7
3,855
4-Jun
68.7
3,425
28-May
52.5
3,165
23-Jul
35.1
3,017
19-Nov
23.3
3,650
10-Nov
47.6
4,016
1-Oct
52.2
3,420
16-Jul
46.9
3,411
14-May
39.2
3,290
10-Dec
39.9
3,591
13-Feb
51.7
3,575
7-May
23.9
868
23-Jun
30.1
3,620
17-Dec
30.1
2,694
18-Jun
50.7
3,730
30-Jul
39.1
3,245
22-Oct
0.9
40
17-Dec
24.7
3,188
6-Aug
0.2
8
15-Dec
23.0
3,472
11-Aug
28.1
3,185
5-Mar
27.7
2,984
16-Jan
24.4
2,839
30-Apr
32.0
3,212
19-Nov
28.4
3,091
9-Jul
29.4
3,312
26-Mar
13.5
2,303
25-Jun
38.3
3,395
13-Aug
22.8
2,980
21-Apr
19.1
2,811
18-Jun
21.7
3,094
11-Jun
20.0
2,006
29-Oct
22.1
3,260
1-Oct
21.6
3,393
24-Nov
0.2
4
22-Oct
19.7
2,726
23-Jun
18.8
3,063
5-Mar
21.0
3,104
24-Sep
25.1
2,971
16-Apr
20.0
2,867
30-Jul
24.2
2,711
6-Feb
19.4
2,605
6-Feb
20.3
2,667
8-Oct
23.2
3,028
2-Apr
21.4
3,057
11-Jun
A member of BMO
Financial Group
200
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Dawn of The Dead
Without a Paddle
The Butterfly Effect
Shall We Dance
The Chronicles of Riddick
13 Going on 30
Saw
Hero
Blade: Trinity
King Arthur
Finding Neverland
A Cinderella Story
The Phantom of the Opera
Resident Evil: Apocalypse
Home on the Range
Fat Albert
Secret Window
Walking Tall
In Good Company
Napoleon Dynamite
Spanglish
Exorcist: The Beginning
You Got Served
Bridget Jones: The Edge of Reason
Catwoman
The Ladykillers
Sky Captain and the World of Tomorrow
Raising Helen
Taxi
Alexander
Closer
The Punisher
Team America: World Police
Taking Lives
Anacondas: The Hunt for the Blood Orchid
Cellular
Johnson Family Vacation
Open Water
Confessions of a Teenage Drama Queen
After the Sunset
The Prince and Me
Garden State
Jersey Girl
Twisted
The Life Aquatic with Steve Zissou
Around the World in 80 Days
Agent Cody Banks 2: Destination London
Hotel Rwanda
Ella Enchanted
Domestic
Gross
$59.0
58.2
57.9
57.9
57.8
57.2
55.2
53.7
52.4
51.9
51.7
51.4
51.2
51.2
50.0
48.1
48.0
46.4
45.7
44.5
42.4
41.8
40.4
40.2
40.2
39.8
37.8
37.5
36.6
34.4
34.3
34.0
33.8
32.8
32.7
32.2
32.0
31.2
30.6
29.3
28.3
28.2
26.8
25.3
25.2
24.0
24.0
23.6
23.5
22.9
Studio*
GE
Par.
NL
Mira.
Uni.
SonR
Lions
Mira.
NL
BV
Mira.
WB
WB
SGem
BV
Fox
Sony
MGM
Uni.
FoxS
Sony
WB
SGem
Uni.
WB
BV
Par.
BV
Fox
Focus
WB
Sony
Lions
Par.
WB
SGem
NL
FoxS
Lions
BV
NL
Par.
FoxS
Mira.
Par.
BV
BV
MGM
UA
Mira.
Widest #
Theaters
2,748
2,756
2,605
2,542
2,757
3,453
2,467
2,175
2,912
3,086
1,411
2,625
1,515
3,284
3,058
2,744
3,018
2,836
1,963
1,027
2,587
2,813
1,943
2,473
3,117
1,589
3,170
2,721
3,001
1,357
2,445
1,098
2,649
2,620
2,705
2,905
2,763
1,326
2,709
2,503
2,819
2,711
813
1,821
2,704
1,105
2,801
2,973
824
2,149
OpenWknd
Open #
Gross
Release
Theaters
$26.7
2,745
19-Mar
13.5
2,730
20-Aug
17.1
2,605
23-Jan
11.8
1,772
15-Oct
24.3
2,757
11-Jun
21.1
3,438
23-Apr
18.3
2,315
29-Oct
18.0
2,031
27-Aug
16.1
2,912
8-Dec
15.2
3,086
7-Jul
0.2
8
12-Nov
13.6
2,625
16-Jul
4.0
622
22-Dec
23.0
3,284
10-Sep
13.9
3,047
2-Apr
10.0
2,674
25-Dec
18.2
3,018
12-Mar
15.5
2,836
2-Apr
0.2
3
29-Dec
0.1
6
11-Jun
8.8
2,438
17-Dec
18.1
2,803
20-Aug
16.1
1,933
30-Jan
8.7
530
12-Nov
16.7
3,117
23-Jul
12.6
1,583
26-Mar
15.6
3,170
17-Sep
11.0
2,717
28-May
12.0
3,001
6-Oct
8.2
1,353
19-Mar
13.7
2,445
24-Nov
7.7
476
3-Dec
13.8
2,649
16-Apr
12.1
2,539
15-Oct
11.5
2,705
19-Mar
12.8
2,905
27-Aug
10.1
2,749
10-Sep
9.4
1,317
7-Apr
1.1
47
6-Aug
9.4
2,503
20-Feb
11.1
2,819
12-Nov
9.4
2,682
2-Apr
0.2
9
28-Jul
8.3
1,520
26-Mar
8.9
2,703
27-Feb
0.1
2
10-Dec
7.6
2,801
16-Jun
8.0
2,973
12-Mar
0.1
7
22-Dec
6.2
1,931
9-Apr
A member of BMO
Financial Group
201
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
The Alamo
Darkness
Mr. 3000
NASCAR 3D: The IMAX Experience (IMAX)
Torque
The Flight of the Phoenix
Little Black Book
Yu-Gi-Oh! The Movie
Two Brothers
Harold and Kumar Go to White Castle
Laws of Attraction
Eurotrip
My Baby's Daddy
Seed of Chucky
Win a Date with Tad Hamilton!
Wimbledon
The Motorcycle Diaries
Catch That Kid
The Whole Ten Yards
Vanity Fair
Paparazzi
The Girl Next Door
Welcome to Mooseport
Godsend
Soul Plane
Dirty Dancing: Havana Nights
New York Minute
Envy
Shaun of the Dead
De-Lovely
Alfie
Wicker Park
I Heart Huckabees
Breakin' All the Rules
Chasing Liberty
The Cookout
Surviving Christmas
Super Size Me
House of Flying Daggers
What the #$*! Do We Know?!
Raise Your Voice
The Perfect Score
Kinsey
Sleepover
Super Babies: Baby Geniuses 2
First Daughter
Saved!
Suspect Zero
Connie and Carla
Being Julia
Domestic
Gross
$22.4
22.2
21.8
21.5
21.2
21.0
20.7
19.8
19.2
18.3
17.9
17.8
17.7
17.1
17.1
17.0
16.8
16.7
16.3
16.1
15.7
14.6
14.5
14.4
14.2
14.2
14.1
13.6
13.5
13.5
13.4
13.0
12.8
12.3
12.2
11.8
11.7
11.5
11.1
10.9
10.4
10.4
10.3
9.4
9.2
9.1
8.9
8.7
8.1
7.7
Studio*
BV
Dim.
BV
WB
WB
Fox
SonR
WB
Uni.
NL
NL
DW
Mira.
Rog.
DW
Uni.
Focus
Fox
WB
Focus
Fox
Fox
Fox
Lions
MGM
Lions
WB
DW
Rog.
UA
Par.
MGM
FoxS
SGem
WB
Lions
DW
IDP
SPC
CLD
NL
Par.
FoxS
MGM
Triu
Fox
UA
Par.
Uni.
SPC
Widest #
Theaters
2,609
1,718
2,736
73
2,463
2,604
2,445
2,411
2,181
2,163
2,449
2,544
1,448
2,062
2,808
2,039
272
2,848
2,654
1,054
2,153
2,148
2,868
2,323
1,566
2,042
3,006
2,445
675
410
2,215
2,598
901
1,318
2,400
1,303
2,755
230
1,189
146
2,521
2,208
588
2,207
1,276
2,280
592
1,501
1,016
328
OpenWknd
Open #
Gross
Release
Theaters
$9.10
2,609
9-Apr
6.2
1,700
25-Dec
8.7
2,736
17-Sep
1.5
68
12-Mar
10.0
2,463
16-Jan
5.0
2,604
17-Dec
7.1
2,445
6-Aug
9.5
2,411
13-Aug
6.1
2,175
25-Jun
5.5
2,135
30-Jul
6.7
2,449
30-Apr
6.7
2,512
20-Feb
7.5
1,447
9-Jan
8.8
2,061
12-Nov
7.3
2,711
23-Jan
7.1
2,034
17-Sep
0.2
3
24-Sep
5.8
2,847
6-Feb
6.7
2,654
9-Apr
4.8
1,051
1-Sep
6.1
2,115
3-Sep
6.0
2,148
9-Apr
6.8
2,868
20-Feb
6.8
2,323
30-Apr
5.6
1,566
28-May
5.8
2,042
27-Feb
6.0
3,006
7-May
6.2
2,445
30-Apr
3.3
607
24-Sep
0.3
16
2-Jul
6.2
2,215
5-Nov
5.5
2,598
3-Sep
0.3
4
1-Oct
5.1
1,318
14-May
6.1
2,400
9-Jan
5.0
1,303
3-Sep
4.4
2,750
22-Oct
0.5
41
7-May
0.4
15
3-Dec
0.0
1
6-Feb
4.0
2,521
8-Oct
4.9
2,208
30-Jan
0.2
5
12-Nov
4.2
2,207
9-Jul
3.3
1,276
27-Aug
4.0
2,260
24-Sep
0.3
20
28-May
3.4
1,500
27-Aug
3.3
1,014
16-Apr
0.1
9
15-Oct
A member of BMO
Financial Group
202
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Finding Nemo
Pirates of the Caribbean: The Curse of the Black Pearl
The Matrix Reloaded
Bruce Almighty
X2: X-Men United
Elf
The Matrix Revolutions
Cheaper by the Dozen
Bad Boys II
Anger Management
Hulk
2 Fast 2 Furious
Seabiscuit
S.W.A.T.
The Last Samurai
Freaky Friday
Scary Movie 3
The Italian Job
How to Lose a Guy in 10 Days
American Wedding
Daddy Day Care
Daredevil
The Cat in the Hat
Cold Mountain
Master and Commander: The Far Side of the World
Legally Blonde 2: Red, White and Blonde
Mystic River
Brother Bear
Freddy vs. Jason
School of Rock
The Haunted Mansion
Old School
Kill Bill Vol. 1
Holes
Kangaroo Jack
Big Fish
The League of Extraordinary Gentlemen
Lara Croft Tomb Raider: The Cradle of Life
Mona Lisa Smile
Shanghai Knights
Bad Santa
Gothika
Love Actually
Domestic
Gross
$377.0
339.7
305.4
281.6
242.8
214.9
173.4
150.4
139.3
138.6
138.6
135.6
132.7
132.2
127.2
124.7
120.3
116.9
111.8
111.1
110.2
110.0
106.1
105.8
104.6
104.3
102.5
101.1
100.8
95.6
93.9
90.2
90.1
85.3
82.6
81.3
80.6
75.8
75.6
70.1
67.4
66.9
66.8
66.5
65.7
63.9
60.5
60.1
59.6
59.5
Studio*
TWX-N
Disney
Disney
TWX
GE
Fox
TWX-N
TWX
TWX
Fox
Sony
Sony
Disney
GE
GE
Sony
GE
Sony
Disney
TWX
Disney
DIS-M
VIAB
VIAB
GE
Sony
Fox
GE
Sony
DIS-M
Fox
MGM
TWX
Disney
TWX-N
VIAB
TWX-N
Disney
DW
DIS-M
Disney
TWX
Sony
Fox
VIAB
Sony
Disney
DIS-M
TWX
GE
Widest #
Theaters
3,703
3,425
3,416
3,603
3,549
3,749
3,381
3,504
3,502
3,307
3,202
3,656
2,910
3,674
3,418
2,876
2,573
3,220
3,388
2,938
3,067
3,505
2,877
2,923
3,175
3,472
3,474
3,467
3,485
2,802
3,101
3,375
1,581
3,030
3,014
2,951
3,018
3,122
2,742
3,102
2,452
2,848
2,514
3,002
3,222
2,714
2,755
2,540
2,382
1,714
OpenWknd
Gross
$72.6
70.3
46.6
91.8
68.0
85.6
31.1
44.0
48.5
27.6
46.5
42.2
31.1
62.1
50.5
16.1
20.9
37.1
33.4
24.3
22.2
48.1
19.5
23.8
33.4
27.6
40.3
38.3
37.6
14.6
25.1
22.2
0.64
0.29
36.4
19.6
28.1
24.3
17.5
22.1
16.3
16.6
0.21
23.1
21.8
11.5
19.6
12.3
19.3
6.9
Open #
Theaters
3,703
3,374
3,269
3,603
3,483
3,741
3,337
3,504
3,502
3,298
3,186
3,551
2,801
3,660
3,408
2,677
1,989
3,202
3,344
2,908
2,954
3,505
2,633
2,923
3,172
3,370
3,471
3,464
3,459
2,163
3,101
3,350
13
2
3,014
2,614
3,016
3,122
2,689
3,102
2,331
2,818
6
3,002
3,222
2,677
2,753
2,005
2,382
576
Release
17-Dec
30-May
9-Jul
15-May
23-May
2-May
7-Nov
2-Jul
5-Nov
25-Dec
18-Jul
11-Apr
7-Mar
20-Jun
6-Jun
12-Dec
25-Jul
8-Aug
25-Jul
5-Dec
6-Aug
24-Oct
30-May
7-Feb
1-Aug
9-May
14-Feb
21-Nov
27-Jun
25-Dec
14-Nov
2-Jul
8-Oct
24-Oct
15-Aug
3-Oct
17-Oct
26-Nov
21-Feb
10-Oct
18-Apr
17-Jan
10-Dec
11-Jul
25-Jul
19-Dec
7-Feb
26-Nov
21-Nov
7-Nov
N=New Line, M=Miramax.
A member of BMO
Financial Group
203
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Open Range
Once Upon a Time in Mexico
Just Married
Paycheck
The Recruit
Radio
Identity
Man on Fire
Runaway Jury
Peter Pan
Agent Cody Banks
The Jungle Book 2
The Rundown
Final Destination 2
Phone Booth
28 Days Later
Lost in Translation
Tears of the Sun
Under the Tuscan Sun
The Lizzie McGuire Movie
Secondhand Lions
Out of Time
Rugrats Go Wild
Head of State
Good Boy!
Uptown Girls
Matchstick Men
National Security
What a Girl Wants
Jeepers Creepers 2
Intolerable Cruelty
Cradle 2 the Grave
Monster
Malibu's Most Wanted
The Hunted
Stuck on You
Dreamcatcher
Darkness Falls
Bend It Like Beckham
The Core
Calendar Girls
Hollywood Homicide
Honey
The Fighting Temptations
Johnny English
The Missing
Basic
A Man Apart
Sinbad: Legend of the Seven Seas
Dumb and Dumberer: When Harry Met Lloyd
Domestic
Gross
$58.3
56.4
56.1
53.8
52.8
52.3
52.2
52.0
49.4
48.4
47.9
47.9
47.7
47.0
46.6
45.1
44.6
43.7
43.6
42.7
42.1
41.1
39.4
38.1
37.7
37.2
36.9
36.4
36.1
35.7
35.3
34.7
34.5
34.4
34.2
33.8
33.7
32.6
32.5
31.2
31.0
30.9
30.3
30.3
28.1
26.9
26.8
26.7
26.5
26.3
Studio*
Disney
Sony
Fox
VIAB
Disney
Sony
Sony
Sony
Fox
MGM
MGM
MGM
GE
TWX-N
Fox
Fox
Focus
Sony
Fox-S
Fox-S
MGM
MGM
MGM
DW
MGM
MGM
TWX
Sony
TWX
MGM
GE
TWX
NewMkt
TWX
VIAB
Fox
TWX
Sony
Fox
VIAB
Disney
Sony
GE
VIAB
GE
Sony
Sony
TWX-N
TWX-N
TWX-N
Widest #
Theaters
2,268
3,289
2,769
2,762
2,376
3,074
2,733
2,928
2,815
2,813
3,369
2,815
3,154
2,834
2,489
1,407
882
2,973
1,701
2,825
3,038
3,076
3,041
2,256
3,225
2,495
2,711
2,729
2,964
3,124
2,570
2,625
1,093
2,503
2,517
3,007
2,945
2,865
1,002
3,019
967
2,840
1,972
2,026
2,236
2,756
2,876
2,495
3,086
2,609
OpenWknd
Gross
$14.0
23.4
17.5
13.5
16.3
13.3
16.2
21.8
11.8
11.1
14.1
11.4
18.6
16.0
15.0
10.1
0.93
17.1
9.8
17.3
12.1
16.2
11.6
13.5
13.1
11.3
13.1
14.4
11.4
15.3
12.5
16.5
0.09
12.6
13.5
9.4
15.0
12.0
0.16
12.1
0.15
11.1
12.9
11.8
9.1
10.8
11.5
11.0
6.9
10.8
Open #
Theaters
2,075
3,282
2,766
2,762
2,376
3,074
2,733
2,915
2,815
2,813
3,369
2,808
3,152
2,834
2,481
1,260
23
2,973
1,226
2,825
3,013
3,076
3,041
2,151
3,225
2,495
2,711
2,729
2,964
3,124
2,564
2,625
4
2,503
2,516
3,003
2,945
2,837
6
3,017
24
2,840
1,942
2,026
2,236
2,756
2,876
2,459
3,086
2,609
Release
15-Aug
12-Sep
10-Jan
25-Dec
31-Jan
24-Oct
25-Apr
19-Sep
17-Oct
25-Dec
14-Mar
14-Feb
26-Sep
31-Jan
4-Apr
27-Jun
12-Sep
7-Mar
26-Sep
2-May
19-Sep
3-Oct
13-Jun
28-Mar
10-Oct
15-Aug
12-Sep
17-Jan
4-Apr
29-Aug
10-Oct
28-Feb
24-Dec
18-Apr
14-Mar
12-Dec
21-Mar
24-Jan
12-Mar
28-Mar
19-Dec
13-Jun
5-Dec
19-Sep
18-Jul
26-Nov
28-Mar
4-Apr
2-Jul
13-Jun
A member of BMO
Financial Group
204
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Bulletproof Monk
Piglet's Big Movie
Dickie Roberts: Former Child Star
The Medallion
Biker Boyz
Love Don't Cost a Thing
Cold Creek Manor
Cabin Fever
Looney Tunes: Back in Action
Whale Rider
The In-Laws
Down with Love
The Life of David Gale
Timeline
A Mighty Wind
Deliver Us from Eva
Ghosts of the Abyss (IMAX & 35mm)
21 Grams
View from the Top
My Boss's Daughter
A Guy Thing
In America
Wrong Turn
Alex and Emma
How to Deal
Bugs! (IMAX)
House of Sand and Fog
Gods and Generals
House of 1,000 Corpses
Confidence
Girl with a Pearl Earring
Winged Migration
House of the Dead
Swimming Pool
Duplex
La Grande Seduction
Dark Blue
Le Divorce
Boat Trip
The Cooler
Dirty Pretty Things
Dirty Pretty Things
The Order
City of God
It Runs in the Family
The Triplets of Belleville
Willard
The Young Black Stallion (IMAX)
Nowhere in Africa
Chasing Papi
Studio*
MGM
Disney
VIAB
Sony
DW
TWX
Disney
Lions Gate
TWX
NewMkt
TWX
Fox
GE
VIAB
TWX
Focus
Disney
Focus
DIS-M
DIS-M
MGM
Fox
Fox
TWX
TWX-N
SK Films
DW
TWX
Lions Gate
Lions Gate
Lions Gate
Sony
Artisan
Focus
DIS-M
Alliance/Odeon/O
MGM
Fox
Artisan
Lions Gate
DIS-M
VIAB
Fox
DIS-M
MGM
Sony
TWX-N
Disney
Zeitgeist
Fox
Domestic
Gross
$23.4
23.1
22.7
22.2
22.1
21.9
21.4
21.2
21.0
20.8
20.5
20.3
20.0
19.5
17.8
17.6
16.5
16.3
15.6
15.6
15.5
15.5
15.4
14.2
14.2
13.1
13.0
12.9
12.6
12.3
11.7
10.8
10.2
10.1
9.7
9.4
9.3
9.1
8.6
8.3
8.1
7.7
7.7
7.6
7.5
7.0
6.9
6.5
6.2
6.1
Widest #
Theaters
2,955
2,084
2,083
2,652
1,769
1,844
2,035
2,105
2,903
556
2,652
2,123
2,003
2,787
770
1,139
97
411
2,508
2,206
2,520
403
1,615
2,310
2,319
33
598
1,533
847
1,871
402
202
1,540
259
2,191
80
2,176
701
1,803
408
493
804
1,975
242
1,207
463
1,762
51
78
585
OpenWknd
Gross
$8.7
6.1
6.7
8.1
10.1
6.3
8.2
8.6
9.3
0.14
7.3
0.05
7.1
8.4
2.1
6.6
1.4
0.27
7.0
4.9
7.0
0.21
5.2
6.1
5.8
0.07
0.05
4.7
3.5
4.6
0.09
0.03
5.7
0.29
4.6
0.90
3.9
0.52
3.8
0.13
0.10
4.6
4.4
0.09
2.8
0.11
4.0
0.63
0.02
2.4
Open #
Theaters
2,955
2,084
2,026
2,648
1,766
1,844
2,035
2,087
2,903
9
2,652
1
2,002
2,787
133
1,139
97
8
2,508
2,201
2,515
11
1,615
2,310
2,319
32
2
1,533
595
1,871
7
1
1,520
13
2,189
78
2,176
34
1,714
11
5
801
1,975
5
1,207
6
1,761
51
2
585
Release
16-Apr
21-Mar
5-Sep
22-Aug
31-Jan
12-Dec
19-Sep
12-Sep
14-Nov
6-Jun
23-May
9-May
21-Feb
26-Nov
16-Apr
7-Feb
11-Apr
21-Nov
21-Mar
22-Aug
17-Jan
26-Nov
30-May
20-Jun
18-Jul
12-Mar
19-Dec
21-Feb
11-Apr
25-Apr
12-Dec
18-Apr
10-Oct
2-Jul
26-Sep
11-Jul
21-Feb
8-Aug
21-Mar
26-Nov
18-Jul
14-Nov
5-Sep
17-Jan
25-Apr
26-Nov
14-Mar
25-Dec
7-Mar
16-Apr
A member of BMO
Financial Group
205
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Spider-Man
The Lord of the Rings: The Two Towers
Star Wars: Episode II - Attack of the Clones
Harry Potter and the Chamber of Secrets
My Big Fat Greek Wedding
Signs
Austin Powers in Goldmember
Men in Black II
Ice Age
Chicago
Catch Me If You Can
Die Another Day
Scooby-Doo
Lilo & Stitch
XXX
The Santa Clause 2
Minority Report
The Ring
Sweet Home Alabama
Mr. Deeds
The Bourne Identity
The Sum of All Fears
8 Mile
Road to Perdition
Panic Room
Maid in Manhattan
Two Weeks Notice
Red Dragon
The Scorpion King
Spy Kids 2: The Island of Lost Dreams
Blade II
Snow Dogs
We Were Soldiers
Gangs of New York
Barbershop
The Rookie
Spirit: Stallion of the Cimarron
John Q.
Studio*
Sony
TWX-N
Fox
TWX
IFC
Disney
TWX-N
Sony
Fox
DIS-M
DW
MGM
TWX
Disney
Sony
Disney
Fox
DW
Disney
Sony
GE
VIAB
GE
DW
Sony
Sony
TWX
GE
GE
DIS-M
TWX-N
Disney
VIAB
DIS-M
MGM
Disney
DW
TWX-N
Domestic
Gross
$403.7
339.8
302.2
262.0
241.4
228.0
213.3
190.4
176.4
170.7
164.6
160.9
153.3
145.8
142.1
139.2
132.1
129.1
127.2
126.3
121.7
118.9
116.8
104.5
96.4
94.0
93.4
93.1
91.0
85.8
82.3
81.2
78.1
77.8
75.8
75.6
73.3
71.8
Widest #
Theaters
3,876
3,622
3,161
3,682
2,016
3,453
3,613
3,641
3,345
2,701
3,225
3,377
3,447
3,222
3,536
3,352
3,001
2,927
3,313
3,239
2,663
3,230
2,585
2,332
3,119
3,050
2,755
3,363
3,466
3,307
2,707
2,454
3,143
2,340
2,176
2,543
3,362
2,505
OpenWknd
Gross
$114.8
62.0
80.0
88.4
0.60
60.1
73.1
52.1
46.3
2.1
30.1
47.1
54.2
35.3
44.5
29.0
35.7
15.0
35.6
37.2
27.1
31.2
51.2
22.1
30.1
18.7
14.3
36.5
36.1
16.7
32.5
17.8
20.2
9.5
20.6
16.0
17.8
20.3
Open #
Theaters
3,615
3,622
3,161
3,682
108
3,264
3,613
3,557
3,316
77
3,156
3,314
3,447
3,191
3,374
3,350
3,001
1,981
3,293
3,231
2,638
3,183
2,470
1,797
3,053
2,838
2,755
3,357
3,444
3,307
2,707
2,302
3,143
1,504
1,605
2,511
3,317
2,466
Release
3-May
18-Dec
16-May
15-Nov
19-Apr
2-Aug
26-Jul
3-Jul
15-Mar
27-Dec
25-Dec
22-Nov
14-Jun
21-Jun
9-Aug
1-Nov
21-Jun
18-Oct
27-Sep
28-Jun
14-Jun
31-May
8-Nov
12-Jul
29-Mar
13-Dec
20-Dec
4-Oct
19-Apr
7-Aug
22-Mar
18-Jan
1-Mar
20-Dec
13-Sep
29-Mar
24-May
15-Feb
Divine Secrets of the Ya-Ya Sisterhood
Insomnia
Changing Lanes
About Schmidt
Stuart Little 2
Jackass: The Movie
The Time Machine
Drumline
Space Station 3-D (IMAX)
The Count of Monte Cristo
Unfaithful
Like Mike
TWX
TWX
VIAB
TWX-N
Sony
VIAB
DW
Fox
Imax
Disney
Fox
Fox
69.6
67.4
66.8
65.0
65.0
64.3
56.8
56.4
54.6
54.2
52.8
51.4
2,792
2,610
2,642
1,240
3,282
2,532
2,958
1,837
64
2,211
2,625
2,436
16.2
20.9
17.1
0.28
15.1
22.8
22.6
12.6
0.49
11.4
14.1
12.2
2,507
2,610
2,613
6
3,255
2,509
2,944
1,836
24
2,007
2,617
2,410
7-Jun
24-May
12-Apr
13-Dec
19-Jul
25-Oct
8-Mar
13-Dec
19-Apr
25-Jan
10-May
3-Jul
A member of BMO
Financial Group
206
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
The Tuxedo
Return to Never Land
Big Fat Liar
Star Trek: Nemesis
Reign of Fire
The Hours
High Crimes
Man on Fire
A Walk to Remember
Orange County
Windtalkers
Blue Crush
The Master of Disguise
Resident Evil
The Wild Thornberrys
Collateral Damage
Enough
Undercover Brother
Treasure Planet
Showtime
40 Days and 40 Nights
Crossroads
Clockstoppers
The Mothman Prophecies
E.T. (20th Anniversary)
K-19: The Widowmaker
The Hot Chick
I Spy
Friday After Next
The Pianist
Analyze That
Murder by Numbers
One Hour Photo
Halloween: Resurrection
Queen of the Damned
Dragonfly
The Banger Sisters
Bad Company
Ghost Ship
The New Guy
SwimFan
The Crocodile Hunter: Collission Course
Brown Sugar
Blood Work
All About the Benjamins
Frida
Jonah: A VeggieTales Movie
Beauty and the Beast (IMAX)
The Transporter
The Sweetest Thing
Domestic
Gross
$50.5
48.4
48.4
43.3
43.1
41.7
41.5
41.4
41.3
41.1
40.9
40.4
40.4
40.1
40.1
40.1
40.0
39.1
38.2
38.1
38.0
37.2
37.0
35.7
35.3
35.2
35.1
33.6
33.3
32.6
32.1
31.9
31.6
30.4
30.3
30.3
30.3
30.2
30.1
29.8
28.6
28.4
27.4
26.2
25.9
25.9
25.6
25.5
25.3
24.7
Studio*
DW
Disney
GE
VIAB
Disney
VIAB
Fox
GE
TWX
VIAB
VIAB
VIAB
Sony
Sony
VIAB
TWX
Sony
GE
Fox-S
Fox-S
VIAB
VIAB
VIAB
Sony
GE
VIAB
Disney
Sony
TWX-N
Focus
TWX
TWX
FoxS
DIS-M
TWX
GE
FoxS
Disney
TWX
Sony
Fox
MGM
FoxS
War
TWX-N
DIS-M
Artisan
Disney
Disney
Disney
Widest #
Theaters
3,022
2,626
2,534
2,711
2,629
1,010
2,747
1,756
2,420
2,317
2,898
3,015
2,568
2,528
3,012
2,824
2,623
2,169
3,227
2,917
2,399
2,713
2,563
2,331
3,007
2,830
2,246
3,182
1,621
842
2,635
2,663
1,332
2,094
2,511
2,507
2,739
2,944
2,787
2,687
2,860
2,535
1,378
2,525
1,519
794
1,625
68
2,610
2,670
OpenWknd
Gross
$15.1
11.9
11.6
18.5
15.6
0.34
14.0
8.6
12.2
15.1
14.5
14.2
12.6
17.7
6.00
15.1
14.0
12.0
12.1
15.0
12.2
14.5
10.1
11.2
14.2
12.8
7.4
12.8
13.0
0.11
11.0
9.3
0.32
12.3
14.8
10.2
10.0
11.0
11.5
9.0
11.3
9.5
10.7
7.3
10.0
0.21
6.2
2.6
9.1
9.4
Open #
Theaters
3,022
2,605
2,531
2,711
2,629
11
2,717
1,207
2,411
2,317
2,898
3,002
2,565
2,528
3,012
2,824
2,623
2,167
3,227
2,917
2,225
2,380
2,540
2,331
3,007
2,828
2,217
3,182
1,616
6
2,635
2,663
7
1,954
2,511
2,507
2,738
2,944
2,787
2,687
2,856
2,525
1,372
2,525
1,505
5
940
68
2,573
2,670
Release
27-Sep
15-Feb
8-Feb
13-Dec
12-Jul
27-Dec
5-Apr
17-May
25-Jan
11-Jan
14-Jun
16-Aug
2-Aug
15-Mar
20-Dec
8-Feb
24-May
31-May
27-Nov
15-Mar
1-Mar
15-Feb
29-Mar
25-Jan
22-Mar
19-Jul
13-Dec
1-Nov
22-Nov
25-Dec
6-Dec
19-Apr
21-Aug
12-Jul
22-Feb
22-Feb
20-Sep
7-Jun
25-Oct
10-May
6-Sep
12-Jul
11-Oct
9-Aug
8-Mar
25-Oct
4-Oct
1-Jan
11-Oct
12-Apr
A member of BMO
Financial Group
207
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Eight Crazy Nights
Adaptation
City by the Sea
Bowling for Columbine
National Lampoon's Van Wilder
Antwone Fisher
Martin Lawrence Live: Runteldat
Tuck Everlasting
Hart's War
Rollerball
Super Troopers
The Four Feathers
Punch-Drunk Love
Empire
Eight Legged Freaks
The Country Bears
Serving Sara
White Oleander
Kung Pow! Enter the Fist
Confessions of a Dangerous Mind
Far From Heaven
The Lion King (IMAX)
Half Past Dead
Solaris
Life, or Something Like It
Ballistic: Ecks vs. Sever
The Emperor's Club
Stealing Harvard
The Good Girl
Monsoon Wedding
Y Tu Mama Tambien
Hey Arnold! The Movie
Juwanna Mann
fear dot com
Jason X
Frailty
25th Hour
The Quiet American
They
Undisputed
Knockaround Guys
The Powerpuff Girls Movie
Abandon
Narc
Sorority Boys
Possession
Spirited Away
Simone
Talk to Her
Attack of the Clones: The IMAX Experience (IMAX)
Domestic
Gross
$23.6
22.5
22.4
21.6
21.3
21.1
19.2
19.2
19.1
19.0
18.5
18.3
17.8
17.6
17.3
17.0
16.9
16.4
16.0
16.0
15.9
15.7
15.6
15.0
14.4
14.3
14.1
14.0
14.0
13.9
13.8
13.7
13.7
13.3
13.1
13.1
13.1
13.0
12.8
12.8
11.7
11.4
10.7
10.5
10.2
10.1
10.1
9.7
9.3
8.5
Studio*
Sony
Sony
TWX
MGM
Artisan
FoxS
VIAB
Disney
MGM
MGM
FoxS
VIAB
Sony
GE
TWX
Disney
VIAB
TWX
Fox
DIS-M
Focus
Disney
Sony
Fox
Fox
TWX
GE
Sony
FoxS
Focus
IFC
VIAB
TWX
TWX
TWX-N
Lions Gate
Disney
DIS-M
Sony
DIS-M
TWX-N
TWX
VIAB
VIAB
Disney
Focus
Disney
TWX-N
Sony
Fox
Widest #
Theaters
2,503
672
2,575
248
2,104
1,021
774
1,460
2,459
2,762
1,805
2,187
1,293
869
2,530
2,553
2,174
1,510
2,478
1,776
291
66
2,113
2,406
2,609
2,705
811
2,366
688
254
286
2,534
1,325
2,550
1,879
1,497
495
396
1,623
1,117
1,806
2,340
2,347
822
1,801
619
714
1,920
255
58
OpenWknd
Gross
$9.4
0.38
8.9
0.21
7.3
0.21
7.4
5.3
7.8
9.0
6.2
6.9
0.37
6.3
6.5
5.3
5.8
5.6
7.0
0.09
0.21
1.8
7.8
6.8
6.2
7.0
3.8
6.0
0.15
0.07
0.41
5.7
5.5
5.7
6.6
4.2
0.11
0.10
5.1
4.5
5.0
3.6
5.1
0.06
4.1
1.6
0.45
3.8
0.10
1.4
Open #
Theaters
2,503
7
2,575
8
2,022
15
752
1,185
2,459
2,762
1,780
1,912
5
867
2,530
2,553
2,154
1,510
2,478
4
6
66
2,113
2,406
2,606
2,705
809
2,366
4
2
40
2,527
1,325
2,550
1,878
1,497
5
6
1,615
1,102
1,806
2,340
2,341
6
1,801
270
26
1,920
2
58
Release
27-Nov
6-Dec
6-Sep
11-Oct
5-Apr
19-Dec
2-Aug
11-Oct
15-Feb
8-Feb
15-Feb
20-Sep
11-Oct
6-Dec
17-Jul
26-Jul
23-Aug
11-Oct
25-Jan
31-Dec
8-Nov
27-Dec
15-Nov
27-Nov
26-Apr
20-Sep
22-Nov
13-Sep
7-Aug
22-Feb
15-Mar
28-Jun
21-Jun
30-Aug
26-Apr
12-Apr
19-Dec
22-Nov
27-Nov
23-Aug
11-Oct
3-Jul
18-Oct
20-Dec
22-Mar
16-Aug
20-Sep
23-Aug
22-Nov
1-Nov
A member of BMO
Financial Group
208
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
The Lord of the Rings: The Fellowship of the Ring
Shrek
Monsters, Inc.
Rush Hour 2
The Mummy Returns
Pearl Harbor
Ocean's Eleven
Jurassic Park III
Planet of the Apes (2001)
A Beautiful Mind
Hannibal
American Pie 2
The Fast and the Furious
Lara Croft: Tomb Raider
Dr. Dolittle 2
Spy Kids
Black Hawk Down
The Princess Diaries
Vanilla Sky
The Others
Legally Blonde
America's Sweethearts
Cats & Dogs
Save the Last Dance
Atlantis: The Lost Empire
Jimmy Neutron: Boy Genius
A.I. Artificial Intelligence
Training Day
Along Came a Spider
Bridget Jones's Diary
Scary Movie 2
The Score
Shallow Hal
Swordfish
The Mexican
Down to Earth
Spy Game
Studio*
TWX
TWX-NL
DWA
Disney
TWX-NL
GE
Disney
TWX
GE
Fox
GE
MGM
GE
GE
VIAB
Fox
Disney-M
Sony
Disney
VIAB
Disney-M
MGM
Sony
TWX
VIAB
Disney
VIAB
TWX
TWX
VIAB
Disney-M
Disney-M
VIAB
Fox
TWX
DW
VIAB
GE
The Wedding Planner
Behind Enemy Lines
Ali
The Animal
Moulin Rouge!
Rat Race
A Knight's Tale
Don't Say a Word
Blow
The Royal Tenenbaums
Exit Wounds
Enemy at the Gates
Sony
Fox
Sony
Sony
Fox
VIAB
Sony
Fox
TWX-NL
Disney
TWX
VIAB
Domestic
Gross
$317.6
313.4
267.7
255.9
226.2
202.0
198.5
183.4
181.2
180.0
170.7
165.1
145.1
144.5
131.2
113.0
112.7
108.6
108.2
100.6
96.5
96.5
93.6
93.4
91.1
84.1
80.9
78.6
76.6
74.1
71.5
71.3
71.1
70.8
69.8
66.8
64.2
62.4
Widest #
Theaters
3,672
3,381
3,715
3,649
3,118
3,553
3,255
3,075
3,462
3,530
2,250
3,292
3,157
2,899
3,349
3,053
3,191
3,143
2,749
2,842
2,843
2,725
3,011
3,040
2,570
3,071
3,151
3,242
2,712
2,573
2,547
3,220
2,211
2,799
2,688
3,162
2,521
2,770
OpenWknd
Gross
$90.3
47.2
42.3
62.6
67.4
68.1
59.1
38.1
50.8
68.5
0.4
58.0
45.1
40.1
47.7
25.0
26.5
0.2
22.9
25.0
14.1
20.4
30.2
21.7
23.4
0.3
13.8
29.4
22.6
16.7
10.7
20.5
19.0
22.5
18.1
20.1
17.3
21.7
Open #
Theaters
3,672
3,359
3,587
3,237
3,118
3,401
3,214
3,075
3,434
3,500
11
3,230
3,063
2,628
3,308
3,049
3,104
4
2,537
2,742
1,678
2,620
3,011
3,040
2,230
2
3,139
3,242
2,712
2,530
1,611
3,220
2,129
2,770
2,678
2,951
2,521
2,770
Release
16-Nov
19-Dec
16-May
2-Nov
3-Aug
4-May
25-May
7-Dec
18-Jul
27-Jul
21-Dec
9-Feb
10-Aug
22-Jun
15-Jun
22-Jun
30-Mar
28-Dec
3-Aug
14-Dec
10-Aug
13-Jul
20-Jul
4-Jul
12-Jan
8-Jun
21-Dec
29-Jun
5-Oct
6-Apr
13-Apr
4-Jul
13-Jul
9-Nov
8-Jun
2-Mar
16-Feb
21-Nov
60.4
58.9
58.2
57.7
57.4
56.6
56.6
55.0
53.0
52.4
51.8
51.4
2,785
2,844
2,521
2,788
2,283
2,551
2,980
2,842
2,249
999
2,830
1,724
13.5
18.7
14.7
19.6
0.2
11.7
16.5
17.1
12.4
0.3
18.5
13.8
2,785
2,770
2,446
2,788
2
2,550
2,980
2,802
2,249
5
2,830
1,509
26-Jan
30-Nov
25-Dec
1-Jun
18-May
17-Aug
11-May
28-Sep
6-Apr
14-Dec
16-Mar
16-Mar
A member of BMO
Financial Group
209
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
K-PAX
Serendipity
Kate and Leopold
Domestic Disturbance
Zoolander
The One
Thirteen Ghosts
Bandits
Gosford Park
Heartbreakers
I Am Sam
Hardball
Evolution
Not Another Teen Movie
Jeepers Creepers
Kiss of the Dragon
Recess: School's Out
In the Bedroom
Black Knight
See Spot Run
Amelie
Driven
What's the Worst That Could Happen?
Final Fantasy: The Spirits Within
From Hell
Monster's Ball
How High
Riding in Cars with Boys
Jay and Silent Bob Strike Back
Double Take
Baby Boy
The Majestic
The Brothers
Someone Like You
Joe Dirt
The Musketeer
Crocodile Dundee in Los Angeles
Memento
Captain Corelli's Mandolin
Sweet November
15 Minutes
Hearts in Atlantis
Angel Eyes
Corky Romano
Heist
Kingdom Come
Joe Somebody
Two Can Play That Game
Joy Ride
Valentine
Domestic
Gross
$50.3
50.3
47.1
45.2
45.2
43.9
41.9
41.6
41.3
40.3
40.3
40.2
38.3
38.3
37.9
36.8
36.7
35.9
33.4
33.4
33.2
32.7
32.3
32.1
31.6
31.3
31.2
30.2
30.1
29.8
28.7
27.8
27.5
27.3
27.1
27.1
25.6
25.5
25.5
25.3
24.4
24.2
24.2
24.0
23.5
23.2
22.8
22.2
22.0
20.4
Studio*
GE
Disney-M
Disney-M
VIAB
VIAB
Sony
TWX
MGM
USA
MGM
TWX-NL
VIAB
DW
SNE
UA
Fox
Disney
Disney-M
Fox
TWX
Disney-M
TWX
MGM
Sony
Fox
LGF
GE
Sony
Disney-M
Disney
Sony
TWX
SGem
Fox
Sony
GE
VIAB
NM
GE
TWX
TWX-NL
TWX
TWX
Disney
TWX
FoxS
Fox
SGem
Fox
TWX
Widest #
Theaters
2,581
2,610
2,467
2,910
2,522
2,894
2,781
3,207
918
2,751
1,450
2,314
2,613
2,365
2,944
2,100
2,630
1,103
2,571
2,656
303
2,905
2,675
2,649
2,334
714
1,273
2,770
2,765
1,631
1,533
2,361
1,378
2,349
2,638
2,500
2,166
531
1,612
2,268
2,337
2,010
2,407
2,094
1,891
1,111
2,517
1,308
2,522
2,310
OpenWknd
Gross
$17.2
13.3
9.7
14.0
15.5
19.1
15.2
13.1
0.2
11.8
0.0
9.4
13.4
12.6
13.1
13.3
10.1
0.1
11.1
9.7
0.1
12.2
13.0
11.4
11.0
0.1
7.1
10.4
11.0
11.7
8.6
4.9
10.3
10.0
8.0
10.3
7.7
0.2
7.2
9.7
10.5
9.0
9.2
9.0
7.8
7.6
3.6
7.7
7.3
10.0
Open #
Theaters
2,541
2,601
2,452
2,910
2,507
2,894
2,781
3,207
9
2,750
2
2,137
2,611
2,365
2,944
2,025
2,624
4
2,571
2,656
3
2,905
2,675
2,649
2,305
7
1,266
2,770
2,765
1,631
1,533
2,361
1,378
2,345
2,638
2,438
2,123
11
1,595
2,268
2,337
1,751
2,375
2,062
1,891
1,111
2,506
1,297
2,497
2,310
Release
26-Oct
5-Oct
25-Dec
2-Nov
28-Sep
2-Nov
26-Oct
12-Oct
26-Dec
23-Mar
28-Dec
14-Sep
8-Jun
14-Dec
31-Aug
6-Jul
16-Feb
23-Nov
21-Nov
2-Mar
2-Nov
27-Apr
1-Jun
11-Jul
19-Oct
26-Dec
21-Dec
19-Oct
24-Aug
12-Jan
27-Jun
21-Dec
23-Mar
30-Mar
11-Apr
7-Sep
20-Apr
16-Mar
17-Aug
16-Feb
9-Mar
28-Sep
18-May
12-Oct
9-Nov
11-Apr
21-Dec
7-Sep
5-Oct
2-Feb
A member of BMO
Financial Group
210
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
Summer Catch
The Pledge
Saving Silverman
The Last Castle
The Glass House
Max Keeble's Big Move
Pokemon 3: The Movie
Rock Star
crazy/beautiful
Original Sin
O
3000 Miles to Graceland
Life as a House
Shackleton's Antarctic Adventure (IMAX)
Iron Monkey
Josie and the Pussycats
Freddy Got Fingered
Out Cold
The Tailor of Panama
Haunted Castle (IMAX)
Osmosis Jones
Tomcats
American Outlaws
Sugar & Spice
Get Over It
The Shipping News
Antitrust
Head Over Heels
The Wash
The Deep End
John Carpenter's Ghosts of Mars
The Curse of the Jade Scorpion
The Man Who Wasn't There
Bones
The Forsaken
Mulholland Drive
Sexy Beast
Town & Country
The Closet (Le Placard)
One Night at McCool's
Ghost World
Megiddo: The Omega Code II
Iris
Say It Isn't So
Monkeybone
Amores Perros
Bread and Tulips
Made
Bubble Boy
Just Visiting
Domestic
Gross
$19.8
19.7
19.4
18.2
18.2
17.3
17.1
17.0
16.9
16.5
16.0
15.7
15.7
15.6
14.7
14.3
14.3
13.9
13.7
13.7
13.6
13.6
13.3
13.3
11.6
11.4
11.3
10.4
10.1
8.8
8.7
7.5
7.5
7.3
7.3
7.2
6.9
6.7
6.7
6.3
6.2
6.0
5.6
5.5
5.4
5.4
5.3
5.3
5.0
4.8
Studio*
TWX
TWX
Sony
DW
Sony
Disney
TWX
TWX
Disney
MGM
LGF
TWX
TWX-NL
WGB.
Disney-M
GE
Fox
Disney
Sony
NWav
TWX
Sony
TWX
TWX-NL
Disney-M
Disney-M
MGM
GE
LGF
FoxS
SGem
DW
USA
TWX-NL
SGem
GE
FoxS
TWX-NL
Disney-M
USA
MGM
8X
Disney-M
Fox
Fox
LGF
First
Art.
Disney
Disney
Widest #
Theaters
2,335
1,410
2,467
2,270
1,601
2,045
2,675
2,525
1,603
2,194
1,464
2,545
1,288
26
1,235
2,558
2,271
2,011
441
10
2,305
2,617
2,348
2,150
1,742
434
2,433
2,363
749
412
2,048
909
259
847
1,514
247
194
2,222
145
1,818
128
353
220
1,974
1,748
187
84
182
1,605
1,590
OpenWknd
Gross
$7.0
5.8
7.4
7.1
5.7
5.4
8.2
6.0
4.7
6.4
5.7
7.2
0.3
0.1
6.0
4.6
7.1
4.5
1.8
0.0
5.3
6.4
4.9
5.9
4.1
1.2
5.5
4.8
2.9
0.1
3.8
2.5
0.7
2.8
3.0
0.6
0.2
3.0
0.3
2.5
0.1
1.6
0.0
2.9
2.7
0.1
0.0
0.1
2.0
2.3
Open #
Theaters
2,335
1,275
2,467
2,262
1,591
2,014
2,675
2,525
1,601
2,194
1,434
2,545
29
4
1,225
2,556
2,271
2,011
199
9
2,305
2,617
2,348
2,150
1,742
186
2,433
2,338
749
6
2,048
903
39
847
1,514
66
9
2,222
44
1,818
5
314
2
1,974
1,722
2
1
3
1,605
1,590
Release
24-Aug
19-Jan
9-Feb
19-Oct
14-Sep
5-Oct
6-Apr
7-Sep
29-Jun
3-Aug
31-Aug
23-Feb
26-Oct
10-Feb
12-Oct
11-Apr
20-Apr
21-Nov
30-Mar
23-Feb
10-Aug
30-Mar
17-Aug
26-Jan
9-Mar
25-Dec
12-Jan
2-Feb
16-Nov
10-Aug
24-Aug
24-Aug
2-Nov
26-Oct
27-Apr
8-Oct
15-Jun
27-Apr
6-Jun
27-Apr
20-Jul
21-Sep
14-Dec
23-Mar
23-Feb
30-Mar
27-Jul
13-Jul
24-Aug
6-Apr
A member of BMO
Financial Group
211
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
How the Grinch Stole Christmas
Cast Away
Gladiator
What Women Want
The Perfect Storm
Meet the Parents
X-Men
Scary Movie
What Lies Beneath
Dinosaur
Crouching Tiger, Hidden Dragon
Erin Brockovich
Charlie's Angels
Traffic
The Nutty Professor II: The Klumps
Big Momma's House
Remember the Titans
The Patriot
Chicken Run
Miss Congeniality
Gone in 60 Seconds
Unbreakable
Me, Myself and Irene
Space Cowboys
The Emperor's New Groove
Scream 3
U-571
Rugrats in Paris: The Movie
The Family Man
Hollow Man
Chocolat
Shaft
Disney's The Kid
Vertical Limit
Road Trip
Bring It On
102 Dalmatians
Studio*
GE
Fox
VIAB
DW
VIAB
TWX
GE
Fox
Disney-M
DW
Disney
Sony
GE
Sony
USA
GE
Fox
Disney
SNE
DW
TWX
Disney
Disney
Fox
TWX
Disney
Dim.
GE
VIAB
GE
Sony
Disney-M
VIAB
Disney
Sony
DW
GE
Disney
Rules of Engagement
The Cell
Mission to Mars
Coyote Ugly
Fantasia 2000 (35mm & IMAX)
Snow Day
Next Friday
The Whole Nine Yards
Shanghai Noon
Romeo Must Die
Final Destination
Fantasia 2000 (IMAX)
VIAB
TWX-NL
Disney
Disney
Disney
VIAB
TWX-NL
TWX
Disney
TWX
TWX-NL
Disney
Domestic
Gross
$260.0
233.6
215.4
187.7
182.8
182.6
166.2
157.3
157.0
155.5
137.7
128.1
125.6
125.3
124.1
123.3
117.6
115.7
113.3
106.8
106.8
101.6
95.0
90.6
90.5
89.3
89.1
77.1
76.5
75.8
73.2
71.5
70.3
69.7
69.2
68.5
68.4
67.0
Widest #
Theaters
3,256
3,061
3,669
3,188
3,092
3,407
2,697
3,112
3,301
2,925
3,319
2,027
3,070
3,037
1,755
3,251
2,854
2,803
3,061
2,953
2,668
3,089
2,708
3,087
2,835
2,887
3,467
2,820
2,937
2,441
2,956
1,928
2,433
2,343
2,602
2,654
2,466
2,704
OpenWknd
Gross
$55.1
28.9
57.8
34.8
33.6
41.3
28.6
54.5
42.3
29.7
38.9
0.7
28.1
40.1
0.2
42.5
25.7
20.9
22.4
17.5
10.0
25.3
30.3
24.2
18.1
9.8
34.7
19.6
22.7
10.6
26.4
0.2
21.7
12.7
15.5
15.5
17.4
19.9
Open #
Theaters
3,127
2,774
3,653
2,938
3,012
3,407
2,614
3,025
2,912
2,813
3,257
16
2,848
3,037
4
3,242
2,802
1,865
3,061
2,491
2,668
3,006
2,708
3,019
2,805
2,801
3,467
2,583
2,934
2,388
2,956
8
2,337
2,167
2,307
2,530
2,380
2,704
Release
17-Nov
22-Dec
24-May
5-May
15-Dec
30-Jun
6-Oct
14-Jul
7-Jul
21-Jul
19-May
8-Dec
17-Mar
3-Nov
27-Dec
28-Jul
2-Jun
29-Sep
28-Jun
23-Jun
22-Dec
9-Jun
22-Nov
23-Jun
4-Aug
15-Dec
4-Feb
21-Apr
17-Nov
22-Dec
4-Aug
15-Dec
16-Jun
7-Jul
8-Dec
19-May
25-Aug
22-Nov
61.3
61.3
60.9
60.8
60.7
60.0
57.3
57.3
56.9
56.0
53.3
52.3
3,220
2,476
3,101
2,664
1,313
2,717
1,420
2,910
2,751
2,641
2,587
-
15.0
17.5
22.9
17.3
2.3
14.3
14.5
13.7
15.6
18.0
10.0
-
3,155
2,411
3,054
2,653
54
2,664
1,103
2,910
2,711
2,641
2,587
-
7-Apr
18-Aug
10-Mar
4-Aug
1-Jan
11-Feb
12-Jan
18-Feb
26-May
22-Mar
17-Mar
1-Jan
A member of BMO
Financial Group
212
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Finding Forrester
The Road to El Dorado
Men of Honor
Dude, Where's My Car?
The Tigger Movie
O Brother, Where Art Thou?
Frequency
The Replacements
Pokemon: The Movie 2000
The Beach
The Exorcist Director's Cut
Little Nicky
Pitch Black
The Original Kings of Comedy
Bedazzled (2000)
Autumn in New York
28 Days
Keeping the Faith
Bounce
Hanging Up
The Flintstones in Viva Rock Vegas
The Skulls
The 6th Day
Thirteen Days
My Dog Skip
Where the Heart Is
Pay It Forward
Dracula 2000
Return to Me
Proof of Life
Almost Famous
The Legend of Bagger Vance
Snatch
The Art of War
Bless the Child
The Watcher
Love & Basketball
High Fidelity
Book of Shadows: Blair Witch 2
The Adventures of Rocky & Bullwinkle
Nurse Betty
Reindeer Games
Titan A.E.
Billy Elliot
Boys and Girls
Battlefield Earth
Urban Legends: Final Cut
Down to You
Wonder Boys
Best in Show
Domestic
Gross
$51.8
50.9
48.8
46.7
45.6
45.5
45.0
44.7
43.8
39.8
39.7
39.5
39.2
38.2
37.9
37.8
37.2
37.0
36.8
36.1
35.3
35.0
34.6
34.6
34.1
33.8
33.5
33.0
32.7
32.6
32.5
30.9
30.3
30.2
29.4
28.9
27.5
27.3
26.4
26.0
25.2
23.4
22.8
22.0
21.8
21.5
21.5
20.1
19.4
18.7
Studio*
Sony
DW
Fox
Fox
Disney
Disney
TWX-NL
TWX
TWX
Fox
TWX
TWX-NL
USA
VIAB
Fox
MGM
Sony
Disney
Disney-M
Sony
GE
GE
Sony
TWX-NL
TWX
Fox
TWX
Disney-M
MGM
TWX
DW
DW
Sony
TWX
VIAB
GE
TWX-Nl
Disney
Art.
GE
USA
Disney-M
Fox
Focus
Dim.
TWX
Sony
Disney-M
VIAB
TWX
Widest #
Theaters
2,002
3,223
2,188
2,100
2,818
847
2,631
2,754
2,752
2,587
1,708
2,910
1,930
1,082
2,571
2,282
2,523
2,171
2,028
2,618
3,125
2,416
2,516
2,034
2,331
2,439
2,130
2,204
2,320
2,705
2,262
2,162
1,444
2,630
2,524
2,777
1,245
1,231
3,320
2,482
1,491
2,204
2,775
510
1,989
3,307
2,539
2,003
1,509
497
OpenWknd
Gross
$0.7
12.8
13.3
13.8
9.4
0.2
9.0
11.0
19.6
15.3
8.2
16.1
11.6
11.1
13.1
11.0
10.3
8.1
11.4
13.6
10.5
11.0
13.0
0.0
0.1
8.3
9.6
8.6
7.8
10.2
2.3
11.5
0.0
10.4
9.4
9.1
8.1
6.4
13.2
6.8
7.1
8.1
9.4
0.2
7.0
11.5
8.5
7.6
5.8
0.4
Open #
Theaters
200
3,218
2,092
2,087
2,723
5
2,621
2,754
2,752
2,547
664
2,910
1,832
847
2,568
2,255
2,523
2,152
1,918
2,618
3,040
2,412
2,516
8
5
2,437
2,130
2,204
2,007
2,705
131
2,061
1
2,630
2,524
2,742
1,237
1,183
3,317
2,460
1,459
2,204
2,734
10
1,983
3,307
2,539
1,971
1,253
13
Release
22-Dec
31-Mar
10-Nov
15-Dec
11-Feb
22-Dec
28-Apr
11-Aug
21-Jul
11-Feb
22-Sep
10-Nov
18-Feb
18-Aug
20-Oct
11-Aug
14-Apr
14-Apr
17-Nov
18-Feb
28-Apr
31-Mar
17-Nov
22-Dec
14-Jan
28-Apr
20-Oct
22-Dec
7-Apr
8-Dec
15-Sep
3-Nov
8-Dec
25-Aug
11-Aug
8-Sep
21-Apr
31-Mar
27-Oct
30-Jun
8-Sep
25-Feb
16-Jun
13-Oct
16-Jun
12-May
22-Sep
21-Jan
23-Feb
29-Sep
A member of BMO
Financial Group
213
April 2012
BMO Capital Markets
Rank
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Title
The Ninth Gate
Michael Jordan to the Max (IMAX)
The Contender
Red Planet
Small Time Crooks
Center Stage
Boiler Room
Lost Souls
Eye of the Beholder
Thomas and the Magic Railroad
Cirque du Soleil: Journey of Man (IMAX)
Loser
All the Pretty Horses
Drowning Mona
Bait
Dungeons & Dragons
American Psycho
The Next Best Thing
Get Carter
Supernova
The Ladies Man
The Little Vampire
Solarmax
Dr. T and the Women
The Crew
Highlander: Endgame
Ready to Rumble
Saving Grace
The Gift
The Legend of Drunken Master
Cyberworld 3-D (IMAX)
Here on Earth
Lucky Numbers
Godzilla 2000
3 Strikes
Digimon: The Movie
You Can Count on Me
Whatever It Takes
Pollock
Fantasia 2000 (35mm)
Shadow of the Vampire
Quills
Screwed
State and Main
I Dreamed of Africa
What Planet Are You From?
Croupier
The Way of the Gun
Where the Money Is
The In Crowd
Domestic
Gross
$18.7
18.7
17.9
17.5
17.3
17.2
17.0
16.8
16.5
15.9
15.6
15.6
15.5
15.5
15.3
15.2
15.1
15.0
15.0
14.2
13.6
13.6
13.4
13.1
13.0
12.8
12.4
12.2
12.0
11.6
11.3
10.5
10.0
10.0
9.8
9.6
9.2
8.7
8.6
8.4
8.3
7.1
7.0
6.9
6.7
6.3
6.2
6.1
5.7
5.3
Studio*
Art.
IMAX
DW
TWX
DW
Sony
TWX-NL
TWX-NL
Dest.
Dest.
Sony
Sony
Disney-M
Dest.
TWX
TWX-NL
LGF
VIAB
TWX
MGM
VIAB
TWX-NL
Hel.
Art.
Disney
Disney-M
TWX
FL
VIAB
Disney-M
IMAX
Fox
VIAB
Sony
MGM
Fox
VIAB
Sony
Sony
Disney
LGF
FoxS
GE
FL
Sony
Sony
TSG
Art.
USA
TWX
Widest #
Theaters
1,694
56
1,639
2,703
886
1,506
1,335
1,970
1,751
2,110
22
2,016
1,593
1,981
2,352
2,078
1,242
2,035
2,315
2,280
2,043
2,009
6
1,489
1,515
1,546
2,585
875
807
1,345
38
1,713
2,528
2,111
678
1,825
150
2,272
280
513
223
1,761
462
2,112
2,248
141
1,565
1,538
1,357
OpenWknd
Gross
$6.6
0.6
5.4
8.7
3.9
4.6
5.7
8.0
6.0
4.2
0.0
6.0
1.3
5.8
5.5
7.2
5.0
5.9
6.6
5.8
5.4
5.7
0.0
5.0
4.1
5.1
5.3
0.3
0.0
3.8
0.3
4.5
4.5
4.4
3.7
4.2
0.1
4.1
0.0
0.2
0.2
3.3
0.6
2.4
3.0
0.1
2.2
2.5
1.5
Open #
Theaters
1,586
41
1,516
2,703
865
1,506
1,335
1,970
1,751
2,016
7
2,016
1,483
1,981
2,352
2,078
1,236
2,007
2,315
2,280
2,022
2,009
6
1,489
1,510
1,543
2,585
30
3
1,342
21
1,712
2,497
2,111
678
1,823
8
2,272
2
6
9
1,759
72
2,112
2,248
19
1,515
1,538
1,357
Release
10-Mar
5-May
13-Oct
10-Nov
19-May
12-May
18-Feb
13-Oct
28-Jan
26-Jul
5-May
21-Jul
25-Dec
3-Mar
15-Sep
8-Dec
14-Apr
3-Mar
6-Oct
14-Jan
13-Oct
27-Oct
15-Sep
13-Oct
25-Aug
1-Sep
7-Apr
4-Aug
22-Dec
20-Oct
6-Oct
24-Mar
27-Oct
18-Aug
3-Mar
6-Oct
10-Nov
24-Mar
15-Dec
1-Jan
29-Dec
24-Nov
12-May
22-Dec
5-May
3-Mar
21-Apr
8-Sep
14-Apr
21-Jul
A member of BMO
Financial Group
214
April 2012
BMO Capital Markets
Top 100 International Films Released in 2011 (1/50)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
International
Release Date
13-Jul
18-May
29-Jun
26-May
14-Dec
16-Nov
28-Jul
20-Apr
27-Oct
22-Jun
15-Dec
6-Apr
26-May
3-Aug
26-Oct
2-Nov
21-Apr
20-Jan
6-Oct
2-Jun
14-Dec
22-Jul
14-Sep
10-Nov
27-Oct
9-Jun
12-Jan
22-Dec
9-Mar
2-Mar
12-May
15-Jun
23-Apr
17-Jun
12-Aug
9-Feb
1-Sep
16-Jun
19-Oct
11-Nov
2-Dec
10-Feb
22-Jul
26-Dec
31-Mar
7-Jul
11-May
26-Jan
7-Jul
17-Feb
Title
Harry Potter and the Deathly Hallows (Part Two)
Pirates of the Caribbean: On Stranger Tides (3D)
Transformers 3
Kung Fu Panda 2
The Smurfs
Fast Five
Puss in Boots
Cars 2
Rio
Intouchables
Thor
Black Swan
Real Steel
X-Men: First Class
Johnny English Reborn
Immortals
In Time
Super 8
The Green Hornet
The Girl with the Dragon Tattoo (2011)
Battle: Los Angeles
Rango
Bridesmaids
Hankyu densha
Bad Teacher
Final Destination 5
Just Go With It
Green Lantern
Arthur Christmas
Hugo
Gnomeo and Juliet
War Horse
Source Code
Horrible Bosses
Midnight in Paris
Rien à déclarer (Nothing to Declare)
Zookeeper
I Am Number Four
International
Gross
$947.1
$802.8
$771.4
$500.4
$482.7
$423.8
$421.1
$416.3
$390.5
$368.4
$342.3
$341.0
$327.0
$305.0
$296.4
$281.0
$268.3
$222.4
$210.0
$207.2
$204.8
$192.0
$151.8
$143.4
$134.5
$132.9
$129.0
$128.8
$128.3
$121.9
$119.3
$119.1
$118.8
$115.9
$115.3
$111.9
$111.9
$103.3
$101.7
$101.0
$99.2
$94.0
$93.7
$93.7
$92.6
$92.1
$91.9
$90.0
$89.5
$89.4
A member of BMO
Financial Group
215
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
The Inbetweeners Movie
New Year's Eve
Happy Feet Two
Limitless
True Grit
No Strings Attached
Hop
Tower Heist
Cowboys & Aliens
The Lion King (in 3D)
Jack and Jill
Hereafter
The Artist
The Muppets
Unknown
The Iron Lady
Season of the Witch
The Adjustment Bureau
The Rite
Che bella giornata (What a Beautiful Day)
Paul
Kokuriko-zaka kara
Contagion
Scream 4
Crazy, Stupid, Love.
Water for Elephants
Beginning of the Great Revival
Gekijouban Pokketo monsutâ Besuto wisshu: Pikutini to kuroku eiyuu Zekuromu (Pokemon: Best Wishes)
Tinker, Tailor, Soldier, Spy
Abduction
Sutekina kanashibari (Once in a Blue Moon)
Sucker Punch
Red Riding Hood
Sunny
Priest
Choijongbyunggi Hwal (The Last Weapon)
Kokowääh
The Darkest Hour
Insidious
One Day
127 Hours
Meitantei Conan: Chinmoku no kuôtâ (Detective Conan: Quarter of Silence)
The Tree of Life
Drive (2011)
SP: The motion picture kakumei hen
Gantz
Eiga Kaibutsukun
Kronjuvelerna
The Change-Up
International
Release Date
19-Aug
8-Dec
17-Nov
17-Mar
26-Jan
4-Feb
30-Mar
3-Nov
11-Aug
1-Jul
10-Nov
5-Jan
12-Oct
24-Nov
17-Feb
26-Dec
6-Jan
2-Mar
2-Feb
5-Jan
18-Feb
16-Jul
8-Sep
14-Apr
28-Jul
15-Apr
15-Jun
16-Jul
16-Sep
22-Sep
29-Oct
24-Mar
10-Mar
4-May
5-May
10-Aug
17-Feb
3-Feb
22-Dec
1-Apr
18-Aug
6-Jan
16-Apr
18-May
15-Sep
12-Mar
29-Jan
26-Nov
29-Jun
12-Aug
International
Gross
$88.0
$87.5
$86.4
$82.6
$79.9
$77.1
$75.9
$74.9
$74.6
$74.3
$73.6
$72.5
$72.1
$69.8
$67.1
$66.9
$66.8
$65.4
$63.0
$60.7
$60.6
$60.0
$59.8
$59.0
$58.5
$58.4
$58.2
$57.1
$56.0
$54.0
$54.0
$53.4
$51.5
$51.1
$49.2
$45.8
$44.8
$44.4
$43.2
$43.0
$42.9
$42.4
$42.0
$41.0
$40.4
$40.2
$39.5
$39.3
$39.0
$38.4
A member of BMO
Financial Group
216
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
International
Release Date
3-Mar
17-Nov
16-Jun
15-Jul
20-May
30-Jun
25-Nov
31-Mar
28-Apr
2-Dec
8-Jul
18-Mar
16-Dec
19-May
9-Sep
16-Dec
12-May
9-Dec
22-Dec
26-May
8-Jul
23-Jun
9-Jun
21-Jul
28-Oct
12-Aug
18-Feb
22-Dec
17-Jun
14-Jul
10-Feb
6-Oct
17-Jul
12-Aug
11-Mar
3-Nov
27-May
24-Jun
14-Oct
28-Jan
10-Feb
16-Dec
22-Dec
22-Jul
9-Jun
18-Sep
20-Oct
28-Oct
10-Nov
31-Mar
Title
Harry Potter and the Deathly Hallows (Part One)
Toy Story 3
Inception
Shrek Forever After
Tangled
Iron Man 2
Despicable Me
The King's Speech
Tron Legacy
Robin Hood
The Tourist
Gulliver's Travels
Sex and the City 2
The Last Airbender
Knight & Day
The Karate Kid
Salt
Megamind
The Expendables
Shutter Island
Little Fockers
The Proposal
The Social Network
The Borrowers (Kari-gurashi no Arietti)
Eat Pray Love
Step Up 3-D
Due Date
The Godfather
Grown Ups
Red
Harmony (2010)
Valentine's Day
Let the Bullets Fly
Yogi Bear
Tangshan dadizhen (Aftershock)
The A-Team
Umizaru 3 (The Last Message)
Saw 3D
Unstoppable
Sanctum (3D)
International
Gross
$690.1
$660.4
$648.2
$533.0
$513.9
$398.0
$389.9
$330.0
$311.5
$311.3
$291.6
$277.3
$275.4
$244.4
$236.1
$228.0
$216.4
$210.7
$194.6
$193.0
$187.9
$185.5
$182.5
$175.2
$173.5
$171.4
$166.8
$162.2
$153.4
$152.1
$137.7
$128.0
$126.4
$124.0
$116.9
$111.2
$110.1
$109.4
$108.6
$107.1
$106.0
$104.3
$101.3
$100.2
$100.0
$98.7
$92.8
$90.4
$86.2
$85.4
A member of BMO
Financial Group
217
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
International
Release Date
3-Jul
23-Sep
22-Sep
10-Feb
23-Dec
7-Jul
10-Jul
16-Dec
18-Mar
29-Jul
15-Apr
4-Aug
25-Mar
22-Jan
8-Oct
14-Jan
15-Sep
11-Mar
20-Aug
26-Feb
8-Apr
14-Jan
28-Oct
6-May
7-Jan
7-Oct
30-Sep
2-Sep
2-Jun
27-May
24-Nov
1-Dec
20-Oct
2-Apr
17-Mar
18-Nov
19-May
11-Nov
5-Jun
18-Feb
18-Aug
25-Mar
7-Oct
4-Aug
1-Oct
17-Apr
23-Apr
30-Oct
11-Feb
8-Sep
Title
Bayside Shakedown 3: Set the Guys Loose
Legend of the Guardians: The Owls of Ga'Hoole
The Wolfman
Fei Cheng Wu Rao 2 (If You Are the One 2)
Predators
Pokémon: Diamond Pearl Gen-ei no hasha zoroark
The Bounty Hunter
Cats & Dogs: Revenge of Kitty Galore
Best Seller (2010)
Sammy's Adventures: The Secret Passage
Nanny McPhee and The Big Bang
Oceans
Tropa de Elite 2 - O Inimigo Agora É Outro (Elite Squad 2)
The Book of Eli
The Town
Green Zone
Piranha 3D
Veda
Date Night
The Blind Side
Jackass 3-D
A Nightmare on Elm Street (2010)
Tooth Fairy
Life as We Know It
Di Renjie (Detective Dee and the Mystery of the Phantom Flame)
The Other Guys
Killers
Marmaduke
Burlesque
Space Battleship Yamato
Les petits mouchoirs (Little White Lies)
Kick Ass
L'arnacoeur (Heartbreaker)
The Next Three Days
StreetDance 3D
Skyline
Kokuhaku (Confessions)
The Ghost Writer
Vampires Suck
Boy
Konferenz der Tiere (Animals United)
The Man From Nowhere
Benvenuti al Sud
Nodame Kantâbire: Saishuu-gakushou - Kouhen
The Back-Up Plan
SP: The motion picture yabô hen
My Name is Khan
Des hommes et des dieux (Of Gods and Men)
International
Gross
$85.3
$84.4
$82.3
$77.8
$75.6
$75.2
$71.1
$70.5
$69.3
$68.9
$68.8
$65.6
$64.2
$63.2
$62.9
$62.3
$61.8
$59.8
$58.2
$55.0
$53.6
$53.2
$53.1
$52.6
$52.4
$52.3
$51.3
$51.2
$51.1
$50.1
$50.1
$49.7
$48.3
$48.1
$46.9
$46.3
$46.3
$45.4
$44.9
$44.7
$43.9
$43.3
$43.0
$42.5
$41.9
$40.8
$40.0
$39.6
$38.3
$38.2
A member of BMO
Financial Group
218
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
International
Release Date
16-Dec
29-Jun
15-Jul
11-Nov
28-May
19-Jun
18-Nov
13-May
24-Dec
20-May
20-May
21-Dec
2-Apr
19-Aug
29-Apr
10-Jun
28-Oct
9-Sep
19-Mar
23-Jul
3-Dec
5-Aug
6-May
22-Jan
20-Aug
7-Jan
16-Sep
1-Jan
24-Jun
23-Jul
23-Dec
13-Aug
27-Feb
30-May
13-Jan
5-Feb
11-Dec
10-Jun
24-Sep
26-Feb
29-May
4-Mar
8-Apr
2-Jan
9-Apr
23-Jul
12-Feb
19-Nov
8-Oct
18-Sep
Title
Avatar
Harry Potter and the Half Blood Prince
2012
Up
Angels & Demons
Sherlock Holmes
Terminator Salvation: The Future Begins
Fast and Furious
The Hangover
Michael Jackson's This Is It
A Christmas Carol (2009)
Monsters Vs. Aliens
G-Force
G.I. Joe
Star Trek
Gran Torino
The Final Destination
Chi bi: Xia - Jue zhan tian xia (Red Cliff: Part II)
Valkyrie
Public Enemies
The Ugly Truth
It's Complicated
District 9
Män som hatar kvinnor (The Girl with the Dragon Tattoo)
Rookies: Sotsugyô
Paranormal Activity
Invictus
The Taking of Pelham One, Two, Three
Surrogates
Up in the Air
Brüno
Watchmen
The Reader
17 Again
Haeundae
Planet 51
Couples Retreat
Flickan som lekte med elden
International
Gross
$2,021.8
$690.1
$632.5
$603.6
$438.3
$434.2
$413.2
$352.6
$315.0
$246.0
$235.9
$223.5
$208.1
$200.9
$193.2
$190.2
$189.1
$187.4
$183.2
$173.4
$162.6
$152.3
$128.0
$121.9
$119.7
$118.6
$118.1
$117.2
$117.0
$116.4
$106.4
$95.2
$94.3
$88.1
$85.4
$84.9
$84.7
$84.7
$83.9
$83.0
$78.8
$77.7
$76.0
$74.7
$72.1
$71.3
$64.1
$63.5
$62.6
$59.5
A member of BMO
Financial Group
219
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Le Petit Nicolas
Wickie und die starken Männer
Bride Wars
Did You Hear About the Morgans?
Fame (2009)
The Imaginarium of Doctor Parnassus
Law Abiding Citizen
Revolutionary Road
Gukga daepyo (State Representative / Take Off / National Team)
Arthur et la vengeance de Maltazard
State of Play
Gekijô ban poketto monsutâ: Daiamondo pâru - Arceus Chokoku No Jiku He (Pokémon 12)
The Lovely Bones
Coraline
One Piece Film: Strong World
Drag Me to Hell
20-seiki shônen: Saishû-shô - Bokura no hata (20th Century Boys: The Last Chapter - Our Flag)
Old Dogs
Hachiko: A Dog's Story
My Sister's Keeper
Zweiohrküken
Nodame Kantâbire: Saishuu-gakushou - Zenpen
Coco avant Chanel
Hotel for Dogs
Evangerion shin gekijôban: Ha (Evangelion: 2.0 You Can (Not) Advance)
Saw VI
Le concert (2009)
The Pink Panther 2
Meitantei Conan: Shikkoku No Chaser (Detective Conan: The Raven Chaser)
Woochi
Agora (Mists of Time)
Luftslottet som sprängdes (The Girl Who Kicked the Hornet's Nest)
Amalufi: Megami no hôshû
Duplicity
The Men Who Stare at Goats
The Fighter
Julie & Julia
Orphan
The International
Nine
Gokusen: The Movie
The Unborn (2009)
LOL (Laughing Out Loud) ®
International
Release Date
30-Sep
9-Sep
7-Jan
24-Dec
24-Sep
18-Sep
16-Oct
15-Jan
29-Jul
26-Nov
17-Apr
18-Jul
17-Sep
5-Feb
12-Dec
16-Jan
27-May
29-Aug
12-Mar
4-Jun
1-May
7-May
26-Jun
3-Dec
21-Jan
19-Dec
22-Apr
15-Jan
27-Jun
22-Oct
4-Nov
5-Feb
18-Apr
11-Mar
23-Dec
9-Oct
27-Nov
14-Aug
18-Jul
19-Mar
21-Jan
6-Nov
20-Nov
6-Aug
29-Jul
12-Feb
28-Jan
11-Jul
9-Jan
4-Feb
International
Gross
$59.5
$56.4
$55.9
$55.7
$54.8
$54.1
$53.3
$52.3
$52.1
$51.4
$50.8
$50.7
$49.5
$49.3
$49.2
$49.2
$48.7
$48.4
$48.1
$47.3
$47.0
$46.7
$46.5
$46.4
$45.6
$44.9
$44.7
$44.0
$41.0
$40.5
$40.5
$40.0
$39.7
$39.2
$38.7
$38.4
$38.3
$37.9
$37.8
$37.6
$37.0
$36.5
$35.6
$35.4
$35.1
$34.7
$34.3
$34.1
$33.8
$32.8
A member of BMO
Financial Group
220
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
International
Release Date
21-May
16-Jul
3-Jul
30-Oct
31-Oct
5-Jun
2-Jul
30-Jul
26-Jun
15-May
30-Apr
28-May
27-Feb
5-Dec
26-Jun
25-Dec
20-Nov
26-Nov
19-Jul
6-Mar
22-Oct
26-Nov
10-Dec
12-Mar
13-Feb
10-Jul
7-May
25-Jan
12-Jun
10-Jul
18-Dec
19-Sep
24-Dec
19-Jun
5-Jun
16-Jan
24-Dec
11-Jun
17-Dec
21-Feb
14-Feb
17-Jan
17-Jan
10-Jul
10-Jan
24-Jan
27-Feb
20-Feb
14-Aug
12-Nov
Title
The Dark Knight
Mamma Mia!
Quantum of Solace
Kung Fu Panda
Hancock
Wall-E
Iron Man
Sex and the City
Bienvenue chez les Ch'tis
Slumdog Millionaire
Wanted
Twilight
Bolt
Gake no ue no Ponyo (Ponyo on a Cliff)
10,000 B.C.
Australia
Jumper
Astérix aux jeux olympiques
The Incredible Hulk
Chi bi (Red Cliff: Part I)
Yes Man
Burn After Reading
Bedtime Stories
Get Smart
Sweeney Todd: The Demon Barber of Fleet Street
Marley and Me
The Happening
Seven Pounds
Step Up 2 the Streets
The Spiderwick Chronicles
Cloverfield
Juno
Hellboy II: The Golden Army
27 Dresses
The Bucket List
Taken
Vantage Point
Tropic Thunder
Changeling
International
Gross
$469.5
$468.6
$465.7
$423.9
$417.7
$416.3
$396.4
$298.6
$297.5
$278.0
$266.8
$262.6
$245.1
$236.6
$206.9
$206.4
$199.8
$195.9
$186.7
$175.0
$162.3
$161.8
$153.7
$142.6
$142.1
$140.3
$139.1
$131.9
$128.6
$127.2
$125.6
$103.4
$102.8
$100.4
$99.9
$99.6
$99.6
$98.9
$98.2
$92.8
$91.6
$90.7
$87.9
$84.4
$83.5
$81.9
$81.8
$78.9
$77.6
$77.3
A member of BMO
Financial Group
221
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Transporter 3
21
Eagle Eye
Body of Lies
Vicky Cristina Barcelona
Hana yori dango: Fainaru (Boys Over Flowers: Final)
Rambo
Made of Honor
Saw V
Yôgisha X no kenshin (Suspect X)
Nim's Island
The Other Boleyn Girl
Speed Racer
Babylon A.D.
Cheung Gong 7 hou (CJ7)
Mirrors
Meet the Spartans
Fei Cheng Wu Rao (If You Are the One)
Superhero Movie
Inkheart
Max Payne
Joheunnom nabbeunnom isanghannom (The Good, the Bad, and the Weird)
Four Christmases
Gekijô ban poketto monsutâ: Daiamondo pâru - Giratina to sora no hanataba Sheimi (Pokémon Diamond &
Pearl the Movie: Giratina and the Frozen Sky's Bouquet: Shaymin) (2008)
Nights in Rodanthe
Kwasok Scandle (Speed Scandal)
Aibô: gekijô-ban
Fool's Gold
Death Race
Street Kings
Admiral
Meet Dave
Righteous Kill
20-seiki shônen (Twentieth Century Boys: Chapter One)
Wa pei (Painted Skin)
Natale a Rio
Chugyeogja (The Chaser)
Za majikku awâ (The Magic Hour)
There Will Be Blood
Ghajini
L: Change the World
The Bank Job
Space Chimps
The Argentine (Che: Part One)
International
Release Date
26-Nov
2-Apr
25-Sep
16-Apr
9-Oct
19-Sep
28-Jun
23-Jan
30-Apr
23-Oct
4-Oct
30-Sep
2-Jan
3-Apr
28-Feb
8-May
20-Aug
23-Jul
30-Jan
13-Aug
23-Jan
18-Dec
27-Mar
11-Dec
15-Oct
17-Jul
26-Nov
19-Jul
26-Sep
17-Apr
4-Dec
1-May
7-Feb
21-Aug
10-Apr
8-Oct
10-Jul
10-Sep
30-Aug
25-Sep
17-Dec
14-Feb
18-Dec
7-Jun
7-Feb
25-Dec
9-Feb
28-Feb
17-Jul
5-Sep
International
Gross
$77.3
$76.8
$76.6
$75.9
$75.7
$73.2
$72.2
$70.5
$60.0
$57.1
$54.8
$54.8
$52.3
$52.1
$50.9
$50.0
$49.6
$47.4
$47.1
$46.8
$46.4
$45.5
$45.4
$45.1
$44.7
$44.1
$43.6
$43.3
$42.5
$42.0
$41.7
$41.6
$41.0
$39.4
$39.2
$39.1
$38.8
$38.4
$38.2
$37.6
$36.7
$36.5
$36.1
$36.0
$36.0
$35.9
$35.2
$34.8
$34.7
$33.2
A member of BMO
Financial Group
222
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
International
Release Date
23-May
11-Jul
1-May
17-May
28-Jun
28-Jun
25-Jul
12-Dec
5-Dec
26-Jun
7-Mar
19-Dec
8-Aug
21-Nov
22-Mar
7-Jun
1-Nov
13-Jun
12-Dec
2-Nov
8-Aug
14-Nov
4-Jan
14-Feb
16-May
20-Dec
26-Dec
19-Sep
9-Aug
9-Feb
4-Oct
6-Jun
25-Dec
8-Mar
19-Jul
20-Dec
7-Sep
10-Oct
8-Sep
25-Oct
14-Feb
21-Jun
23-Mar
11-Oct
5-Jul
16-May
26-Jul
14-Feb
1-Aug
15-Feb
Title
Spider-Man 3
Shrek the Third
Ratatouille
Transformers
The Simpsons Movie
I Am Legend
The Golden Compass
300
Enchanted
Mr. Bean's Holiday
Ocean's Thirteen
Bee Movie
American Gangster
Rush Hour 3
Beowulf
Blood Diamond
Ghost Rider
Knowing
P.S. I Love You
Stardust
Music and Lyrics
The Heartbreak Kid
Surf's Up
Alien vs. Predator - Requiem
Wild Hogs
Hairspray (2007)
Keinohrhasen
Atonement
Earth (2007)
Hero (2007)
Saw IV
La Môme (La Vie en Rose)
Evan Almighty
Meet the Robinsons
El Orfanato (The Orphanage)
Knocked Up
Okuribito (Departures)
Taxi 4
D-War (Dragon Wars)
Norbit
International
Gross
$654.0
$647.9
$554.3
$476.2
$417.3
$390.5
$343.9
$329.0
$302.1
$249.0
$245.5
$237.4
$215.4
$212.7
$196.4
$194.2
$161.0
$157.1
$144.0
$136.3
$117.9
$114.1
$114.0
$112.9
$103.6
$103.1
$97.3
$97.1
$96.9
$95.3
$91.0
$90.2
$87.1
$85.4
$83.7
$81.7
$78.3
$77.0
$76.1
$76.1
$76.0
$73.0
$71.5
$71.5
$70.3
$68.4
$66.0
$65.1
$64.1
$63.6
A member of BMO
Financial Group
223
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
International
Release Date
24-Sep
25-Dec
21-Nov
12-Jul
25-Apr
26-Oct
26-Dec
12-Oct
16-Feb
20-Dec
16-Feb
7-Feb
20-Apr
17-May
18-Jan
27-Jul
26-Jul
11-Apr
23-Mar
29-Aug
7-Nov
24-Jan
28-Sep
12-Dec
Title
Si jie (Lust, Caution)
The Water Horse: Legend of the Deep
Hitman
1408
Next
Elizabeth: The Golden Age
The Kite Runner
The Game Plan
Hot Fuzz
Ironiya sudby. Prodolzhenie (The Irony of Fate 2)
Hannibal Rising
Fracture
Zodiac
Dreamgirls
No Reservations
Hwaryeohan hyuga (May 18)
Perfect Stranger
Shooter
Superbad
Lions for Lambs
Epic Movie
Michael Clayton
Tau ming chong (The Warlords)
Gekijôban Poketto Monsutâ Daiyamondo to Pâru Diaruga Tai Parukia Tai Dâkurai (Pokémon: Diamond and Pearl)
(2007)
The Number 23
Always zoku san-chôme no yûhi
TMNT
The Good Shepherd
The Kingdom
Eastern Promises
Death at a Funeral
Into the Wild
The Reaping
Disturbia
Natale in crociera
Saiyûki (Monkey Magic)
Koizora (Sky of Love)
Om Shanti Om
Premonition
30 Days of Night
28 Weeks Later
Ji jie hao (Assembly)
August Rush
Gomorra
The Brave One
Doraemon: Nobita no shin makai daibôken (Doraemon the Movie: Nobita's New Great Adventure Into the
98 Underworld - The Seven Magic Users) (2007)
99 [Rec]
100 Notes on a Scandal
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
International
Gross
$62.5
$62.1
$60.3
$60.0
$57.9
$57.9
$57.5
$57.2
$56.9
$55.6
$55.3
$54.5
$52.3
$51.7
$51.6
$49.5
$49.3
$49.1
$48.7
$48.4
$48.2
$47.1
$44.0
$42.7
14-Jul
22-Feb
3-Nov
22-Mar
15-Feb
4-Oct
28-Sep
11-Jul
9-Nov
6-Apr
12-Apr
15-Nov
14-Dec
14-Jul
3-Nov
7-Nov
16-Mar
24-Oct
10-May
20-Dec
23-Nov
16-May
12-Sep
$42.5
$42.4
$42.3
$41.5
$39.5
$39.1
$38.8
$38.2
$37.9
$37.6
$37.6
$37.4
$37.4
$36.7
$36.7
$36.4
$36.3
$35.9
$35.6
$34.8
$34.5
$33.3
$33.0
10-Mar
23-Nov
25-Jan
$32.8
$32.5
$32.2
A member of BMO
Financial Group
224
April 2012
BMO Capital Markets
Top Films in 2011 by Distributor
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
$90.2
4,155
Release
Disney
Buena Vista
5 Pirates of the Caribbean: On Stranger Tides
BV
$802.8
$1,043.9
4,164
8 Cars 2
BV
191.5
368.4
559.9
4,115
66.1
4,115
24-Jun
13 The Help
BV
169.7
37.0
206.7
3,014
26.0
2,534
10-Aug
31 Gnomeo and Juliet
BV
100.0
94.0
194.0
3,037
25.4
2,994
11-Feb
33 The Lion King (in 3D)
BV
94.2
74.3
168.5
2,340
30.2
2,330
16-Sep
23-Nov
$241.1
20-May
34 The Muppets
BV
88.6
69.8
158.4
3,440
29.2
3,440
35 Real Steel
BV
85.5
210.0
295.5
3,440
27.3
3,440
7-Oct
41 War Horse
BV
79.5
93.7
173.2
2,856
7.5
2,376
25-Dec
18-Feb
61 I Am Number Four
BV
55.1
89.4
144.5
3,156
19.4
3,154
105 Winnie the Pooh
BV
26.7
6.5
33.2
2,405
7.9
2,405
15-Jul
115 Mars Needs Moms
BV
21.4
17.6
39.0
3,117
6.9
3,117
11-Mar
121 Fright Night (2011)
BV
18.3
22.7
41.0
3,114
7.7
3,114
19-Aug
126 African Cats
BV
15.4
5.9
21.3
1,224
6.0
1,220
22-Apr
141 Prom
BV
10.1
-
10.1
2,730
4.7
2,730
29-Apr
Total
1,197.0
1,892.1
3,089.1
Marvel
10 Thor
Par.
181.0
268.3
449.3
3,963
65.7
3,955
6-May
12 Captain America: The First Avenger
Par.
176.7
192.0
368.7
3,715
65.1
3,715
22-Jul
3,925
26-May
3,952
28-Oct
Total
357.7
460.3
818.0
Total
$1,554.7
$2,352.4
$3,907.1
15 Kung Fu Panda 2
DWA
$165.2
$500.4
$665.6
3,952
16 Puss in Boots
DWA
390.5
539.8
3,963
149.3
$47.7
34.1
Total
$314.5
$890.9
$1,205.4
75 Hanna
Focus
$40.3
$23.5
$63.8
2,545
98 The Debt
Focus
31.2
14.5
45.7
1,874
109 Tinker, Tailor, Soldier, Spy
Focus
24.1
55.5
79.6
886
0.3
4
9-Dec
119 The Eagle
Focus
19.5
7.6
27.1
2,296
8.7
2,296
11-Feb
130 One Day
Focus
13.8
42.9
56.7
1,725
5.1
1,719
19-Aug
136 Jane Eyre
Focus
11.2
20.9
32.1
319
0.2
4
11-Mar
149 Beginners
Focus
5.8
8.5
14.3
170
0.1
5
3-Jun
222 Pariah
Focus
0.8
-
0.8
24
0.0
4
28-Dec
CMCSA-Universal
Focus
Total
146.7
173.4
320.1
$12.4
9.9
2,535
8-Apr
1,826
31-Aug
Universal
6 Fast Five
14 Bridesmaids
Uni.
209.8
416.3
626.1
3,793
86.2
3,644
29-Apr
Uni.
169.1
119.3
288.4
2,958
26.2
2,918
13-May
25 Hop
Uni.
108.1
75.9
184.0
3,616
37.5
3,579
1-Apr
30 Cowboys & Aliens
Uni.
100.2
74.6
174.8
3,754
36.4
3,750
29-Jul
4-Nov
43 Tower Heist
Uni.
78.0
74.9
152.9
3,870
24.0
3,367
56 The Adjustment Bureau
Uni.
62.5
65.4
127.9
2,847
21.2
2,840
4-Mar
68 The Dilemma
Uni.
48.5
21.2
69.7
2,943
17.8
2,940
14-Jan
82 Paul
Uni.
37.4
60.6
98.0
2,806
13.0
2,802
18-Mar
86 The Change-Up
Uni.
37.1
38.4
75.5
2,913
13.5
2,913
5-Aug
90 Larry Crowne
Uni.
35.6
16.8
52.4
2,976
13.1
2,973
1-Jul
111 Sanctum
Uni.
23.2
85.4
108.6
2,789
9.4
2,787
4-Feb
113 Your Highness
Uni.
21.6
3.3
24.9
2,772
9.4
2,769
8-Apr
116 Dream House
Uni.
21.3
17.2
38.5
2,664
8.1
2,661
30-Sep
124 The Thing (2011)
Uni.
16.9
10.5
27.4
2,996
8.5
2,996
14-Oct
143 Johnny English Reborn
Uni.
8.3
151.8
160.1
1,554
3.8
1,552
21-Oct
Total
977.7
1,231.6
2,209.3
Total
$1,124.4
$1,405.0
$2,529.4
* Denotes ownership interest at release. Data as of 3/19/12.
A member of BMO
Financial Group
225
April 2012
BMO Capital Markets
Top Films in 2011 by Distributor (Continued)
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Lions Gate
58
65
103
117
131
171
193
195
198
306
310
326
The Lincoln Lawyer
Tyler Perry's Madea's Big Happy Family
Abduction
Conan the Barbarian (2011)
Warrior
From Prada to Nada
Saving Private Perez
The Devil's Double
No Eres Tu, Soy Yo
Go For It
Pastorela
Labios Rojos
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
$58.0
53.3
28.1
21.3
13.7
3.0
1.4
1.4
1.3
0.2
0.2
0.1
$17.0
54.0
27.5
9.4
0.1
7.9
2.7
-
$75.0
53.3
82.1
48.8
23.1
3.2
9.3
1.4
1.3
0.2
2.9
0.1
Total
$182.0
$118.6
$300.6
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
$176.8
146.4
143.6
131.6
74.9
68.2
58.7
52.7
37.9
37.5
30.4
23.2
14.0
11.9
7.2
$305.0
207.2
341.0
202.7
28.5
119.1
58.4
19.7
44.8
134.5
4.1
16.5
16.4
6.8
0.2
$481.8
353.6
484.6
334.3
103.4
187.3
117.1
72.4
82.7
172.0
34.5
39.7
30.4
18.7
7.4
1,015.1
1,504.9
2,520.1
87.9
41.0
0.7
11.3
0.5
10.0
0.5
-
169.9
54.3
10.8
6.9
15.2
3.5
1.4
11.3
1.8
0.6
0.0
2,707
2,288
3,118
3,015
1,883
261
165
89
226
218
55
67
$13.2
25.1
10.9
10.0
5.2
1.1
0.7
0.1
0.6
0.1
0.1
0.1
2,707
2,288
3,118
3,015
1,869
256
161
5
226
218
55
67
18-Mar
22-Apr
23-Sep
19-Aug
9-Sep
28-Jan
2-Sep
29-Jul
8-Apr
13-May
2-Dec
14-Oct
3,691
3,692
3,842
3,734
3,170
3,342
2,820
3,169
2,821
3,127
2,752
2,473
3,011
2,040
2,150
$54.8
55.1
39.2
23.2
9.4
18.4
16.8
23.8
16.3
12.1
9.9
7.5
5.4
6.0
3.3
3,648
3,641
3,826
3,723
3,117
3,339
2,817
3,167
2,821
3,122
2,750
2,473
3,002
2,040
2,150
5-Aug
3-Jun
15-Apr
16-Dec
23-Dec
17-Jun
22-Apr
25-Mar
18-Feb
28-Oct
9-Dec
1-Jul
30-Sep
12-Aug
14-Oct
2,038
237
388
462
95
183
610
116
94
101
14
1.2
0.4
0.2
0.3
0.3
0.1
0.7
0.1
0.1
0.3
0.0
29
4
5
15
10
4
610
24
4
101
2
16-Nov
27-May
18-Mar
11-Feb
2-Dec
21-Oct
17-Jun
15-Jul
22-Jul
22-Apr
30-Sep
News Corp
Fox
11
17
18
20
47
53
57
66
79
81
99
112
129
134
146
X-Men: First Class
Rio
We Bought a Zoo
Water for Elephants
In Time
The Sitter
Monte Carlo
What's Your Number?
Glee The 3D Concert Movie
The Big Year
Total
Fox Searchlight
39 The Descendants
132 The Tree of Life
139 Win Win
148 Cedar Rapids
164 Shame
173 Martha Marcy May Marlene
192 The Art of Getting By
197 Snow Flower and the Secret Fan
199 Another Earth
242 Dum Maaro Dum
407 Margaret
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
82.0
13.3
10.2
6.9
3.9
3.0
1.4
1.3
1.3
0.6
0.0
Total
123.9
151.9
275.8
Total
$1,139.1
$1,656.8
$2,795.9
A member of BMO
Financial Group
226
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Sony
Screen Gems
60 Friends with Benefits
SGem
$93.7
$149.5
2,926
84 The Roommate
SGem
37.3
3.2
40.5
2,534
15.0
2,534
4-Feb
SGem
29.1
49.2
78.3
2,864
15.0
2,864
13-May
138 Straw Dogs (2011)
SGem
10.3
-
210 Attack the Block
SGem
1.0
100 Priest
$55.8
Total
133.6
$18.6
2,926
22-Jul
10.3
2,408
5.1
2,408
16-Sep
4.8
5.8
66
0.1
8
29-Jul
150.9
284.5
Sony/Columbia
19 The Smurfs
Sony
142.6
421.1
563.7
3,427
35.6
3,395
29-Jul
27 Just Go With It
Sony
103.0
111.9
214.9
3,548
30.5
3,548
11-Feb
21-Dec
28 The Girl with the Dragon Tattoo (2011)
Sony
102.5
127.1
229.6
2,950
12.8
2,914
29 Bad Teacher
Sony
100.3
115.9
216.2
3,049
31.6
3,049
24-Jun
32 The Green Hornet
Sony
98.8
129.0
227.8
3,584
33.5
3,584
14-Jan
11-Mar
37 Battle: Los Angeles
Sony
83.6
128.3
211.9
3,417
35.6
3,417
40 Zookeeper
Sony
80.4
89.5
169.9
3,482
20.1
3,482
8-Jul
46 Moneyball
Sony
75.6
34.6
110.2
3,018
19.5
2,993
23-Sep
48 Jack and Jill
Sony
74.2
73.6
147.8
3,438
25.0
3,438
11-Nov
69 Arthur Christmas
Sony
46.5
101.0
147.5
3,376
12.1
3,376
23-Nov
74 The Ides of March
Sony
41.0
303.0
344.0
2,199
10.5
2,199
7-Oct
87 30 Minutes or Less
Sony
37.1
3.5
40.6
2,888
13.3
2,888
12-Aug
157 Anonymous
Sony
4.5
10.9
15.4
513
1.0
265
28-Oct
176 Bucky Larson: Born to Be a Star
Sony
2.5
-
2.5
1,500
1.4
1,500
9-Sep
20-May
Total
992.4
1,649.4
2,641.8
Sony Classics
59 Midnight in Paris
SPC
56.8
91.9
148.7
1,038
0.6
6
150 A Dangerous Method
SPC
5.6
17.5
23.1
365
0.2
4
23-Nov
151 A Separation
SPC
5.6
12.8
18.4
282
0.1
3
30-Dec
152 The Guard
SPC
5.4
12.3
17.7
203
0.1
4
29-Jul
159 Barney's Version (U.S. only)
SPC
4.4
4.0
8.4
281
0.1
4
14-Jan
163 Of Gods and Men
SPC
4.0
38.2
42.2
120
0.3
33
25-Feb
168 The Skin I Live In
SPC
3.2
27.7
30.9
116
0.2
6
14-Oct
177 Carnage (2011)
SPC
2.5
25.1
27.6
494
0.1
5
16-Dec
180 Incendies (U.S. only)
SPC
2.1
1.5
3.6
90
0.1
3
22-Apr
185 Take Shelter
SPC
1.7
1.4
3.1
91
0.1
3
30-Sep
201 Beats, Rhymes & Life: The Travels of a Tribe Called Quest
SPC
1.2
-
1.2
54
0.1
4
8-Jul
212 In a Better World
SPC
1.0
8.6
9.6
51
0.0
4
1-Apr
219 Higher Ground
SPC
0.8
-
0.8
81
0.0
3
26-Aug
236 POM Wonderful Presents: The Greatest Movie Ever Sold
SPC
0.6
-
0.6
141
0.1
18
22-Apr
244 Winter in Wartime
SPC
0.5
8.7
9.2
26
0.0
3
18-Mar
309 Restless (2011)
SPC
0.2
-
0.2
126
0.0
5
16-Sep
329 Life, Above All
SPC
0.1
-
0.1
18
0.0
5
15-Jul
Total
95.8
249.7
345.5
TriStar
71 Soul Surfer
TriS
43.9
0.4
44.3
2,240
10.6
2,214
8-Apr
85 Jumping the Broom
TriS
37.3
0.4
37.7
2,035
15.2
2,035
6-May
88 Colombiana
TriS
36.7
24.3
61.0
2,614
10.4
2,614
26-Aug
94 Courageous
TriS
34.5
-
34.5
1,214
9.1
1,161
30-Sep
4,066
2,971
2,479
2,327
3,017
2,290
216
168
$138.1
14.8
8.6
3.0
8.7
5.2
0.1
0.1
4,061
2,961
2,458
2,324
3,017
2,290
4
22
18-Nov
1-Apr
30-Sep
25-Dec
21-Oct
25-Feb
24-Jun
6-May
Total
152.3
25.1
177.5
Total
$1,374.1
$2,075.1
$3,449.2
3
62
93
114
118
137
184
216
Source Code
50/50
The Darkest Hour
Drive Angry
A Better Life
The Beaver
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
$281.3
54.7
35.0
21.4
20.4
10.7
1.8
1.0
$423.8
92.6
4.2
43.2
111.9
18.2
5.4
$705.1
147.3
39.2
64.6
132.3
28.9
1.8
6.4
Total
$426.3
$699.3
$1,125.6
A member of BMO
Financial Group
227
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Weinstein
73 The Artist
Wein.
$42.1
$72.1
$114.2
1,756
$0.2
4
25-Nov
102 The Iron Lady
Wein.
28.6
$61.0
89.6
1,244
0.2
4
30-Dec
108 Our Idiot Brother
Wein.
24.8
24.8
2,555
7.0
2,555
26-Aug
128 My Week with Marilyn
Wein.
14.6
11.8
26.4
630
1.8
244
23-Nov
140 Hoodwinked Too! Hood vs. Evil
Wein.
10.1
6.8
16.9
2,505
4.1
2,505
29-Apr
142 I Don't Know How She Does It
Wein.
9.7
20.9
30.6
2,490
4.4
2,476
16-Sep
145 Sarah's Key
Wein.
7.7
13.4
21.1
319
0.1
5
22-Jul
158 The Company Men
Wein.
4.4
0.4
4.9
277
0.6
106
21-Jan
167 The King's Speech (PG-13)
Wein.
3.3
-
3.3
1,011
1.1
1,011
1-Apr
256 Submarine
Wein.
0.5
0.4
0.9
28
0.0
4
3-Jun
265 Miral
Wein.
0.4
0.5
0.9
29
0.1
4
25-Mar
388 Dirty Girl
Wein.
0.1
-
0.1
10
0.0
9
7-Oct
Total
146.3
-
187.4
333.6
W/Dim
77 Spy Kids: All the Time in the World
W/Dim.
38.5
37.3
75.8
3,305
11.6
3,295
19-Aug
78 Scream 4
W/Dim.
38.2
59.0
97.2
3,314
18.7
3,305
15-Apr
122 Apollo 18
W/Dim.
17.7
7.9
25.6
3,330
8.7
3,328
2-Sep
Total
94.4
104.2
198.6
Total
$240.7
$291.6
$532.2
1 Harry Potter and the Deathly Hallows Part 2
WB
$381.0
4 The Hangover Part II
WB
Time Warner
Warner Bros.
9 Sherlock Holmes: A Game of Shadows
$947.1
$1,328.1
4,375
4,375
15-Jul
254.5
327.0
581.5
3,675
$169.2
85.9
3,615
26-May
16-Dec
WB
186.7
335.6
522.3
3,703
39.6
3,703
WB (NL)
117.5
92.1
209.6
3,134
28.3
3,040
8-Jul
24 Green Lantern
WB
116.6
103.3
219.9
3,816
53.2
3,816
17-Jun
36 Crazy, Stupid, Love.
WB
84.4
58.5
142.9
3,020
19.1
3,020
29-Jul
45 Contagion
WB
75.7
59.8
135.5
3,222
22.4
3,222
9-Sep
51 Dolphin Tale
WB
72.3
23.1
95.4
3,515
19.2
3,507
23-Sep
54 Happy Feet Two
WB
64.0
86.4
150.4
3,611
21.2
3,606
18-Nov
55 Unknown
WB
63.7
67.1
130.8
3,043
21.9
3,043
18-Feb
63 New Year's Eve
WB (NL)
54.5
87.5
142.0
3,505
13.0
3,505
9-Dec
70 Hall Pass
WB (NL)
45.1
38.1
83.2
2,950
13.5
2,950
25-Feb
72 Final Destination 5
12-Aug
23 Horrible Bosses
WB (NL)
42.6
115.3
157.9
3,155
18.0
3,155
76 Something Borrowed
WB
39.0
21.1
60.1
2,904
13.9
2,904
6-May
80 Red Riding Hood
WB
37.7
51.5
89.2
3,030
14.0
3,030
11-Mar
83 J. Edgar
WB
37.3
41.7
79.0
1,985
11.2
1,910
9-Nov
89 Sucker Punch
WB
36.4
53.4
89.8
3,033
19.1
3,033
25-Mar
91 A Very Harold & Kumar 3D Christmas
WB (NL)
35.1
0.3
35.4
2,875
13.0
2,875
4-Nov
95 The Rite
WB (NL)
33.0
63.0
96.0
2,985
14.8
2,985
28-Jan
96 Arthur (2011)
WB
33.0
12.7
45.7
3,276
12.2
3,276
8-Apr
97 Extremely Loud & Incredibly Close
WB
31.8
14.4
46.2
2,630
0.1
6
25-Dec
123 Born to Be Wild (IMAX)
WB
17.3
5.5
22.8
208
0.9
206
8-Apr
220 The Lord of the Rings: The Return of the King (2011 re-release)
WB
0.8
-
0.8
521
NA
N/A
28-Jun
223 The Lord of the Rings: The Fellowship of the Ring (2011 re-release)
WB
0.8
-
0.8
522
NA
N/A
14-Jun
224 The Lord of the Rings: The Two Towers (2011 re-release)
WB
0.8
-
0.8
522
NA
N/A
21-Jun
227 The Polar Express (2011 re-issue)
WB
0.7
-
0.7
25
0.1
19
25-Nov
4,088
29-Jun
Total
$1,862.1
$2,604.5
$4,466.7
P/DW
$352.4
$771.4
$1,123.8
Total
352.4
771.4
1,123.8
Viacom
DreamWorks
2 Transformers: Dark of the Moon
4,088
$97.9
Paramount
7 Mission: Impossible - Ghost Protocol
Par.
208.8
482.7
691.5
3,555
12.8
425
16-Dec
21 Super 8
Par.
127.0
132.9
259.9
3,424
35.5
3,379
10-Jun
22 Rango
Par.
123.5
121.9
245.4
3,923
38.1
3,917
4-Mar
26 Paranormal Activity 3
Par.
104.0
101.7
205.7
3,329
52.6
3,321
21-Oct
44 The Adventures of Tintin
Par.
77.6
296.4
374.0
3,087
9.7
3,087
21-Dec
49 Justin Bieber: Never Say Never
Par.
73.0
25.4
98.4
3,118
29.5
3,105
11-Feb
50 Hugo
Par.
73.0
92.5
165.5
2,608
11.4
1,277
23-Nov
52 No Strings Attached
Par.
70.7
77.1
147.8
3,050
19.7
3,018
21-Jan
67 Footloose (2011)
Par.
51.8
10.9
62.7
3,555
15.6
3,549
14-Oct
Par.
16.3
4.2
20.5
987
0.3
8
9-Dec
1,345.7
2,271.4
0.1
0.1
3.5
3.5
162
0.1
4
28-Oct
$2,117.3
$3,398.7
125 Young Adult
Total
925.6
Paramount Vantage
166 Like Crazy
ParV
Total
Total
3.4
3.4
$1,281.4
A member of BMO
Financial Group
228
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Disney
Buena Vista
1 Toy Story 3
BV
$415.0
$648.2
$1,063.2
4,028
$110.3
4,028
2 Alice in Wonderland (2010)
BV
334.2
690.1
1,024.3
3,739
116.1
3,728
5-Mar
BV
200.8
328.0
528.8
3,603
48.8
3,603
24-Nov
10 Tangled
18-Jun
12 Tron Legacy
BV
172.1
219.8
391.9
3,451
44.0
3,451
17-Dec
36 Prince of Persia: The Sands of Time
BV
90.8
244.4
335.2
3,646
30.1
3,646
28-May
50 The Sorcerer's Apprentice
BV
63.2
152.1
215.3
3,504
17.6
3,504
14-Jul
52 The Last Song
BV
63.0
26.1
89.1
2,794
16.0
2,673
31-Mar
58 Secretariat
BV
59.7
0.2
59.9
3,108
12.7
3,072
8-Oct
74 Step Up 3-D
BV
42.4
116.8
159.2
2,439
15.8
2,435
6-Aug
88 When in Rome
BV
32.7
10.4
43.1
2,456
12.4
2,456
29-Jan
BV
25.7
6.2
31.9
2,548
8.4
2,548
24-Sep
117 Oceans
BV
19.4
63.1
82.5
1,232
6.1
1,206
22-Apr
345 Waking Sleeping Beauty
BV
0.1
0.0
0.1
5
0.0
5
26-Mar
5
0.0
5
13-Aug
4,390
128.1
4,380
7-May
102 You Again
377 Tales from Earthsea
BV
Total
0.0
68.6
68.6
1,519.1
2,574.0
4,093.1
Marvel
3 Iron Man 2
Marvel
312.4
309.6
622.0
Total
312.4
309.6
622.0
97 The Switch
Mira.
27.8
22.0
49.8
2,017
8.4
2,012
20-Aug
264 The Tempest
Mira.
0.3
-
0.3
21
0.0
5
10-Dec
Total
28.1
22.0
50.1
Total
$1,859.6
$2,905.6
$4,765.2
8 Shrek Forever After
DWA
$238.7
$511.2
$749.9
4,386
$70.8
4,359
21-May
9 How to Train Your Dragon
DWA
217.6
277.3
494.9
4,060
43.7
4,055
26-Mar
DWA
148.3
170.4
318.7
3,949
46.0
3,944
5-Nov
Total
$604.6
$958.9
$1,563.5
1-Sep
Miramax
16 Megamind
GE
Focus
83 The American
Focus
$35.6
$30.3
$65.9
2,833
$13.2
2,823
114 The Kids Are All Right
Focus
20.8
8.7
29.5
994
0.5
7
9-Jul
139 Babies
Focus
7.3
2.2
9.5
543
2.2
534
7-May
146 It's Kind of a Funny Story
Focus
6.4
-
6.4
757
2.0
742
8-Oct
152 Greenberg
Focus
4.2
1.9
6.1
186
0.1
3
19-Mar
174 Somewhere
Focus
1.7
6.5
8.2
83
0.1
7
22-Dec
Total
76.0
49.6
125.6
143
0.3
12
17-Sep
Rogue
160 Catfish
Rog.
3.2
0.0
3.2
Total
3.2
0.0
3.2
Universal
7 Despicable Me
17 Little Fockers
Uni.
251.5
276.3
527.8
3,602
56.4
3,476
9-Jul
Uni.
147.7
159.3
307.0
3,675
30.8
3,536
22-Dec
24 Robin Hood
Uni.
105.3
216.4
321.7
3,505
36.1
3,503
14-May
53 The Wolfman
Uni.
62.0
77.8
139.8
3,223
31.5
3,222
12-Feb
54 Get Him to the Greek
Uni.
61.0
30.4
91.4
2,702
17.6
2,697
4-Jun
84 Green Zone
Uni.
35.1
59.8
94.9
3,004
14.3
3,003
12-Mar
86 Devil
Uni.
33.6
28.2
61.8
2,811
12.3
2,809
17-Sep
91 Scott Pilgrim vs. the World
Uni.
31.5
16.1
47.6
2,820
10.6
2,818
13-Aug
92 Charlie St. Cloud
Uni.
31.2
16.8
48.0
2,725
12.4
2,718
30-Jul
96 Nanny McPhee Returns
Uni.
29.0
64.2
93.2
2,798
8.4
2,784
20-Aug
101 Leap Year
Uni.
25.9
6.7
32.6
2,512
9.2
2,511
8-Jan
112 Skyline
Uni.
21.4
43.7
65.1
2,883
11.7
2,880
12-Nov
125 My Soul to Take
Uni.
14.7
5.3
20.0
2,572
6.8
2,572
8-Oct
126 Repo Men
Uni.
13.8
4.6
18.4
2,521
6.1
2,521
19-Mar
2,551
4.0
2,551
21-May
136 MacGruber
Uni.
8.5
0.8
9.3
Total
872.2
1,006.4
1,878.6
Total
$951.4
$1,056.0
$2,007.4
A member of BMO
Financial Group
229
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
3,398
2,155
3,065
2,859
2,808
2,874
2,127
2,523
2,625
2,924
2,722
2,564
131
107
$34.8
29.3
19.8
15.8
22.5
20.4
19.5
15.1
9.1
9.7
8.2
6.5
0.1
0.1
3,270
2,155
3,065
2,859
2,808
2,874
2,127
2,523
2,625
2,924
2,722
2,564
5
11
13-Aug
2-Apr
16-Apr
4-Jun
29-Oct
27-Aug
5-Nov
8-Jan
17-Sep
15-Jan
5-Feb
19-Nov
17-Dec
24-Sep
2,771
$14.0
2,754
26-Mar
3,555
3,380
3,396
3,261
3,544
3,104
3,083
3,345
3,597
2,669
3,089
3,233
3,213
2,458
2,678
2,719
812
$24.0
25.2
31.2
22.7
25.7
20.1
22.1
14.0
19.0
24.8
6.3
12.2
11.6
9.7
11.4
7.8
4.0
3,555
3,374
3,356
3,207
3,535
3,098
3,077
3,344
3,565
2,669
2,546
3,233
3,213
2,455
2,670
2,719
812
10-Dec
9-Apr
12-Feb
12-Nov
11-Jun
23-Jun
19-Mar
22-Jan
24-Sep
9-Jul
25-Dec
18-Aug
4-Jun
24-Nov
3-Sep
23-Jul
27-Aug
2,407
1,831
1,609
916
454
672
125
232
1.4
8.3
7.6
0.3
0.2
0.1
1.9
0.1
18
1,831
1,605
4
4
11
120
4
3-Dec
14-May
12-Mar
5-Nov
18-Jun
15-Oct
12-Feb
15-Sep
Release
Lions Gate
27
56
67
68
69
76
80
95
103
106
107
113
169
190
The Expendables
Kick-Ass
Killers
Saw 3D
The Last Exorcism
For Colored Girls
Daybreakers
Alpha and Omega
The Spy Next Door
The Next Three Days
Rabbit Hole
Buried
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
$103.1
60.1
48.1
47.1
45.7
41.0
37.7
30.1
25.1
24.3
24.1
21.1
2.0
1.0
$171.4
0.6
48.1
46.4
87.6
25.9
0.0
21.3
19.5
19.3
28.7
33.6
17.7
$274.5
60.7
96.2
93.5
133.3
66.9
37.7
51.4
44.6
43.6
52.8
54.7
2.0
18.7
Total
$510.5
$520.1
$1,030.6
MGM
$50.3
$14.1
$64.4
Total
$50.3
$14.1
$64.4
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
$104.4
98.7
88.8
81.5
77.2
76.4
64.0
60.0
52.5
52.0
42.2
36.7
33.6
32.4
26.6
26.2
10.7
$275.0
53.6
137.7
85.9
99.9
185.5
11.7
52.3
80.7
75.2
156.5
43.9
50.1
61.2
16.0
1.1
22.5
$379.4
152.3
226.5
167.4
177.1
261.9
75.7
112.3
133.2
127.2
198.7
80.6
83.7
93.6
42.6
27.3
33.2
Total
963.9
1,408.8
2,372.7
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
107.0
21.5
20.3
17.5
7.5
6.8
4.0
2.4
97.9
0.0
1.2
18.6
2.5
38.3
1.1
204.9
21.5
21.5
36.1
10.0
6.8
42.3
3.5
Total
187.0
159.6
346.6
Total
$1,150.9
$1,568.4
$2,719.3
MGM
66 Hot Tub Time Machine
News Corp
Fox
26
30
38
41
44
45
49
57
64
65
75
82
85
89
99
100
130
Date Night
Unstoppable
The A-Team
Knight & Day
Tooth Fairy
Predators
Gulliver's Travels
Vampires Suck
Marmaduke
Machete
Ramona and Beezus
Avatar: Special Edition
Fox Searchlight
28 Black Swan
111 Just Wright
115 Our Family Wedding
121 127 Hours
138 Cyrus
140 Conviction
154 My Name is Khan
166 Never Let Me Go
A member of BMO
Financial Group
230
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Sony
Screen Gems
43 Dear John
SGem
$80.0
$35.0
$115.0
3,062
$30.5
2,969
5-Feb
55 Resident Evil: Afterlife
SGem
60.1
236.1
296.2
3,209
26.7
3,203
10-Sep
59 Easy A
SGem
58.4
16.1
74.5
2,974
17.7
2,856
17-Sep
60 Takers
SGem
57.7
10.8
68.5
2,206
20.5
2,206
27-Aug
73 Death at a Funeral (2010)
SGem
42.7
6.3
49.0
2,459
16.2
2,459
16-Apr
77 Legion (2010)
SGem
40.2
27.7
67.9
2,476
17.5
2,476
22-Jan
78 Burlesque
SGem
39.4
47.9
87.3
3,037
11.9
3,037
24-Nov
SGem
20.2
-
20.2
1,441
0.0
2
22-Dec
Total
398.7
379.9
778.6
116 Country Strong
Sony/Columbia
11 The Karate Kid
Sony
176.6
182.5
359.1
3,740
55.7
3,663
11-Jun
15 Grown Ups
Sony
162.0
109.4
271.4
3,534
40.5
3,534
25-Jun
20 The Other Guys
Sony
119.2
51.0
170.2
3,651
35.5
3,651
6-Aug
21 Salt
Sony
118.3
175.2
293.5
3,612
36.0
3,612
23-Jul
32 The Social Network
Sony
97.0
124.2
221.2
2,921
22.4
2,771
1-Oct
42 Eat Pray Love
Sony
80.6
123.9
204.5
3,108
23.1
3,082
13-Aug
10-Dec
47 The Tourist
Sony
67.3
178.1
245.4
2,756
16.5
2,756
48 The Bounty Hunter
Sony
67.1
69.3
136.4
3,118
20.7
3,074
19-Mar
94 How Do You Know
Sony
30.2
12.6
42.8
2,483
7.5
2,483
17-Dec
0.6
700
0.3
700
24-Sep
212 The Virginity Hit
Sony
0.6
Total
918.9
1,026.2
-
134 Get Low
SPC
9.2
0.4
9.6
570
0.1
4
30-Jul
142 The Last Station
SPC
6.6
6.6
13.2
354
0.1
3
15-Jan
145 The Secret in Their Eyes
SPC
6.4
27.3
33.7
166
0.2
10
16-Apr
153 Please Give
SPC
4.0
0.2
4.2
272
0.1
5
30-Apr
155 Inside Job
SPC
4.0
0.6
4.6
250
0.0
2
8-Oct
159 You Will Meet a Tall Dark Stranger
SPC
3.2
24.7
27.9
402
0.2
6
22-Sep
1,945.1
Sony Classics
161 Chloe
SPC
3.1
8.2
11.3
350
0.9
350
26-Mar
165 Another Year
SPC
3.2
10.9
14.1
236
0.1
6
29-Dec
26-Feb
168 A Prophet (Un prophète)
SPC
2.1
15.8
17.9
83
0.2
9
176 Coco Chanel & Igor Stravinsky
SPC
1.6
4.1
5.7
74
0.0
3
11-Jun
179 The Illusionist (2010)
SPC
1.5
2.9
4.4
206
0.0
3
25-Dec
28-May
184 Micmacs
SPC
1.3
14.8
16.1
52
0.0
4
187 Mother and Child
SPC
1.1
3.8
4.9
119
0.0
4
7-May
191 Animal Kingdom
SPC
1.0
4.8
5.8
61
0.1
7
13-Aug
19-Nov
193 Made in Dagenham
SPC
1.0
8.4
9.4
89
0.0
3
219 Tamara Drewe
SPC
0.6
8.4
9.0
59
0.0
4
8-Oct
244 Wild Grass
SPC
0.4
4.2
4.6
23
0.0
5
25-Jun
247 Lebanon
SPC
0.4
0.8
1.2
23
0.0
2
6-Aug
284 A Woman, A Gun and A Noodle Shop
SPC
0.2
0.1
0.3
23
0.0
5
3-Sep
0.1
5
0.0
2
23-Jul
4,468
3,349
2,975
2,215
3,002
819
436
2,037
$64.8
21.8
13.5
8.1
6.6
0.2
0.7
N/A
4,468
3,255
2,968
2,212
2,997
4
46
N/A
30-Jun
15-Oct
14-May
12-Mar
30-Apr
19-Feb
5-Nov
29-Jun
365 Orlando (re-issue)
SPC
0.1
-
Total
50.9
147.1
197.9
Total
$1,368.5
$1,553.2
$2,921.7
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
$300.5
90.4
53.0
19.1
17.6
15.5
9.5
2.4
$393.0
94.6
26.1
36.8
18.3
44.5
11.9
-
$693.5
185.0
79.1
55.9
35.9
60.0
21.4
2.4
Total
$508.0
$625.2
$1,133.2
Wein.
$135.5
$130.7
$266.2
2,584
$0.4
4
26-Nov
Wein.
9.7
1.9
11.6
450
0.2
4
29-Dec
4
37
63
118
120
123
133
167
Red
Letters to Juliet
Remember Me
Furry Vengeance
The Ghost Writer
Fair Game (2010)
Twilight/New Moon Combo (one-night-only)
Weinstein
25 The King's Speech
135 Blue Valentine
181 Nowhere Boy
Wein.
1.5
5.0
6.5
215
0.1
4
8-Oct
201 The Tillman Story
Wein.
0.8
-
0.8
28
0.1
4
20-Aug
210 The Concert
Wein.
0.7
39.9
40.6
21
0.0
2
30-Jul
Total
148.2
177.5
325.7
W/Dim
104 Piranha 3D
W/Dim.
25.0
54.8
79.8
2,491
10.1
2,470
20-Aug
124 Youth in Revolt
W/Dim.
15.3
4.4
19.7
1,873
6.9
1,873
8-Jan
Total
40.3
59.2
99.5
Total
$188.5
$236.7
$425.2
A member of BMO
Financial Group
231
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
Warner Bros.
5 Harry Potter and the Deathly Hallows Part 1
WB
$296.0
$654.8
$950.8
4,125
$125.0
4,125
19-Nov
6 Inception
WB
292.6
531.0
823.6
3,792
62.8
3,792
16-Jul
14 Clash of the Titans (2010)
WB
163.2
330.0
493.2
3,802
61.2
3,777
2-Apr
23 Valentine's Day
WB
110.5
106.0
216.5
3,665
56.3
3,665
12-Feb
29 Due Date
WB
100.5
109.2
209.7
3,365
32.7
3,355
5-Nov
31 Yogi Bear
WB
100.2
77.9
178.1
3,515
16.4
3,515
17-Dec
27-May
34 Sex and the City 2
WB (NL)
95.3
193.0
288.3
3,445
31.0
3,445
35 The Book of Eli
WB
94.8
62.3
157.1
3,111
32.8
3,111
15-Jan
61 The Town
WB
92.2
52.7
144.9
2,935
23.8
2,861
17-Sep
62 A Nightmare on Elm Street (2010)
WB (NL)
63.1
52.6
115.7
3,332
32.9
3,332
30-Apr
70 Legend of the Guardians: The Owls of Ga'Hoole
WB
55.7
84.4
140.1
3,575
16.1
3,575
24-Sep
71 Life as We Know It
WB
53.4
44.9
98.3
3,150
14.5
3,150
8-Oct
72 Cop Out
WB
44.9
10.6
55.5
3,150
18.2
3,150
26-Feb
87 Cats & Dogs: The Revenge of Kitty Galore
105 Edge of Darkness
WB
43.6
68.9
112.5
3,705
12.3
3,705
30-Jul
WB
43.3
37.8
81.1
3,066
17.2
3,066
29-Jan
108 Hereafter
WB
32.7
63.6
96.3
2,424
0.2
6
15-Oct
110 Lottery Ticket
WB
24.7
-
24.7
1,974
10.7
1,973
20-Aug
122 The Losers
WB
23.6
5.8
29.4
2,936
9.4
2,936
23-Apr
131 Hubble 3D
WB
31.1
0.8
31.9
151
0.4
39
19-Mar
3-Sep
173 Going the Distance
WB (NL)
17.8
24.2
42.0
3,030
6.9
3,030
209 Splice
WB
17.0
8.7
25.7
2,450
7.4
2,450
4-Jun
218 Jonah Hex
WB
10.5
0.4
10.9
2,825
5.4
2,825
18-Jun
273 Flipped
WB
1.8
-
1.8
442
0.2
45
6-Aug
307 The Polar Express (IMAX re-issue 2010)
WB
0.7
-
0.7
17
0.1
15
3-Dec
33 Elvis On Tour 75th Anniversary
WB
0.6
-
0.6
N/A
N/A
N/A
29-Jul
51 The Exorcist Extended Director's Cut
WB
0.2
-
0.2
N/A
N/A
N/A
30-Sep
WB
0.1
-
0.1
N/A
N/A
N/A
15-Oct
3,046
$23.5
2,911
30-Jul
22-Dec
119 Pure Country 2
Total
$1,810.1
$2,519.5
$4,329.6
P/DW
$73.0
$13.4
$86.4
Total
73.0
13.4
86.4
Viacom
DreamWorks
46 Dinner for Schmucks
Paramount
13 True Grit
Par.
171.2
29.0
200.2
3,464
24.8
3,047
18 The Last Airbender
Par.
131.8
187.4
319.2
3,203
40.3
3,169
1-Jul
19 Shutter Island
Par.
128.0
166.8
294.8
3,356
41.1
2,991
19-Feb
22 Jackass 3-D
Par.
117.2
52.8
170.0
3,139
50.4
3,081
15-Oct
39 The Fighter
Par.
93.6
16.9
110.5
2,534
0.3
4
10-Dec
40 Paranormal Activity 2
Par.
84.8
88.8
173.6
3,239
40.7
3,216
22-Oct
90 She's Out of My League
Par.
32.0
16.8
48.8
2,958
9.8
2,956
12-Mar
93 Morning Glory
Par.
31.0
17.4
48.4
2,544
9.2
2,518
10-Nov
203 Middle Men
Par.
0.8
-
0.8
252
0.3
252
6-Aug
248 Grease (Sing-a-Long re-issue)
Par.
0.4
-
0.4
33
0.1
12
8-Jul
Total
790.7
575.9
1,366.6
127 Case 39
ParV
13.3
14.9
28.2
2,212
5.4
2,211
1-Oct
144 Waiting for "Superman"
ParV
Total
6.4
19.7
0.0
14.9
6.4
34.6
330
0.1
4
24-Sep
Total
$883.4
$604.2
$1,487.6
Paramount Vantage
A member of BMO
Financial Group
232
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Disney
Buena Vista
5 Up
BV
$293.0
$438.3
$731.3
3,886
$68.1
3,766
29-May
16 The Proposal
BV
164.0
153.4
317.4
3,158
33.6
3,056
19-Jun
21 A Christmas Carol (2009)
BV
137.9
187.4
325.3
3,683
30.1
3,683
6-Nov
26 G-Force
BV
119.4
173.4
292.8
3,697
31.7
3,697
24-Jul
32 The Princess and the Frog
BV
104.3
162.9
267.2
3,475
0.8
2
25-Nov
40 Hannah Montana The Movie
BV
79.6
75.9
155.5
3,231
32.3
3,118
10-Apr
49 Race to Witch Mountain
BV
67.2
39.2
106.4
3,268
24.4
3,187
13-Mar
63 Old Dogs
BV
49.4
42.8
92.2
3,425
16.9
3,425
25-Nov
67 Confessions of a Shopaholic
BV
44.3
64.1
108.4
2,534
15.1
2,507
13-Feb
75 Surrogates
BV
38.6
78.7
117.3
2,992
14.9
2,951
25-Sep
88 Earth (2009)
BV
32.0
76.7
108.7
1,804
8.8
1,804
22-Apr
92 Toy Story / Toy Story 2 (3D)
BV
30.7
0.9
31.6
1,752
12.5
1,745
2-Oct
112 Jonas Brothers: The 3D Concert Experience
BV
19.2
4.0
23.2
1,276
12.5
1,271
27-Feb
124 Ponyo
BV
15.1
185.7
200.8
927
3.6
927
14-Aug
189 X Games 3D The Movie
BV
1.4
-
1.4
1,399
0.8
1,399
21-Aug
244 Tim Burton's The Nightmare Before Christmas in 3-D (2009 re-issue)
BV
0.4
-
0.4
105
0.1
105
23-Oct
350 The Boys: The Sherman Brothers' Story
BV
0.1
-
0.1
5
0.0
5
22-May
0.0
4
0.0
3
9-Sep
423 Walt & El Grupo
BV
0.0
Total
1,196.6
120 Adventureland
Mira.
136 Extract
Mira.
146 Everybody's Fine
Mira.
169 Cheri
Mira.
1,683.4
2,880.0
16.0
1.1
17.1
1,876
5.7
1,862
3-Apr
10.8
-
10.8
1,614
4.3
1,611
4-Sep
9.2
4.2
13.4
2,141
3.9
2,133
4-Dec
2.7
6.2
8.9
191
0.4
76
26-Jun
108
0.0
6
25-Sep
4,136
$59.3
4,104
27-Mar
Miramax
211 The Boys Are Back
Mira.
0.8
0.0
0.8
Total
39.5
11.5
51.0
Total
$1,236.1
$1,694.9
$2,931.0
DWA
$198.4
$183.2
$381.6
Total
$198.4
$183.2
$381.6
43 Coraline
Focus
$75.3
$49.3
$124.6
2,320
$16.8
2,299
6-Feb
90 9
Focus
31.7
16.3
48.0
2,060
10.7
1,661
9-Sep
143 Away We Go
Focus
9.5
0.8
10.3
506
0.1
4
5-Jun
145 A Serious Man
Focus
9.2
16.7
25.9
262
0.3
6
2-Oct
151 Pirate Radio
Focus
8.0
28.3
36.3
883
2.9
882
13-Nov
11 Monsters Vs. Aliens
GE
Focus
154 Taking Woodstock
Focus
7.5
2.5
10.0
1,395
3.5
1,393
26-Aug
171 Sin Nombre
Focus
2.5
0.9
3.4
87
0.1
6
20-Mar
241 The Limits of Control
Focus
0.4
1.0
1.4
27
0.1
3
1-May
254 Thirst
Focus
0.3
12.6
12.9
17
0.1
4
31-Jul
Total
144.4
128.3
272.8
Rogue
23.1
8.5
31.6
2,312
11.0
2,309
24-Apr
Total
23.1
8.5
31.6
17 Fast and Furious
Uni.
155.1
188.0
343.1
3,674
71.0
3,461
3-Apr
28 It's Complicated
Uni.
112.6
106.4
219.0
2,955
22.1
2,887
25-Dec
29 Couples Retreat
Uni.
109.2
61.3
170.5
3,074
34.3
3,000
9-Oct
33 Public Enemies
Uni.
97.1
117.0
214.1
3,336
25.3
3,334
1-Jul
55 Bruno
Uni.
60.1
77.3
137.4
2,759
30.6
2,756
10-Jul
59 Funny People
Uni.
51.9
19.7
71.6
3,008
22.7
3,007
31-Jul
62 Land of the Lost
Uni.
49.4
19.3
68.7
3,534
18.8
3,521
5-Jun
70 The Unborn (2009)
Uni.
42.7
33.8
76.5
2,359
19.8
2,357
9-Jan
72 Drag Me to Hell
Uni.
42.1
48.7
90.8
2,510
15.8
2,508
29-May
74 Duplicity
Uni.
40.6
37.6
78.2
2,579
14.0
2,574
20-Mar
78 State of Play
Uni.
37.0
50.8
87.8
2,807
14.1
2,803
17-Apr
85 The Last House on the Left (2009)
Uni.
32.8
11.6
44.4
2,402
14.1
2,401
13-Mar
99 The Fourth Kind
Rogue
103 Fighting
Universal
Uni.
25.5
17.6
43.1
2,530
12.2
2,527
6-Nov
104 Love Happens
Uni.
23.0
11.0
34.0
1,922
8.1
1,898
18-Sep
122 A Perfect Getaway
Uni.
15.5
7.3
22.8
2,159
5.9
2,159
7-Aug
129 Cirque du Freak: The Vampire's Assistant
Uni.
13.9
18.7
32.6
2,754
6.3
2,754
23-Oct
Total
908.5
826.1
1,734.6
Total
$1,076.0
$962.9
$2,039.0
A member of BMO
Financial Group
233
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
2,203
2,732
2,255
2,534
1,003
2,088
3,036
2,502
1,941
2,223
1,159
111
$41.0
23.0
23.4
21.2
1.9
9.5
14.1
9.2
6.7
7.0
1.1
0.2
2,032
2,732
2,255
2,534
18
2,088
3,036
2,502
1,941
2,223
1,159
14
20-Feb
27-Mar
11-Sep
16-Jan
6-Nov
4-Dec
23-Oct
4-Sep
30-Jan
17-Apr
1-May
2-Oct
3,133
$10.0
3,096
25-Sep
3,461
3,747
4,102
4,102
4,101
3,184
3,228
2,265
3,108
2,304
2,738
1,872
2,331
2,181
1,164
1,959
$77.0
48.9
41.7
85.1
54.2
24.7
21.1
11.2
8.0
0.3
6.9
4.9
5.3
4.8
4.7
2.7
3,452
3,700
4,099
4,099
4,096
3,183
3,226
2,251
3,106
4
2,702
1,858
2,331
2,181
1,136
1,959
18-Dec
23-Dec
1-Jul
1-May
22-May
30-Jan
9-Jan
4-Sep
31-Jul
13-Nov
18-Sep
10-Jul
27-Mar
10-Apr
27-Feb
21-Aug
1,641
1,148
1,048
1,070
1,738
1,165
1,742
177
18
20.5
0.1
0.8
3.9
4.7
3.2
2.4
0.1
0.0
1,638
4
27
820
1,721
1,164
1,742
4
2
16-Jan
16-Dec
17-Jul
23-Oct
2-Oct
5-Jun
13-Mar
29-Jul
30-Oct
Release
Lions Gate
36
57
60
61
65
96
97
109
116
130
183
200
Tyler Perry's I Can Do Bad All By Myself
Brothers
Saw VI
Gamer
New in Town
Crank: High Voltage
Battle for Terra
More Than a Game
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
$90.5
55.4
51.7
51.5
47.6
28.5
27.7
20.5
16.7
13.7
1.6
1.0
21.7
49.2
11.5
9.8
34.4
18.8
11.3
20.8
1.9
-
$90.5
77.1
51.7
100.7
59.1
38.3
62.1
39.3
28.0
34.5
3.5
1.0
Total
$406.4
$179.4
$585.8
MGM
$22.5
$54.7
$77.2
Total
$22.5
$54.7
$77.2
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
$749.8
219.6
196.6
179.9
177.2
145.0
58.7
33.9
25.2
21.0
16.2
14.8
12.2
9.4
8.7
6.4
$2,021.7
223.5
690.1
193.2
235.9
81.8
55.9
3.5
31.3
21.7
15.1
0.9
4.9
48.1
4.0
-
$2,771.5
443.1
886.7
373.1
413.1
226.8
114.6
37.4
56.5
42.7
31.3
15.7
17.1
57.5
12.7
6.4
Total
1,874.6
3,631.6
5,506.2
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
36.8
36.7
32.4
14.2
13.0
8.7
4.5
2.3
0.1
3.6
3.8
26.2
5.0
3.0
11.6
0.0
0.2
-
40.4
40.5
58.6
19.2
16.0
20.3
4.5
2.5
0.1
Total
148.7
53.4
202.2
Total
$2,023.3
$3,685.1
$5,708.4
MGM
105 Fame (2009)
News Corp
Fox
1
9
12
13
14
20
56
82
101
107
118
126
133
144
148
156
Avatar
Taken
Bride Wars
All About Steve
Aliens in the Attic
The Fantastic Mr. Fox
Jennifer's Body
I Love You Beth Cooper
12 Rounds
Street Fighter: The Legend of Chun-Li
Post Grad
Fox Searchlight
79 Notorious (2009)
80 Crazy Heart
87 (500) Days of Summer
128 Amelia
131 Whip It
149 My Life in Ruins
162 Miss March
175 Adam
307 Gentlemen Broncos
A member of BMO
Financial Group
234
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Sony
Screen Gems
48 Obsessed
SGem
$68.3
$5.6
$73.9
2,634
$28.6
2,514
24-Apr
66 Underworld: Rise of the Lycans
SGem
45.8
45.5
91.3
2,942
20.8
2,942
23-Jan
94 The Stepfather (2009)
115 Fired Up
SGem
29.1
2.1
31.2
2,734
11.6
2,734
16-Oct
SGem
17.2
1.4
18.6
1,811
5.5
1,810
20-Feb
121 Armored
SGem
16.0
4.4
20.4
1,919
6.5
1,915
4-Dec
138 Not Easily Broken
SGem
10.6
0.1
10.7
725
5.3
724
9-Jan
Total
187.0
59.1
246.1
Sony/Columbia
15 2012
Sony
166.1
603.6
769.7
3,444
65.2
3,404
13-Nov
19 Paul Blart: Mall Cop
Sony
146.3
37.0
183.3
3,206
31.8
3,144
16-Jan
22 Angels & Demons
Sony
133.4
352.6
486.0
3,527
46.2
3,527
15-May
18-Sep
24 Cloudy with a Chance of Meatballs
Sony
124.9
118.1
243.0
3,119
30.3
3,119
34 Julie & Julia
Sony
94.1
35.3
129.4
2,528
20.0
2,354
7-Aug
37 The Ugly Truth
Sony
88.9
116.4
205.3
2,975
27.6
2,882
24-Jul
42 Zombieland
Sony
75.6
26.7
102.3
3,171
24.7
3,036
2-Oct
46 Michael Jackson's This Is It
Sony
72.1
188.7
260.8
3,481
23.2
3,481
28-Oct
12-Jun
51 The Taking of Pelham 1 2 3
Sony
65.5
84.6
150.1
3,077
23.4
3,074
69 Year One
Sony
43.3
16.9
60.2
3,024
19.6
3,022
19-Jun
20-Nov
71 Planet 51
Sony
42.2
62.7
104.9
3,035
12.3
3,035
81 The Pink Panther 2
Sony
35.9
40.0
75.9
3,245
11.6
3,243
6-Feb
93 Did You Hear About the Morgans?
Sony
29.6
47.2
76.8
2,718
6.6
2,718
18-Dec
2,364
9.3
2,364
13-Feb
100 The International
Sony
25.5
34.7
60.2
Total
1,143.4
1,764.5
2,907.9
132 An Education
SPC
12.4
8.8
21.2
763
0.0
4
9-Oct
153 The Imaginarium of Doctor Parnassus
SPC
7.6
51.3
58.9
607
0.4
48
25-Dec
0.4
43
25-Sep
Sony Classics
157 Coco Before Chanel
6.1
44.3
50.4
158 Whatever Works
SPC
5.3
26.0
31.3
353
0.3
9
160 Moon
SPC
SPC
5.0
3.5
8.5
252
307
0.1
8
12-Jun
161 Broken Embraces
SPC
4.7
25.9
30.6
202
0.1
2
20-Nov
19-Jun
170 Easy Virtue
SPC
2.7
15.3
18.0
255
0.1
10
22-May
177 The White Ribbon
SPC
2.0
15.7
17.7
82
0.1
3
30-Dec
178 Rudo Y Cursi
SPC
1.8
9.3
11.1
219
0.2
70
8-May
180 Every Little Step
SPC
1.7
1.0
2.7
70
0.1
8
17-Apr
14-Aug
184 It Might Get Loud
SPC
1.6
0.2
1.8
75
0.1
7
196 Sugar
SPC
1.1
0.1
1.2
51
0.1
11
3-Apr
24-Apr
205 Tyson
SPC
0.9
0.1
0.9
56
0.1
11
210 Paris 36
SPC
0.9
11.9
12.8
52
0.0
7
3-Apr
240 The Damned United
SPC
0.5
3.6
4.1
45
0.0
6
9-Oct
252 Lorna's Silence
SPC
0.3
4.6
4.9
23
0.0
6
31-Jul
256 O'Horten
SPC
0.3
1.5
1.8
23
0.0
8
22-May
259 Adoration
SPC
0.3
0.4
0.7
20
0.0
10
8-May
276 Soul Power
SPC
0.2
0.0
0.2
23
0.0
6
10-Jul
298 12
SPC
0.1
7.4
7.5
20
0.0
5
4-Mar
Total
55.5
230.8
286.3
3,180
37.4
3,049
14-Aug
4,124
3,337
2,313
3,020
535
2,665
1,139
2,121
209
$142.8
24.6
10.1
6.7
0.1
5.1
4.1
2.2
0.1
4,024
3,332
2,313
3,014
4
2,665
1,138
2,121
4
20-Nov
20-Mar
6-Feb
23-Oct
26-Jun
11-Sep
8-May
14-Aug
15-May
TriStar
27 District 9
TriS
115.6
95.2
210.8
Total
115.6
95.2
210.8
Total
$1,501.5
$2,149.7
$3,651.1
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
Sum.
$296.6
80.0
31.8
19.6
16.4
12.0
10.0
5.2
3.5
$413.2
103.6
17.0
18.8
10.1
14.8
7.0
2.0
$709.8
183.6
48.8
38.4
26.5
26.8
10.0
12.2
5.5
Total
$475.1
$586.5
$1,061.6
Wein.
$120.5
$193.1
$313.6
3,358
$38.1
3,165
21-Aug
Wein.
19.7
26.0
45.7
1,412
0.3
4
18-Dec
11-Dec
4
39
89
111
117
135
142
159
167
Knowing
Push
Astro Boy
The Hurt Locker
Sorority Row
Next Day Air
Bandslam
The Brothers Bloom
Weinstein
25 Inglourious Basterds
110 Nine
147 A Single Man
Wein.
9.0
10.1
19.1
353
0.2
9
219 Fanboys
Wein.
0.7
0.3
0.9
45
0.2
44
6-Feb
239 Crossing Over
Wein.
0.5
2.6
3.1
42
0.1
9
27-Feb
432 Killshot
Wein.
0.0
2.6
2.6
5
0.0
5
23-Jan
Total
150.4
234.7
385.0
W/Dim
83 Halloween II (2009)
150 The Road
W/Dim.
33.4
5.2
38.6
3,088
16.3
3,025
28-Aug
W/Dim.
8.1
15.5
23.6
396
1.5
111
25-Nov
Total
41.5
260.6
452.9
Total
$191.9
$495.2
$837.9
A member of BMO
Financial Group
235
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
Warner Bros.
3 Harry Potter and the Half-Blood Prince
WB
$302.0
$632.0
$934.0
4,455
$77.8
4,325
6 The Hangover
WB
277.3
190.2
467.5
3,545
45.0
3,269
5-Jun
8 The Blind Side
WB
256.0
53.2
309.2
3,407
34.1
3,110
20-Nov
15-Jul
10 Sherlock Holmes
WB
209.0
315.0
524.0
3,626
62.3
3,626
25-Dec
23 Terminator Salvation
WB
125.3
246.0
371.3
3,602
42.6
3,530
21-May
WB
107.5
77.7
185.2
3,611
55.2
3,611
6-Mar
WB (NL)
94.0
84.5
178.5
3,175
27.8
3,175
6-Feb
31 Watchmen
35 He's Just Not That Into You
41 Where the Wild Things Are
WB
77.2
22.5
99.7
3,735
32.7
3,735
16-Oct
50 The Final Destination
WB (NL)
66.5
114.9
181.4
3,121
27.4
3,121
28-Aug
52 Friday the 13th (2009)
WB (NL)
65.0
26.4
91.4
3,105
40.6
3,105
13-Feb
53 17 Again
WB (NL)
64.2
72.1
136.3
3,255
23.7
3,255
17-Apr
54 The Time Traveler's Wife
WB (NL)
63.4
36.7
100.1
2,988
18.6
2,988
14-Aug
58 Ghosts of Girlfriends Past
WB (NL)
55.3
47.0
102.3
3,175
15.4
3,175
1-May
64 My Sister's Keeper
WB
49.2
46.5
95.7
2,606
12.4
2,606
26-Jun
73 Orphan
WB
41.6
35.1
76.7
2,750
12.9
2,750
24-Jul
76 Ninja Assassin
WB
38.1
23.4
61.5
2,503
13.3
2,503
25-Nov
77 Invictus
WB
37.5
83.4
120.9
2,170
8.6
2,125
11-Dec
84 The Informant!
WB
33.3
8.5
41.8
2,505
10.5
2,505
18-Sep
102 Observe and Report
WB
24.0
0.9
24.9
2,727
11.0
2,727
10-Apr
108 Under the Sea 3D
WB
21.1
1.4
22.5
108
0.7
49
13-Feb
21-Aug
106 Shorts
WB
20.9
5.0
25.9
3,105
6.4
3,105
113 The Invention of Lying
WB
18.5
13.6
32.1
1,743
7.0
1,707
2-Oct
114 Inkheart
WB (NL)
17.3
45.1
62.4
2,655
7.6
2,655
23-Jan
125 The Box
WB
15.1
13.3
28.4
2,635
7.6
2,635
6-Nov
140 Whiteout
WB
10.3
7.6
17.9
2,745
4.9
2,745
11-Sep
194 The Wizard of Oz (NCM Fathom Events)
WB
1.1
-
1.1
451
N/A
N/A
23-Sep
203 Chandni Chowk to China
WB
0.9
12.5
13.4
130
0.6
130
16-Jan
WB
0.5
-
0.5
21
1
6-Nov
24-Jun
Total
$2,092.1
$2,214.5
$4,306.6
-
Viacom
DreamWorks
2 Transformers: Revenge of the Fallen
P/DW
$402.1
$434.2
$836.3
4,293
$109.0
4,234
45 Hotel for Dogs
P/DW
73.0
43.9
116.9
3,271
17.0
3,271
16-Jan
47 I Love You, Man
P/DW
71.4
20.0
91.4
2,829
17.8
2,711
20-Mar
68 The Lovely Bones
P/DW
44.0
44.6
88.6
2,638
0.1
3
11-Dec
91 The Soloist
P/DW
31.7
5.9
37.6
2,090
9.7
2,024
24-Apr
95 The Uninvited
P/DW
28.6
12.1
40.7
2,344
10.3
2,344
30-Jan
Total
650.8
560.7
1,211.5
8-May
Paramount
7 Star Trek
Par.
257.7
128.0
385.7
4,053
75.2
3,849
18 G.I. Joe: The Rise of Cobra
Par.
150.2
152.3
302.5
4,007
54.7
4,007
7-Aug
30 Paranormal Activity
Par.
107.9
84.8
192.7
2,712
0.1
12
25-Sep
38 Up in the Air
Par.
83.7
74.9
158.6
2,218
1.2
15
4-Dec
98 Dance Flick
Par.
25.7
4.7
30.4
2,459
10.6
2,450
22-May
3,011
5.5
3,008
12-Jun
14-Aug
119 Imagine That
Par.
16.1
6.9
23.0
Total
641.3
451.6
1,092.9
Paramount Vantage
123 The Goods: Live Hard, Sell Hard
ParV
15.1
0.0
15.1
1,849
5.6
1,838
317 Carriers
ParV
0.1
4.7
4.8
100
0.1
100
4-Sep
498 The Marc Pease Experience
ParV
Total
0.0
15.2
4.7
0.0
19.9
10
0.0
10
21-Aug
Total
$1,307.3
$1,017.0
$2,324.3
A member of BMO
Financial Group
236
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Disney
Buena Vista
5 WALL-E
14 The Chronicles of Narnia: Prince Caspian
BV
$223.8
$310.9
$534.7
3,992
$63.1
3,992
27-Jun
BV
141.6
278.0
419.6
3,929
55.0
3,929
16-May
22 Bolt
BV
114.1
150.3
264.4
3,654
26.2
3,651
21-Nov
24 Bedtime Stories
BV
109.6
84.9
194.5
3,684
27.5
3,681
25-Dec
32 Beverly Hills Chihuahua
BV
94.5
41.9
136.4
3,239
29.3
3,215
3-Oct
33 High School Musical 3: Senior Year
BV
90.6
160.0
250.6
3,626
42.0
3,623
24-Oct
48 Hannah Montana/Miley Cyrus: Best of Both Worlds Concert Tour
BV
65.3
5.3
70.6
687
31.1
683
1-Feb
53 Step Up 2 the Streets
BV
58.0
90.4
148.4
2,528
18.9
2,470
14-Feb
62 College Road Trip
BV
45.6
5.9
51.5
2,706
13.6
2,706
7-Mar
124 Swing Vote
BV
16.3
1.1
17.4
2,213
6.2
2,213
1-Aug
153 Miracle at St. Anna
BV
7.9
1.4
9.3
1,185
3.5
1,185
26-Sep
214 Tim Burton's The Nightmare Before Christmas in 3-D (2008 re-issue)
BV
1.1
1.2
2.3
284
0.4
284
24-Oct
288 Morning Light
BV
0.3
0.0
0.3
55
0.1
55
17-Oct
Total
968.7
1,131.3
2,100.0
Miramax
87 Doubt
Mira.
31.9
12.5
44.4
1,287
0.5
15
12-Dec
147 Smart People
Mira.
9.5
2.3
11.8
1,119
4.1
1,106
11-Apr
149 The Boy in the Striped Pajamas
Mira.
9.0
26.3
35.3
679
0.3
17
7-Nov
162 Brideshead Revisited
Mira.
6.4
6.8
13.2
501
0.3
33
25-Jul
182 Happy-Go-Lucky
Mira.
3.5
13.9
17.4
202
0.1
4
10-Oct
184 Blindness
Mira.
3.4
15.4
18.8
1,690
2.0
1,690
3-Oct
249 Reprise
Mira.
0.6
0.7
1.2
15
0.0
3
16-May
75
0.1
75
1-Feb
282 City of Men
Mira.
0.3
2.2
2.5
Total
64.6
80.1
144.6
Total
$1,033.3
$1,211.4
$2,244.6
6 Kung Fu Panda
P/DW
$215.4
$416.5
$631.9
4,136
$60.2
4,114
6-Jun
8 Madagascar: Escape 2 Africa
P/DW
180.0
402.2
582.2
4,065
63.1
4,056
7-Nov
Total
$395.4
$818.7
$1,214.1
52 Burn After Reading
Focus
$60.4
$94.7
$155.1
2,657
$19.1
2,651
12-Sep
95 Milk
Focus
30.1
11.8
41.9
882
1.5
36
26-Nov
137 Miss Pettigrew Lives for a Day
Focus
12.3
4.3
16.6
539
2.5
535
7-Mar
155 In Bruges
Focus
7.8
25.6
33.4
232
0.5
28
8-Feb
171 Hamlet 2
Focus
4.9
0.0
4.9
1,597
0.4
103
22-Aug
Total
115.5
136.4
251.9
GE
Focus
Rogue
55 The Strangers
142 Doomsday
Rog.
52.6
29.0
81.6
2,477
21.0
2,466
30-May
Rog.
11.0
11.2
22.2
1,938
4.9
1,936
14-Mar
Total
63.6
40.2
103.8
Universal
12 Mamma Mia!
Uni.
144.1
453.8
597.9
3,194
27.8
2,976
18-Jul
16 The Incredible Hulk
Uni.
134.8
128.6
263.4
3,508
55.4
3,505
13-Jun
27-Jun
17 Wanted
Uni.
134.5
206.9
341.4
3,185
50.9
3,175
25 The Mummy: Tomb of the Dragon Emperor
Uni.
102.5
298.6
401.1
3,778
40.5
3,760
1-Aug
42 Hellboy II: The Golden Army
Uni.
76.0
84.3
160.3
3,212
34.5
3,204
11-Jul
47 Role Models
Uni.
67.3
21.7
89.0
2,798
19.2
2,792
7-Nov
50 Forgetting Sarah Marshall
Uni.
63.2
42.0
105.2
2,872
17.7
2,798
18-Apr
51 Baby Mama
Uni.
60.5
3.8
64.3
2,627
17.4
2,543
25-Apr
57 The Tale of Despereaux
Uni.
50.8
30.4
81.2
3,107
10.1
3,104
19-Dec
67 Welcome Home Roscoe Jenkins
Uni.
42.4
1.2
43.6
2,387
16.2
2,387
8-Feb
79 Death Race
Uni.
36.3
38.6
74.9
2,586
12.6
2,532
22-Aug
80 Changeling
Uni.
35.7
67.8
103.5
1,896
0.5
15
24-Oct
85 Definitely, Maybe
Uni.
32.2
23.2
55.4
2,220
9.8
2,204
14-Feb
93 Leatherheads
Uni.
31.4
9.9
41.3
2,798
12.7
2,769
4-Apr
120 Frost/Nixon
Uni.
17.9
7.3
25.2
1,105
0.2
3
5-Dec
134 The Pirates Who Don't Do Anything
Uni.
13.0
0.2
13.2
1,340
4.3
1,337
11-Jan
145 The Express
Uni.
9.8
0.0
9.8
2,810
4.6
2,808
10-Oct
175 Flash of Genius
Uni.
4.4
0.1
4.5
1,098
2.3
1,098
3-Oct
Total
1,056.8
1,418.4
2,475.2
Total
$1,235.9
$1,595.0
$2,830.9
A member of BMO
Financial Group
237
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
3,084
3,151
2,764
2,016
2,070
2,626
2,470
1,613
2,050
2,509
2,636
2,654
2,642
568
2,508
1,354
425
11
102
$30.1
21.4
18.2
20.1
17.4
12.1
12.4
5.9
10.5
6.5
8.3
7.8
5.8
3.4
4.3
2.1
0.2
0.1
0.0
3,060
3,151
2,751
2,006
2,070
2,626
2,436
1,603
2,030
2,509
2,604
2,650
2,642
502
2,508
1,333
425
8
102
24-Oct
18-Apr
25-Jan
21-Mar
12-Sep
26-Nov
1-Feb
7-Mar
17-Oct
25-Dec
19-Sep
5-Sep
29-Aug
1-Oct
5-Dec
22-Feb
26-Sep
7-Nov
1-Aug
2,341
2,124
1,122
1,750
91
46
51
$7.8
2.2
1.8
1.4
0.1
0.1
0.0
2,339
2,123
1,122
1,750
91
46
50
19-Sep
29-Aug
22-Feb
3-Oct
31-Oct
18-Apr
25-Apr
2,965
726
2,048
2,089
9.5
3.8
5.4
4.1
2,960
692
2,044
2,089
28-Mar
15-Aug
7-Nov
22-Aug
2,838
21.0
2,711
25-Dec
Release
Lions Gate
54
56
66
68
78
88
92
97
107
117
119
126
127
133
152
176
293
328
369
Saw V
Rambo
Tyler Perry's Meet the Browns
Transporter 3
The Eye
The Bank Job
W.
The Spirit
Bangkok Dangerous
Disaster Movie
Religulous
Punisher: War Zone
Witless Protection
The Lucky Ones
Repo: The Genetic Opera
Midnight Meat Train
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
$56.7
52.1
42.8
42.0
37.1
31.7
31.4
30.1
25.5
19.8
19.2
15.3
14.2
13.0
8.1
4.2
0.3
0.1
0.1
$56.3
76.9
70.5
66.9
25.5
33.9
3.7
18.0
18.2
25.4
20.6
0.3
1.8
0.0
3.1
$113.0
129.0
113.3
42.0
37.1
98.6
56.9
64.0
29.2
37.8
37.4
40.7
34.8
13.3
9.9
4.2
0.3
0.2
3.2
Total
$443.7
$421.2
$864.9
MGM
MGM
MGM
MGM
MGM
MGM
MGM
$19.5
4.7
4.0
2.8
0.1
0.1
0.1
$9.8
1.5
1.3
14.5
0.1
3.1
0.0
$29.3
6.2
5.3
17.3
0.2
3.2
0.1
Total
31.3
30.3
61.6
MGM/W
MGM/W
MGM/W
MGM/W
25.9
23.2
12.1
11.5
45.3
67.5
0.0
71.2
90.7
12.1
11.5
Total
72.7
112.8
185.5
UA
82.7
93.2
175.9
Total
$186.7
$236.3
$423.0
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
$154.5
142.0
80.3
80.2
79.3
76.8
64.5
49.5
48.0
40.7
38.2
30.7
30.1
25.9
22.5
21.0
11.8
$142.6
24.4
139.1
142.1
151.4
83.5
98.9
152.1
52.1
44.7
46.4
46.8
34.5
21.9
49.1
47.4
38.1
$297.1
166.4
219.4
222.3
230.7
160.3
163.4
201.6
100.1
85.4
84.6
77.5
64.6
47.8
71.6
68.4
49.9
3,961
3,505
3,255
3,430
3,560
3,074
2,986
2,721
3,518
3,381
2,643
2,664
2,538
2,756
3,425
3,185
3,011
$45.0
36.4
20.2
27.4
30.5
23.0
30.5
14.8
13.2
17.6
18.5
11.2
7.2
10.4
9.5
10.0
5.3
3,954
3,480
3,215
3,428
3,560
3,057
2,986
2,642
3,513
3,376
2,605
2,664
2,511
2,753
3,390
3,185
3,011
14-Mar
25-Dec
9-May
14-Feb
12-Dec
18-Jan
13-Jun
26-Nov
4-Apr
17-Oct
25-Jan
15-Aug
18-Jul
21-Mar
29-Aug
25-Jul
11-Jul
Fox
Fox
Fox
7.9
6.4
4.6
9.8
2.4
10.2
17.7
8.8
14.8
2,023
2,784
2,001
3.1
2.6
2.3
2,022
2,784
2,001
10-Oct
20-Aug
25-Apr
Total
1,014.9
1,337.5
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
115.9
37.8
26.4
23.6
4.0
2.9
96.5
0.6
39.0
8.0
2.9
0.9
2,352.4
212.4
38.4
65.4
31.6
6.9
3.8
2,943
1,630
2,469
776
212
435
0.4
10.5
12.5
0.2
0.1
1.3
10
1,591
2,467
4
4
435
12-Nov
17-Oct
11-Apr
17-Dec
9-Apr
26-Sep
MGM
118
173
179
190
340
345
405
Igor
College
Charlie Bartlett
How to Lose Friends and Alienate People
The Other End of the Line
Pathology
Deal
Weinstein
106 Superhero Movie
111 Vicky Cristina Barcelona
138 Soul Men
140 The Longshots
United Artists
35 Valkyrie
News Corp
Fox
10
13
37
38
40
41
49
58
60
70
74
94
96
105
112
114
139
Marley and Me
Jumper
27 Dresses
The Happening
Australia
Nim's Island
Max Payne
Meet the Spartans
Mirrors
Space Chimps
Shutter
Babylon A.D.
Meet Dave
154 City of Ember
163 The Rocker
174 Deception (2008)
Fox Searchlight
21 Slumdog Millionaire
77 The Secret Life of Bees
104 Street Kings
109 The Wrestler
178 Young@Heart
189 Choke
Total
210.6
147.9
358.5
Total
$1,225.5
$1,485.4
$2,710.9
A member of BMO
Financial Group
238
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Sony
Screen Gems
65 Prom Night (2008)
SGem
$43.9
$13.3
$57.2
2,821
$20.8
2,700
11-Apr
73 Lakeview Terrace
SGem
39.3
5.4
44.7
2,574
15.0
2,464
19-Sep
76 First Sunday
SGem
37.9
0.9
38.8
2,213
17.7
2,213
11-Jan
89 Quarantine
SGem
31.7
9.6
41.3
2,463
14.2
2,461
10-Oct
98 Untraceable
SGem
28.7
24.0
52.7
2,368
11.4
2,368
25-Jan
Total
181.5
53.2
234.7
4 Hancock
Sony
227.9
396.4
624.3
3,965
62.6
3,965
2-Jul
9 Quantum of Solace
Sony
168.4
406.5
574.9
3,501
67.5
3,451
14-Nov
25-Jul
Sony/Columbia
28 Step Brothers
Sony
100.5
27.6
128.1
3,182
30.9
3,094
29 You Don't Mess with the Zohan
Sony
100.0
101.8
201.8
3,466
38.5
3,462
6-Jun
34 Pineapple Express
Sony
87.3
14.3
101.6
3,072
23.2
3,072
6-Aug
36 21
Sony
81.2
76.8
158.0
2,952
24.1
2,648
28-Mar
43 Vantage Point
Sony
72.3
78.9
151.2
3,163
22.9
3,149
22-Feb
46 Seven Pounds
Sony
70.0
92.3
162.3
2,758
14.9
2,758
19-Dec
59 The House Bunny
Sony
48.2
22.2
70.4
2,763
14.5
2,714
22-Aug
61 Made of Honor
Sony
46.0
60.0
106.0
2,816
14.8
2,729
2-May
90 Nick and Norah's Infinite Playlist
Sony
31.5
1.8
33.3
2,421
11.3
2,421
3-Oct
103 The Other Boleyn Girl
Sony
26.8
51.2
78.0
1,212
8.2
1,166
1-Feb
123 88 Minutes
Sony
17.2
15.4
32.6
2,168
7.0
2,168
18-Apr
151 Cadillac Records
Sony
8.2
0.1
8.3
701
3.4
687
5-Dec
286 Passengers
Sony
0.3
2.5
2.8
125
0.2
125
24-Oct
Total
1,085.8
1,347.8
2,433.6
136 Rachel Getting Married
SPC
12.6
2.0
14.6
391
0.3
9
3-Oct
170 The Counterfeiters
SPC
5.5
14.0
19.5
170
0.1
8
22-Feb
24-Oct
Sony Classics
185 Synecdoche, New York
SPC
3.1
0.0
3.1
119
0.2
9
186 The Band's Visit
SPC
3.1
11.5
14.6
121
0.1
7
8-Feb
187 I've Loved You So Long
SPC
3.0
15.7
18.7
69
0.1
9
24-Oct
191 Frozen River
SPC
2.5
1.4
3.9
96
0.1
7
1-Aug
193 Redbelt
SPC
2.3
0.3
2.6
1,379
0.1
6
2-May
199 The Wackness
SPC
2.1
0.8
2.9
142
0.1
6
3-Jul
202 Waltz with Bashir
SPC
1.8
8.0
9.8
208
0.1
5
25-Dec
206 The Class
SPC
1.6
21.6
23.2
73
N/A
N/A
19-Dec
207 Married Life
SPC
1.5
1.3
2.8
120
0.1
9
7-Mar
215 Brick Lane
SPC
1.1
2.7
3.8
49
0.0
7
20-Jun
217 When Did You Last See Your Father
SPC
1.1
1.6
2.7
57
0.0
8
6-Jun
221 The Children of Huang Shi
SPC
1.0
6.4
7.4
43
0.0
7
23-May
242 I Served the King of England
SPC
0.6
6.6
7.2
38
0.1
8
29-Aug
300 Standard Operating Procedure
SPC
0.2
0.1
0.3
21
0.0
2
25-Apr
308 CJ7
SPC
0.2
47.1
47.3
30
0.0
19
7-Mar
317 Ashes of Time Redux
SPC
0.2
0.2
0.4
18
0.0
5
10-Oct
0.1
18
0.0
2
13-Jun
333 Baghead
SPC
0.1
-
Total
43.7
141.4
185.1
Total
$1,311.0
$1,542.4
$2,853.3
Weinstein
91 Zack and Miri Make a Porno
Wein.
$31.5
$7.4
$38.9
2,735
$10.1
2,735
31-Oct
100 The Reader
Wein.
27.2
20.4
47.6
1,203
0.2
8
10-Dec
135 Under the Same Moon
Wein.
12.6
10.5
23.1
454
2.8
266
19-Mar
225 Cassandra's Dream
Wein.
1.0
21.6
22.6
107
0.4
107
18-Jan
230 My Blueberry Nights
Wein.
0.9
21.1
22.0
69
0.1
6
4-Apr
273 Where in the World Is Osama Bin Laden?
Wein.
0.4
0.2
0.6
102
0.1
102
18-Apr
342 Boy A
Wein.
0.1
0.5
0.6
10
0.0
2
23-Jul
Total
$73.6
$81.7
$155.4
A member of BMO
Financial Group
239
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
New Line
82 Semi-Pro
141 Be Kind, Rewind
157 Over Her Dead Body
NL
$33.5
$10.4
$43.9
3,121
$15.1
3,121
1-Feb
NL
11.2
19.2
30.4
810
4.1
808
22-Feb
1,977
4.0
1,977
1-Feb
NL
7.6
13.6
21.2
Total
52.3
43.2
95.5
Warner Bros.
1 The Dark Knight
WB
533.3
468.4
1,001.7
4,366
158.4
4,366
18-Jul
15 Gran Torino
WB
138.9
18.2
157.1
3,045
0.3
6
12-Dec
18 Get Smart
WB
130.3
100.4
230.7
3,915
38.7
3,911
20-Jun
30 Yes Man
WB
97.2
125.1
222.3
3,434
18.3
3,434
19-Dec
31 10,000 B.C.
WB
94.8
175.0
269.8
3,454
35.9
3,410
7-Mar
45 Fool's Gold
WB
70.2
41.0
111.2
3,125
21.6
3,125
8-Feb
63 The Sisterhood of the Traveling Pants 2
WB
44.1
0.3
44.4
2,714
10.7
2,707
6-Aug
64 Speed Racer
WB
43.9
50.0
93.9
3,606
18.6
3,606
9-May
26-Sep
69 Nights in Rodanthe
WB
41.9
42.4
84.3
2,704
13.4
2,704
72 Body of Lies
WB
39.4
75.9
115.3
2,714
12.9
2,710
10-Oct
81 Star Wars: The Clone Wars
WB
35.2
33.1
68.3
3,452
14.6
3,452
15-Aug
102 One Missed Call
WB
26.9
19.0
45.9
2,240
12.5
2,240
4-Jan
167 RockNRolla
WB
5.7
19.7
25.4
826
0.1
7
8-Oct
WB
1.7
-
1.7
26
0.0
12
21-Nov
11 Sex and the City
WB
152.6
262.6
415.2
3,325
57.0
3,285
30-May
20 Four Christmases
WB
120.1
43.1
163.2
3,540
31.1
3,310
26-Nov
26 Journey to the Center of the Earth
WB
101.7
138.3
240.0
2,830
21.0
2,811
11-Jul
75 Harold and Kumar Escape from Guantanamo Bay
WB
38.1
5.4
43.5
2,545
14.9
2,510
25-Apr
116 Appaloosa
WB
20.2
7.3
27.5
1,290
0.2
14
19-Sep
125 Pride & Glory
WB
15.7
14.0
29.7
2,585
6.3
2,585
24-Oct
Total
1,751.9
1,639.2
3,391.1
209 Funny Games
WIP
1.3
6.3
7.6
288
0.5
286
14-Mar
271 Snow Angels
WIP
0.4
0.0
0.4
47
0.0
2
7-Mar
274 Towelhead
WIP
0.4
0.1
0.5
100
0.1
4
12-Sep
11
N/A
11
14-Mar
12-Sep
Warner Independent
298 Chaos Theory
WIP
0.2
-
0.2
Total
2.3
6.4
8.8
101 The Women (2008)
PicH
26.9
21.8
48.7
2,995
10.1
2,962
121 Kit Kittredge: An American Girl
PicH
17.7
-
17.7
1,849
0.2
5
20-Jun
165 Run Fat Boy Run
PicH
6.0
27.5
33.5
1,133
2.3
1,133
28-Mar
Picturehouse
166 Mongol
PicH
5.7
21.0
26.7
253
0.1
5
6-Jun
245 Vince Vaughn's Wild West Comedy Show: 30 Days & 30 Nights - From Holly
PicH
0.6
-
0.6
962
0.5
962
8-Feb
Total
56.9
70.3
127.2
Total
$1,863.4
$1,759.1
$3,622.5
23 Tropic Thunder
P/DW
$110.5
$77.5
$188.0
3,473
$25.8
3,319
13-Aug
27 Eagle Eye
P/DW
101.4
76.6
178.0
3,614
29.2
3,510
26-Sep
122 The Ruins
P/DW
17.4
5.2
22.6
2,814
8.0
2,812
4-Apr
131 Ghost Town
P/DW
13.4
13.2
26.6
1,512
5.0
1,505
19-Sep
Total
242.7
172.5
415.2
2 Iron Man
Par.
318.4
263.6
582.0
4,154
98.6
4,105
2-May
3 Indiana Jones and the Kingdom of the Crystal Skull
Par.
317.1
469.5
786.6
4,264
100.1
4,260
22-May
19 The Curious Case of Benjamin Button
Par.
125.5
177.0
302.5
2,988
26.9
2,988
25-Dec
39 Cloverfield
Par.
80.0
90.7
170.7
3,411
40.1
3,411
18-Jan
44 The Spiderwick Chronicles
Par.
71.2
91.6
162.8
3,847
19.0
3,847
14-Feb
84 Drillbit Taylor
Par.
32.9
16.8
49.7
3,061
10.3
3,056
21-Mar
86 The Love Guru
Par.
32.2
8.6
40.8
3,012
13.9
3,012
20-Jun
Par.
10.9
0.3
11.2
1,305
4.6
1,291
28-Mar
1,211
3.0
1,208
1-Feb
Viacom
DreamWorks
Paramount
-
143 Stop-Loss
161 Strange Wilderness
ParC
6.6
0.4
7.0
Total
994.8
1,118.5
2,113.3
ParV
27.7
13.9
41.6
1,793
0.1
2
31-Dec
113 Revolutionary Road
ParV
22.0
48.5
70.5
1,077
0.2
3
26-Dec
129 The Duchess
ParV
13.8
26.3
40.1
1,207
0.2
7
19-Sep
159 How She Move
ParV
7.1
1.5
8.6
1,531
4.0
1,531
25-Jan
169 Shine a Light
ParV
5.5
10.3
15.8
277
1.5
276
4-Apr
204 Son of Rambow
ParV
1.8
9.0
10.8
155
0.1
5
2-May
228 American Teen
ParV
0.9
0.2
1.1
109
0.0
5
25-Jul
299 The Foot Fist Way
ParV
Total
0.2
79.1
0.0
109.7
0.2
188.7
25
0.0
4
30-May
Total
$1,316.6
$1,400.6
$2,717.2
Paramount Vantage
-
99 Defiance
A member of BMO
Financial Group
240
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Disney
Buena Vista
4 Pirates of the Caribbean: At World's End
BV
$309.4
$651.6
$961.0
4,362
$114.7
4,362
25-May
8 National Treasure: Book of Secrets
BV
217.0
222.9
439.9
3,832
44.8
3,832
21-Dec
11 Ratatouille
BV
206.4
414.8
621.2
3,940
47.0
3,940
29-Jun
13 Wild Hogs
BV
168.3
85.4
253.7
3,401
39.7
3,287
2-Mar
20 Enchanted
BV
127.7
182.4
310.1
3,730
34.4
3,730
21-Nov
29 Meet the Robinsons
BV
97.8
71.4
169.2
3,435
25.1
3,413
30-Mar
31 The Game Plan
BV
90.6
27.9
118.5
3,342
23.0
3,103
28-Sep
33 Bridge to Terabithia
BV
82.3
54.2
136.5
3,210
22.6
3,139
16-Feb
57 Dan in Real Life
BV
47.6
7.4
55.0
1,941
11.8
1,921
26-Oct
61 Underdog
BV
43.8
19.8
63.6
3,013
11.6
3,013
3-Aug
BV
20.6
6.2
26.8
2,019
7.7
2,019
27-Apr
105 The Invisible
127 Tim Burton's The Nightmare Before Christmas
BV
14.5
1.3
15.8
564
5.3
564
19-Oct
143 Primeval
BV
10.6
4.4
15.0
2,444
6.0
2,444
12-Jan
Total
1,436.6
1,749.7
3,186.3
Miramax
39 No Country for Old Men
Mira.
72.9
60.6
133.5
2,037
1.2
28
9-Nov
107 Gone Baby Gone
Mira.
20.3
8.3
28.6
1,713
5.5
1,713
19-Oct
112 Becoming Jane
Mira.
18.7
18.6
37.3
1,210
1.0
100
3-Aug
162 The Hoax
Mira.
7.2
4.6
11.8
1,069
1.4
235
6-Apr
176 The Diving Bell and the Butterfly
Mira.
5.7
8.2
13.9
213
0.1
3
30-Nov
182 The Lookout
Mira.
4.6
0.8
5.4
955
2.0
955
30-Mar
234 The Golden Door
Mira.
1.1
6.2
7.3
33
0.0
2
25-May
20
0.0
3
15-Jun
309 Eagle Vs. Shark
Mira.
0.2
1.1
1.3
Total
130.7
108.4
239.1
Total
$1,567.3
$1,858.1
$3,425.4
2 Shrek the Third
21 Bee Movie
DWA
$322.7
$476.2
$798.9
4,172
$121.6
4,122
18-May
DWA
126.6
159.5
$286.1
3,984
38.0
3,928
2-Nov
Total
$449.3
$635.7
$1,085.0
GE
Focus
52 Atonement
Focus
$50.6
$73.8
$124.4
1,400
$0.8
32
7-Dec
117 Eastern Promises
Focus
17.3
35.9
$53.2
1,408
0.5
15
14-Sep
136 Evening
Focus
12.5
4.9
$17.4
979
3.5
977
29-Jun
181 Lust, Caution
Focus
4.6
0.1
$4.7
143
0.1
1
28-Sep
184 Talk to Me
Focus
4.5
0.2
$4.7
193
0.4
33
13-Jul
355 Reservation Road
Focus
0.1
0.1
$0.2
39
0.0
13
19-Oct
Total
89.6
115.0
204.6
29-Aug
Rogue
82 Balls of Fury
Rog.
32.9
7.7
$40.6
3,081
11.4
3,052
100 Hot Fuzz
Rog.
23.6
56.9
$80.5
1,272
5.8
825
20-Apr
119 The Hitcher (2007)
Rog.
16.5
6.8
$23.3
2,836
7.8
2,831
19-Jan
Total
73.0
71.4
144.4
3-Aug
Universal
7 The Bourne Ultimatum
Uni.
227.5
215.4
$442.9
3,701
69.3
3,660
14 Knocked Up
Uni.
148.8
70.2
$219.0
2,975
30.7
2,871
1-Jun
19 American Gangster
Uni.
130.2
134.3
$264.5
3,110
43.6
3,054
2-Nov
23 I Now Pronounce You Chuck and Larry
Uni.
120.1
66.0
$186.1
3,501
34.2
3,495
20-Jul
28 Evan Almighty
Uni.
100.5
72.9
$173.4
3,636
31.2
3,604
22-Jun
40 Charlie Wilson's War
Uni.
66.6
42.5
$109.1
2,594
9.7
2,575
21-Dec
58 The Kingdom
Uni.
47.5
38.8
$86.3
2,836
17.1
2,793
28-Sep
63 Because I Said So
Uni.
42.7
26.3
$69.0
2,529
13.1
2,526
2-Feb
75 Smokin' Aces
Uni.
35.8
21.3
$57.1
2,219
14.6
2,218
26-Jan
79 Mr. Bean's Holiday
Uni.
33.3
196.4
$229.7
1,778
9.9
1,714
24-Aug
80 Breach
Uni.
33.2
7.7
$40.9
1,505
10.5
1,489
16-Feb
110 Georgia Rule
Uni.
19.1
5.9
$25.0
2,531
6.8
2,523
11-May
118 Dead Silence
Uni.
16.8
4.1
$20.9
1,806
7.8
1,805
16-Mar
120 Elizabeth: The Golden Age
Uni.
16.4
55.2
$71.6
2,006
6.2
2,001
12-Oct
124 Alpha Dog
Uni.
15.3
15.8
$31.1
1,292
6.4
1,289
12-Jan
1.3
138 Sydney White
Uni.
11.9
$13.2
2,106
5.2
2,104
21-Sep
202 Illegal Tender
Uni.
3.1
-
$3.1
514
1.4
512
24-Aug
205 Peaceful Warrior (re-issue)
Uni.
2.9
0.4
$3.3
615
N/A
615
30-Mar
Total
1,071.7
974.5
2,046.2
Total
$1,234.3
$1,160.8
$2,395.2
A member of BMO
Financial Group
241
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
3,183
2,034
3,006
2,612
2,111
1,117
2,277
2,350
2,381
1,509
1,931
2,310
1,518
1,661
275
340
1,163
$31.8
21.4
14.0
13.7
11.2
0.1
9.8
8.2
6.6
4.2
3.4
3.8
3.5
3.2
0.1
1.6
0.8
3,183
2,011
2,652
2,612
2,111
1
2,277
2,350
2,381
1,509
1,931
2,310
1,518
1,661
13
340
1,163
26-Oct
12-Oct
7-Sep
21-Sep
14-Feb
22-Jun
24-Aug
8-Jun
5-Jan
3-Aug
11-May
27-Apr
23-Mar
25-May
4-May
31-Aug
13-Apr
2,453
324
321
505
1,200
1,203
100
18
$10.0
1.3
0.1
0.1
2.1
1.7
0.1
0.1
2,453
260
7
6
1,200
1,200
100
17
1-Jun
17-Aug
12-Oct
4-Jul
26-Jan
28-Sep
4-May
26-Oct
2,733
3,475
1,290
3,003
2,636
2,423
2,023
1,019
1,009
329
20.6
26.4
6.0
13.1
7.5
8.9
5.9
2.8
1.4
0.0
2,678
3,472
1,171
3,003
2,629
2,423
2,002
1,019
1,009
4
22-Jun
31-Aug
25-Dec
9-Feb
24-Aug
21-Nov
30-Nov
27-Jul
11-May
7-Sep
2,216
6.7
2,215
9-Nov
Release
Lions Gate
41
45
47
78
85
97
101
116
121
146
156
161
164
165
183
188
226
Saw IV
3:10 to Yuma (2007)
Good Luck Chuck
Sicko
WAR
Hostel Part II
Happily N'Ever After
BRATZ
Delta Farce
The Condemned
Pride
Bug
Away from Her
Ladron Que Roba A Ladron
Slow Burn
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
$63.3
55.2
53.6
35.0
31.4
24.5
22.5
17.6
15.6
10.0
8.1
7.4
7.1
7.0
4.6
4.0
1.2
$71.2
0.2
11.1
23.7
0.2
10.9
16.4
18.0
21.8
15.8
0.2
1.0
1.0
3.8
0.6
$134.5
55.4
64.7
58.7
31.6
35.4
38.9
35.6
37.4
25.8
8.3
8.4
7.1
8.0
8.4
4.0
1.8
Total
$368.1
$195.9
$564.0
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
$28.5
8.6
6.0
5.5
3.5
3.5
0.2
0.2
$19.2
35.4
0.3
1.4
2.7
1.9
1.1
-
$47.7
44.0
6.3
6.9
6.2
5.4
1.3
0.2
Total
55.9
62.0
118.0
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
72.0
58.3
30.1
27.7
25.9
25.6
14.4
5.7
3.1
1.0
58.6
19.7
54.1
16.8
14.7
1.5
1.7
3.4
130.6
78.0
30.1
81.8
42.7
40.3
15.9
5.7
4.8
4.4
Total
263.8
170.5
434.3
UA
15.0
42.0
57.0
Total
$334.7
$274.5
$609.2
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
$214.6
183.1
134.5
131.9
41.8
39.7
39.7
32.1
20.3
13.9
10.2
9.5
8.8
$136.5
343.6
248.7
156.6
87.0
47.1
58.3
34.2
1.5
3.3
20.6
4.0
22.5
$351.1
526.7
383.2
288.5
128.8
86.8
98.0
66.3
21.8
17.2
30.8
13.5
31.3
3,499
3,926
3,411
3,963
2,617
2,840
2,468
3,168
2,702
2,881
1,756
1,823
3,173
$44.3
74.0
33.4
58.1
10.1
18.6
13.2
9.6
10.3
3.8
5.0
4.2
3.7
3,475
3,922
3,408
3,959
2,611
2,801
2,458
3,164
2,702
2,860
1,720
1,822
3,141
14-Dec
27-Jul
27-Jun
15-Jun
25-Dec
26-Jan
21-Nov
16-Nov
23-Feb
4-Apr
13-Apr
31-Aug
5-Oct
Total
880.1
1,163.9
FoxA
FoxA
FoxA
28.6
20.8
13.3
35.6
16.7
0.1
2,044.0
64.2
37.5
13.4
2,305
2,465
2,812
9.8
9.7
5.6
2,303
2,447
2,812
11-May
23-Mar
19-Oct
Total
62.7
52.4
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
139.8
19.1
13.6
12.6
11.9
9.4
6.2
3.7
0.5
0.5
55.0
3.0
6.4
0.6
13.7
7.4
1.2
28.3
0.2
38.4
115.1
194.8
22.1
20.0
13.2
25.6
16.8
7.4
32.0
0.6
38.9
2,534
707
335
1,794
698
150
201
461
152
64
0.4
0.1
0.2
5.7
0.1
0.1
0.2
0.2
0.1
0.0
7
4
6
1,776
2
2
4
10
6
5
5-Dec
2-May
9-Mar
16-Mar
29-Sep
16-May
28-Nov
20-Jul
6-Jul
1-Jun
MGM
89
153
170
178
197
198
328
338
Mr. Brooks
Death at a Funeral
Lars and the Real Girl
Rescue Dawn
Blood and Chocolate
Feast of Love
The Flying Scotsman
Music Within
Weinstein
37 1408
44 Halloween (2007)
86 The Great Debaters
90 Hannibal Rising
91 The Nanny Diaries
94 The Mist
128 Awake
175 Who's Your Caddy?
203 The Ex
241 The Hunting Party
United Artists
126 Lions for Lambs
News Corp
Fox
9
12
17
18
64
66
67
83
106
130
144
148
152
The Simpsons Movie
Aliens Vs. Predator - Requiem
Epic Movie
Hitman
Reno 911!: Miami
Firehouse Dog
Pathfinder: Legend of the Ghost Warrior
Death Sentence
The Seeker: The Dark Is Rising
Fox Atomic
87 28 Weeks Later
104 The Hills Have Eyes 2
132 The Comebacks
Fox Searchlight
16 Juno
111 Waitress
131 The Namesake
135 I Think I Love My Wife
137 The Darjeeling Limited
149 Once
169 The Savages
194 Sunshine
270 Joshua
273 Day Watch
Total
217.2
154.2
371.4
Total
$1,160.0
$1,370.5
$2,530.5
A member of BMO
Financial Group
242
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Sony
Screen Gems
42 Stomp the Yard
SGem
$61.4
$14.2
$75.6
2,169
$21.8
2,051
12-Jan
50 Resident Evil: Extinction
SGem
50.6
97.1
147.7
2,848
23.7
2,828
21-Sep
54 This Christmas
SGem
49.1
0.7
49.8
1,921
18.0
1,858
21-Nov
76 The Messengers
SGem
35.4
19.6
55.0
2,529
14.7
2,528
2-Feb
109 Vacancy
SGem
19.4
15.9
35.3
2,551
7.6
2,551
20-Apr
244 The Brothers Solomon
SGem
0.9
0.1
1.0
700
0.5
700
7-Sep
Total
216.8
147.6
364.4
53 Are We Done Yet?
SonR
49.7
8.7
58.4
2,944
14.3
2,877
4-Apr
65 The Water Horse: Legend of the Deep
SonR
40.4
46.7
87.1
2,777
9.2
2,772
25-Dec
Sony Revolution
98 Across the Universe
SonR
24.3
4.0
28.3
964
0.7
23
14-Sep
99 Perfect Stranger
SonR
24.0
49.1
73.1
2,661
11.2
2,661
13-Apr
133 Daddy Day Camp
SonR
13.2
5.0
18.2
2,332
3.4
2,332
8-Aug
Total
151.6
113.5
265.1
Sony
336.5
554.3
890.8
4,324
151.1
4,252
4-May
Sony
121.5
48.4
169.9
3,069
33.1
2,948
17-Aug
16-Feb
Sony/Columbia
1 Spider-Man 3
22 Superbad
27 Ghost Rider
Sony
115.8
112.9
228.7
3,620
45.4
3,619
43 Surf's Up
Sony
58.9
90.1
149.0
3,531
17.6
3,528
8-Jun
56 Premonition
Sony
47.9
36.1
84.0
2,831
17.6
2,831
16-Mar
68 30 Days of Night
Sony
39.6
37.8
77.4
2,859
16.0
2,855
19-Oct
88 We Own the Night
Sony
28.6
19.3
47.9
2,402
10.8
2,362
12-Oct
108 Reign Over Me
Sony
19.7
2.5
22.2
1,747
7.5
1,671
23-Mar
113 Walk Hard: The Dewey Cox Story
Sony
18.3
2.1
20.4
2,650
4.2
2,650
21-Dec
122 Catch and Release
Sony
15.5
0.6
16.1
1,622
7.7
1,622
26-Jan
160 I Know Who Killed Me
Sony
7.5
1.9
9.4
1,320
3.5
1,320
27-Jul
245 Saawariya
Sony
0.9
17.6
18.5
85
0.5
85
9-Nov
Total
810.7
923.6
1,734.3
139 The Lives of Others
SPC
11.3
63.8
75.1
259
0.2
9
9-Feb
187 Black Book
SPC
4.4
19.5
23.9
193
0.1
9
4-Apr
192 Persepolis
SPC
3.8
15.1
18.9
536
0.1
7
25-Dec
21-Sep
Sony Classics
196 The Jane Austen Book Club
SPC
3.6
2.9
6.5
1,232
0.1
25
214 The Valet
SPC
1.9
27.2
29.1
92
0.1
6
20-Apr
246 Paprika
SPC
0.9
0.9
1.8
37
0.0
2
25-May
266 Moliere
SPC
0.6
9.3
9.9
40
0.0
6
27-Jul
267 The Italian
SPC
0.6
1.4
2.0
25
0.0
4
19-Jan
277 Interview
SPC
0.4
0.8
1.2
121
0.0
6
13-Jul
279 Jindabyne
SPC
0.4
5.6
6.0
25
0.0
6
27-Apr
283 Sleuth (2007)
SPC
0.3
3.3
3.6
35
0.0
9
12-Oct
302 Youth Without Youth
SPC
0.2
1.9
2.1
18
0.0
6
14-Dec
306 My Kid Could Paint That
SPC
0.2
0.0
0.3
20
0.0
8
5-Oct
316 Steep
SPC
0.2
-
0.2
17
0.0
17
21-Dec
25-May
319 Angel-A
SPC
0.2
9.8
10.0
18
0.0
7
324 Vitus
SPC
0.2
5.6
5.8
16
0.0
2
29-Jun
325 Offside
SPC
0.2
0.2
0.4
17
0.0
5
23-Mar
0.1
21
0.0
7
26-Oct
360 Jimmy Carter Man from Plains
SPC
0.1
-
Total
29.6
167.4
197.0
Total
$1,208.7
$1,352.1
$2,560.8
Weinstein
Grindhouse
W/Dim
$25.0
$0.0
$25.0
2,629
$11.6
2,624
6-Apr
171 The Last Legion
Wein.
5.9
18.5
24.4
2,002
2.7
2,002
17-Aug
21-Nov
96
189 I'm Not There
Wein.
4.0
5.1
9.1
149
0.7
130
249 Control
Wein.
0.9
6.6
7.5
29
0.0
1
10-Oct
271 DOA: Dead or Alive
W/Dim
0.5
7.0
7.5
505
0.3
505
15-Jun
372 Dedication
Wein.
0.1
-
0.1
8
0.02
4
24-Aug
377 Pete Seeger: The Power of Song
Wein.
0.1
-
0.1
3
0.01
1
26-Oct
387 Nomad (The Warrior)
Wein.
0.1
2.8
2.9
60
0.01
30
16-Mar
Wein.
0.1
-
0.1
7
0.01
4
7-Dec
Total
$36.6
421 Grace Is Gone
$40.0
$76.6
A member of BMO
Financial Group
243
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
New Line
15 Rush Hour 3
NL
$140.1
$114.9
$255.0
3,778
$49.1
3,778
10-Aug
24 Hairspray (2007)
NL
118.9
81.8
200.7
3,121
27.5
3,121
20-Jul
38 The Golden Compass
NL
70.1
275.7
345.8
3,528
25.8
3,528
7-Dec
69 Fracture
NL
39.0
51.8
90.8
2,443
11.0
2,443
20-Apr
77 The Number 23
NL
35.2
41.5
76.7
2,759
14.6
2,759
23-Feb
92 Mr. Woodcock
NL
25.8
6.7
32.5
2,237
8.8
2,231
14-Sep
102 The Last Mimzy
NL
21.5
5.2
26.7
3,017
10.0
3,017
23-Mar
134 Shoot 'Em Up
NL
12.8
12.3
25.1
2,108
5.7
2,108
7-Sep
147 Rendition
NL
9.7
14.8
24.5
2,250
4.1
2,250
19-Oct
155 Code Name: The Cleaner
NL
8.1
2.1
10.2
1,736
4.2
1,736
5-Jan
159 Martian Child
NL
7.5
1.0
8.5
2,020
3.4
2,020
2-Nov
852
1.9
852
16-Nov
180 Love in the Time of Cholera
NL
Total
4.6
22.6
27.2
493.3
630.4
1,123.7
Warner Bros.
5 Harry Potter and the Order of the Phoenix
WB
292.0
646.5
938.5
4,285
77.1
4,285
11-Jul
6 I Am Legend
WB
254.9
327.1
582.0
3,648
77.2
3,606
14-Dec
9-Mar
10 300
WB
210.6
245.5
456.1
3,280
70.9
3,103
26 Ocean's Thirteen
WB
117.2
194.2
311.4
3,565
36.1
3,565
8-Jun
32 The Bucket List
WB
87.7
51.0
138.7
2,915
0.3
16
25-Dec
36 Fred Claus
WB
72.0
25.8
97.8
3,603
18.5
3,603
9-Nov
46 TMNT
WB
54.1
40.9
95.0
3,120
24.3
3,110
23-Mar
48 P.S. I Love You
WB
53.6
81.5
135.1
2,471
6.5
2,454
21-Dec
51 Music and Lyrics
WB
50.6
95.3
145.9
2,955
13.6
2,955
14-Feb
55 Michael Clayton
WB
48.7
38.5
87.2
2,585
0.7
15
5-Oct
60 License to Wed
WB
43.8
25.5
69.3
2,715
10.4
2,604
3-Jul
62 No Reservations
WB
43.1
494.5
537.6
2,425
11.7
2,425
27-Jul
72 The Brave One
WB
36.8
33.0
69.8
2,837
13.5
2,755
14-Sep
84 August Rush
WB
31.7
22.4
54.1
2,310
9.4
2,310
21-Nov
93 Nancy Drew
WB
25.6
5.1
30.7
2,612
6.8
2,612
15-Jun
95 The Reaping
WB
25.1
37.6
62.7
2,603
10.0
2,603
5-Apr
125 The Invasion
WB
15.1
25.1
40.2
2,776
6.0
2,776
17-Aug
140 In the Land of Women
WB
11.1
6.3
17.4
2,155
4.7
2,155
20-Apr
141 The Astronaut Farmer
WB
11.0
0.1
11.1
2,155
4.5
2,155
23-Feb
14-Sep
168 In the Valley of Elah
WIP
6.8
18.4
25.2
978
0.1
9
174 Lucky You
WB
5.8
2.6
8.4
2,525
2.7
2,525
4-May
191 The Assassination of Jesse James by the Coward Robert F
WB
3.9
11.0
14.9
301
0.1
5
21-Sep
WB
2.5
0.1
2.6
32
0.0
2
5-Oct
223 Blade Runner: The Final Cut
WB
1.4
0.7
2.1
20
0.1
2
5-Oct
1,505.1
2,428.7
3,933.8
17-Aug
Total
Warner Independent
259 The 11th Hour
WIP
0.7
0.2
0.9
111
0.1
4
282 Introducing the Dwights
WIP
0.4
1.2
1.6
70
0.0
4
4-Jul
359 Darfur Now
WIP
0.1
-
0.1
24
0.0
3
2-Nov
Total
1.2
1.4
2.6
145 La Vie en Rose
PicH
10.1
72.4
82.5
178
0.2
8
8-Jun
158 El Cantante
PicH
7.6
0.3
7.9
542
3.2
542
3-Aug
166 The Orphanage
PicH
7.0
58.5
65.5
707
0.2
19
28-Dec
204 Gracie
PicH
3.0
0.1
3.1
1,164
1.4
1,164
1-Jun
232 Silk
PicH
1.1
4.2
5.3
122
0.1
122
14-Sep
Picturehouse
258 Rocket Science
PicH
0.7
0.0
0.8
59
0.1
6
10-Aug
263 The King of Kong: A Fistful of Quarters
PicH
0.7
0.1
0.7
58
0.1
5
17-Aug
313 Starter for 10
PicH
0.2
1.5
1.7
32
0.0
20
23-Feb
Total
30.4
137.1
167.5
Total
$2,030.0
$3,197.7
$5,227.7
A member of BMO
Financial Group
244
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
International
Gross
Worldwide
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Viacom
DreamWorks
3 Transformers
P/DW
$319.2
$388.4
$707.6
4,050
$70.5
4,011
3-Jul
25 Blades of Glory
P/DW
118.6
26.9
145.5
3,467
33.0
3,372
30-Mar
30 Norbit
P/DW
95.7
63.3
159.0
3,145
34.2
3,136
9-Feb
35 Disturbia
P/DW
80.2
37.4
117.6
3,132
22.2
2,925
13-Apr
21-Dec
49 Sweeney Todd: The Demon Barber of Fleet Street
P/DW
52.8
96.0
148.8
1,507
9.3
1,249
73 The Heartbreak Kid
P/DW
36.8
91.0
127.8
3,233
14.0
3,229
5-Oct
P/DW
3.3
3.8
7.1
1,142
1.6
1,142
19-Oct
Total
706.6
706.8
1,413.4
34 Beowulf
Par.
82.2
113.8
196.0
3,249
27.5
3,153
16-Nov
59 Shooter
Par.
47.0
48.7
95.7
2,806
14.5
2,806
23-Mar
70 Stardust
Par.
38.6
96.9
135.5
2,565
9.2
2,540
10-Aug
200 Things We Lost in the Fire
Paramount
-
74 Freedom Writers
Par.
36.6
6.2
42.8
2,286
9.4
1,360
5-Jan
81 Zodiac
Par.
33.1
51.7
84.8
2,379
13.4
2,362
2-Mar
115 Next
Par.
18.2
46.5
64.7
2,733
7.1
2,725
27-Apr
129 Hot Rod
Par.
13.9
0.4
14.3
2,607
5.3
2,607
3-Aug
Total
269.6
364.2
633.8
ParV
39.3
23.4
62.7
1,620
0.2
2
26-Dec
114 Into the Wild
ParV
18.3
27.4
45.7
660
0.2
4
21-Sep
123 The Kite Runner
ParV
15.6
35.1
50.7
715
0.5
35
14-Dec
150 Black Snake Moan
ParV
9.4
1.5
10.9
1,253
4.1
1,252
2-Mar
151 A Mighty Heart
ParV
9.2
9.8
19.0
1,355
3.9
1,355
22-Jun
213 Margot at the Wedding
ParV
2.0
0.3
2.3
121
0.1
2
16-Nov
217 Year of the Dog
ParV
1.5
0.1
1.6
152
0.1
7
13-Apr
252 Arctic Tale
ParV
0.8
0.9
1.8
227
0.0
4
25-Jul
Total
96.1
98.5
194.7
Total
$1,072.3
$1,169.5
$2,241.8
Paramount Vantage
-
71 There Will Be Blood
A member of BMO
Financial Group
245
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
$135.6
Release
Disney
Buena Vista
1
BV
4,133
7-Jul
2
Cars
BV
244.1
3,988
60.1
3,985
9-Jun
23
BV
84.5
3,458
19.5
3,458
3-Nov
27
Eight Below
BV
81.6
3,122
20.2
3,066
17-Feb
40
Step Up
BV
65.3
2,647
20.7
2,467
11-Aug
42
Deja Vu
BV
64.0
3,108
20.6
3,108
22-Nov
48
The Shaggy Dog
BV
61.1
3,501
16.3
3,501
10-Mar
55
Invincible
BV
57.8
2,987
17.0
2,917
25-Aug
57
The Guardian
BV
55.0
3,241
18.0
3,241
29-Sep
61
The Prestige
BV
53.1
2,305
14.8
2,281
20-Oct
63
Apocalypto
BV
50.9
2,465
15.0
2,465
8-Dec
71
Glory Road
BV
42.6
2,397
13.6
2,222
13-Jan
82
The Wild
14-Apr
$423.3
4,133
BV
37.4
2,854
9.7
2,854
100 Stick It
BV
26.9
2,044
10.8
2,038
28-Apr
109 Stay Alive
BV
23.1
2,009
10.7
2,009
24-Mar
125 Annapolis
BV
17.1
1,607
7.7
1,605
27-Jan
158 Tim Burton's The Nightmare Before Christmas in 3-D
BV
8.7
168
3.3
168
20-Oct
175 Roving Mars (IMAX)
BV
6.2
27
0.4
27
27-Jan
185 Goal! The Dream Begins
BV
4.3
1,007
1.9
1,007
12-May
30-Sep
Miramax
The Queen
Mira.
54.3
1,830
0.12
3
161 The Night Listener
Mira.
7.8
1,370
3.6
1,367
4-Aug
183 Keeping Up with the Steins
Mira.
4.3
163
0.7
138
12-May
59
194 Venus
Mira.
3.1
59
0.04
3
21-Dec
196 Tsotsi
Mira.
2.9
122
0.08
6
24-Feb
215 Kinky Boots
Mira.
1.8
127
0.08
9
14-Apr
272 The Heart of the Game
Mira.
0.4
21
0.01
3
9-Jun
345 Once in a Lifetime
Mira.
0.1
12
0.01
1
7-Jul
396 Renaissance
Mira.
0.1
13
0.01
2
22-Sep
Dimension
20
Scary Movie 4
W/Dim.
90.7
3,674
40.2
3,602
14-Apr
117 Pulse
W/Dim.
20.3
2,323
8.2
2,323
11-Aug
407 Feast
W/Dim.
0.1
146
0.1
146
22-Sep
Total
$1,592.9
155.0
11
Over the Hedge
DWA
41
Flushed Away
DWA
Total
4,093
64.5
4,059
19-May
3,707
38.5
18.8
3,707
3-Nov
8-Sep
$219.5
GE
Focus
136 Hollywoodland
Focus
14.4
1,551
5.9
1,548
152 Something New
Focus
11.5
1,265
4.9
1,265
3-Feb
155 Scoop
Focus
10.5
541
3.0
538
28-Jul
184 Catch a Fire
Focus
4.3
1,306
2.0
1,305
27-Oct
210 Brick
Focus
2.1
45
0.08
2
31-Mar
328 On a Clear Day
Focus
0.2
33
0.02
5
7-Apr
486 The Ground Truth
Focus
0.02
8
0.01
8
15-Sep
Universal
18
The Break-Up
Uni.
118.7
3,146
39.2
3,070
2-Jun
22
Inside Man
Uni.
88.5
2,867
29.0
2,818
24-Mar
30
You, Me and Dupree
Uni.
75.6
3,137
21.5
3,131
14-Jul
43
Miami Vice
Uni.
63.5
3,026
25.7
3,021
28-Jul
46
The Fast and the Furious: Tokyo Drift
Uni.
62.5
3,030
24.0
3,027
16-Jun
50
The Good Shepherd
Uni.
59.9
2,250
9.9
2,215
22-Dec
54
Curious George
Uni.
58.4
2,609
14.7
2,566
10-Feb
68
Nanny McPhee
Uni.
47.1
2,148
14.5
1,995
27-Jan
83
Man of the Year
Uni.
37.3
2,626
12.3
2,515
13-Oct
85
Accepted
Uni.
36.3
2,917
10.0
2,914
18-Aug
87
Children of Men
Uni.
35.2
1,524
0.5
16
25-Dec
95
United 93
Uni.
31.5
1,871
11.5
1,795
28-Apr
Uni.
22.5
2,236
10.0
2,226
15-Sep
110 The Black Dahlia
144 Idlewild
Uni.
12.6
975
5.7
973
25-Aug
162 Slither
Uni.
7.8
1,946
3.9
1,945
31-Mar
168 American Dreamz
Uni.
7.2
1,500
3.7
1,500
21-Apr
182 Let's Go to Prison
Uni.
4.6
1,495
2.2
1,495
17-Nov
Total
$812.2
A member of BMO
Financial Group
246
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Lions Gate
28
44
67
96
99
101
119
131
133
197
235
236
237
238
311
324
454
Saw III
Hostel
Employee of the Month
Crank
The Descent
Akeelah and the Bee
Larry the Cable Guy: Health Inspector
See No Evil
La Mujer de Mi Hermano
The U.S. Vs. John Lennon
Peaceful Warrior
Leonard Cohen I'm Your Man
Hard Candy
A Good Woman
Deliver Us from Evil
Don't Tell
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Total
80.2
63.3
47.3
28.4
27.8
26.0
18.8
15.7
15.0
2.8
1.1
1.1
1.0
1.0
0.2
0.2
0.03
$330.0
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
70.2
13.1
11.4
4.3
3.3
0.4
0.0
0.01
Total
102.7
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
MGM/W
24.1
22.5
17.8
16.2
14.4
11.2
1.6
1.0
$0.0
3,167
2,194
2,337
2,579
2,515
2,095
2,195
1,747
1,270
217
65
42
55
152
35
24
5
33.6
30.0
19.6
11.4
10.5
8.9
6.0
6.9
4.6
1.00
0.07
0.08
0.02
0.06
0.10
0.02
0.01
3,167
2,194
2,195
2,579
2,515
2,095
2,195
1,710
1,257
206
6
10
1
2
35
4
5
27-Oct
24-Feb
6-Jan
6-Oct
1-Sep
4-Aug
28-Apr
24-Mar
19-May
14-Apr
15-Sep
2-Jun
21-Jun
14-Apr
3-Feb
13-Oct
17-Mar
3,019
2,033
1,509
1,979
956
29
12
3
12.2
6.0
4.6
2.3
2.0
0.1
N/A
0.01
3,017
2,033
1,509
1,979
956
26
1
3
20-Dec
22-Sep
18-Aug
1-Dec
10-Nov
10-Nov
1-Dec
15-Dec
2,150
1,989
3,007
1,544
2,248
1,670
336
38
10.1
7.0
8.6
3.7
N/A
0.07
N/A
0.01
2,150
1,984
3,004
1,544
1
2
1
2
21-Jul
7-Apr
29-Sep
25-Dec
29-Dec
17-Nov
29-Dec
29-Dec
3,768
3,714
3,969
2,611
2,882
3,030
3,261
2,723
2,898
2,566
2,851
3,205
2,981
2,702
2,877
2,545
2,538
2,543
1,845
2,898
2,067
2,016
130
30.4
102.8
68.0
26.5
27.5
23.2
27.7
16.0
19.1
14.3
14.4
12.0
7.3
8.6
7.7
7.1
7.5
5.7
6.6
6.1
3.7
3.0
0.1
3,685
3,690
3,964
837
2,847
3,020
3,261
2,723
2,896
2,560
2,819
3,205
2,946
2,702
2,877
2,545
2,512
2,541
1,845
2,896
2,066
2,015
130
22-Dec
26-May
31-Mar
3-Nov
30-Jun
15-Dec
27-Jan
6-Jun
17-Feb
28-Jul
21-Apr
22-Nov
16-Jun
21-Jul
20-Oct
13-Oct
3-Mar
12-May
13-Jan
15-Sep
10-Nov
6-Jan
1-Sep
1,572
3.6
1,570
1-Dec
1,602
2,621
1,020
642
501
1,060
91
165
260
158
321
106
151
0.4
15.7
0.3
0.4
0.1
3.1
0.06
0.10
0.2
0.09
0.4
0.05
0.02
7
2,620
5
22
4
1,060
5
7
38
3
321
8
12
26-Jul
10-Mar
17-Mar
25-Dec
27-Sep
7-Apr
28-Apr
21-Nov
18-Aug
17-Feb
17-Nov
27-Jan
15-Sep
$0.0
MGM
39
139
153
186
188
282
457
550
Rocky Balboa
Flyboys
Material Girls
National Lampoon's Van Wilder: The Rise of Taj
Harsh Times
Copying Beethoven
Two Weeks
Home of the Brave
Weinstein
104 Clerks II
112 Lucky Number Slevin
123 School for Scoundrels
128 Black Christmas
136 Arthur and the Invisibles
154 Bobby
219 Factory Girl
242 Miss Potter
Total
Total
108.8
$211.5
0.0
0.0
$0.0
0.0
0.0
$0.0
News Corp
Fox
3
4
7
16
17
31
38
58
65
74
86
88
97
111
115
120
121
124
134
135
164
176
273
Night at the Museum
Glorious Nation of Kazakhstan
Eragon
Big Momma's House 2
The Omen (2006)
Date Movie
John Tucker Must Die
The Sentinel
Deck the Halls
Garfield: A Tail of Two Kitties
My Super Ex-Girlfriend
Flicka
The Marine
Aquamarine
Just My Luck
Tristan and Isolde
Everyone's Hero
A Good Year
Grandma's Boy
Idiocracy
Fox Atomic
170 Turistas
Fox Searchlight
51 Little Miss Sunshine
73 The Hills Have Eyes
102 Thank You for Smoking
126 Notes on a Scandal
132 The Last King of Scotland
169 Phat Girlz
190 Water
198 The History Boys
220 Trust the Man
222 Night Watch (Nochnoi Dozor)
240 Fast Food Nation
253 Imagine Me and You
314 Confetti
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
243.6
234.4
195.3
128.3
124.7
74.7
70.2
54.6
48.5
41.0
36.3
35.1
28.4
22.5
21.0
18.8
18.6
17.3
14.7
14.5
7.5
6.1
0.4
Total
1456.5
FoxA
7.0
Total
7.0
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
59.9
41.8
24.8
16.8
15.4
7.1
3.3
2.7
1.5
1.5
1.0
0.67
0.23
Total
Total
176.7
$1,640.2
0.0
0.0
0.0
0.0
0.0
$0.0
0.0
$0.0
A member of BMO
Financial Group
247
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Rogue
163 The Return
Rog.
7.7
1,986
4.5
1,986
10-Nov
103 Jet Li's Fearless
Rog.
24.6
1,810
10.6
1,806
22-Sep
113 Waist Deep
Rog.
21.3
1,006
9.4
1,004
23-Jun
150 Dave Chappelle's Block Party
Rog.
11.7
1,200
6.2
1,200
3-Mar
20-Jan
Total
$65.3
Sony
Screen Gems
47
SGem
62.3
3,207
26.9
3,207
66
When a Stranger Calls
SGem
47.9
3,004
21.6
2,999
3-Feb
107 The Covenant
SGem
23.4
2,681
8.9
2,681
8-Sep
122 Ultraviolet
SGem
18.5
2,558
9.1
2,558
3-Mar
23-Jun
Sony Revolution
13
Click
SonR
137.4
3,764
40.0
3,749
52
The Benchwarmers
SonR
59.8
3,282
19.7
3,274
7-Apr
53
Little Man
SonR
58.6
2,537
21.6
2,533
14-Jul
145 Freedomland
SonR
12.5
2,361
5.8
2,361
17-Feb
148 Zoom
SonR
12.0
2,501
4.5
2,501
11-Aug
Sony/Columbia
5
The Da Vinci Code
Sony
217.5
3,757
77.1
3,735
19-May
9
Casino Royale
Sony
167.2
3,443
40.8
3,434
17-Nov
10
Sony
162.8
3,807
47.0
3,803
4-Aug
12
Sony
148.2
3,169
26.5
2,852
15-Dec
24
Open Season
Sony
84.3
3,833
23.6
3,833
29-Sep
25
The Pink Panther
Sony
82.2
3,477
20.2
3,477
10-Feb
32
Monster House
Sony
73.7
3,553
22.2
3,553
21-Jul
35
RV
Sony
71.7
3,651
16.4
3,639
28-Apr
45
The Holiday
Sony
63.2
2,698
12.8
2,610
8-Dec
69
Silent Hill
Sony
47.0
2,932
20.2
2,926
21-Apr
75
Sony
40.4
2,270
13.4
2,264
10-Nov
78
The Grudge 2
Sony
39.1
3,214
20.8
3,211
13-Oct
79
Gridiron Gang
Sony
38.4
3,510
14.4
3,504
15-Sep
130 Marie Antoinette
Sony
16.0
870
5.4
859
20-Oct
167 All the King's Men
Sony
7.2
1,520
3.7
1,514
22-Sep
171 Crossover
Sony
7.0
1,023
3.8
1,023
1-Sep
172 Running with Scissors
Sony
6.9
586
0.2
8
20-Oct
177 Basic Instinct 2
Sony
6.0
1,453
3.2
1,453
31-Mar
Sony Classics
139 Friends with Money
SPC
13.4
1,010
0.6
28
7-Apr
146 Volver
SPC
12.3
689
0.2
5
3-Nov
174 Curse of the Golden Flower
SPC
6.5
1,234
0.5
60
21-Dec
189 Art School Confidential
SPC
3.3
762
0.14
12
5-May
216 Quinceanera
SPC
1.7
96
0.10
8
4-Aug
217 Who Killed the Electric Car?
SPC
1.7
74
0.05
8
28-Jun
223 Why We Fight
SPC
1.4
64
0.05
6
20-Jan
257 L'Enfant (The Child)
SPC
0.7
40
0.04
7
24-Mar
261 Viva Pedro! (Almodovar festival)
SPC
0.6
24
0.01
1
11-Aug
265 The House of Sand
SPC
0.5
32
0.03
5
11-Aug
274 Don't Come Knocking
SPC
0.4
32
0.03
6
17-Mar
275 Sketches of Frank Gehry
SPC
0.4
21
0.02
2
12-May
280 The Quiet
SPC
0.4
366
0.03
7
25-Aug
286 The Devil and Daniel Johnston
SPC
0.3
17
0.02
5
31-Mar
300 American Hardcore
SPC
0.3
19
0.02
1
22-Sep
306 Riding Alone for Thousands of Miles
SPC
0.3
13
0.03
5
1-Sep
310 Driving Lessons
SPC
0.2
21
0.02
8
13-Oct
Total
$1,603.5
Weinstein
147 The Protector
W/DD
12.0
1,541
5.0
1,541
8-Sep
166 Doogal
Wein.
7.4
2,319
3.6
2,318
24-Feb
229 Shut Up and Sing
Wein.
1.2
84
0.05
4
27-Oct
252 Alex Rider: Operation Stormbreaker
Wein.
0.7
221
N/A
120
6-Oct
330 Days of Glory
Wein.
0.19
3
0.01
2
6-Dec
Total
$21.3
A member of BMO
Financial Group
248
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
New Line
60
Final Destination 3
NL
54.1
2,880
19.2
2,880
77
The Texas Chainsaw Massacre: The Beginning
NL
39.5
2,820
18.5
2,820
6-Oct
81
The Nativity Story
NL
37.6
3,183
7.8
3,183
1-Dec
89
Take the Lead
NL
34.7
3,009
12.1
3,009
7-Apr
92
Snakes on a Plane
NL
34.0
3,555
13.8
3,555
18-Aug
142 How to Eat Fried Worms
NL
13.0
1,870
4.0
1,870
25-Aug
159 Tenacious D in: The Pick of Destiny
NL
8.3
1,919
3.2
1,919
22-Nov
160 Hoot
NL
8.1
3,018
3.4
3,018
5-May
173 Running Scared
NL
6.9
1,611
3.4
1,611
24-Feb
180 Little Children
NL
5.2
115
0.1
5
6-Oct
10-Feb
Warner Bros.
6
Superman Returns
WB
200.1
4,065
52.5
4,065
28-Jun
8
Happy Feet
WB
194.8
3,804
41.5
3,804
17-Nov
15
The Departed
WB
132.2
3,017
26.9
3,017
6-Oct
36
V for Vendetta
WB
70.5
3,365
25.6
3,365
17-Mar
49
Poseidon
WB
60.7
3,555
22.2
3,555
12-May
56
Blood Diamond
WB
56.5
1,920
8.6
1,910
8-Dec
62
The Lake House
WB
52.3
2,645
13.6
2,645
16-Jun
64
Firewall
WB
48.8
2,840
13.6
2,840
10-Feb
70
We Are Marshall
WB
43.5
2,606
6.1
2,606
22-Dec
72
Lady in the Water
WB
42.3
3,235
18.0
3,235
21-Jul
84
16 Blocks
WB
36.9
2,706
11.9
2,706
3-Mar
98
The Ant Bully
WB
28.1
3,050
8.4
3,050
28-Jul
106 Deep Sea 3-D (IMAX)
WB
24.1
47
0.7
43
3-Mar
107 The Wicker Man
WB
23.6
2,784
9.6
2,784
1-Sep
114 ATL
WB
21.2
1,602
11.6
1,602
31-Mar
118 Beerfest
WB
19.2
2,964
7.0
2,964
25-Aug
127 Unaccompanied Minors
WB
16.6
2,775
5.8
2,775
8-Dec
140 Letters from Iwo Jima
WB
13.3
415
0.1
5
20-Dec
157 The Fountain
WB
10.1
1,472
3.8
1,472
22-Nov
WB
2.9
37
0.11
19
17-Nov
231 The Good German
WB
1.2
66
0.08
5
15-Dec
165 The Painted Veil
WIP
7.4
287
0.05
4
20-Dec
178 For Your Consideration
WIP
5.5
625
0.37
23
17-Nov
179 A Scanner Darkly
WIP
5.5
263
0.39
17
7-Jul
181 The Science of Sleep
WIP
4.7
243
0.35
14
22-Sep
234 Infamous
WIP
1.2
179
0.45
179
13-Oct
245 Looking for Comedy in the Muslim World
WIP
0.9
161
0.43
161
20-Jan
254 The Promise
WIP
0.7
213
0.27
213
5-May
343 Duck Season
WIP
0.15
24
0.02
6
10-Mar
Warner Independent
Total
$1,366.3
Viacom
DreamWorks
19
Dreamgirls
P/DW
102.1
2,797
0.4
3
15-Dec
93
She's the Man
P/DW
33.7
2,631
10.7
2,623
17-Mar
94
P/DW
33.6
2,375
10.2
1,876
20-Oct
151 The Last Kiss
P/DW
11.6
1,359
4.6
1,357
15-Sep
206 Perfume - The Story of a Murderer
P/DW
2.2
280
0.04
3
27-Dec
Paramount
14
Par.
134.0
4,059
47.7
4,054
5-May
21
Failure to Launch
Par.
88.7
3,202
24.4
3,057
10-Mar
26
Charlotte's Web (2006)
Par.
81.9
3,745
11.5
3,566
15-Dec
29
Nacho Libre
Par.
80.2
3,083
28.3
3,070
16-Jun
33
Jackass: Number Two
Par.
72.8
3,063
29.0
3,059
22-Sep
34
Barnyard: The Original Party Animals
Par.
72.6
3,311
15.8
3,311
4-Aug
37
World Trade Center
Par.
70.3
3,021
18.7
2,957
9-Aug
80
Last Holiday
Par.
38.4
2,514
12.8
2,514
13-Jan
Par.
0.3
84
0.13
84
8-Sep
305 Broken Bridges
Paramount Classics
105 An Inconvenient Truth
ParC
24.1
587
0.3
4
24-May
213 Neil Young: Heart of Gold
ParC
1.9
65
0.05
4
10-Feb
249 Ask the Dust
ParC
0.7
111
0.07
7
10-Mar
351 Typhoon
ParC
0.1
24
0.06
24
2-Jun
34.1
1,251
0.39
7
27-Oct
Paramount Vantage
91
Babel
ParV
Total
$883.3
A member of BMO
Financial Group
249
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Disney
Buena Vista
2
Wardrobe
14 Chicken Little
17 The Pacifier
20 Flightplan
37 Herbie: Fully Loaded
39 Sky High
55 The Hitchhiker's Guide to the Galaxy
100 Dark Water
103 Ice Princess
110 A Lot Like Love
114 Valiant
120 Pooh's Heffalump Movie
131 The Greatest Game Ever Played
139 Casanova
143 Shopgirl
150 Aliens of the Deep (IMAX)
167 Howl's Moving Castle
Dimension
32 Sin City
70 The Adventures of Sharkboy and Lavagirl in 3D
73 The Brothers Grimm
116 Cursed
169 Mindhunters
220 Venom
Miramax
78 Hostage
146 The Great Raid
151 An Unfinished Life
154 Proof
157 Bride and Prejudice
161 Underclassman
195 The Chorus
202 Dear Frankie
282 Secuestro Express
290 The Best of Youth
336 Deep Blue
386 The Warrior
476 Daltry Calhoun
537 Twin Sisters
Weinstein
136 The Matador
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
291.7
135.4
113.1
89.7
66.0
63.9
51.1
25.5
24.4
21.8
19.5
18.1
15.3
11.3
10.3
8.7
4.7
3,853
3,658
3,181
3,424
3,521
2,912
3,133
2,657
2,501
2,502
2,016
2,529
1,810
1,011
493
27
202
65.6
40.0
30.6
24.6
12.7
14.6
21.1
9.9
6.8
7.6
5.9
5.8
3.7
0.1
0.2
0.5
0.4
3,616
3,654
3,131
3,424
3,521
2,905
3,133
2,657
2,501
2,502
2,014
2,529
1,014
37
8
27
36
9-Dec
4-Nov
4-Mar
23-Sep
22-Jun
29-Jul
29-Apr
8-Jul
18-Mar
22-Apr
19-Aug
11-Feb
30-Sep
25-Dec
21-Oct
28-Jan
10-Jun
Dim.
Dim.
Dim.
Dim.
Dim.
Dim.
74.1
39.2
37.9
19.3
4.5
0.9
3,230
2,655
3,098
2,805
1,040
489
29.1
12.6
15.1
9.6
1.9
0.5
3,230
2,655
3,087
2,805
1,040
489
1-Apr
10-Jun
26-Aug
25-Feb
13-May
16-Sep
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
Mira.
34.6
10.2
8.6
7.5
6.6
5.7
1.5
1.3
0.3
0.3
0.1
0.1
0.01
0.00
2,183
920
888
517
288
1,132
59
96
34
5
5
5
13
1
10.2
3.4
1.0
0.2
0.4
2.5
0.2
0.04
0.05
0.01
0.01
0.01
0.01
0.00
2,123
819
139
8
32
1,132
2
5
8
1
2
4
13
1
11-Mar
12-Aug
9-Sep
16-Sep
11-Feb
2-Sep
14-Jan
4-Mar
5-Aug
2-Mar
3-Jun
15-Jul
23-Sep
6-May
Wein.
Total:
12.6
$1,235.8
905
0.1
4
30-Dec
DWA
DWA
Total:
193.6
56.1
$249.7
4,142
3,656
47.2
16.0
4,131
3,645
27-May
5-Oct
DW
DW
DW
DW
DW
DW
DW
Total:
76.2
57.9
48.3
35.8
32.8
23.2
0.6
$274.8
3,341
3,134
3,543
3,138
2,735
512
41
35.1
16.2
16.4
12.4
9.2
0.4
0.2
3,332
3,079
3,508
3,122
2,007
8
41
18-Mar
19-Aug
16-Sep
22-Jul
21-Oct
28-Dec
30-Sep
Focus
Focus
Focus
Focus
Focus
Focus
Focus
83.0
38.4
33.6
13.7
9.0
1.0
0.02
2,089
1,335
1,387
433
1,555
63
7
0.5
2.9
8.7
0.8
3.7
0.1
0.01
5
215
1,346
27
1,550
17
3
9-Dec
11-Nov
31-Aug
5-Aug
23-Nov
17-Jun
4-Feb
9
47
Madagascar
Wallace and Gromit: The Curse of the Were-Rabbit
DreamWorks
28
44
60
76
82
105
245
The Ring Two
Red Eye
Just Like Heaven
The Island
Dreamer: Inspired by a True Story
Match Point
The Prize Winner of Defiance, Ohio
GE
Focus Features
22 Brokeback Mountain
72 Pride and Prejudice
79 The Constant Gardener
133 Broken Flowers
148 The Ice Harvest
216 My Summer of Love
437 Rory O'Shea Was Here
A member of BMO
Financial Group
250
April 2012
BMO Capital Markets
Rank Title
Universal
5 King Kong
19 The 40-Year-Old Virgin
33 The Interpreter
41 Jarhead
42 Cinderella Man
46 White Noise
52 Kicking and Screaming
61 The Skeleton Key
62 Munich
87 The Wedding Date
95 Doom
99 Serenity
106 Two for the Money
107 Prime
111 George A. Romero's Land of the Dead
115 The Producers
126 The Perfect Man
232 First Descent
237 Inside Deep Throat
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Uni.
Total:
218.1
109.4
72.7
62.7
61.6
56.4
52.8
47.9
47.4
31.7
28.2
25.5
23.0
22.8
20.7
19.4
16.5
0.8
0.7
$1,097.0
3,627
3,006
2,814
2,448
2,820
2,279
3,470
2,784
1,498
1,704
3,044
2,189
2,397
1,837
2,253
978
2,090
243
27
50.1
21.4
22.8
27.7
18.3
24.1
20.2
16.1
4.2
11.1
15.5
10.1
8.7
6.2
10.2
0.2
5.3
0.4
0.1
3,568
2,845
2,758
2,411
2,812
2,261
3,455
2,771
532
1,694
3,044
2,188
2,391
1,827
2,249
6
2,087
243
12
14-Dec
19-Aug
22-Apr
4-Nov
3-Jun
7-Jan
13-May
12-Aug
23-Dec
4-Feb
21-Oct
30-Sep
7-Oct
28-Oct
24-Jun
16-Dec
17-Jun
2-Dec
11-Feb
Saw II
Crash
Lord of War
The Devil's Rejects
Waiting...
In the Mix
Alone in the Dark
High Tension
Rize
Grizzly Man
State Property 2
Happy Endings
Undiscovered
House of D
Three... Extremes
Undead
Streets of Legend
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Lions
Total:
87.0
54.6
50.6
24.1
17.0
16.1
10.2
5.2
3.7
3.3
3.2
1.7
1.3
1.1
0.4
0.8
0.04
0.01
$280.3
2,949
1,905
1,703
2,814
1,757
1,652
1,608
2,124
1,323
352
105
202
74
1,304
305
19
13
1
31.7
9.1
21.9
9.4
7.1
6.0
4.4
2.8
1.9
1.6
0.3
0.8
0.2
0.7
0.04
0.04
0.01
0.00
2,949
1,864
1,483
2,814
1,757
1,652
1,608
2,124
1,323
352
29
202
52
1,304
2
19
2
1
28-Oct
6-May
25-Feb
16-Sep
22-Jul
7-Oct
23-Nov
28-Jan
10-Jun
24-Jun
12-Aug
13-Apr
15-Jul
26-Aug
15-Apr
28-Oct
1-Jul
25-Nov
The Amityville Horror (2005)
Be Cool
Beauty Shop
Swimming Upstream
Raging Bull (25th Anniversary)
Jiminy Glick in La La Wood
Bigger Than the Sky
Fascination
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
Total:
65.2
56.0
36.4
0.1
0.05
0.04
0.02
0.02
$157.8
3,323
3,216
2,659
17
1
24
9
10
23.5
23.5
12.8
0.02
0.01
0.03
0.01
0.01
3,323
3,216
2,659
17
1
24
9
10
15-Apr
4-Mar
30-Mar
4-Feb
28-Jan
6-May
18-Feb
28-Jan
380.3
186.3
154.7
128.2
119.5
82.6
60.1
51.1
47.4
43.1
42.1
32.9
32.6
24.4
16.8
3.6
3.1
0.4
3,663
3,451
3,619
3,776
3,160
3,211
2,469
3,005
3,219
3,320
3,275
2,840
3,188
3,204
2,464
1,684
1,621
35
108.4
50.3
56.1
36.0
22.3
9.3
12.5
22.0
19.6
16.5
12.4
10.0
10.2
12.8
5.0
2.2
1.3
0.0
3,661
3,424
3,602
3,776
2,961
3,175
2,466
3,005
3,216
3,303
3,267
2,808
3,188
3,204
2,464
1,684
1,621
2
19-May
10-Jun
8-Jul
11-Mar
18-Nov
21-Dec
16-Dec
28-Jan
6-May
2-Sep
8-Apr
7-Oct
18-Feb
14-Jan
1-Jul
21-Oct
17-Aug
30-Sep
Lions Gate
21
49
57
104
123
128
144
163
175
178
179
193
206
213
266
359
405
510
MGM
38
48
74
380
390
413
444
457
News Corp
Fox
1
10
13
15
16
25
43
54
63
67
69
80
83
102
125
177
180
267
Mr. & Mrs. Smith
Fantastic Four
Robots
Walk the Line
Cheaper by the Dozen 2
The Family Stone
Hide and Seek
Kingdom of Heaven
Transporter 2
Fever Pitch
In Her Shoes
Because of Winn-Dixie
Elektra
Rebound
Stay
Supercross
Little Manhattan
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
A member of BMO
Financial Group
251
April 2012
BMO Capital Markets
Rank Title
Fox Searchlight
77 The Ringer
121 Roll Bounce
158 Millions
174 Melinda and Melinda
211 Bee Season
219 Separate Lies
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
FoxS
FoxS
FoxS
FoxS
FoxS
FoxS
Total:
35.4
17.4
6.6
3.8
1.2
0.9
$1,474.5
1,853
1,661
340
302
277
127
5.2
7.6
0.1
0.1
0.1
0.02
1,829
1,625
5
1
21
2
23-Dec
23-Sep
11-Mar
18-Mar
11-Nov
16-Sep
Rog.
Rog.
Rog.
total:
24.5
20.0
10.0
$54.5
1,962
2,297
1,789
10.9
6.5
4.4
1,957
2,297
1,789
13-May
19-Jan
16-Sep
Screen Gems
30 The Exorcism of Emily Rose
64 Boogeyman
130 The Gospel
132 The Cave
SGem
SGem
SGem
SGem
75.1
46.8
15.8
15.0
3,045
3,052
983
2,195
30.1
19.0
7.5
6.1
2,981
3,052
969
2,195
9-Sep
4-Feb
7-Oct
26-Aug
Sony Revolution
24 Are We There Yet?
91 The Fog
93 Rent
96 XXX: State of the Union
SonR
SonR
SonR
SonR
82.7
29.6
29.1
26.9
2,810
2,972
2,437
3,480
18.6
11.8
10.0
12.7
2,709
2,972
2,433
3,480
21-Jan
14-Oct
23-Nov
29-Apr
Sony/Columbia
11 Hitch
18 Fun with Dick and Jane
34 Guess Who
40 Bewitched
45 Memoirs of a Geisha
65 The Legend of Zorro
85 Stealth
92 Zathura
108 Deuce Bigalow: European Gigolo
113 Man of the House
117 Into the Blue
140 Lords of Dogtown
187 Oliver Twist
430 Barely Legal
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
179.5
110.3
68.9
63.3
57.0
45.6
32.1
29.2
22.4
19.7
18.8
11.3
2.1
0.0
3,575
3,239
3,147
3,188
1,654
3,520
3,495
3,232
3,127
2,422
2,789
1,865
779
20
43.1
14.4
20.7
20.1
0.7
16.3
13.3
13.4
9.6
8.9
7.1
5.6
0.07
0.02
3,575
3,056
3,147
3,174
8
3,520
3,495
3,223
3,127
2,422
2,789
1,865
5
20
11-Feb
21-Dec
25-Mar
24-Jun
9-Dec
28-Oct
29-Jul
11-Nov
12-Aug
25-Feb
30-Sep
3-Jun
23-Sep
21-Oct
Sony Classics
94 Capote
122 Kung Fu Hustle
165 The Three Burials of Melquiades Estrada
176 Cache (Hidden)
184 Junebug
185 Layer Cake
190 Look at Me
194 The White Countess
198 2046
203 Thumbsucker
210 Saving Face
212 Heights
214 Joyeux Noel (Merry Christmas)
226 Breakfast on Pluto
243 Saraband
246 The Passenger (Re-issue)
259 The Beautiful Country
264 Yes
277 The Memory of a Killer
299 Up and Down
300 3-Iron
313 November
323 In My Country
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
SPC
28.8
17.1
5.0
3.6
2.7
2.3
1.7
1.7
1.4
1.3
1.2
1.2
1.1
0.8
0.6
0.6
0.4
0.4
0.3
0.2
0.2
0.2
0.2
1,239
2,503
356
90
143
200
75
67
61
330
56
66
53
125
27
24
28
26
27
16
31
27
15
0.33
0.27
0.02
0.06
0.07
0.08
0.07
0.05
0.11
0.09
0.08
0.05
0.04
0.03
0.03
0.02
0.03
0.03
0.04
0.03
0.02
0.02
0.02
12
7
5
5
7
10
6
10
4
9
6
7
6
3
4
2
6
7
6
6
7
8
9
30-Sep
8-Apr
14-Dec
23-Dec
3-Aug
13-May
1-Apr
21-Dec
5-Aug
16-Sep
27-May
17-Jun
16-Dec
16-Nov
8-Jul
28-Oct
8-Jul
24-Jun
26-Aug
25-Feb
29-Apr
22-Jul
11-Mar
SPHE
0.01
8
0.00
8
30-Sep
SRep
Total:
0.02
$1,054.5
3
0.00
1
8-Apr
Rogue
101 Unleashed
112 Assault on Precinct 13
147 Cry Wolf
Sony
Sony Pictures Home Entertainment
508 Sueno
Sony Repertory
446 Major Dundee (Re-issue)
A member of BMO
Financial Group
252
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Time Warner
New Line
6 Wedding Crashers
23 Monster-in-Law
84 Just Friends
89 A History of Violence
118 The Upside of Anger
124 Son of the Mask
135 The New World
145 Domino
152 The Man
172 King's Ransom
NL
NL
NL
NL
NL
NL
NL
NL
NL
NL
209.3
82.9
32.6
31.5
18.8
17.0
12.7
10.2
8.3
4.0
3,131
3,424
2,505
1,348
1,166
2,966
811
2,223
2,040
1,508
33.9
23.1
9.2
0.5
0.2
7.5
0.0
4.7
4.1
2.1
2,925
3,424
2,505
14
9
2,966
3
2,223
2,040
1,508
15-Jul
13-May
23-Nov
23-Sep
11-Mar
18-Feb
25-Dec
14-Oct
9-Sep
22-Apr
Warner Bros.
3 Harry Potter and the Goblet of Fire
7 Charlie and the Chocolate Factory
8 Batman Begins
26 The Dukes of Hazzard
29 Constantine
51 Tim Burton's Corpse Bride
56 Syriana
58 Racing Stripes
59 Miss Congeniality 2: Armed and Fabulous
66 Must Love Dogs
68 Rumor Has It
71 The Sisterhood of the Traveling Pants
86 House of Wax
119 North Country
142 The Polar Express - IMAX
170 Kiss Kiss, Bang Bang
189 A Sound of Thunder
222 Duma
294 Dominion: Prequel to the Exorcist
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
290.0
206.5
205.3
80.3
76.0
53.4
50.8
49.8
48.5
43.9
43.0
39.1
32.1
18.3
10.9
4.2
1.9
0.9
0.3
3,858
3,790
3,858
3,785
3,006
3,204
1,775
3,185
3,233
2,505
2,815
2,583
3,111
2,555
66
226
816
42
110
102.7
56.2
48.7
30.7
29.8
0.4
0.4
13.9
14.0
12.9
3.5
9.8
12.1
6.4
1.2
0.2
0.9
N/A
0.1
3,858
3,770
3,858
3,785
3,006
5
5
3,185
3,233
2,505
2,815
2,583
3,111
2,555
66
8
816
42
110
18-Nov
15-Jul
15-Jun
5-Aug
18-Feb
16-Sep
23-Nov
14-Jan
24-Mar
29-Jul
25-Dec
1-Jun
6-May
21-Oct
23-Nov
21-Oct
2-Sep
22-Apr
20-May
77.4
31.6
6.3
1.7
1.5
0.2
$1,801.1
2,506
929
1,331
110
65
16
0.1
0.4
2.7
0.1
0.05
0.1
4
11
1,331
6
4
12
24-Jun
7-Oct
4-Mar
16-Sep
28-Oct
8-Apr
234.3
158.1
74.5
68.7
67.3
53.4
32.9
31.0
26.9
25.9
12.8
12.5
3,910
3,654
2,649
3,200
2,574
3,210
3,183
1,666
2,517
2,608
1,912
1,510
64.9
47.6
21.2
18.1
24.2
17.5
11.4
12.0
10.6
12.7
5.5
4.2
3,908
3,634
2,533
3,154
2,524
3,206
3,183
1,652
2,517
2,608
1,912
1,510
29-Jun
27-May
12-Aug
8-Apr
14-Jan
23-Nov
22-Jul
9-Nov
14-Oct
2-Dec
10-Jun
28-Oct
22.2
8.1
0.8
0.6
0.4
0.3
$830.7
1,016
202
42
35
55
39
8.0
0.05
0.03
0.01
0.04
0.02
1,013
2
3
4
5
5
22-Jul
13-May
3-Jun
18-Feb
12-Aug
8-Apr
Warner Independent
27 March of the Penguins
88 Good Night, and Good Luck.
160 The Jacket
191 Everything Is Illuminated
197 Paradise Now
315 Eros
WIP
WIP
WIP
WIP
WIP
WIP
Total:
Viacom
Paramount
4 War of the Worlds
12 The Longest Yard
31 Four Brothers
35 Sahara
36 Coach Carter
50 Yours, Mine and Ours
81 Bad News Bears
90 Get Rich or Die Tryin'
97 Elizabethtown
98 Aeon Flux
134 The Honeymooners
137 The Weather Man
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Par.
Paramount Classics
109 Hustle and Flow
153 Mad Hot Ballroom
225 Apres Vous
248 Schultze Gets the Blues
270 Asylum
280 Winter Solstice
ParC
ParC
ParC
ParC
ParC
ParC
Total:
A member of BMO
Financial Group
253
April 2012
BMO Capital Markets
Rank Title
Domestic
Widest #
OpenWknd
Open #
Gross
Theaters
Gross
Theaters
Studio*
Release
Alliance
169 Camping Sauvage
Alliance/Odeon
$3.9
99
N/A
N/A
9-Jul
189 Les Choristes (Quebec)
Alliance/Odeon
2.1
34
N/A
N/A
1-Oct
193 Elles etaient cinq
Alliance/Odeon
1.9
45
N/A
N/A
27-Aug
196 The Blue Butterfly
Alliance/Odeon
1.8
73
0.2
73
20-Feb
203 Monica la mitraille
Alliance/Odeon
1.4
99
0.3
99
30-Apr
212 Ma vie en cinemascope
Alliance/Odeon
1.2
N/A
N/A
N/A
17-Dec
214 Les Aimants
Alliance/Odeon
1.2
22
N/A
N/A
1-Oct
Total
$13.5
Disney
5
The Incredibles
Disney
261.4
3,933
70.5
3,933
5-Nov
9
National Treasure
Disney
173.0
3,243
35.1
3,017
19-Nov
20
The Village
Disney
114.2
3,733
50.7
3,730
30-Jul
25
Disney
95.2
3,490
23.0
3,472
11-Aug
38
Ladder 49
Disney
74.5
3,261
22.1
3,260
1-Oct
42
Hidalgo
Disney
67.3
3,065
18.8
3,063
5-Mar
6-Feb
47
Miracle
Disney
64.4
2,755
19.4
2,605
60
King Arthur
Disney
51.9
3,086
15.2
3,086
7-Jul
65
Home on the Range
Disney
50.0
3,058
13.9
3,047
2-Apr
76
The Ladykillers
Disney
39.8
1,589
12.6
1,583
26-Mar
78
Raising Helen
Disney
37.5
2,721
11.0
2,717
28-May
90
Confessions of a Teenage Drama Queen
Disney
29.3
2,503
9.4
2,503
20-Feb
96
The Life Aquatic with Steve Zissou
Disney
24.0
1,105
0.1
2
10-Dec
97
Around the World in 80 Days
16-Jun
Disney
24.0
2,801
7.6
2,801
101 The Alamo
Disney
22.4
2,609
9.1
2,609
9-Apr
103 Mr. 3000
Disney
21.8
2,736
8.7
2,736
17-Sep
155 Teacher's Pet
Disney
6.5
2,027
2.5
2,027
16-Jan
218 Sacred Planet (IMAX)
Disney
1.1
18
N/A
18
22-Apr
258 The Last Shot
Disney
0.5
40
0.2
35
24-Sep
286 America's Heart and Soul
Disney
0.3
98
0.1
98
2-Jul
17-Dec
Total
$1,159.9
Disney-Miramax
22
The Aviator
DIS-M
102.6
2,530
858k
40
44
Kill Bill Vol. 2
DIS-M
66.2
3,073
25.1
2,971
16-Apr
54
Shall We Dance
DIS-M
57.9
2,542
11.8
1,772
15-Oct
58
Hero
DIS-M
53.7
2,175
18.0
2,031
27-Aug
61
Finding Neverland
DIS-M
51.7
1,411
221k
8
12-Nov
94
Jersey Girl
DIS-M
25.3
1,821
8.3
1,520
26-Mar
100 Ella Enchanted
DIS-M
22.9
2,149
6.2
1,931
9-Apr
113 My Baby's Daddy
DIS-M
17.7
1,448
7.5
1,447
9-Jan
198 I'm Not Scared
DIS-M
1.6
63
0.0
4
9-Apr
228 Zatoichi: The Blind Swordsman
DIS-M
0.9
55
0.1
4
23-Jul
256 Shaolin Soccer
DIS-M
0.5
14
0.0
6
2-Apr
294 Valentin
DIS-M
0.3
15
0.0
2
7-May
6-Aug
Total:
$402.9
Dreamworks
23
Collateral
DW
101.0
3,205
24.7
3,188
30
DW
85.3
3,104
28.4
3,091
9-Jul
35
The Terminal
DW
77.9
2,914
19.1
2,811
18-Jun
112 Eurotrip
DW
17.8
2,544
6.7
2,512
20-Feb
115 Win a Date with Tad Hamilton!
DW
17.1
2,808
7.3
2,711
23-Jan
128 Envy
DW
13.6
2,445
6.2
2,445
30-Apr
137 Surviving Christmas
DW
11.7
2,755
4.4
2,750
22-Oct
Total
$324.4
Dreamworks Animation
1
Shrek 2
DWA
441.2
4,223
108.0
4,163
19-May
11
Shark Tale
DWA
160.9
4,070
47.6
4,016
1-Oct
Total
$602.1
Focus
80
Focus
34.4
1,357
8.2
1,353
19-Mar
117 The Motorcycle Diaries
Focus
16.8
272
0.2
3
24-Sep
120 Vanity Fair
Focus
16.1
1,054
4.8
1,051
1-Sep
170 The Door in the Floor
Focus
3.9
134
0.5
47
14-Jul
Total:
$71.2
A member of BMO
Financial Group
254
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Widest #
OpenWknd
Open #
Gross
Theaters
Gross
Theaters
Release
28-May
Fox
7
Fox
186.7
3,444
68.7
3,425
12
I, Robot
Fox
144.8
3,494
52.2
3,420
16-Jul
19
DodgeBall: A True Underdog Story
Fox
114.3
3,020
30.1
2,694
18-Jun
13-Aug
33
Alien vs. Predator
Fox
80.3
3,401
38.3
3,395
34
Man on Fire
Fox
77.9
2,986
22.8
2,980
21-Apr
36
Garfield: The Movie
Fox
75.4
3,150
21.7
3,094
11-Jun
25-Dec
66
Fat Albert
Fox
48.1
2,744
10.0
2,674
79
Taxi
Fox
36.6
3,001
12.0
3,001
6-Oct
Fox
21.0
2,604
5.0
2,604
17-Dec
106 The Flight of the Phoenix
118 Catch That Kid
Fox
16.7
2,848
5.8
2,847
6-Feb
121 Paparazzi
Fox
15.7
2,153
6.1
2,115
3-Sep
122 The Girl Next Door
Fox
14.6
2,148
6.0
2,148
9-Apr
123 Welcome to Mooseport
Fox
14.5
2,868
6.8
2,868
20-Feb
146 First Daughter
Fox
9.1
2,280
4.0
2,260
24-Sep
Total
$855.7
Fox-Searchlight
40
Sideways
FoxS
71.5
1,786
0.2
4
22-Oct
70
Napoleon Dynamite
FoxS
44.5
1,027
0.1
6
11-Jun
88
Johnson Family Vacation
FoxS
31.2
1,326
9.4
1,317
7-Apr
93
Garden State
FoxS
26.8
813
0.2
9
28-Jul
133 I Heart Huckabees
FoxS
12.8
901
0.3
4
1-Oct
143 Kinsey
FoxS
10.3
588
0.2
5
12-Nov
160 The Clearing
FoxS
5.8
449
0.5
56
2-Jul
161 Never Die Alone
FoxS
5.6
1,160
3.1
1,160
26-Mar
164 Club Dread
FoxS
5.0
1,807
3.0
1,807
27-Feb
181 The Dreamers
FoxS
2.5
116
0.1
5
6-Feb
22-Dec
Total:
$216.0
Universal
4
Meet the Fockers
GE
279.3
3,554
46.1
3,518
8
GE
176.2
3,304
52.5
3,165
23-Jul
16
Van Helsing
GE
120.2
3,580
51.7
3,575
7-May
27
Along Came Polly
GE
88.1
3,052
27.7
2,984
16-Jan
37
Ray
GE
75.3
2,474
20.0
2,006
29-Oct
48
Friday Night Lights
GE
61.3
3,004
20.3
2,667
8-Oct
51
Dawn of the Dead
GE
59.0
2,748
26.7
2,745
19-Mar
55
The Chronicles of Riddick
GE
57.8
2,757
24.3
2,757
11-Jun
69
In Good Company
GE
45.7
1,963
0.2
3
29-Dec
74
Bridget Jones: The Edge of Reason
12-Nov
GE
40.2
2,473
8.7
530
109 Two Brothers
GE
19.2
2,181
6.1
2,175
25-Jun
116 Wimbledon
GE
17.0
2,039
7.1
2,034
17-Sep
149 Connie and Carla
GE
8.1
1,016
3.3
1,014
16-Apr
151 Thunderbirds
GE
6.9
2,062
2.8
2,057
30-Jul
Total:
$1,054.3
Lions Gate
17
Fahrenheit 9/11
LGF
119.2
2,011
23.9
868
23-Jun
57
Saw
LGF
55.2
2,467
18.3
2,315
29-Oct
83
The Punisher
LGF
33.8
2,649
13.8
2,649
16-Apr
89
Open Water
LGF
30.6
2,709
1.1
47
6-Aug
LGF
14.4
2,323
6.8
2,323
30-Apr
27-Feb
124 Godsend
126 Dirty Dancing: Havana Nights
LGF
14.2
2,042
5.8
2,042
136 The Cookout
LGF
11.8
1,303
5.0
1,303
3-Sep
157 Beyond the Sea
LGF
6.3
383
0.0
6
17-Dec
26-Mar
202 Dogville
LGF
1.5
70
0.1
9
232 Stage Beauty
LGF
0.8
78
0.0
3
8-Oct
250 The Final Cut
LGF
0.6
117
0.2
117
15-Oct
292 I Am David
LGF
0.3
226
0.2
226
3-Dec
Total:
$290.2
A member of BMO
Financial Group
255
April 2012
BMO Capital Markets
Rank Title
Studio*
Domestic
Gross
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
65.1
46.4
23.6
14.2
13.0
9.4
2,711
2,836
2,973
1,566
2,598
2,207
24.2
15.5
8.0
5.6
5.5
4.2
2,711
2,836
2,973
1,566
2,598
2,207
2,207
592
47
35
21
32
4.2
0.3
0.10
0.05
0.02
0.02
2,207
20
5
4
3
3
4,166
3,612
3,348
3,416
2,800
3,144
3,043
3,453
3,018
2,587
1,098
2,445
88.2
39.9
39.1
21.6
19.7
21.0
23.2
21.1
18.2
8.8
7.7
7.1
4,152
3,591
3,245
3,393
2,726
3,104
3,028
3,438
3,018
2,438
476
2,445
1,276
125
94
74
64
3.3
0.06
0.03
0.04
0.13
1,276
6
1
6
26
30-Jun
13-Feb
22-Oct
24-Nov
23-Jun
24-Sep
2-Apr
23-Apr
12-Mar
17-Dec
3-Dec
6-Aug
27-Aug
27-Feb
19-Mar
2-Apr
9-Jul
Release
MGM
46
68
98
125
132
144
Barbershop 2: Back in Business
Walking Tall
Agent Cody Banks 2: Destination London
Soul Plane
Wicker Park
Sleepover
MGM
MGM
MGM
MGM
MGM
MGM
105
107
138
152
239
249
Sleepover
Saved!
Coffee and Cigarettes
Osama
Code 46
The Yes Men
MGM
MGM
MGM
MGM
MGM
MGM
Total:
9.4
8.9
2.2
1.3
0.2
0.2
$193.9
6-Feb
2-Apr
12-Mar
28-May
3-Sep
9-Jul
9-Jul
28-May
14-May
6-Feb
6-Aug
24-Sep
Sony
2
15
21
39
41
43
49
56
67
71
82
107
Spider-Man 2
50 First Dates
The Grudge
Christmas with the Kranks
White Chicks
The Forgotten
Hellboy
13 Going on 30
Secret Window
Spanglish
Closer
Little Black Book
106
123
136
135
137
Super Babies: Baby Geniuses 2
Good Bye, Lenin!
Bon Voyage
Spring, Summer, Fall, Winter... and Spring
Riding Giants
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Total:
373.6
120.9
110.4
73.8
70.8
67.1
59.6
57.2
48.0
42.4
34.0
20.7
9.1
4.1
2.4
2.4
2.2
$1,098.7
Sony Classics
139
150
162
168
173
182
183
184
220
233
247
251
262
265
272
273
283
House of Flying Daggers
Being Julia
Bad Education
Good Bye, Lenin!
William Shakespeare's The Merchant of Venice
Spring, Summer, Fall, Winter... and Spring
Bon Voyage
Riding Giants
The Mother
Young Adam
Touch of Pink
Facing Windows
Broken Wings
Head in the Clouds
She Hate Me
Baadasssss!
Zelary
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
Total
11.1
7.7
5.2
4.1
3.8
2.4
2.4
2.3
1.1
0.8
0.6
0.5
0.4
0.4
0.4
0.4
0.3
$47.6
1,189
328
106
125
107
74
94
64
44
41
21
27
24
47
28
41
21
0.40
0.12
0.15
0.06
0.07
0.43
0.28
0.13
0.62
0.05
0.08
0.04
0.02
0.05
0.06
0.05
0.03
15
9
3
6
4
6
1
26
7
9
16
7
5
10
11
14
6
3-Dec
15-Oct
19-Nov
27-Feb
29-Dec
2-Apr
19-Mar
9-Jul
28-May
16-Apr
16-Jul
18-Jun
12-Mar
17-Sep
28-Jul
28-May
17-Sep
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
249.5
162.8
133.4
125.5
100.5
88.2
84.2
51.4
51.2
3,855
3,650
3,411
3,290
2,375
3,185
3,312
2,625
1,515
93.7
23.3
46.9
39.2
0.2
28.1
29.4
13.6
4.0
3,855
3,650
3,411
3,290
8
3,185
3,312
2,625
622
4-Jun
10-Nov
14-May
10-Dec
15-Dec
5-Mar
26-Mar
16-Jul
22-Dec
Warner Brothers
6
10
13
14
24
26
31
62
63
The Polar Express
Troy
Ocean's Twelve
Million Dollar Baby
Starsky and Hutch
Scooby-Doo 2: Monsters Unleashed
A Cinderella Story
The Phantom of the Opera
A member of BMO
Financial Group
256
April 2012
BMO Capital Markets
Domestic
Rank Title
72
75
81
85
104
105
108
119
127
135
156
166
177
Studio*
Exorcist: The Beginning
Catwoman
Alexander
Taking Lives
NASCAR 3D: The IMAX Experience (IMAX)
Torque
Yu-Gi-Oh! The Movie
The Whole Ten Yards
New York Minute
Chasing Liberty
The Big Bounce
Spartan
Clifford's Really Big Movie
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
Total
Gross
41.8
40.2
34.3
32.7
21.5
21.2
19.8
16.3
14.1
12.2
6.5
4.4
2.9
Widest #
OpenWknd
Open #
Theaters
2,813
3,117
2,445
2,705
73
2,463
2,411
2,654
3,006
2,400
2,304
832
471
Gross
18.1
16.7
13.7
11.5
1.5
10.0
9.5
6.7
6.0
6.1
3.3
2.0
0.7
Theaters
2,803
3,117
2,445
2,705
68
2,463
2,411
2,654
3,006
2,400
2,304
832
471
Release
20-Aug
23-Jul
24-Nov
19-Mar
12-Mar
16-Jan
13-Aug
9-Apr
7-May
9-Jan
30-Jan
12-Mar
20-Apr
$1,314.6
New Line
32
The Notebook
TWX-N
81.0
2,323
13.5
2,303
25-Jun
53
The Butterfly Effect
TWX-N
57.9
2,605
17.1
2,605
23-Jan
59
Blade: Trinity
TWX-N
52.4
2,912
16.1
2,912
8-Dec
87
Cellular
TWX-N
32.0
2,763
10.1
2,749
10-Sep
91
After the Sunset
12-Nov
TWX-N
28.3
2,819
11.1
2,819
110 Harold and Kumar Go to White Castle
TWX-N
18.3
2,163
5.5
2,135
30-Jul
111 Laws of Attraction
TWX-N
17.9
2,449
6.7
2,449
30-Apr
141 Raise Your Voice
TWX-N
10.4
2,521
4.0
2,521
8-Oct
163 Birth
TWX-N
5.1
550
1.7
550
29-Oct
270 Highwaymen
TWX-N
0.4
111
0.2
111
13-Feb
17-Dec
Total
$304.0
Paramount
18
VIAB
118.6
3,623
30.1
3,620
28
Mean Girls
VIAB
86.1
3,054
24.4
2,839
30-Apr
29
VIAB
85.4
3,307
32.0
3,212
19-Nov
45
The Manchurian Candidate
VIAB
66.0
2,867
20.0
2,867
30-Jul
50
The Stepford Wives
VIAB
59.5
3,057
21.4
3,057
11-Jun
52
Without a Paddle
VIAB
58.2
2,756
13.5
2,730
20-Aug
77
Sky Captain and the World of Tomorrow
VIAB
37.8
3,170
15.6
3,170
17-Sep
84
Team America: World Police
VIAB
32.8
2,620
12.1
2,539
15-Oct
92
The Prince and Me
VIAB
28.2
2,711
9.4
2,682
2-Apr
95
Twisted
VIAB
25.2
2,704
8.9
2,703
27-Feb
131 Alfie
VIAB
13.4
2,215
6.2
2,215
5-Nov
142 The Perfect Score
VIAB
10.4
2,208
4.9
2,208
30-Jan
148 Suspect Zero
VIAB
8.7
1,501
3.4
1,500
27-Aug
158 Against the Ropes
VIAB
5.9
1,601
3.0
1,601
20-Feb
209 The United States of Leland
VIAB
0.3
90
0.0
14
2-Apr
226 The Reckoning
VIAB
0.3
32
0.0
5
5-Mar
Total:
$636.8
A member of BMO
Financial Group
257
April 2012
BMO Capital Markets
Rank Title
Domestic
Gross
Studio*
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Alliance
136
158
190
218
223
233
248
269
277
295
384
La Grande Seduction
Les Invasions Barbares
Sur le Seuil
Gaz Bar Blues
Alexandra's Project
Pere et Fils
Blizzard
Comment Ma Mere Accoucha de Moi Durant
The Magdalene Sisters (Canada)
Steal (a.k.a. Riders)
Kart Racer
$9.4
5.1
2.0
0.9
0.8
0.6
0.5
0.4
0.3
0.2
0.1
$20.2
80
134
61
23
29
49
136
41
N/A
125
86
$0.9
0.5
0.5
0.1
0.0
0.2
0.1
0.2
N/A
0.1
0.1
78
134
61
15
10
49
136
39
N/A
125
86
11-Jul
9-May
3-Oct
5-Sep
19-Dec
19-Sep
12-Dec
14-Feb
18-Jul
25-Apr
25-Sep
3,425
3,416
2,910
3,067
3,030
3,122
2,452
2,755
2,268
2,376
2,815
1,701
2,825
967
2,084
2,035
97
51
472
70.3
46.6
31.1
22.2
0.3
24.3
16.3
19.6
14.0
16.3
11.4
9.8
17.3
0.2
6.1
8.2
1.4
0.6
0.6
3,374
3,269
2,801
2,954
2
3,122
2,331
2,753
2,075
2,376
2,808
1,226
2,825
24
2,084
2,035
97
51
472
30-May
9-Jul
7-Mar
6-Aug
24-Oct
26-Nov
18-Apr
7-Feb
15-Aug
31-Jan
14-Feb
26-Sep
2-May
19-Dec
21-Mar
19-Sep
11-Apr
25-Dec
17-Oct
Total:
339.7
305.4
132.7
110.2
85.3
75.8
67.4
60.5
58.3
52.8
47.9
43.6
42.7
31.0
23.1
21.4
16.5
6.5
1.6
$1,522.4
3,388
3,505
2,802
3,102
2,540
2,508
2,206
2,191
493
242
198
388
295
139
602
200
24
28
24
13
8
13
33.4
48.1
14.6
22.1
12.3
7.0
4.9
4.6
0.1
0.1
0.1
1.0
0.1
0.1
1.1
0.3
0.0
0.0
0.0
0.0
0.0
0.0
3,344
3,505
2,163
3,102
2,005
2,508
2,201
2,189
5
5
3
160
5
6
602
196
2
6
6
5
5
12
25-Jul
24-Oct
25-Dec
10-Oct
26-Nov
21-Mar
22-Aug
26-Sep
18-Jul
17-Jan
3-Oct
31-Oct
1-Aug
21-Nov
4-Apr
16-May
13-Jun
2-May
25-Jul
22-Aug
23-Apr
9-May
Total:
111.8
110.0
95.6
70.1
60.1
15.6
15.6
9.7
8.1
7.6
5.7
5.4
4.6
3.4
2.3
0.7
0.5
0.5
0.4
0.3
0.1
0.1
$528.2
2,742
2,256
3,086
1,769
598
1,033
6
17.5
13.5
6.9
10.1
0.0
1.7
0.0
2,689
2,151
3,086
1,766
2
1,033
6
21-Feb
28-Mar
2-Jul
31-Jan
19-Dec
19-Sep
12-Sep
Total:
75.6
38.1
26.5
22.1
13.0
3.2
0.0
$178.5
259
109
12
60
15
0.3
0.1
0.2
0.2
0.0
13
3
12
40
15
2-Jul
17-Oct
19-Sep
9-May
4-Apr
Total:
10.1
1.3
0.7
0.7
0.0
$12.9
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Alliance/Odeon
Total:
Disney
2
3
13
21
34
38
41
47
51
55
62
69
70
91
102
107
117
148
199
Finding Nemo
Disney
Pirates of the Caribbean: The Curse of the Black Pe Disney
Disney
Freaky Friday
Disney
Brother Bear
Disney
The Haunted Mansion
Disney
Holes
Disney
Shanghai Knights
Disney
Open Range
Disney
The Recruit
Disney
The Jungle Book 2
Disney
Under the Tuscan Sun
Disney
The Lizzie McGuire Movie
Disney
Calendar Girls
Disney
Piglet's Big Movie
Disney
Cold Creek Manor
Disney
Ghosts of the Abyss (IMAX & 35mm)
Disney
The Young Black Stallion (IMAX)
Disney
Veronica Guerin
Disney
Disney-Miramax
19
22
30
40
48
119
120
135
141
144
154
156
162
172
187
224
243
252
268
283
336
382
Scary Movie 3
Cold Mountain
Kill Bill Vol. 1
Bad Santa
View from the Top
My Boss's Daughter
Duplex
Dirty Pretty Things
City of God
The Station Agent
The Human Stain
The Magdalene Sisters
The Barbarian Invasions
DysFunKtional Family
Pokemon Heroes
Jet Lag
Blue Car
Buffalo Soldiers
The Battle Of Shaker Heights
People I Know
Only The Strng Survive
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
DIS-M
Dreamworks
39
74
99
105
127
173
404
Old School
Head of State
Sinbad: Legend of the Seven Seas
Biker Boyz
House of Sand and Fog
Anything Else
Millenium Actress
DW
DW
DW
DW
DW
DW
DW
Focus
134
202
226
228
433
Swimming Pool
Sylvia
Scarface (Re-issue)
The Shape of Things
The Guys
Focus
Focus
Focus
Focus
Focus
A member of BMO
Financial Group
258
April 2012
BMO Capital Markets
Rank Title
Domestic
Gross
Studio*
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Fox
6
10
27
31
44
53
59
65
67
86
112
116
118
123
143
150
159
194
309
X2: X-Men United
Cheaper by the Dozen
Daredevil
Master and Commander: The Far Side of the World
The League of Extraordinary Gentlemen
Just Married
Runaway Jury
Phone Booth
Lost in Translation
Stuck on You
Down with Love
Deliver Us from Eva
21 Grams
Wrong Turn
The Order
Chasing Papi
From Justin to Kelly
Alien: The Director's Cut
Hangman's Curse
3,749
3,307
3,474
3,101
3,002
2,769
2,815
2,489
882
3,007
2,123
1,139
411
1,615
1,975
585
2,001
347
18
85.6
27.6
40.3
25.1
23.1
17.5
11.8
15.0
0.9
9.4
0.0
6.6
0.3
5.2
4.4
2.4
2.7
1.0
0.1
3,741
3,298
3,471
3,101
3,002
2,766
2,815
2,481
23
3,003
1
1,139
8
1,615
1,975
585
2,001
347
18
2-May
25-Dec
14-Feb
14-Nov
11-Jul
10-Jan
17-Oct
4-Apr
12-Sep
12-Dec
9-May
7-Feb
21-Nov
30-May
5-Sep
16-Apr
20-Jun
29-Oct
12-Sep
Total:
214.9
138.6
102.5
93.9
66.5
56.1
49.4
46.6
44.6
33.8
20.3
17.6
16.3
15.4
7.7
6.1
4.9
2.0
0.2
$937.4
1,407
1,002
403
701
243
222
100
152
53
53
23
23
10.1
0.2
0.2
0.5
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
1,260
6
11
34
5
9
11
13
49
49
23
23
27-Jun
12-Mar
26-Nov
8-Aug
20-Aug
2-Apr
16-May
2-May
25-Jul
25-Jul
18-Jul
18-Jul
Total:
45.1
32.5
15.5
9.1
4.6
3.5
2.8
2.4
0.3
0.3
0.0
0.0
$116.1
242.8
132.2
127.2
120.3
104.6
101.1
59.5
48.4
47.7
35.3
30.3
28.1
20.0
3,549
3,674
3,418
2,573
3,175
3,467
1,714
2,813
3,154
2,570
1,972
2,236
2,003
68.0
62.1
50.5
20.9
33.4
38.3
6.9
11.1
18.6
12.5
12.9
9.1
7.1
3,483
3,660
3,408
1,989
3,172
3,464
576
2,813
3,152
2,564
1,942
2,236
2,002
23-May
20-Jun
6-Jun
25-Jul
1-Aug
21-Nov
7-Nov
25-Dec
26-Sep
10-Oct
5-Dec
18-Jul
21-Feb
3.1
$1,100.6
98
0.6
62
31-Jan
Total:
2,105
847
1,871
402
1,540
1,803
408
91
215
195
35
38
16
21
35
20
9
13
5
8.6
3.5
4.6
0.1
5.7
3.8
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
2,087
595
1,871
7
1,520
1,714
11
5
8
5
7
1
1
3
35
7
9
4
5
12-Sep
11-Apr
25-Apr
12-Dec
10-Oct
21-Mar
26-Nov
8-Aug
31-Oct
3-Oct
7-Mar
13-Jun
19-Feb
16-May
29-Aug
25-Jul
7-Feb
28-Mar
12-Sep
Total:
21.2
12.6
12.3
11.7
10.2
8.6
8.3
3.7
2.2
1.1
0.8
0.4
0.4
0.3
0.3
0.2
0.2
0.1
0.1
$94.6
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox
Fox-Searchlight
66
89
122
138
161
171
179
185
285
285
413
413
28 Days Later
Bend It Like Beckham
In America
Le Divorce
Thirteen
The Good Thief
L'Auberge Espagnole
The Dancer Upstairs
Lucia, Lucia
Lucia, Lucia
Garage Days
Garage Days
FS
FS
FS
FS
FS
FS
FS
FS
FS
FS
FS
FS
Universal
5
14
15
17
25
28
50
60
63
81
93
95
113
Bruce Almighty
Hulk
2 Fast 2 Furious
Seabiscuit
American Wedding
The Cat in the Hat
Love Actually
Peter Pan
The Rundown
Intolerable Cruelty
Honey
Johnny English
The Life of David Gale
GE
GE
GE
GE
GE
GE
GE
GE
GE
GE
GE
GE
GE
176 The Guru
GE
Lions Gate
108
129
130
131
133
139
140
169
188
211
220
256
260
275
289
320
322
347
366
Cabin Fever
House of 1,000 Corpses
Confidence
Girl with a Pearl Earring
House of the Dead*
Boat Trip*
The Cooler
Step Into Liquid
Shattered Glass
Wonderland
Irreversible
The Hard Word
Amandla!
Sweet Sixteen
Civil Brand
Mondays in the Sun
May
Stevie
Dummy
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
LGF
A member of BMO
Financial Group
259
April 2012
BMO Capital Markets
Rank Title
Domestic
Gross
Studio*
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
MGM
32
61
72
75
76
80
101
121
137
145
183
207
213
267
Legally Blonde 2: Red, White and Blonde
Agent Cody Banks
Out of Time
Good Boy!
Uptown Girls
Jeepers Creepers 2
Bulletproof Monk
A Guy Thing
Dark Blue
It Runs in the Family
Pieces of April
Together
Assassination Tango
City Of Ghosts
83 Monster
110 Whale Rider
3,375
3,369
3,076
3,225
2,495
3,124
2,955
2,520
2,176
1,207
101
47
45
20
22.2
14.1
16.2
13.1
11.3
15.3
8.7
7.0
3.9
2.8
0.0
0.1
0.1
0.0
3,350
3,369
3,076
3,225
2,495
3,124
2,955
2,515
2,176
1,207
6
6
7
6
2-Jul
14-Mar
3-Oct
10-Oct
15-Aug
29-Aug
16-Apr
17-Jan
21-Feb
25-Apr
17-Oct
30-May
28-Mar
25-Apr
Total:
90.2
47.9
41.1
37.7
37.2
35.7
23.4
15.5
9.3
7.5
2.5
1.2
1.0
0.4
$350.6
1,093
556
0.1
0.1
4
9
24-Dec
6-Jun
Total:
34.5
20.8
$55.3
13.1
33
0.1
32
12-Mar
3,202
3,656
2,876
3,220
3,472
3,485
2,514
2,714
3,289
3,074
2,733
2,928
2,973
2,729
2,865
2,840
2,756
2,876
2,652
2,215
825
92
17
12
46.5
42.2
16.1
37.1
27.6
37.6
0.2
11.5
23.4
13.3
16.2
21.8
17.1
14.4
12.0
11.1
10.8
11.5
8.1
3.8
0.1
0.1
.21.5
0.0
3,186
3,551
2,677
3,202
3,370
3,459
6
2,677
3,282
3,074
2,733
2,915
2,973
2,729
2,837
2,840
2,756
2,876
2,648
2,215
6
7
6
12
18-Jul
11-Apr
12-Dec
8-Aug
9-May
27-Jun
10-Dec
19-Dec
12-Sep
24-Oct
25-Apr
19-Sep
7-Mar
17-Jan
24-Jan
13-Jun
26-Nov
28-Mar
22-Aug
1-Aug
22-Oct
3-Dec
29-Aug
6-Jun
Total:
138.6
135.6
124.7
116.9
104.3
100.8
66.8
63.9
56.4
52.3
52.2
52.0
43.7
36.4
32.6
30.9
26.9
26.8
22.2
6.1
4.8
2.8
0.2
0.0
$1,297.9
202
463
261
121
55
32
24
31
51
25
23
22
39
12
14
17
2
0.0
0.1
0.0
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
40.5
0.0
0.0
0.0
0.0
1
6
3
10
11
7
9
2
7
6
4
7
7
1
6
10
2
18-Apr
26-Nov
19-Dec
7-Mar
25-Dec
23-May
2-May
4-Apr
12-Dec
14-Feb
24-Jul
20-Jun
26-Sep
24-Jan
11-Jul
4-Apr
17-Jan
Total:
10.8
7.0
4.2
3.7
2.3
1.1
1.0
0.9
0.8
0.5
0.5
0.5
0.4
0.4
0.2
0.2
0.0
$34.6
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
MGM
Newmarket
Newmarket
126 Bugs! (IMAX)
SK Films
Sony
11
12
16
18
26
29
43
46
52
56
57
58
68
78
88
92
96
97
104
151
160
180
308
443
Bad Boys II
Anger Management
S.W.A.T.
Daddy Day Care
Big Fish
Mona Lisa Smile
Once Upon a Time in Mexico
Radio
Identity
Underworld
Tears of the Sun
National Security
Darkness Falls
Hollywood Homicide
The Missing
Basic
The Medallion
Gigli
In the Cut
Monsieur Ibrahim
Once Upon A Time In The Midlands
Wattstax: The Special Edition
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony
Sony Classics
132
146
164
170
186
209
214
217
222
242
245
254
261
262
291
297
508
Winged Migration
The Triplets of Belleville
The Fog of War
Laurel Canyon
The Company
Respiro
Owning Mahowny
The Man Without a Past
The Statement
All the Real Girls
Masked and Anonymous
The Legend of Suriyotha
My Life Without Me
Blind Spot: Hitler's Secretery
The Cuckoo
Levity
Big Shot's Funeral
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
A member of BMO
Financial Group
260
April 2012
BMO Capital Markets
Rank Title
Domestic
Gross
Studio*
Widest #
Theaters
OpenWknd
Gross
Open #
Theaters
Release
Warner Bros.
4
8
9
20
33
42
49
77
79
82
84
87
106
109
111
115
124
128
157
235
The Matrix Reloaded
The Matrix Revolutions
The Last Samurai
Mystic River
Kangaroo Jack
Gothika
Matchstick Men
What a Girl Wants
Cradle 2 the Grave
Malibu's Most Wanted
Dreamcatcher
Love Don't Cost a Thing
Looney Tunes: Back in Action
The In-Laws
A Mighty Wind
Alex and Emma
Gods and Generals
Grind
Blue Collar Comedy Tour
3,603
3,504
3,502
2,938
1,581
2,848
2,382
2,711
2,964
2,625
2,503
2,945
1,844
2,903
2,652
770
2,310
1,533
2,253
N/A
91.8
44.0
48.5
24.3
0.6
16.6
19.3
13.1
11.4
16.5
12.6
15.0
6.3
9.3
7.3
2.1
6.1
4.7
2.5
N/A
3,603
3,504
3,502
2,908
13
2,818
2,382
2,711
2,964
2,625
2,503
2,945
1,844
2,903
2,652
133
2,310
1,533
2,253
N/A
15-May
2-Jul
5-Nov
5-Dec
8-Oct
17-Jan
21-Nov
12-Sep
4-Apr
28-Feb
18-Apr
21-Mar
12-Dec
14-Nov
23-May
16-Apr
20-Jun
21-Feb
15-Aug
10-Jan
Total:
281.6
150.4
139.3
111.1
90.1
66.9
59.6
36.9
36.1
34.7
34.4
33.7
21.9
21.0
20.5
17.8
14.2
12.9
5.1
0.6
$1,188.8
3,703
3,381
3,014
3,018
2,834
3,038
2,495
2,609
2,319
1,762
2,261
126
126
72.6
31.1
36.4
28.1
16.0
12.1
11.0
10.8
5.8
4.0
2.1
0.7
0.5
3,703
3,337
3,014
3,016
2,834
3,013
2,459
2,609
2,319
1,761
2,261
126
126
17-Dec
7-Nov
15-Aug
17-Oct
31-Jan
19-Sep
4-Apr
13-Jun
18-Jul
14-Mar
25-Apr
12-Dec
5-Dec
Total:
377.0
173.4
82.6
80.6
47.0
42.1
26.7
26.3
14.2
6.9
3.8
2.0
1.4
$884.0
2,877
2,923
2,951
3,222
2,762
3,041
2,517
3,019
2,026
2,083
2,787
804
1,798
387
85
1,200
71
48
46
17
8
19.5
23.8
19.6
21.8
13.5
11.6
13.5
12.1
11.8
6.7
8.4
4.6
2.1
0.4
0.0
0.9
0.1
0.0
0.0
0.0
0.0
2,633
2,923
2,614
3,222
2,762
3,041
2,516
3,017
2,026
2,026
2,787
801
1,798
13
5
1,200
5
6
5
5
3
30-May
7-Feb
3-Oct
25-Jul
25-Dec
13-Jun
14-Mar
28-Mar
19-Sep
5-Sep
26-Nov
14-Nov
24-Oct
11-Apr
9-May
22-Aug
11-Jul
1-Aug
24-Oct
21-Feb
25-Apr
Total:
106.1
105.8
81.3
65.7
53.8
39.4
34.2
31.2
30.3
22.7
19.5
7.7
4.4
3.8
2.5
1.6
1.4
0.7
0.3
0.1
0.1
$612.7
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
TWX
New Line
1
7
35
37
64
71
98
100
125
147
166
192
201
TWX-N
Elf
TWX-N
Freddy vs. Jason
TWX-N
TWX-N
Final Destination 2
TWX-N
Secondhand Lions
TWX-N
A Man Apart
TWX-N
Dumb and Dumberer: When Harry Met Lloyd
TWX-N
How to Deal
TWX-N
Willard
TWX-N
The Real Cancun
TWX-N
The Two Towers (Re-issue)
TWX-N
The Fellowship of the Ring - Extended Edition (Re-is TWX-N
Paramount
23
24
36
45
54
73
85
90
94
103
114
142
163
167
182
197
200
227
271
339
381
The Italian Job
How to Lose a Guy in 10 Days
School of Rock
Lara Croft Tomb Raider: The Cradle of Life
Paycheck
Rugrats Go Wild
The Hunted
The Core
The Fighting Temptations
Dickie Roberts: Former Child Star
Timeline
Tupac: Resurrection
Beyond Borders
Better Luck Tomorrow
The Man on the Train
Marci X
Northfork
And Now Ladies and Gentlemen
The Singing Detective
Till Human Voices Wake Us
House Of Fools
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
VIAB
A member of BMO
Financial Group
261
April 2012
BMO Capital Markets
Top 100 Films Worldwide Gross-All Time
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Avatar
Titanic
Toy Story 3
Star Wars: Episode I - The Phantom Menace
The Dark Knight
The Lion King
The Lord of the Rings: The Two Towers
Shrek 2
Jurassic Park
Spider-Man 3
Harry Potter and the Chamber of Secrets
The Lord of the Rings: The Fellowship of the Ring
Finding Nemo
Inception
Spider-Man
Independence Day
Shrek the Third
E.T.: The Extra-Terrestrial
Spider-Man 2
Star Wars
2012
The Da Vinci Code
Shrek Forever After
The Chronicles of Narnia: The Lion, the Witch and the Wardrobe
The Matrix Reloaded
Up
Transformers
Forrest Gump
The Sixth Sense
Distributor
Fox
Par.
WB
P/DW
NL
BV
BV
BV
BV
Fox
WB
WB
BV
WB
BV
WB
WB
NL
DWA
Uni.
WB
Sony
Fox
WB
NL
BV
Fox
P/DW
WB
Sony
Fox
DWA
WB
Uni.
Par.
Sony
Fox
Sony
Sony
CWA
BV
WB
BV
Sum.
P/DW
Sum.
Sum.
Par.
Par.
BV
Worldwide
$2,782.3
$1,843.2
$1,328.1
$1,123.7
$1,119.9
$1,066.2
$1,063.2
$1,043.9
$1,024.3
$1,019.1
$1,001.9
$974.8
$963.4
$956.4
$951.6
$939.9
$934.4
$926.0
$919.8
$914.7
$896.9
$890.9
$886.7
$879.0
$871.5
$867.9
$848.8
$836.3
$825.5
$821.7
$817.4
$799.0
$796.7
$792.9
$786.6
$783.8
$775.4
$769.7
$758.2
$752.6
$745.0
$742.1
$731.3
$709.8
$709.7
$705.1
$698.5
$688.9
$677.4
$672.8
Domestic
$760.5
$600.8
$381.0
$352.4
$377.8
$423.3
$415.0
$241.1
$334.2
$474.0
$533.3
$317.6
$309.4
$296.0
$422.8
$292.0
$302.0
$342.6
$441.2
$357.1
$290.0
$336.5
$196.6
$262.0
$315.5
$339.7
$380.3
$402.1
$292.6
$403.7
$306.2
$322.7
$249.5
$435.1
$317.1
$373.6
$461.0
$166.1
$217.5
$238.7
$291.7
$281.6
$293.0
$296.6
$319.2
$281.3
$300.5
$208.5
$329.7
$293.5
% Domestic
27%
33%
29%
31%
34%
40%
39%
23%
33%
47%
53%
33%
32%
31%
44%
31%
32%
37%
48%
39%
32%
38%
22%
30%
36%
39%
45%
48%
35%
49%
38%
40%
31%
55%
40%
48%
60%
22%
29%
32%
39%
38%
40%
42%
45%
40%
43%
30%
49%
44%
International
$2,021.8
$1,242.4
$947.1
$771.4
$742.1
$642.9
$648.2
$802.8
$690.1
$545.1
$468.6
$657.2
$654.0
$660.4
$528.8
$647.9
$632.5
$583.5
$478.6
$557.6
$606.9
$554.3
$690.1
$617.0
$556.0
$528.2
$468.5
$434.2
$533.0
$418.0
$511.2
$476.2
$547.1
$357.8
$469.5
$410.2
$314.4
$603.6
$540.7
$513.9
$453.3
$460.6
$438.3
$413.2
$390.5
$423.8
$398.0
$480.4
$347.7
$379.3
International %
73%
67%
71%
69%
66%
60%
61%
77%
67%
54%
47%
67%
68%
69%
56%
69%
68%
63%
52%
61%
68%
62%
78%
70%
64%
61%
55%
52%
65%
51%
63%
60%
69%
45%
60%
52%
41%
78%
71%
68%
61%
62%
60%
58%
55%
60%
57%
70%
51%
56%
Year Released
2009
1997
2011
2011
2003
2006
2010
2011
2010
1999
2008
2001
2007
2010
1994
2007
2009
2002
2004
1993
2005
2007
2009
2002
2001
2003
2005
2009
2010
2002
1996
2007
2004
1982
2008
2004
1977
2009
2006
2010
2005
2003
2009
2009
2007
2011
2010
2011
1994
1999
*Box office data as of 3/16/12.
A member of BMO
Financial Group
262
April 2012
BMO Capital Markets
Top 100 Films Worldwide Gross-All Time
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Kung Fu Panda 2
Pirates of the Caribbean: The Curse of the Black Pearl
Star Wars: Episode II - Attack of the Clones
Kung Fu Panda
The Incredibles
Fast Five
Hancock
Iron Man 2
Ratatouille
The Lost World: Jurassic Park
Mamma Mia!
Casino Royale
War of the Worlds
Tangled
Men in Black
Quantum of Solace
I Am Legend
Iron Man
Night at the Museum
The Smurfs
Cars 2
Armageddon
King Kong
Despicable Me
The Empire Strikes Back
Puss in Boots
Madagascar
The Simpsons Movie
Monsters, Inc.
Sherlock Holmes
WALL-E
Terminator 2: Judgment Day
Meet the Fockers
Ghost
Aladdin
Troy
Twister
Angels & Demons
Toy Story 2
Rio
Bruce Almighty
Distributor
P/DW
Fox
BV
Fox
DWA
BV
Uni.
Sony
Par.
BV
Uni.
NM
Uni.
DWA
Sony
Par.
BV
Sony
Sony
WB
Par.
WB
Fox
Sony
BV
BV
Uni.
Par.
Fox
Uni.
Fox
DWA
DW
Fox
BV
WB
WB
BV
TriS
Uni.
Par.
BV
WB
DWA
WB
WB
Sony
BV
Fox
Uni.
Worldwide
$665.7
$655.4
$654.3
$649.4
$631.7
$631.4
$626.1
$624.4
$623.9
$623.7
$618.6
$611.9
$609.8
$603.9
$594.2
$591.7
$590.7
$589.4
$586.1
$585.3
$585.2
$581.5
$574.5
$563.7
$559.9
$553.7
$550.5
$546.4
$544.3
$543.1
$538.4
$535.7
$532.7
$527.1
$525.4
$524.0
$522.2
$521.3
$519.8
$516.6
$505.7
$504.1
$497.4
$494.9
$494.5
$493.2
$485.9
$485.0
$484.6
$484.6
Domestic
$165.2
$195.3
$305.4
$310.7
$215.4
$261.4
$209.8
$227.9
$312.4
$206.4
$229.1
$370.8
$144.1
$180.0
$167.4
$234.3
$200.8
$250.7
$168.4
$256.4
$318.4
$254.5
$250.9
$142.6
$191.5
$201.6
$218.1
$215.4
$186.7
$251.5
$290.5
$149.3
$193.6
$183.1
$255.9
$209.0
$186.6
$223.8
$204.8
$279.3
$217.6
$217.4
$133.4
$217.6
$241.7
$163.2
$133.4
$245.9
$143.6
$242.8
% Domestic
25%
30%
47%
48%
34%
41%
34%
37%
50%
33%
37%
61%
24%
30%
28%
40%
34%
43%
29%
44%
54%
44%
44%
25%
34%
36%
40%
39%
34%
46%
54%
28%
36%
35%
49%
40%
36%
43%
39%
54%
43%
43%
27%
44%
49%
33%
27%
51%
30%
50%
International
$500.4
$460.1
$348.9
$338.7
$416.3
$370.0
$416.3
$396.4
$311.5
$417.3
$389.6
$241.1
$465.7
$423.9
$426.8
$357.5
$389.9
$338.7
$417.7
$329.0
$266.8
$327.0
$323.6
$421.1
$368.4
$352.1
$332.4
$331.0
$357.5
$291.6
$247.9
$386.4
$339.1
$343.9
$269.5
$315.0
$335.6
$297.5
$315.0
$237.4
$288.1
$286.7
$364.0
$277.3
$252.8
$330.0
$352.6
$239.2
$341.0
$241.8
International %
75%
70%
53%
52%
66%
59%
67%
64%
50%
67%
63%
39%
76%
70%
72%
60%
66%
58%
71%
56%
46%
56%
56%
75%
66%
64%
60%
61%
66%
54%
46%
72%
64%
65%
51%
60%
64%
57%
61%
46%
57%
57%
73%
56%
51%
67%
73%
49%
70%
50%
Year Released
2011
2006
2003
2002
2008
2004
2011
2008
2010
2007
1997
2004
2008
2008
2006
2005
2010
1997
2008
2007
2008
2011
2006
2011
2011
1998
2005
2000
2004
2010
1980
2011
2005
2007
2001
2009
2011
2008
1991
2004
1990
1992
2004
2010
1996
2010
2009
1999
2011
2003
*Box office data as of 3/16/12.
A member of BMO
Financial Group
263
April 2012
BMO Capital Markets
Top 100 Domestic Selling DVDs Calendar 2011 (1/50)
Rank Title
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Tangled
Cars 2
Bridesmaids
Rio
Megamind
The Help
Despicable Me
Red
Inception
The King's Speech
Fast Five
Secretariat
Beverly Hills Chihuahua 2
Due Date
Toy Story 3
Unstoppable
The Smurfs
The Social Network
Kung Fu Panda 2
True Grit
Tron: Legacy
X-Men: First Class
The Fighter
Burlesque
Rango
Salt
Black Swan
The Hangover
Life As We Know It
Gnomeo & Juliet
The Town
Horrible Bosses
Green Lantern
Little Fockers
Thor
Crazy, Stupid, Love
The Lion King
Yogi Bear
Mrs. Doubtfire
The Blind Side
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
4/15/11
3/29/11
11/11/11
11/1/11
9/20/11
8/2/11
2/25/11
12/6/11
12/14/10
1/25/11
9/30/11
12/6/11
12/7/10
4/19/11
10/4/11
1/25/11
12/4/10
2/1/11
2/22/11
11/2/10
2/15/11
12/2/11
1/11/11
12/13/11
4/8/11
6/7/11
12/13/11
4/5/11
9/9/11
5/13/11
10/25/11
3/15/11
3/1/11
7/15/11
12/21/10
3/29/11
12/15/09
2/8/11
5/24/11
12/17/10
10/11/11
10/14/11
4/5/11
9/13/11
10/15/10
11/1/11
3/3/95
3/22/11
3/12/96
3/23/10
7,066,706
6,296,456
5,828,243
4,405,462
3,873,255
3,435,164
3,359,809
3,185,006
2,749,996
2,638,709
2,628,787
2,614,760
2,223,262
2,156,773
2,062,209
2,006,902
1,983,991
1,935,697
1,906,136
1,863,496
1,716,514
1,688,442
1,598,852
1,556,157
1,532,626
1,499,272
1,478,876
1,474,962
1,448,319
1,436,757
1,434,346
1,425,661
1,402,854
1,357,201
1,344,197
1,319,682
1,251,437
1,216,565
1,215,765
1,208,658
1,194,516
1,194,507
1,194,055
1,166,884
1,163,463
1,159,868
1,154,365
1,124,413
1,115,958
1,104,288
$85,930,362
$96,713,293
$81,291,915
$73,121,010
$52,753,009
$48,901,777
$42,899,423
$54,592,230
$49,896,338
$34,061,665
$44,783,000
$35,386,701
$32,197,794
$31,565,902
$30,632,360
$31,332,605
$33,706,442
$29,366,471
$26,983,991
$23,643,639
$27,021,863
$28,962,595
$21,846,313
$24,942,828
$25,752,775
$23,201,571
$27,033,784
$24,419,353
$23,185,531
$23,673,338
$25,091,268
$21,488,877
$22,656,869
$22,628,917
$20,648,347
$18,400,203
$9,552,700
$17,078,201
$19,844,349
$15,172,114
$16,762,368
$16,890,705
$20,187,054
$19,849,481
$15,758,459
$15,389,604
$20,490,919
$16,865,509
$10,459,289
$7,176,160
Source: The Numbers
A member of BMO
Financial Group
264
April 2012
BMO Capital Markets
Rank Title
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
The Tourist
Takers
Barbie: A Fairy Secret
For Colored Girls
The Other Guys
Easy A
Cowboys and Aliens
Shrek Forever After
True Blood: The Complete Third Season
Jackass 3D
The Green Hornet
Super 8
Beauty and the Beast
Spooky Buddies
Water for Elephants
Soul Surfer
Harry Potter: The Complete 8-Film Collection
Machete
Faster
Just Go With It
No Strings Attached
Dinner for Schmucks
The A-Team
The Walking Dead: Season One
Love & Other Drugs
Elf
The Big Bang Theory: The Complete Fourth Season
The Expendables
Battle: Los Angeles
The Change-up
The Mechanic
I Am Number Four
Dolphin Tale
Barbie: Princess Charm School
Zookeeper
The Lincoln Lawyer
Eat Pray Love
Barbie: A Perfect Christmas
Open Season 3
Limitless
Alpha and Omega
Letters to Juliet
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
12/28/10
3/22/11
1/18/11
3/15/11
2/8/11
12/14/10
12/21/10
12/6/11
12/7/10
10/18/11
5/31/11
12/6/11
2/8/11
3/8/11
5/3/11
11/22/11
10/8/02
9/20/11
11/1/11
3/20/10
8/2/11
11/11/11
1/4/11
3/1/11
12/8/09
6/7/11
5/10/11
1/4/11
12/14/10
3/8/11
3/1/11
11/16/04
9/13/11
11/23/10
6/14/11
12/2/11
11/8/11
5/17/11
5/24/11
6/21/11
12/20/11
9/13/11
10/11/11
7/12/11
11/23/10
11/8/11
1/25/11
7/19/11
1/11/11
9/14/10
1,100,204
1,066,870
1,052,113
1,048,454
1,037,901
1,036,315
1,021,687
1,012,645
1,010,002
1,009,722
980,227
974,854
964,146
960,977
947,878
932,216
916,580
903,916
898,874
898,708
894,829
891,380
879,444
874,225
872,373
864,924
815,324
815,295
807,095
804,403
793,215
790,739
789,735
786,228
773,399
764,804
754,747
753,320
751,116
733,148
715,371
706,465
697,388
684,268
668,384
665,365
663,083
643,323
627,920
619,341
$18,058,878
$16,912,871
$17,300,436
$13,460,928
$16,961,319
$16,221,695
$14,385,069
$17,385,132
$14,139,154
$17,862,153
$30,131,092
$16,295,205
$15,347,012
$17,261,924
$15,484,338
$14,566,587
$15,391,790
$14,894,142
$13,212,521
$12,610,023
$14,166,572
$43,864,439
$14,299,301
$13,219,914
$6,840,772
$14,371,967
$11,980,702
$13,438,288
$10,994,902
$14,081,557
$12,765,341
$5,635,350
$20,019,194
$10,671,859
$13,277,556
$13,919,240
$12,448,104
$11,584,392
$12,312,011
$12,946,957
$10,723,411
$8,918,096
$11,929,247
$10,646,555
$8,683,048
$9,467,639
$12,077,291
$11,193,524
$11,160,926
$7,192,979
Source: The Numbers
A member of BMO
Financial Group
265
April 2012
BMO Capital Markets
Rank Title
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Avatar
Toy Story 3
The Blind Side
Despicable Me
Iron Man 2
The Hangover
Inception
2012
The Karate Kid (2010)
Michael Jackson: This Is It
Sherlock Holmes
Shrek Forever After
Cloudy With a Chance of Meatballs
Tinker Bell and the Great Fairy Rescue
Couples Retreat
It's Complicated
Up
Grown Ups
The Expendables
Disney's A Christmas Carol
The Book of Eli
The Search for Santa Paws
Zombieland
The Hurt Locker
Law Abiding Citizen
Robin Hood
Sex and the City 2
Clash of the Titans
Where the Wild Things Are
The Last Airbender
Toy Story
The Last Song
Dear John
The Pacific
Eat Pray Love
Toy Story 2
Shutter Island
Hot Tub Time Machine
Old Dogs
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
4/22/10
11/2/10
3/20/10
3/23/10
12/4/10
10/15/10
12/14/10
9/28/10
3/16/10
12/15/09
6/1/10
3/30/10
12/7/10
3/2/10
10/5/10
1/26/10
3/30/10
12/7/10
1/5/10
9/21/10
2/9/10
4/27/10
11/10/09
11/9/10
8/3/10
11/23/10
11/16/10
6/15/10
11/23/10
6/29/10
2/2/10
1/12/10
2/16/10
9/21/10
10/26/10
12/8/09
7/27/10
3/2/10
11/16/10
10/30/96
9/14/10
8/17/10
5/25/10
11/2/10
11/23/10
3/20/01
2/9/10
6/8/10
6/29/10
3/9/10
10,156,458
9,035,368
7,829,939
7,266,726
7,133,878
5,344,798
5,167,066
5,065,079
4,514,936
4,356,314
4,183,084
4,144,159
2,955,855
2,918,775
2,859,450
2,780,180
2,695,480
2,586,135
2,525,572
2,449,377
2,371,658
2,249,498
2,236,115
2,226,831
2,208,872
2,141,129
2,093,824
2,062,955
1,944,695
1,842,053
1,832,931
1,817,835
1,794,176
1,784,609
1,706,175
1,700,960
1,691,348
1,647,695
1,647,547
1,593,185
1,568,543
1,557,569
1,497,145
1,488,763
1,481,525
1,431,309
1,409,408
1,405,522
1,387,901
1,370,893
$183,231,512
$162,059,004
$171,328,918
$100,089,006
$128,338,465
$105,554,847
$86,837,146
$113,286,268
$71,808,291
$61,599,637
$74,714,671
$68,576,275
$53,567,750
$50,647,829
$47,562,648
$44,430,590
$44,039,257
$46,010,637
$44,509,257
$43,782,897
$36,685,267
$33,936,571
$35,448,477
$37,693,332
$35,084,487
$36,296,638
$34,326,839
$40,509,501
$32,954,693
$33,446,736
$29,875,548
$32,142,981
$21,107,228
$40,965,876
$26,115,561
$21,613,061
$29,007,312
$28,827,867
$26,555,025
$28,913,292
$32,999,940
$28,517,448
$23,899,774
$65,351,505
$24,893,099
$26,375,653
$21,314,297
$24,406,393
$24,500,193
$24,133,969
Source: The Numbers
A member of BMO
Financial Group
266
April 2012
BMO Capital Markets
Rank Title
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Date Night
Letters to Juliet
Boondock Saints II: All Saints Day
Barbie: A Fashion Fairytale
The Dark Knight
Get Him to the Greek
Alice in Wonderland
Tooth Fairy
Predators
Valentine's Day
True Blood: The Complete Second Season
Up in the Air
The Wolfman
Beauty and the Beast
The Bounty Hunter
Knight and Day
Kick-Ass
Why Did I Get Married Too?
The Other Guys
Paranormal Activity
Killers
Legion
I Can Do Bad All By Myself
Glee, Volume One: Road to Sectionals
Barbie in a Mermaid Tale
Marmaduke
Green Zone
Jillian Michaels: 30 Day Shred
The A-Team
Planet 51
Glee: The Complete First Season
Dexter: Season Four
The Town
Ninja Assassin
Ramona and Beezus
Invictus
District 9
Crazy Heart
The Original Television Christmas Classics
The Adventures of Milo and Otis
Edge of Darkness
Ponyo
Cop Out
Dr. Seuss' The Cat in the Hat
Iron Man
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
8/10/10
9/14/10
3/9/10
9/14/10
12/9/08
9/28/10
3/31/98
3/9/10
5/4/10
10/19/10
5/18/10
5/25/10
3/9/10
6/1/10
10/8/02
7/13/10
11/30/10
12/15/09
11/30/10
8/3/10
8/31/10
12/14/10
12/29/09
9/7/10
5/11/10
1/12/10
12/29/09
3/9/10
8/31/10
6/22/10
3/18/08
12/14/10
3/9/10
12/1/09
9/14/10
8/17/10
12/17/10
3/16/10
11/9/10
5/18/10
12/22/09
4/20/10
9/14/04
8/31/99
6/8/10
5/11/10
3/2/10
7/20/10
3/16/04
9/30/08
1,344,058
1,329,957
1,312,829
1,306,135
1,300,860
1,297,176
1,245,636
1,228,274
1,188,709
1,171,253
1,159,790
1,147,838
1,128,591
1,128,345
1,126,726
1,114,819
1,112,104
1,106,491
1,078,685
1,069,376
1,057,286
1,034,524
1,029,266
1,024,088
1,002,618
980,301
976,653
973,187
955,006
950,323
941,012
939,933
937,955
896,281
888,390
882,737
876,055
863,494
859,359
838,633
830,246
826,306
824,758
810,334
808,337
793,111
777,175
765,823
757,874
755,565
$23,337,376
$21,862,782
$22,830,246
$16,773,133
$13,233,166
$22,378,561
$22,020,859
$20,853,734
$20,593,094
$19,241,171
$18,610,441
$40,923,657
$18,081,825
$20,115,887
$19,181,642
$19,603,416
$19,025,331
$17,281,019
$15,235,825
$22,109,592
$18,849,652
$19,645,611
$15,919,532
$15,433,056
$18,099,514
$18,171,448
$24,577,828
$14,407,186
$16,040,939
$16,591,040
$8,550,523
$15,969,462
$16,489,190
$11,837,325
$28,973,257
$25,518,738
$14,916,920
$15,379,670
$12,808,284
$13,322,700
$14,123,280
$14,850,483
$14,068,258
$5,464,010
$13,925,624
$13,462,297
$13,414,521
$13,173,708
$8,058,002
$9,741,524
Source: The Numbers
A member of BMO
Financial Group
267
April 2012
BMO Capital Markets
Rank Title
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Twilight
Up
Star Trek
The Hangover
Monsters vs. Aliens
The Proposal
Bolt
G.I. Joe: The Rise of Cobra
Taken
Gran Torino
Marley and Me
The Dark Knight
Tinker Bell and the Lost Treasure
Fast & Furious
Bedtime Stories
Quantum of Solace
Pinocchio
Pineapple Express
Watchmen
Role Models
Coraline
Santa Buddies
Slumdog Millionaire
Eagle Eye
Space Buddies
Hotel for Dogs
Fireproof
Julie & Julia
Bride Wars
The Ugly Truth
True Blood: The Complete First Season
Australia
Mamma Mia!
Seven Pounds
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
3/21/09
10/20/09
11/10/09
2/6/09
12/8/09
11/17/09
12/15/09
9/29/09
10/27/09
10/13/09
3/22/09
9/15/09
11/3/09
5/12/09
6/9/09
3/31/09
3/3/09
12/9/08
5/19/09
8/18/09
2/17/09
10/27/09
7/28/09
12/1/09
4/5/09
3/24/09
10/26/99
1/6/09
5/5/09
7/21/09
3/10/09
7/21/09
12/15/09
5/12/09
11/24/09
3/31/09
12/28/08
4/7/09
2/3/09
4/28/09
1/27/09
12/8/09
8/4/09
12/1/09
4/28/09
11/10/09
5/19/09
3/3/09
12/16/08
3/31/09
10,233,407
9,259,894
8,442,069
7,780,739
6,667,140
6,046,855
5,933,794
4,852,310
4,819,882
4,727,066
4,611,553
4,332,607
4,192,387
4,021,420
3,928,679
3,647,926
3,549,937
3,436,080
3,429,843
3,382,393
3,268,868
3,254,058
3,049,971
2,960,361
2,869,769
2,674,945
2,657,544
2,652,511
2,605,717
2,404,664
2,400,941
2,393,404
2,325,591
2,268,153
2,166,142
2,012,832
2,011,774
1,983,437
1,938,403
1,882,635
1,844,167
1,835,471
1,821,850
1,808,289
1,795,748
1,787,830
1,780,500
1,763,056
1,755,013
1,749,316
$186,123,609
$208,850,706
$144,717,239
$107,538,339
$89,270,382
$89,168,605
$112,972,685
$79,820,548
$81,349,015
$77,680,074
$81,595,312
$72,239,423
$67,825,799
$64,102,477
$58,623,679
$62,816,382
$60,213,380
$40,356,481
$51,628,875
$57,587,921
$58,811,839
$51,453,363
$50,041,274
$38,791,173
$48,785,733
$44,413,686
$45,188,841
$44,674,996
$42,043,337
$50,939,678
$38,777,663
$42,994,342
$42,394,908
$44,270,690
$38,261,663
$31,679,263
$34,878,986
$31,504,321
$29,398,861
$32,090,341
$31,054,413
$31,258,071
$33,818,730
$23,056,567
$28,934,104
$28,281,423
$61,252,892
$28,158,472
$33,140,480
$27,118,762
Source: The Numbers
A member of BMO
Financial Group
268
April 2012
BMO Capital Markets
Rank Title
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Angels & Demons
G-Force
WALL-E
Public Enemies
Valkyrie
Madea Goes to Jail
Yes Man
Knowing
Four Christmases
Saw V
17 Again
Kung Fu Panda
I Love You, Man
The Taking of Pelham 123
Max Payne
Transformers
Open Season 2
Lakeview Terrace
The Sandlot
Transporter 3
Zack and Miri Make a Porno
Body of Lies
Land of the Lost
My Sister's Keeper
Obsessed
Nights in Rodanthe
Snow White and the Seven Dwarfs
Barbie and the Three Musketeers
Horton Hears a Who!
My Bloody Valentine 3D
District 9
Righteous Kill
Secret Life of Bees, The
Push
The Last House on the Left
The Office - Season Five
The Spirit
Notorious
Step Brothers
Sex and the City - The Movie
Wanted
Bring It On: Fight to the Finish
Elf
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
11/24/09
12/15/09
6/2/09
4/7/09
11/18/08
12/8/09
5/19/09
6/16/09
4/7/09
7/7/09
11/24/09
1/20/09
8/11/09
11/9/08
8/11/09
11/3/09
1/20/09
1/13/09
9/22/09
10/16/07
1/27/09
1/27/09
1/29/02
3/10/09
2/3/09
2/17/09
10/13/09
11/17/09
8/4/09
2/10/09
10/9/01
9/15/09
12/9/08
5/19/09
12/22/09
1/6/09
2/3/09
7/7/09
7/14/09
8/18/09
6/23/09
1/13/09
9/8/09
4/14/09
4/21/09
12/2/08
9/23/08
12/2/08
9/1/09
11/16/04
1,727,524
1,658,700
1,649,527
1,641,412
1,587,842
1,586,484
1,573,206
1,555,667
1,543,864
1,521,668
1,504,799
1,443,371
1,440,351
1,417,192
1,402,229
1,392,962
1,370,784
1,365,065
1,317,136
1,314,346
1,306,254
1,250,358
1,234,351
1,161,867
1,145,146
1,143,248
1,142,788
1,125,323
1,087,510
1,086,742
1,071,675
1,060,595
1,020,295
1,013,089
980,904
977,764
975,386
972,814
971,936
930,885
925,624
923,719
916,388
914,001
912,624
898,020
885,885
883,665
879,468
870,239
$28,713,768
$33,572,022
$25,334,281
$25,450,333
$24,741,489
$28,797,914
$26,430,425
$25,936,243
$26,064,593
$22,966,614
$23,708,135
$26,095,044
$25,111,269
$16,415,763
$24,242,807
$21,850,417
$25,034,702
$26,470,145
$21,495,839
$14,487,813
$25,292,398
$21,083,378
$9,892,036
$20,426,563
$20,985,134
$21,450,177
$17,688,060
$18,756,911
$18,609,075
$17,510,432
$18,164,695
$14,917,073
$15,217,869
$19,971,891
$16,691,161
$16,058,766
$16,892,236
$15,529,850
$19,161,316
$17,775,340
$15,304,369
$17,939,716
$30,227,592
$18,785,812
$20,950,554
$13,432,067
$11,720,218
$13,411,599
$15,292,845
$7,535,946
Source: The Numbers
A member of BMO
Financial Group
269
April 2012
BMO Capital Markets
Rank Title
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Dark Knight, The
Iron Man
Kung Fu Panda
WALL-E
I am Legend
National Treasure - Book of Secrets
Enchanted
Bee Movie
Mamma Mia!
Hancock
Chronicles of Narnia: Prince Caspian, The
American Gangster
Sex and the City - The Movie
Wanted
Juno
Horton Hears a Who!
Incredible Hulk, The
Tinker Bell
Game Plan, The
101 Dalmatians
27 Dresses
3:10 to Yuma
Step Brothers
Snow Buddies
Tropic Thunder
Sleeping Beauty
Little Mermaid - Ariel's Beginning, The
Hellboy 2: The Golden Army
Bucket List, The
Mummy: Tomb of the Dragon Emperor, The
Golden Compass, The
Rambo
Get Smart
Beowulf
Sweeney Todd - The Demon Barber of Fleet Street
Saw IV
Cloverfield
Resident Evil - Extinction
Jumper
10,000 B.C.
Fred Claus
Tyler Perry's Why Did I Get Married?
Water Horse - Legend of the Deep
21
P.S., I Love You
Transformers
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
12/9/08
9/30/08
4/1/08
11/9/08
11/18/08
3/18/08
5/20/08
3/18/08
10/14/08
3/11/08
12/16/08
11/25/08
12/2/08
2/19/08
9/23/08
12/2/08
4/15/08
12/9/08
10/21/08
10/28/08
1/22/08
11/9/99
3/11/08
4/29/08
1/8/08
12/2/08
2/5/08
11/18/08
9/9/03
8/26/08
11/11/08
6/10/08
12/16/08
4/29/08
5/27/08
11/4/08
2/26/08
4/1/08
1/22/08
4/22/08
1/1/08
6/10/08
6/24/08
11/25/08
2/12/08
4/8/08
7/22/08
10/28/08
5/6/08
10/16/07
10,944,319
8,400,343
7,559,643
7,486,642
7,413,548
7,043,136
5,863,257
5,322,631
5,314,370
4,712,821
4,609,575
4,575,950
4,446,039
4,308,239
3,549,461
3,403,449
3,379,209
3,331,288
3,329,182
3,324,813
2,962,725
2,752,455
2,701,262
2,687,502
2,654,503
2,652,411
2,561,705
2,497,511
2,477,282
2,223,661
2,203,136
2,105,725
1,991,863
1,949,575
1,938,757
1,925,943
1,895,704
1,878,250
1,861,483
1,852,155
1,823,195
1,810,191
1,714,854
1,642,981
1,622,948
1,586,694
1,564,363
1,563,970
1,563,477
1,515,546
$191,678,574
$151,418,631
$127,641,261
$115,040,291
$117,131,223
$126,160,042
$92,955,147
$86,315,100
$103,340,815
$75,473,009
$97,730,669
$78,457,203
$70,819,315
$72,577,204
$72,429,126
$57,376,309
$57,439,263
$56,895,458
$56,557,114
$51,827,036
$49,623,633
$43,745,141
$45,563,889
$42,686,950
$51,177,685
$46,589,680
$48,298,801
$42,271,059
$36,582,477
$37,931,059
$40,806,193
$35,377,461
$32,630,695
$41,383,549
$37,835,820
$32,260,300
$35,816,685
$37,642,886
$31,317,511
$29,031,936
$34,107,471
$33,301,159
$26,757,307
$27,260,863
$30,081,822
$30,295,688
$24,951,514
$24,310,827
$25,269,860
$24,618,394
Source: The Numbers
A member of BMO
Financial Group
270
April 2012
BMO Capital Markets
Rank Title
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Good Luck Chuck
Spiderwick Chronicles, The
Aliens vs. Predator - Requiem
Adventures of Indiana Jones, The
Across the Universe
No Reservations
War
Batman Begins
30 Days of Night
Nightmare Before Christmas, The
Hitman
Mist, The
Ratatouille
Superbad
Step Up 2: The Streets
First Sunday
Star Wars: The Clone Wars
There Will Be Blood
Fool's Gold
August Rush
Shrek the Halls
We Own the Night
Baby Mama
Forbidden Kingdom, The
Camp Rock
Skinwalkers
Indiana Jones and the Raiders of the Lost Ark
Family Guy Presents - Blue Harvest
Notebook, The
Great Debaters, The
Michael Clayton
Rush Hour 3
Office, The - Season Four
Happening, The
Simpsons Movie, The
Vantage Point
Harold & Kumar Escape from Guantanamo Bay
Semi-Pro
Nim's Island
Indiana Jones and the Last Crusade
Dan in Real Life
Indiana Jones and the Temple of Doom
Untraceable
Atonement
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
1/15/08
6/24/08
4/15/08
10/21/03
2/5/08
2/12/08
1/1/08
10/18/05
2/26/08
12/3/97
3/11/08
9/30/08
3/25/08
11/6/07
12/4/07
7/15/08
5/6/08
11/11/08
4/8/08
10/7/08
8/26/08
6/17/08
3/11/08
11/4/08
2/12/08
9/9/08
9/9/08
8/19/08
11/27/07
3/4/08
5/13/08
1/15/08
2/8/05
5/13/08
2/19/08
12/23/07
9/2/08
10/7/08
12/18/07
7/1/08
7/29/08
6/3/08
8/5/08
5/13/08
3/11/08
12/11/07
5/13/08
5/13/08
3/18/08
4/22/08
1,484,670
1,480,515
1,470,324
1,455,759
1,439,484
1,425,215
1,407,101
1,397,271
1,386,716
1,361,687
1,344,808
1,304,838
1,271,011
1,266,331
1,265,727
1,263,489
1,258,710
1,231,232
1,228,180
1,223,068
1,215,939
1,213,914
1,207,816
1,203,897
1,185,235
1,169,100
1,167,746
1,164,163
1,163,807
1,145,692
1,143,634
1,141,575
1,132,681
1,084,852
1,083,781
1,073,426
1,057,620
1,054,527
1,053,067
1,052,042
1,046,772
1,016,187
1,003,664
0,999,312
0,992,383
0,989,402
0,988,846
0,984,249
0,977,585
0,975,701
$25,752,058
$27,057,609
$26,976,839
$55,822,747
$25,665,592
$26,607,578
$26,746,284
$10,628,643
$26,524,541
$30,826,949
$27,403,717
$25,173,931
$28,470,348
$19,685,002
$20,738,449
$21,081,915
$21,623,662
$21,351,107
$23,426,414
$23,482,334
$24,098,923
$20,343,902
$21,011,243
$14,296,776
$22,432,130
$20,622,054
$22,455,698
$17,407,086
$20,748,221
$20,515,005
$18,261,789
$17,094,534
$14,061,229
$23,554,784
$18,768,903
$21,020,208
$32,359,990
$20,721,519
$17,278,597
$24,440,639
$23,048,626
$19,907,874
$18,021,431
$16,414,798
$18,165,674
$17,792,377
$16,205,787
$19,390,234
$15,581,288
$16,843,374
Source: The Numbers
A member of BMO
Financial Group
271
April 2012
BMO Capital Markets
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Title
Pirates of the Caribbean - At World's End
Transformers
Happy Feet
300
Ratatouille
Shrek the Third
Night at the Museum
Departed, The
Spider-Man 3
Bourne Ultimatum, The
Knocked Up
Superbad
Open Season
Pursuit of Happyness, The
Wild Hogs
High School Musical 2
Charlotte's Web
Hairspray
Peter Pan
Casino Royale
Ghost Rider
Simpsons Movie, The
Cinderella III - A Twist in Time
Flushed Away
Jungle Book, The
Holiday, The
Eragon
Meet the Robinsons
Borat
Santa Clause 3, The - The Escape Clause
Blood Diamond
Fantastic Four - Rise of the Silver Surfer
Guardian, The
Shooter
Saw III
Blades of Glory
Flicka
Dreamgirls
Planet Earth - The Complete BBC Series
Ocean's Thirteen
Prestige, The
Surf's Up
Apocalypto
Illusionist, The
Deja Vu
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
12/4/07
10/16/07
3/27/07
7/31/07
11/6/07
11/13/07
12/11/07
4/24/07
2/13/07
10/30/07
12/11/07
9/25/07
12/4/07
1/30/07
11/20/07
3/27/07
8/14/07
12/11/07
4/3/07
11/20/07
3/6/07
3/13/07
6/12/07
12/18/07
2/6/07
2/20/07
10/2/07
3/13/07
3/20/07
10/23/07
3/6/07
11/20/07
11/6/07
3/20/07
10/2/07
1/23/07
6/26/07
1/23/07
8/28/07
2/6/07
5/1/07
4/24/07
11/13/07
2/20/07
10/9/07
2/6/07
6/19/07
5/22/07
1/9/07
4/24/07
13,699,490
13,251,378
12,225,634
12,110,490
11,233,232
10,889,584
9,905,305
8,585,495
7,458,254
6,845,349
6,839,131
5,894,125
5,763,546
5,473,643
5,407,501
5,382,183
5,373,334
4,850,387
4,829,924
4,828,382
4,707,455
4,705,619
4,696,303
4,632,907
4,576,424
4,224,419
4,040,631
4,024,510
3,982,324
3,946,045
3,913,257
3,912,848
3,567,338
3,476,479
3,451,583
3,102,407
2,933,435
2,899,342
2,815,829
2,724,469
2,689,055
2,656,702
2,596,209
2,585,892
2,552,244
2,546,376
2,397,464
2,309,784
2,240,529
2,173,074
$279,046,391
$251,422,291
$196,875,350
$243,204,618
$169,016,024
$162,691,569
$200,157,479
$145,161,280
$138,809,472
$114,754,482
$107,659,344
$109,288,723
$113,287,151
$92,412,373
$90,465,631
$88,216,825
$87,864,644
$76,218,434
$81,985,601
$94,023,312
$81,328,544
$75,660,551
$98,897,101
$78,977,748
$87,334,449
$68,629,609
$61,927,446
$62,078,783
$85,712,120
$68,480,820
$61,921,710
$70,392,136
$59,734,764
$60,702,076
$57,800,098
$52,536,201
$53,797,637
$45,576,193
$46,079,005
$48,876,561
$52,687,657
$147,318,358
$42,543,399
$44,112,268
$39,774,564
$44,628,953
$39,478,623
$41,622,650
$37,607,878
$39,088,730
Source: The Numbers
A member of BMO
Financial Group
272
April 2012
BMO Capital Markets
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Title
Original Television Christmas Classics, The
Pirates of the Caribbean - Dead Man's Chest
Secret DVD, The
Devil Wears Prada, The
Norbit
Evan Almighty
Good Shepherd, The
Rocky Balboa
Notebook, The
Pan's Labyrinth
Die Hard Collection
Gridiron Gang
Babel
Smokin' Aces
Cars
Barbie as The Island Princess
Hot Fuzz
Disturbia
Stomp the Yard
Heroes - Season One
Queen, The
Crank
1408
Premonition
Nativity Story, The
Spider-Man - The Motion Picture Trilogy
High School Musical
TMNT
Covenant, The
Jackass - Number Two
Bratz - The Movie
Children of Men
Marine, The
Polar Express, The
Snakes on a Plane
Because I Said So
Bourne Supremacy, The
Grindhouse Presents, Death Proof - Extended and Unrated
Number 23, The
Underdog
We Are Marshall
Grindhouse Presents, Planet Terror - Extended and Unrated
Hills Have Eyes 2, The
Pathfinder
Barnyard - The Original Party Animals
Halloween (2007)
Music and Lyrics
DVD
US Units
US Sell-
Release Date
Sold
Through Revenue
9/14/04
12/5/06
11/7/06
12/12/06
6/5/07
10/9/07
3/27/07
3/20/07
2/8/05
5/15/07
6/19/07
1/16/07
2/20/07
4/17/07
11/7/06
12/19/06
9/18/07
7/31/07
8/7/07
2/27/07
5/15/07
8/28/07
4/24/07
1/9/07
10/2/07
7/17/07
3/20/07
10/30/07
5/23/06
8/7/07
1/2/07
12/26/06
11/27/07
3/27/07
1/30/07
12/26/05
1/2/07
5/8/07
12/7/04
9/18/07
7/24/07
12/18/07
6/12/07
9/18/07
10/16/07
7/17/07
7/31/07
12/12/06
12/18/07
5/8/07
2,116,599
2,113,099
2,064,753
2,055,372
2,020,053
2,005,578
1,949,863
1,923,737
1,900,638
1,880,240
1,809,660
1,788,660
1,775,494
1,761,671
1,736,867
1,730,220
1,721,714
1,697,968
1,662,205
1,653,622
1,636,690
1,597,185
1,585,087
1,561,028
1,547,305
1,536,502
1,457,447
1,452,606
1,425,211
1,400,617
1,394,345
1,389,030
1,382,686
1,344,189
1,313,847
1,312,868
1,298,516
1,294,505
1,278,868
1,254,177
1,251,360
1,246,768
1,245,255
1,221,546
1,215,530
1,204,151
1,203,614
1,203,417
1,172,994
1,158,903
$52,901,098
$44,533,929
$61,854,613
$32,893,600
$37,210,709
$33,631,025
$33,087,927
$33,944,138
$22,593,418
$39,331,389
$41,745,557
$31,020,923
$31,089,410
$34,441,544
$30,123,888
$29,302,566
$23,936,716
$30,660,119
$29,856,095
$28,726,619
$28,293,709
$61,849,386
$28,748,000
$27,766,013
$37,221,036
$30,271,681
$23,870,870
$37,753,230
$24,362,876
$26,695,556
$24,455,160
$22,228,866
$27,735,969
$24,824,977
$22,261,288
$16,703,445
$23,136,710
$22,614,175
$12,117,361
$27,099,735
$23,609,909
$23,891,222
$21,902,452
$20,932,843
$27,062,812
$23,667,240
$22,083,551
$21,183,902
$26,602,547
$19,668,749
Source: The Numbers
A member of BMO
Financial Group
273
April 2012
BMO Capital Markets
Industry-Related Internet Resources
Entertainment Industry Sites
bluray.com
boxofficeguru.com
boxofficemojo.com
cable360.net
comingsoon.net
deadline.com
dvdexclusive.com
homemediamag.com
hsx.com
IHS.com
imdb.com
jimhillmedia.com
joblo.com
moviefone.com
reelsource.com
showbizdata.com
snta.com
the-numbers.com
Tvbythenumbers.com
tvweek.com
worldwideboxoffice.com
Media Industry Sites
backchannelmedia.com
broadcastingcable.com
cable360.net
mediaweek.com
multimediaintelligence.com
nielsenpreview.com
rbr.com
mediabiz.com
tvpredictions.com
Industry Organizations
aftra.org
atsc.org
cablelabs.com
dga.org
fcc.gov
mpaa.org
nab.org
natoonline.org
natpe.org
producersguild.org
sag.org
vsda.org
wga.org
Pay Sites
billboard.com
cableworld.com
forrester.com
hollywoodreporter.com
mediaweek.com
multichannel.com
nielsenmedia.com
pkbaseline.com
rentrak.com
screendaily.com
snl.com
tvguide.com
variety.com
screendigest.com
Content Aggregrators
awn.com
bigscreenbiz.com
cinema.ucla.edu
DVDinformation.com
indiewire.com
iwantmedia.com
paidcontent.org
tvpredictions.com
tvspy.com
Exhibitor Related Sites
amctheaters.com
carmike.com
centurytheaters.com
cinemaadcouncil.com
cinemark.com
cinematical.com
cineplex.com
dlpcinema.com
dts.com/digitalcinema
entdata.com
generalcinemas.com
imax.com
international3dsociety.com
marcustheaters.com
marketsaw.com
masterimage.co.kr
ncm.com
projectorcentral.com
reald.com
regalcinemas.com
screendaily.com
screenvision.com
stewartfilmscreens.com
theatres.sre.sony.com
Streaming Movies/TV
amazonvod.com
bittorrent.com
blockbuster.com
brightcove.com
cinemanow.com
hbogo.com
hulu.com
itunes.com
moviebeam.com
movieflix.com
movielink.com
netflix.com
roku.com
vudu.com
Broadcast Television Stations
abc.com
cbs.com
cwtv.com
fox.com
nbc.com
pbs.org
tns-mi.com
tvtracker.com
Cable Television Stations
3abn.org
abc.go.com
abcfamily.go.com
abs-cbn.com
aetv.com
aztecaamerica.com/
bbc.co.uk
bbcamerica.com/bbcamerica.jsp
biographychannel.com
bloomberg.com/tv/
bravotv.com
calchannel.com
canalplus.fr
canalsur.com
caracoltvinternacional.com
cartoonnetwork.com
casaclubtv.vom
cinemax.com
cn8.tv
cnbc.com
cnet.com
cnn.com
comedycentral.com
country.com
countrystars.com
courttv.com
crni.net
csn1.co.jp
c-span.org
daystar.com
discovery.com
discoverykids.com
discoverypictures.com
disneychannel.com
disneyinternational.com
diynet.com
enlace.org
eonline.com
espn.com
eurocinema.com
ewtn.com
familynettv.com
fineliving.com
foodnetwork.com
footballnetwork.com
foxmoviechannel.com
foxnews.com
foxsports.net
foxsportsworld.com
fuel.tv
fxnetworks.com
g4tv.com
galavision.com
golfnetwork.co.jp
goodtv.com
gsn.com
hallmarkchannel.com
hbo.com
hd.net
headlinenews.com
hgtv.com
historychannel.com
historychannelintl.com
hitn.tv
hsn.com
htv.com
ifctv.com
ilifetv.com
indemand.com
insp.com
internationalchannel.com
jidaigeki.com
jokevision.com
jskysports.com/index.html
kids-station.com
lala.co.jp
latv.com
lifetimetv.com
locomotion.com
lovestoriesmovies.com
ltvbroadband.com
mbcnetwork.com
mmusa.tv
money.com
msbet.com
msgnetwork.com
msnbc.com
mtv.com
mtv2.co.uk
mun2tv.com/Main.aspx
mundovisiontv.com
mysterymoviechannel.com
nationalgeographic.com
necnews.com
nick.com
nihon-eiga.com
nikkei-cnbc.co.jp
noggin.com
nwcn.com
nwitv.com
ny1.com
olntv.com
outdoorchannel.com
ovationtv.com
oxygen.com
pax.net
pbtvnetworks.com
pcntv.com
qvc.com
rctv.net
rtve.es
science.discovery.com
sho.com
shopchannel.co.jp
sitv.com
soapnet.com
speedtv.com
sportsillustrated.cnn.com
starz.com
starz.com/se/blackstarz/index.html
stylenetwork.com
sundancechannel.com
sunshinenetwork.com
superstationwgn.com
syfy.com
tbn.org
tbssuperstation.com
techtv.com/techtv/index.html
telemundo.com
terra.com/deportes
thegolfchannel.com
thesportsmanchannel.com
thetennischannel.tv
tlc.com
Movie Studio Sites
artisanent.com
disney.go.com
dreamworks.com
dreamworksanimation.com
finelinefeatures.com
fox.com
foxmovies.com
foxsearchlight.com
lionsgatefilms.com
mca.com/universal_pictures
mgmua.com
miramax.com
movies.go.com
newline.com
paramount.com
paramountclassics.com
spe.sony.com/movies
timewarner.com
uip.com
usafilms.com
viacom.com
warnerbros.com
weinsteinco.com
focusfeatures.com
grindhousereleasing.com
overturefilms.net
summit-ent.com
relativitymediallc.com
mrcstudios.com
Digital/FX
digitaldomain.com
primefocusworld.com
inceptionmediagroup.com
reald.com
tnnonline.com
tnt-tv.com
toondisney.com
travel.discovery.com
triotv.com
truestoriesmovies.com
turner.com
turnerclassicmovies.com
turnerlearning.com
turnersouth.com
tv5.org
tvchile.cl
tvcolombia.com
tvguide.com
tvland.com
tvn.com
tycsports.com
universalppv.net
univision.com
usanetwork.com
venevision. Net
vh1.com
vidavision.com
videorola.com
vivendiuniversal.com
voy.tv
w3.infinito.com
wamtv.com
we.tv
weather.com
westernsmovies.com
wisdommedia.com
wwe.com
Source: BMO Capital Markets
A member of BMO
Financial Group
274
April 2012
BMO Capital Markets
Cable Network Ownership
AMC
A&E
ABC Family
AMC
Animal Planet
BET
Bio
Bravo
BTN
Cartoon Network
Centric
Chiller
CMT
CNBC
CNN
Comedy Central
Cooking Channel
Crime & Investigation
Discovery Channel
Discovery Fit & Health
Disney Channel
Disney Junior
Disney XD
DIY Network
E! Entertainment
ESPN
ESPN2
Food Network
FOX Business Network
FOX News Channel
FOX Soccer Channel
FUEL TV
FX Network
G4
Golf Channel
HGTV
History
Independent Film Channel
Investigation Discovery
Lifetime
LOGO
Military Channel
MSNBC
MTV
MTV2
Nat Geo
NBC Sports
NFL
Nick Jr.
Nick Too
Nickelodeon
OWN: Oprah Winfrey Network
Oxygen
Planet Green
Science Channel
SPEED
Spike TV
Style Network
SyFy
TBS
TCM
TeenNick
Tennis Channel
The Hub
TLC
TNT
Travel Channel
truTV
TV Guide
TV Land
TV One
Universal HD
USA Network
VH1
WE tv
Weather
CMCSA*
15.8%
DIS
42.1%
100.0%
15.8%
100.0%
42.1%
DISCA
Hearst
42.1%
LGF
NWSA
SNI
TWX
VIAB
Other
100.0%
100.0%
100.0%
42.1%
49.0%
51.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
15.8%
42.1%
42.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
80.0%
80.0%
20.0%
20.0%
69.0%
31.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
15.8%
42.1%
15.8%
42.1%
42.1%
100.0%
100.0%
42.1%
100.0%
100.0%
82.0%
18.0%
100.0%
100.0%
67.0%
33.0%
100.0%
100.0%
100.0%
100.0%
100.0%
50.0%
50.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
50.0%
50.0%
100.0%
100.0%
65.0%
35.0%
100.0%
50.0%
50.0%
100.0%
50.0%
100.0%
100.0%
50.0%
100.0%
100.0%
12.8%
87.3%
*NBC Universal
A member of BMO
Financial Group
275
April 2012
A member of BMO
Financial Group
BMO Capital Markets
276
April 2012
BMO Capital Markets
Carmike Cinemas
(CKEC - $13.45; Market Perform)
Company Description
Carmike Cinemas is the fourth-largest motion picture
exhibitor in the US, operating 235 theaters with 2,217 screens
located in 36 states. The company’s strategy targets small to
mid-sized non-urban markets, where it tends to be the sole
operator and can typically build and operate its theaters at a
lower cost than those operating in major metropolitan cities.
More than 80% of the company's theaters are located in
communities with populations of fewer than 100,000, and
approximately 60% of its screens operate without local
competition. The company generates the vast majority of its
revenues from feature film ticket sales and concessions,
although alternative film events are beginning to gain traction.
The company was early and very aggressive in implementing
digital projection systems and now has 2,089 digital screens
and 726 3-D enabled screens.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$13.45
$15/$5
$228
17.0
0.0
Target Price
Dividend
Yield
Float O/S (mm)
ADVol (30-day, 000s)
Selected Bond Iss
Ind Prc Rat’g Mdys/S&P YTW
Carmike Cinema 7.5% '
na WR / NR
$14
--14.5
248
Spread
na
Bond data from Bloomberg.
Price Performance
CARMIKE CINEMAS INC (CKEC)
Price: High,Low,Close(US$)
Relative to S&P 500
120
25
100
20
80
15
60
10
40
5
20
0
0
Volume (mln)
6
6
4
4
2
2
0
2007
2008
2009
2010
0
2011
Last Data Point: April 11, 2012
Investment Consideration and Valuation
We have been “neutral” in our opinion of CKEC since early
2008, as the prospect for decent earnings were dampened by
the weakening economic climate (CKEC’s customers are
relatively more affected by higher food and fuel costs), and the
leveraged capital structure would require a long-term fix. We
continue to rate CKEC MARKET PERFORM, but signs of
operating improvements are becoming more visible; the
formerly high net debt burden has been reduced by a fourmillion-share offering, cash flows are impressive and land
value could provide some floor to valuation. Our 9- to 15month target of $14 is based on a 5.5x EV/EBITDA multiple.
Jeffrey B. Logsdon
Valuation/Financial Data
(FY-Dec.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
-$0.99
2011A
-$0.60
-$0.99
-$0.60
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$0.85
$3.95
$65
$73
$491
$482
Quarterly EPS
2011A
2012E
1Q
-$1.44
$0.23
2Q
$0.46
$0.38
2012E
$1.10
12.2x
$0.84
$1.10
2013E
$1.29
10.4x
$1.14
$1.29
$2.24
6.0x
$87
5.5x
$534
0.9x
$2.42
5.6x
$96
5.0x
$557
0.9x
3Q
$0.24
$0.23
4Q
$0.14
$0.24
Balance Sheet Data (31-Dec)
Net Debt ($mm)
$252
TotalDebt/EBITDA
3.0x
Total Debt ($mm)
$265
EBITDA/IntExp
3.0x
Net Debt/Cap.
81.2%
Price/Book
#DIV/0!
Notes: All historical and projected EPS presented according to GAAP.
All values in US$.
Source: BMO Capital Markets estimates, Bloomberg, FactSet, Global
Insight, Reuters, and Thomson Financial.
213-228-2234
[email protected]
Jeffrey Hoskins, CFA
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
277
April 2012
BMO Capital Markets
Momentum

Carmike dominates the smaller market segment of the exhibition industry with a strong southeastern U.S. presence.

The company’s $3.95 per share of free cash flow in 2011 (a 29% yield on the current price) should remain healthy in
2012, given a favorable outlook for 1Q and 4Q.

Film buying can make a difference in this circuit as per theater screen averages enable it to play all films in the
marketplace at the same time, although its digital projector footprint gives it greater access and flexibility with films.

CKEC’s real estate holdings from its ownership of 25% or so of its theater properties may provide a source of capital in
the years to come.

Free cash flow is consistently being directed to debt reduction, a positive investment variable in our view. A recent fourmillion-share offering improved the company’s capitalization.

Carmike’s strategy of dominating cities with populations of fewer than 100,000 has allowed it to operate more than half
its theaters without competition.
Challenges
 Restricted capex in prior years is leading to higher maintenance requirements.

Rising gas prices could dampen attendance totals. CKEC has had sensitivity to gas prices in the past.

The company must capitalize on projected 2012 box office revenues, while maintaining operating discipline in terms of
costs.

Indexing with the industry has been a continual challenge.

Geography does affect the receptivity of some very successful films.
Risks
Risks to our investment thesis for CKEC include a worse-than-expected showing for 2012 film product at the domestic box
office, financial requirements that could pressure the company’s balance sheet, or adverse geopolitical, regional or world
health issues, and/or weather events as a major portion of the company’s footprint is within the U.S. hurricane zone.
A member of BMO
Financial Group
278
April 2012
BMO Capital Markets
EV/EBITDA
15.0x
5-yr avg =6.3x
13.0x
11.0x
9.9x
9.0x
8.8x
10.0x
8.2x
8.1x
9.4x
6.2x
7.9x
5.1x
5.6x
6.0x
7.7x
7.1x
6.6x
7.0x
5.0x
9.5x
6.6x
7.3x
6.5x
6.9x
6.4x
5.3x
5.4x
3.0x
1.0x
-1.0x
2002
2003
2004
2005
2006
2007
CKEC
2008
2009
2010
2011
2012E
Averages
Source: Thomson ONE and BMO Capital Markets
A member of BMO
Financial Group
279
April 2012
A member of BMO
Financial Group
280
19.8
2,268
8.7
242
9.4
$54.5
12.0
5.3
$6.85
$3.49
Theater Cash Flow
Average Screens in Period
Cash Flow/Avg Screen (000)
Average Theaters in Period
Average Screens Per Theater
Revenue Per Avg Screen (000)
Attendance (mm)
Attendance Per Avg Screen (000)
Avg Ticket Price
Per Capita Concessions
10.7
2,223
4.7
236
9.4
$42.9
9.4
4.2
$6.52
$3.72
47.5%
88.8%
6.2%
-2.1%
$5.9
12.8
($1.44)
Source: BMO Capital Markets estimates and company reports.
43.7%
90.1%
12.1%
5.2%
Admissions Margin
Concession+Other Margin
EBITDA Margin
Operating Margin
12.7
$15.0
Adjusted EBITDA
Shares Outstanding (Diluted)
($0.27)
6.5
8.9
2.6
0.0
(5.0)
(1.6)
0.0
($3.5)
Operating Income
Interest Expense, Net
Early extinguishment of debt
Reorganization items & Other (Benefit)
Pre-Tax Income before Extra
Income Taxes (Benefit)
Discontinued Ops/Non-controlling (Benefi
Net Income
GAAP EPS
32.2
3.9
49.5
4.7
7.8
0.1
98.3
46.3
4.2
53.9
4.8
8.1
0.5
117.7
(2.0)
9.2
0.0
0.0
(11.2)
6.4
0.8
($18.4)
96.2
$61.3
34.9
$82.3
41.9
124.2
March
2011
2010
Net Revenue
Operating Expenses
Film Rental & Advertising
Concessions and Other
Costs of Operations
G&A
Depreciation and Amortization
Impairment & Other (Benefit)
Total Operating Expenses
(Millions, except per-share data)
Revenue
Admissions
Concessions and Other
18%
35%
28%
9%
6%
7%
33%
35%
29%
%+/-
245%
25.4 139%
2,250
1%
11.4 140%
235
0%
9.6
2%
$57.2 34%
12.2 30%
5.5
30%
$6.80
4%
$3.69
-1%
47.5%
88.9%
16.0%
9.4%
$20.4
12.8
$0.23
12.0 688%
8.0
0.0
0.0
4.0 136%
1.4
(0.3)
$2.9 116%
43.6
5.0
54.0
5.0
8.4
0.0
116.0
128.0
$83.0
45.0
2012E
Carmike Cinemas Quarterly Income Statement
21.0
2,260
9.2
241
9.4
$56.1
12.3
5.4
$6.89
$3.47
43.2%
88.4%
13.7%
4.1%
$17.5
12.8
($0.51)
5.3
9.8
0.0
0.0
(4.5)
2.1
(0.2)
($6.5)
48.2
4.9
53.4
4.5
8.0
3.2
122.2
127.5
$84.8
42.7
2010
30.2
2,215
13.5
235
9.4
$59.1
12.5
5.6
$6.80
$3.77
45.0%
88.6%
19.4%
11.3%
$25.7
12.8
$0.46
14.9
8.6
0.0
0.0
6.3
0.8
(0.4)
$5.9
46.8
5.4
49.8
4.5
7.9
2.8
117.2
132.2
$85.0
47.1
June
2011
30.0
2,235
13.5
232
9.6
$61.6
12.8
5.8
$6.88
$3.83
44.8%
89.0%
18.3%
12.1%
$25.0
16.8
$0.38
16.6
7.0
0.0
0.0
9.6
3.4
(0.2)
$6.5
48.6
5.4
53.0
5.0
8.4
0.0
120.4
137.0
$88.0
49.0
2012E
0%
1%
0%
-1%
2%
4%
2%
3%
1%
2%
-2%
10%
53%
11%
3%
4%
0%
6%
11%
6%
4%
3%
4%
%+/-
18.8
2,244
8.3
240
9.4
$55.1
12.5
5.5
$6.61
$3.36
44.8%
88.7%
11.5%
5.5%
$14.4
12.8
$0.04
6.8
8.8
0.0
0.0
(2.0)
(2.5)
0.1
$0.5
45.7
4.8
55.6
4.4
8.0
(0.4)
118.0
124.8
$82.7
42.1
2010
26.6
2,217
11.9
235
9.4
$60.1
13.3
6.0
$6.48
$3.57
45.4%
88.0%
16.5%
10.3%
$22.1
12.8
$0.24
13.8
8.1
0.0
0.0
5.8
3.9
(1.3)
$3.1
47.2
5.7
54.5
4.5
8.3
0.1
120.2
134.0
$86.4
47.5
September
2011
26.1
2,235
11.7
232
9.6
$62.7
13.7
6.2
$6.57
$3.61
45.0%
88.0%
15.1%
8.9%
$21.1
16.8
$0.23
12.5
7.0
0.0
0.0
5.5
1.9
(0.3)
$3.8
49.5
5.9
58.0
5.0
8.6
0.0
127.0
139.5
$90.0
49.5
2012E
-2%
1%
-2%
-1%
2%
4%
3%
3%
1%
1%
-5%
24%
-5%
-10%
6%
5%
4%
6%
12%
4%
4%
4%
4%
%+/-
22.0
2,237
9.8
239
9.4
$51.7
11.1
4.9
$7.07
$3.39
47.6%
89.1%
15.6%
5.1%
$18.1
12.8
($0.25)
5.9
8.5
0.0
(0.0)
(2.6)
1.3
(0.7)
($3.1)
41.1
4.1
48.7
3.9
8.0
4.2
110.0
115.9
$78.3
37.6
2010
24.1
2,259
10.8
237
9.5
$53.7
11.9
5.3
$6.46
$3.77
46.5%
88.5%
15.9%
7.1%
$19.0
12.8
$0.14
8.5
8.3
0.0
0.0
0.2
(0.9)
(0.7)
$1.8
41.2
4.9
49.5
5.4
8.3
2.4
111.4
119.8
$77.1
43.0
9%
1%
10%
-1%
2%
4%
8%
8%
-9%
11%
5%
156%
107%
43%
1%
0%
20%
2%
38%
4%
3%
-2%
14%
December
2011
%+/-
4%
7%
6%
7%
-7%
4%
8%
8%
6%
%+/-
26.6
2,220
12.0
230
9.7
$57.9
12.3
5.5
$6.79
$3.70
47.1%
88.5%
16.0%
10.1%
$20.6
16.8
$0.24
10%
-2%
11%
-3%
1%
8%
3%
3%
5%
-2%
9%
13.0
54%
7.0
0.0
0.0
6.0 3287%
2.1
(0.2)
$4.1
134%
44.1
5.2
53.0
5.0
8.6
0.0
116.0
129.0
$83.5
45.5
2012E
81.2
2,266
35.7
242
9.4
$216.3
47.9
21.1
$6.83
$3.42
44.8%
89.0%
13.2%
4.9%
$64.6
12.8
($0.99)
24.1
36.0
2.6
0.0
(14.5)
(0.7)
(1.2)
($12.6)
180.8
18.0
211.3
17.6
32.0
7.5
467.2
491.3
$327.3
163.9
2010
91.9
2,230
40.9
236
9.4
$214.5
47.2
21.0
$6.57
$3.65
46.0%
88.5%
15.1%
7.3%
$72.8
12.8
($0.60)
35.2
34.1
0.0
0.0
1.0
10.4
(1.6)
($7.7)
167.4
19.9
203.0
19.1
32.3
5.4
447.1
482.2
$309.8
172.4
2011
13%
-2%
14%
-2%
1%
-1%
-2%
0%
-4%
7%
13%
39%
107%
-4%
-7%
11%
-4%
9%
1%
-2%
-5%
5%
108.2
2,235
48.4
232
9.6
$239.0
51.0
22.8
$6.75
$3.71
46.1%
88.6%
16.3%
10.1%
$87.2
15.8
$1.10
54.1
29.0
0.0
0.0
25.1
8.8
(1.0)
$17.3
185.8
21.5
218.0
20.0
34.0
0.0
479.4
533.5
$344.5
189.0
18%
0%
18%
-2%
2%
11%
8%
9%
3%
1%
20%
325%
2331%
7%
11%
8%
7%
5%
5%
11%
11%
10%
Year Ended December
%+/2012E
%+/2013E
116.3
2,200
52.4
228
9.6
$251.2
52.0
23.4
$6.94
$3.77
46.0%
88.9%
17.3%
11.0%
$96.3
16.8
$1.29
61.3
28.0
0.0
0.0
33.3
11.7
0.0
$21.6
194.9
21.8
224.0
20.0
35.0
0.0
495.7
557.0
$361.0
196.0
8%
-2%
8%
-2%
0%
5%
2%
3%
3%
2%
10%
25%
33%
3%
5%
1%
3%
0%
3%
4%
5%
4%
%+/-
BMO Capital Markets
April 2012
BMO Capital Markets
Carmike Cinemas (CKEC) Balance Sheet
(Thousands)
Assets
Cash and equivalents
Accounts and notes receivable
Inventories
Defered Income Tax Asset
Prepaid expenses
Total Current
As of
12/31/10
12/31/08
12/31/09
12/31/11
$11,051
4,032
2,373
5,768
23,224
$26,099
5,010
2,551
6,791
40,451
$13,401
4,440
2,741
36,696
57,278
$13,947
4,985
2,955
9,410
31,297
Other
Deferred tax asset
Property, Equip., Leasehold Improvements, etc., net
Assets held for sale
Other acquired Intangible Assets
Goodwill, net
Total Other
Total Assets
23,386
0
431,806
3,655
1,392
460,239
$483,463
19,448
0
390,579
2,249
1,251
413,527
$453,978
28,684
368,184
612
397,480
$454,758
26,368
355,935
1,169
8,087
391,559
$422,856
Liabilities and Shareholders' Equity
Accounts Payable
Accrued Expenses
Dividends payable
Current portion of long term debt / Lease obligations
Total Current
Long term debt
Capital Leases
Long-term trade payables
Liabilities subject to compromise
Deferred income taxes
Other (Deferred Compensation)
Total Other
Total Liabilties
$23,995
28,684
0
4,497
57,176
270,694
117,059
13,286
401,039
458,215
$26,152
33,376
0
4,261
63,789
248,171
116,684
14,032
378,887
442,676
$21,660
27,431
4,240
53,331
233,092
116,036
52,200
401,328
454,659
$29,583
31,136
3,959
64,678
196,880
114,608
52,315
363,803
428,481
Preferred Stock
Common Stock
Common Stock Class A
Common Stock Class B
Treasury Stock
Additional paid-in capital
Retained earnings
Shareholders' Equity
Total Liabilities+Shareholders' Equity
0
394
0
0
(10,938)
285,430
(249,638)
25,248
$483,463
0
395
0
0
(10,945)
286,903
(265,051)
11,302
$453,978
0
400
0
0
(11,657)
288,986
(277,630)
99
$454,758
0
401
0
0
(11,683)
290,997
(285,340)
(5,625)
$422,856
Debt
Cash
Preferreds
Net Debt+Preferreds
392,250
(11,051)
$381,199
369,116
(26,099)
$343,017
353,368
(13,401)
$339,967
315,447
(13,947)
$301,500
Source: Company reports.
A member of BMO
Financial Group
281
April 2012
A member of BMO
Financial Group
$13.45
$212.5
$265.4
9.6%
37.5%
44.5%
55.5%
Stock Price @04/12/12
Market value of equity
Book Debt & Capital Leases
Weighted average cost of debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
282
2.0%
2012E
8.9%
8.7%
37.5%
20.0%
Shares outstanding
Calculated one-year share price
Value at public discount (20%)
15.8
$17.58
$14.65
265
49
278
15.8
$22.18
$18.49
265
49
350
15.8
$26.79
$22.32
265
49
423
15.8
$48.40
$40.33
265
49
765
Sum of discouted FCF
PV of terminal value
PV Enterprise Value
Less: debt
Plus: cash
PV Equity
Terminal Value Multiple @ WACC-1
5.0x
6.0x
7.0x
8.0x
229
229
229
229
364
436
509
851
592
665
738
1,079
$98
2.0%
36
$62
23
36
1
23
53
2.0
46
45
44
2014E
$532
638
744
851
$96
10.5%
35
$61
23
35
1
22
52
1.0
48
48
48
2013E
Terminal Value - 2018E EBITDA
5.0x
6.0x
7.0x
8.0x
$87
19.7%
34
$53
20
34
1
22
46
2012E
7.9%
8.9%
9.9%
$73
12.7%
32
$41
15
32
1
19
39
2011
EBITDA
Yr/Yr %
Less: Depr. & amort.
EBIT
Less: Tax
Plus: Depr. & amort.
Plus: Other non-cash & wc
Less: CapX
Unlevered free cash flow
Discount periods
Discounted UFCF @ WACC - 1
Discounted UFCF @ WACC
Discounted UFCF @ WACC + 1
Assumptions
Terminal EBITDA growth
Discount back to end of
WACC
EBIT CAGR 2007 - 2010E
Corporate tax rate
Public market discount
8.9%
1.49
2.0%
7.0%
12.5%
WACC Calculation
Beta
Risk-free rate (10 yr treasuries)
Market risk premium
Cost of equity (CAPM)
WACC
$29.0
9.6%
Amount
$265.4
$49.3
$216.2
Est Annual Interest Expense
Cost of Debt
Debt Schedule
LT debt + current portion + Cap Leases
Projected cash
Net Debt
(Millions excpet per-share amounts)
Carmike Cinemas Discounted Cash Flow Model
$102
2.0%
38
$64
18
38
1
24
61
4.0
45
43
42
2016E
$104
2.0%
39
$66
18
39
1
25
62
5.0
42
40
39
2017E
15.8
$16.16
$13.46
265
49
255
15.8
$20.55
$17.13
265
49
325
15.8
$24.95
$20.79
265
49
394
265
49
464
8.0x
223
556
778
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
15.8
$29.34
$24.45
Terminal Value Multiple @ WACC
5.0x
6.0x
7.0x
223
223
223
347
417
486
570
639
709
$100
2.0%
37
$63
18
37
1
24
60
3.0
47
46
45
2015E
09
5.0x
5.8x
6.6x
10
6.4x
7.7x
08
5.8x
6.6x
7.5x
9.1x
5-yr avg =6.8x
11
15.8
$14.80
$12.34
265
49
234
15.8
$19.00
$15.83
265
49
300
15.8
$23.20
$19.33
265
49
367
265
49
433
8.0x
217
531
748
6.1x
5.8x
5.6x
15.8
$27.40
$22.83
Terminal Value Multiple @ WACC+1
5.0x
6.0x
7.0x
217
217
217
332
398
464
549
615
681
07
6.5x
8.1x
9.6x
12E
4.5x
5.9x
6.1x
BMO Capital Markets
April 2012
BMO Capital Markets
Carmike Cinemas, Inc.
Free Cash Flow Model
(Millions)
Net income
Plus: Non-cash items (Taxes & SFAS 123)
Plus: Depreciation & Amortization
Less: Working capital items
Cash from operations
Maintenance Capital Expenditures
Project Capex
Total Capital Expenditures
Free Cash Flow
FCF Per Share
Shares Outstanding
2006
2007
2008
2009
2010
2011
2012E
2013E
($19.4)
9.1
40.6
7.4
37.8
($126.9)
121.5
40.3
2.1
37.0
($41.4)
39.6
38.0
(11.1)
25.1
($15.4)
22.5
34.3
8.4
49.8
($12.6)
16.6
32.2
(8.5)
27.7
($7.7)
8.5
32.4
36.7
69.9
$17.3
6.0
34.0
0.0
57.3
$21.6
6.0
35.0
0.0
62.6
7.0
20.0
27.0
7.0
15.7
22.7
7.0
4.7
11.7
7.0
6.5
13.5
7.0
9.9
16.9
8.0
11.3
19.3
12.0
10.0
22.0
12.0
10.0
22.0
10.8
$0.87
12.3
14.3
$1.14
12.6
13.4
$1.06
12.7
36.3
$2.86
12.7
10.8
$0.85
12.8
50.6
$3.95
12.8
35.3
$2.24
15.8
40.6
$2.42
16.8
Note: 2006 CAPEX is adjusted to exclude $8.7 million of landlord reimbursements captured in financing cash flows
Source: Corporate documents, BMO Capital Markets estimates.
A member of BMO
Financial Group
283
April 2012
BMO Capital Markets
Carmike Cinemas
Debt Schedule
Estimated
as of
4//4/12
$148.9
$0.0
$114.6
$263.5
(Millions)
Term Loan
Delayed Draw Credit
Capital leases
Total Long-term Debt
Cash
Net Debt
Cost
5.5%
4.6%
15.0%
9.6%
Weighting
56.5%
0.0%
43.49%
100.0%
Weighted
Average
Cost
3.11%
0.00%
6.52%
9.63%
Interest
$8.2
$0.0
$17.2
$25.4
$13.9
$249.6
Source: BMO Capital Markets estimates and Company reports
Carmike Cinemas
Debt Maturities by Type, Est. as of 4/4/12
$160.00
$139.1
$140.00
$ in millions
$120.00
$114.6
$100.00
$80.00
$60.00
$40.00
$20.00
$0.00
$2.4
$2.4
$2.4
$2.4
2012
2013
2014
2015
2016
Bank debt
2017
2018
2019
2020
Beyond
Other
Source: BMO Capital Markets and Company Reports
A member of BMO
Financial Group
284
April 2012
BMO Capital Markets
CKEC: Net Debt (Cash) and Leverage
450.0
$ in Millions
400.0
404.8
411.5
399.5
6.0x
381.2
5.0x
365.3
351.9
343.0
350.0
4.0x
340.0
301.5
300.0
285.9
3.0x
2.0x
250.0
1.0x
200.0
0.0x
2002
2003
2004
2005
2006
Net Debt*
2007
2008
2009
2010
2011
Net Debt-to-EBITDA
*Includes capitalized leases
A member of BMO
Financial Group
285
April 2012
BMO Capital Markets
Cinemark Holdings
(CNK - $22.29; Outperform)
Securities Info
Company Description
Cinemark is the third-largest theatrical exhibitor with 5,152
screens; 78% of those screens are in the North American
market. Cinemark has run a very profitable theater circuit by
focusing on higher domestic population growth areas
(Southwest), as well as clustering screens strategically in
selected metropolitan and suburban markets. Internationally,
Cinemark has built a strong and growing presence in 17 of the
top 20 cities in Latin America (primarily Brazil, Argentina and
Mexico) and should continue to devote resources to this highgrowth region. Its investment in National CineMedia, Inc
(NCMI), 17.5 million shares, will allow the company to
benefit from the growing onscreen advertising and event
businesses, while DCIP funding has allowed for the rapid
rollout of digital 3-D screens to all first-run theaters to
capitalize on the wave of 3-D content coming from
Hollywood.
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$22.29
$23/$17
$2,546
114.2
2.4
Selected Bond Iss
CNK 8.625% '19
CNK 7.375 '21
Target Price
Dividend
Yield
Float O/S (mm)
111 B2 / B
5.23%
107 B3 / B
6.11%
$29
$0.84
3.8%
101.7
1,486
Spread
474bp
511bp
Price Performance
CINEMARK HOLDINGS INC (CNK)
Relative to S&P 500
140
24
130
22
120
20
18
110
16
100
14
90
12
80
10
70
8
6
60
Volume (mln)
50
0
2007
2008
2009
50
2010
0
2011
We believe the company’s pricing power for admissions,
EBITDA growth, digital opportunity, and modest valuation
relative to its growth rate are attractive factors for growth,
EPS, value, and income investors. We note its annual yield of
3.8% is an incremental plus for investors. We remain bullish
on the stock given the 2012 film outlook (strong 1Q and 4Q
expected), benefits from DCIP funding, and encouraging
growth opportunities in Latin America. CNK is the de facto
growth stock in the U.S. exhibition industry. We have a 9- to
15-month price target of $29 for CNK. Our target is based on
a DCF analysis, which uses an 8.0x terminal EBITDA, plus
the value of its stake in NCMI. We rate the stock
OUTPERFORM.
(FY-Dec.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$1.31
2011A
$1.25
$1.29
$1.14
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$0.97
$1.82
$486
$520
$2,141
$2,280
1Q
$0.22
$0.34
2Q
$0.35
$0.49
Quarterly EPS
2011A
2012E
2012E
$1.64
13.6x
$1.59
$1.64
2013E
$1.83
12.2x
$1.78
$1.83
$0.48
46.4x
$572
6.5x
$2,467
1.5x
$1.66
13.4x
$603
6.2x
$2,577
1.5x
3Q
$0.41
$0.51
4Q
$0.23
$0.30
Net Debt ($mm)
$1,193
TotalDebt/EBITDA
3.0x
Total Debt ($mm)
$1,714
EBITDA/IntExp
4.8x
Net Debt/Cap.
43.7%
Price/Book
2.5x
Notes: All values in US$.
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
286
April 2012
BMO Capital Markets
Momentum
 Ticket pricing power (aided by Latin American upside), a rapid digital screen/3-D rollout, Latin American screen count
growth, and lower interest expense should lead to mid-20s percentage earnings growth in 2012.

CNK is growing faster than the industry, driven largely by its Latin American operations.

The domestic box office should be strong in 1Q and 4Q12, although with less visibility in the summer season at this
point.

Satellite network content delivery is coming, allowing for further efficiencies in the projector room.

The company has completed its digital projector rollout, and RealD 3-D installation at its first-run theaters.

Dividend yield is a positive for investors.

XD, Cinemark’s large screen format, and VIP auditoriums are seeing very positive ROIC. Expect this business to grow
meaningfully over the next three years.
Challenges
 Creative cyclicality of film product is an uncontrollable variable.

Capital expenditures allocated to new theater growth could provide lower initial ROIC and thus dampen EPS growth
expectations.

The company has a new CEO, and although a Cinemark and industry veteran, there could be a transitional period as he
settles into the new position.
Risks
Risks to our target include an unexpected downturn for domestic box office receipts, as well as weather, public health issues,
geopolitics (especially in Latin America) and general market conditions.
A member of BMO
Financial Group
287
April 2012
BMO Capital Markets
EV/EBITDA*
10.0x
9.0x
5-yr avg = 7.0x
9.0x
8.0x
8.8x
7.6x
8.1x
7.7x
7.0x
6.2x
6.6x
7.1x
7.0x
6.6x
6.0x
6.0x
5.9x
5.0x
4.0x
2007
s equity stake in NCMI
2008
2009
2010
CNK
2011
2012E
Averages
A member of BMO
Financial Group
288
April 2012
A member of BMO
Financial Group
0.0
1.0
0.0
0.3
Termination of Profit Participation Agreement
Impairment of Long-Lived Assets
(Gain) Loss on Sale of Assets and Other
(29.3)
0.0
0.0
0.0
9.9
0.0
(26.0)
0.0
0.0
0.0
9.9
0.0
Gain on NCMI / FandangoTransactions
Amortization of Debt Issue Costs & Early Retirement
Distributions from NCMI
Equity Income (Loss)
Other Income (Expense)
5.0
(14.4)
34.4
9.0
0.4
$25.0
$0.22
$0.22
112.9
0.8
56.5
19.8
1.6
$35.1
$0.31
$0.32
110.9
Pre-Tax Income
Income Taxes
289
Net Income Attributable to Cinemark Holdings (Loss)
GAAP Earnings Per Share
Diluted Adjusted EPS
$102.7
21.3%
47.0%
84.1%
7.1%
26.3%
5.2%
53.8
$121.8
23.6%
44.9%
85.4%
10.9%
35.1%
6.8%
58.5
Admissions Margin
Concessions Margin
Pre-Tax Margins
Book Tax Rate
Net Income Margins
Attendance (millions)
Attendance per Screen (000's)
$5.80
$35.8
431
4,941
11.5
$5.86
$19.5
423
4,884
11.5
Average Ticket Price (Worldwide)
Capital Expenditures (millions)
Theaters
Screens
$118.4
$24.0
$20.8
$0.21
$134.9
$27.6
$24.9
$0.18
EBITDA per Screen (000's)
Dividends
Source: Company reports and BMO Capital Markets estimates.
Theater Level Cash Flow (millions)
Theater Level Cash Flow per Screen (000's)
Screens Per Theater
10.9
$2.73
12.0
$2.62
Concessions per Capita
Adjusted EBITDA
Adjusted EBITDA Margin
Net income attributable to non-controlling interests
Total Other Income
(15.3)
Foreign Currency Exchange
Other Income (Expenses)
Operating Income
48.8
0.0
0.0
Amortization of Net Favorable Leases
71.8
39.1
34.1
EBITDA
0.5
89.4
109.4
40.6
29.0
393.8
25.5
407.2
G&A (including FAS 123)
3.2
66.4
62.7
Facility Lease Expense
37.6
23.3
109.9
22.4
Other Theater Operaing Expenses
Concessions
107.8
Operating Expenses
165.2
24.8
483.1
20.5
516.6
Net Revenue
188.8
146.7
153.1
Concessions
Other
311.7
2011
March
343.0
2010
Admissions
Revenue
(millions, except per-share data)
Cinemark Holdings
Income Statement
$0.21
$25.2
$29.2
$151.2
11.3
5,180
458
$65.0
$6.17
$2.83
11.6
60.0
6.8%
35.0%
10.7%
84.0%
47.0%
23.1%
$130.4
113.3
$0.34
$0.34
$38.3
1.0
21.1
60.4
(20.8)
0.0
0.0
10.2
0.0
0.0
0.0
(31.0)
81.2
39.0
0.0
0.0
0.0
0.0
39.0
120.2
445.3
31.0
71.0
120.0
27.2
196.1
565.5
25.5
170.0
370.0
2012E
21.1%
21.8%
27.7%
-1.3%
4.8%
6.3%
81.6%
6.4%
3.9%
6.4%
11.6%
8.5%
27.0%
52.7%
52.7%
53.3%
35.0%
75.8%
44.5%
66.5%
-4.0%
34.5%
13.1%
6.9%
6.9%
9.2%
16.8%
18.7%
17.0%
3.0%
15.9%
18.7%
%+/-
$0.18
$25.5
$29.6
$145.4
11.5
4,907
425
$37.4
$5.87
$2.74
12.3
60.2
7.4%
20.0%
9.4%
85.2%
45.2%
23.2%
$125.1
111.6
$0.42
$0.35
$39.7
1.1
10.2
51.0
(28.7)
(1.5)
0.0
1.3
0.0
0.0
0.0
(28.6)
79.7
40.8
1.2
4.7
0.0
0.0
34.9
120.5
418.9
24.9
62.0
113.9
24.5
193.6
539.4
21.1
165.2
353.1
2010
June
$0.21
$29.5
$35.2
$175.4
11.4
4,983
436
$39.0
$6.14
$2.86
13.3
66.2
6.5%
36.2%
10.4%
84.4%
45.2%
23.7%
$147.2
113.2
$0.35
$0.35
$40.4
0.6
23.3
64.3
(32.7)
(4.5)
0.0
1.6
0.0
0.0
0.0
(29.8)
97.0
47.2
5.7
1.6
0.0
0.0
39.9
144.2
476.4
31.2
69.4
123.6
29.6
222.6
620.6
25.3
189.4
405.9
2011
$0.21
$30.2
$35.7
$186.6
11.4
5,225
458
$75.0
$6.35
$2.93
13.1
68.5
8.5%
35.5%
13.4%
84.0%
45.0%
23.8%
$157.6
113.3
$0.49
$0.49
$55.9
1.2
31.4
88.6
(26.0)
0.0
0.0
4.0
0.0
0.0
0.0
(30.0)
114.6
39.0
0.0
0.0
0.0
0.0
39.0
153.6
508.4
33.0
74.0
130.0
32.2
239.3
662.0
26.0
201.0
435.0
2012E
2.1%
1.5%
6.4%
-0.2%
4.9%
5.0%
92.3%
3.5%
2.5%
-1.3%
3.5%
0.3%
7.0%
39.1%
39.1%
38.4%
35.5%
37.8%
-20.5%
18.1%
-17.3%
6.5%
6.7%
5.8%
6.7%
5.2%
8.5%
7.5%
6.7%
2.7%
6.2%
7.2%
%+/-
$0.21
$25.3
$29.5
$145.5
11.5
4,938
428
$31.3
$5.59
$2.59
13.3
65.8
5.9%
31.9%
8.9%
84.4%
45.5%
22.3%
$125.1
112.5
$0.29
$0.29
$33.3
0.6
15.9
49.8
(24.0)
0.6
0.0
4.3
0.0
0.0
0.0
(28.9)
73.8
43.6
7.5
1.0
0.0
0.0
35.0
117.3
442.9
28.1
66.6
121.1
26.6
200.5
560.2
22.4
170.1
367.7
2010
$0.21
$30.3
$34.8
$177.3
11.4
5,096
448
$40.0
$6.01
$2.81
13.6
69.4
7.3%
38.1%
12.0%
83.5%
46.0%
24.1%
$154.3
113.3
$0.41
$0.41
$46.9
0.7
29.3
77.0
(24.3)
2.8
0.0
5.1
0.0
0.0
0.0
(32.2)
101.3
43.3
1.8
1.0
0.0
0.0
40.5
144.7
495.4
32.7
72.3
132.8
32.2
225.4
640.0
28.1
194.8
417.1
2011
September
$0.21
$30.6
$36.0
$189.2
11.4
5,250
460
$75.0
$6.22
$2.83
13.7
72.0
8.5%
35.5%
13.5%
84.0%
45.5%
23.6%
$160.7
113.3
$0.51
$0.51
$57.9
1.2
32.6
91.7
(24.5)
0.0
0.0
5.5
0.0
0.0
0.0
(30.0)
116.2
39.0
0.0
0.0
0.0
0.0
39.0
155.2
525.8
34.0
76.0
139.0
32.6
244.2
681.0
29.0
204.0
448.0
2012E
1.1%
3.6%
6.7%
0.3%
3.0%
2.7%
87.5%
3.6%
1.0%
0.7%
3.7%
-2.1%
4.2%
23.5%
23.5%
23.5%
35.5%
19.1%
0.7%
14.7%
-10.0%
7.3%
6.1%
4.1%
5.1%
4.7%
1.5%
8.3%
6.4%
3.1%
4.7%
7.4%
%+/-
$0.21
$23.0
$26.6
$131.7
11.5
4,945
430
$67.8
$6.02
$2.71
11.5
56.8
7.3%
23.7%
9.6%
84.4%
45.3%
21.7%
$113.9
112.8
$0.29
$0.33
$38.1
0.3
11.9
50.3
(17.3)
3.7
0.0
7.8
0.0
0.0
0.0
(28.9)
67.6
33.7
(12.3)
6.5
0.0
(0.0)
39.5
101.3
423.7
30.5
64.4
117.9
24.0
186.8
524.9
29.4
153.9
341.7
2010
$0.21
$21.9
$26.3
$135.4
11.3
5,152
456
$70.0
$5.80
$2.86
11.3
58.1
3.4%
38.0%
5.6%
83.7%
45.0%
21.0%
$112.7
113.3
$0.23
$0.16
$18.3
0.3
11.4
30.0
(31.5)
(7.3)
(0.0)
7.6
(0.0)
(0.0)
(0.0)
(31.8)
61.5
39.1
0.8
3.4
(0.0)
(0.0)
34.9
100.6
435.3
34.8
68.2
119.9
27.0
185.4
535.9
33.0
165.9
336.9
-5.1%
-1.3%
2.8%
-1.8%
4.2%
6.0%
3.2%
-3.6%
5.4%
-1.8%
2.3%
-3.1%
-1.1%
-19.3%
-51.2%
-52.0%
38.0%
-40.3%
81.7%
-9.1%
16.2%
-0.7%
2.7%
14.3%
5.8%
1.7%
12.6%
-0.8%
2.1%
12.3%
7.8%
-1.4%
%+/-
December
2011
$0.21
$23.4
$27.1
$142.9
11.4
5,275
464
$73.0
$5.74
$2.82
11.6
61.3
6.1%
36.0%
9.9%
84.9%
45.9%
22.1%
$123.2
113.3
$0.30
$0.30
$34.2
1.1
19.9
55.2
(16.7)
0.0
0.0
12.3
0.0
0.0
0.0
(29.0)
71.9
39.0
0.0
0.0
0.0
0.0
39.0
110.9
447.6
32.0
73.0
126.0
26.2
190.4
558.5
33.5
173.0
352.0
2012E
6.8%
3.1%
5.6%
0.6%
2.4%
1.8%
4.3%
-1.0%
-1.2%
3.1%
5.6%
4.9%
9.3%
30.7%
87.5%
87.4%
36.0%
84.1%
-47.1%
17.0%
-0.2%
10.3%
2.8%
-8.0%
7.1%
5.1%
-3.2%
2.7%
4.2%
1.5%
4.3%
4.5%
%+/-
$0.80
$98.3
$112.7
$557.5
11.5
4,945
430
$156.1
$5.83
$2.66
48.8
241.2
6.8%
27.9%
9.7%
84.8%
45.2%
22.7%
$485.9
112.2
$1.31
$1.29
$146.2
3.5
57.8
207.5
(85.3)
3.7
0.0
23.4
0.0
0.0
0.0
(112.4)
292.9
155.6
(0.4)
12.5
0.0
0.0
143.5
448.5
1,692.7
109.0
255.7
460.7
97.5
769.7
2,141.1
93.4
642.3
1,405.4
2010
$0.84
$100.8
$117.7
$606.4
11.3
5,152
456
$184.8
$5.95
$2.82
48.0
247.4
5.7%
35.5%
9.0%
83.9%
45.7%
22.8%
$519.5
113.2
$1.25
$1.14
$130.6
2.0
73.1
205.6
(102.9)
(4.0)
0.0
24.2
0.0
0.0
0.0
(123.1)
308.5
170.3
8.8
7.0
0.0
0.0
154.4
478.8
1,800.8
127.6
276.3
486.2
112.1
798.6
2,279.6
111.2
696.8
1,471.6
2011
2.6%
4.4%
8.8%
-1.8%
4.2%
6.0%
18.4%
2.1%
5.7%
-1.5%
2.6%
0.4%
6.9%
-3.9%
-11.5%
-10.7%
35.5%
-0.9%
5.3%
6.8%
6.4%
17.0%
8.0%
5.5%
15.0%
3.8%
6.5%
19.1%
8.5%
4.7%
$0.84
$108.4
$127.0
$669.9
11.4
5,275
464
$288.0
$6.13
$2.86
49.6
261.8
7.6%
35.5%
12.0%
84.2%
45.8%
23.2%
$571.9
113.3
$1.64
$1.64
$186.4
4.5
105.1
295.9
(88.0)
0.0
0.0
32.0
0.0
0.0
0.0
(120.0)
383.9
156.0
0.0
0.0
0.0
0.0
156.0
539.9
1,927.1
130.0
294.0
515.0
118.2
869.9
2,467.0
114.0
748.0
1,605.0
2012E
Year Ended December
%+/-
%+/-
7.5%
7.9%
10.5%
0.6%
2.4%
1.8%
55.8%
3.1%
1.5%
3.3%
5.8%
1.7%
10.1%
31.2%
43.8%
42.8%
35.5%
43.9%
24.4%
12.8%
7.0%
1.9%
6.4%
5.9%
5.4%
8.9%
8.2%
2.5%
7.4%
9.1%
2013E
$0.84
$112.1
$130.6
$702.3
11.4
5,379
472
$160.0
$6.20
$2.89
50.2
270.0
8.1%
35.0%
12.7%
84.5%
45.8%
23.4%
$603.3
113.5
$1.83
$1.83
$208.2
4.5
114.5
327.3
(82.0)
0.0
0.0
34.0
0.0
0.0
0.0
(116.0)
409.2
160.0
0.0
0.0
0.0
0.0
160.0
569.3
2,007.8
133.0
300.0
546.0
120.9
907.9
2,577.0
122.0
780.0
1,675.0
%+/-
3.4%
2.8%
4.8%
0.2%
2.0%
1.7%
-44.4%
1.2%
1.1%
1.1%
3.1%
1.0%
5.5%
11.5%
11.5%
11.7%
35.0%
10.6%
6.6%
5.4%
4.2%
2.3%
2.0%
6.0%
2.3%
4.4%
4.5%
7.0%
4.3%
4.4%
BMO Capital Markets
April 2012
BMO Capital Markets
Cinemark Holdings
Balance Sheet
12/31/2006
$/000s
12/31/2007
As of December
12/31/2008
12/31/2009
12/31/2010
12/31/2011
Assets
147,099
6,058
31,165
17,370
4,661
206,353
338,043
7,000
35,368
28,409
5,215
414,035
349,603
8,024
24,688
18,267
2,799
403,381
437,936
9,854
33,110
23,076
3,321
507,297
464,997
11,686
50,607
41,664
8,099
577,053
521,408
11,284
54,757
28,369
11,300
627,118
Theater Properties and Equipment, net
1,324,572
1,314,066
1,208,283
1,219,588
1,215,446
1,238,850
Goodwill
1,205,423
360,752
11,390
63,092
1,134,689
353,047
3,662
77,393
1,039,818
341,768
23,425
49,033
1,116,302
342,998
37,761
52,502
1,122,971
329,204
105,826
70,978
1,150,637
336,907
104,916
63,980
$3,171,582
$3,296,892
$3,065,708
$3,276,448
$3,421,478
$3,522,408
3,649
14,259
212,914
0
230,822
4,684
9,166
204,472
0
218,322
5,532
12,450
213,188
0
231,170
7,340
12,227
261,265
0
280,832
7,348
10,836
253,756
0
271,940
9,639
12,145
276,737
6,506
305,027
1,897,394
112,178
198,320
14,286
0
0
0
12,672
2,234,850
1,514,579
116,486
168,475
19,235
0
15,500
172,696
36,214
2,043,185
1,496,012
118,180
135,417
23,371
0
6,748
189,847
40,736
2,010,311
1,531,478
133,028
124,823
27,698
0
18,432
203,006
42,523
2,080,988
1,521,605
132,812
129,293
30,454
0
17,840
230,573
53,809
2,116,386
1,560,076
131,533
162,449
34,466
0
22,411
236,310
46,497
2,193,742
16,613
93
685,433
(7,692)
0
11,463
705,910
$3,171,582
16,182
107
939,327
47,074
0
32,695
1,035,385
$3,296,892
12,971
109
962,353
(78,859)
0
(72,347)
824,227
$3,065,708
14,796
114
1,011,667
(60,595)
(43,895)
(7,459)
914,628
$3,276,448
11,605
117
1,037,586
388
(44,725)
28,181
1,033,152
$3,421,478
10,762
118
1,047,237
34,423
(45,219)
(23,682)
1,023,639
$3,522,408
Cash and Equivalents
Inventories
Accounts Receivable
Prepaid Expenses and Other
Deferred Tax Assets
Total Current
Intangible Assets, net
Investments in and advances to Affiliates
Deferred Charges and Other Assets, net
Total Assets
Current Portion of Capital Leases
Current Portion of Long-Term Debt
Accounts Payable and Accrued Expenses
Income Taxes Payable
Total Current
LongTerm Debt, Less Current Portion
Capital Lease Obligations, Net of Current Portion
Deferred Income Taxes
Deferred Lease Expense
Deferred Gain on Sale Leasebacks
Long Term Portion of Fin 48
Deferred Revenue - NCMI
Deferred Revenues and Other Long-Term Liabilities
Total Long-Term Liabilities
Minority Interest
Common Stock*
Additional Paid-in Capital
Retained Earnings (deficit)
Treasury stock
Accumulated Other Comprehensive Loss
Source: Company reports
A member of BMO
Financial Group
290
April 2012
A member of BMO
Financial Group
8.6%
291
25.0%
$26.51
$21.21
113
3,003
481
1,713
Shares outstanding
11.1%
42.0%
Corporate tax rate
PV Equity
2012E
6.6%
Less: debt
Plus: cash
2.0%
4,236
3,171
6.0x
PV Enterprise Value
109
288
156
175
$416
156
10.1%
$572
2012E
220
223
225
1.0
237
180
160
186
$443
160
5.5%
$603
2013E
$24.94
$31.17
113
3,532
481
1,713
4,765
3,700
1,065
7.0x
$28.67
$35.84
113
4,060
481
1,713
5,293
4,228
1,065
8.0x
6,233
5,540
4,848
$4,155
1,065
WACC
6.6%
7.6%
Sum of discounted FCF
9.0x
8.0x
7.0x
6.0x
Assumptions
6.6%
40.4%
Debt/(MV+debt)
WACC
42.0%
59.6%
Corporate tax rate
MV/(MV+debt)
6.2%
$1,713.4
Book debt
$2,525.5
$22.29
7.0%
Market risk premium
Stock Price
0.93
2.0%
5.6%
181
Discount periods
185
154
153
$365
154
6.9%
Less: CapX
Less: Tax @ Corp Rate
EBIT
Beta
6.2%
$115.4
$1,232.8
WACC Calculation
Cost of Debt
Net Debt
$480.6
$1,713.4
LT debt + current portion
Projected Cash
$520
Amount
Debt Schedule
EBITDA
Yr/Yr %
2011
(Millions except per-share amounts)
Discounted Cash Flow Model
Cinemark Holdings
$32.40
$40.50
113
4,589
481
1,713
5,822
4,757
1,065
9.0x
211
215
219
2.0
244
189
172
189
$449
172
3.0%
$621
2014E
$19.97
$24.96
113
2,828
481
1,713
4,061
3,025
1,036
192
199
207
4.0
257
208
198
194
$461
198
3.0%
$659
2016E
183
192
201
5.0
264
219
212
196
$467
212
3.0%
$679
2017E
$23.53
$29.41
113
3,332
481
1,713
4,565
3,530
1,036
7.0x
$27.09
$33.86
113
3,837
481
1,713
5,069
4,034
1,036
8.0x
6.0x
201
207
213
3.0
250
198
185
191
$455
185
3.0%
$640
2015E
$30.65
$38.31
113
4,341
481
1,713
5,574
4,538
1,036
9.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
4.5x
5.5x
6.5x
5.7x
6.4x
7.0x
08 12E (-) =09current multiple
10
5.9x
7.4x
9.0x
113
2,662
481
1,713
3,895
2,887
1,008
$18.80
$22.20
$27.74
113
3,143
481
1,713
4,376
3,368
1,008
7.0x
$25.59
$31.99
113
3,625
481
1,713
4,857
3,850
1,008
8.0x
6.0x
$23.50
07
8.1x
8.9x
9.8x
5-yr avg = 7.0x
9.0x
113
4,106
481
1,713
5,339
4,331
1,008
$28.99
$36.24
11
7.1x
6.6x
6.0x
12E
5.7x
6.6x
6.7x
BMO Capital Markets
April 2012
BMO Capital Markets
Cinemark Holdings
2006
(Millions)
2007
2008
2009
2010
Net Income
Depreciation & Amortization
Working Capital and Other
Operating Cash Flow
$0.8
99.5
53.4
153.7
$88.9
151.7
35.4
276.0
($48.3)
158.0
147.6
257.3
$100.8
149.5
(73.5)
176.8
$149.7
138.6
(23.5)
264.8
$132.6
150.1
108.5
391.2
2011
$186.4
156.0
0.0
342.4
2012E
$208.2
160.0
0.0
368.2
2013E
Project Capex
20.0
87.5
107.5
21.0
125.3
146.3
36.2
69.9
106.1
40.0
64.8
104.8
66.1
90.0
156.1
90.0
94.8
184.8
85.0
203.0
288.0
80.0
100.0
180.0
Free Cash Flow
46.2
129.7
151.2
72.0
108.6
206.4
54.4
188.2
FCF Per Share
$0.51
$1.24
$1.40
$0.65
$0.97
$1.82
$0.48
$1.66
90.5
105.0
108.4
110.3
112.2
113.2
113.3
113.5
Shares Outstanding
Source: Corporate documents, BMO Capital Markets estimates
A member of BMO
Financial Group
292
April 2012
BMO Capital Markets
Cinemark
Debt Schedule
Term Loan 2016
8.625% notes due 2019
7.375% notes due 2021
Other long-term
Capital Leases
As of
12/31/11
$905.9
$460.5
$200.0
$0.0
$5.8
$1,572.2
Cash
Net Debt
$521.4
$1,050.8
(Millions)
Cost
4.15%
8.63%
7.38%
9.00%
10.00%
5.89%
Weighting
57.6%
29.3%
12.7%
0.0%
0.37%
100.0%
Weighted
Average
Cost
2.39%
2.53%
0.94%
0.00%
0.04%
5.89%
Interest
$37.6
$39.7
$14.8
$0.0
$0.6
$92.6
Cinemark
Debt Maturities by Type, as of 12/31/11
$1,000.00
$866.9
$900.00
$800.00
$ in millions
$700.00
$600.00
$460.5
$500.00
$400.00
$300.00
$5.8
$200.00
$100.00
$9.2
$11.2
$9.2
$9.2
2012
2013
2014
2015
$200.0
$0.00
2010
2011
Bank debt
2016
2017
Corporate debt
2018
2019
2020 Beyond
Other
A member of BMO
Financial Group
293
April 2012
BMO Capital Markets
CNK: Net Debt and Leverage
$ in Millions
2,000.0
1,800.0
1,600.0
1,400.0
1,200.0
1,000.0
800.0
8.0x
1,880.4
1,306.9
1,282.6
1,246.1
7.0x
1,207.6
6.0x
5.0x
925.8
1,050.8
872.9
4.0x
3.0x
2.0x
600.0
400.0
200.0
1.0x
0.0x
2004
2005
2006
2007
Net Debt*
2008
2009
2010
2011
Net Debt-to-EBITDA
A member of BMO
Financial Group
294
April 2012
BMO Capital Markets
Cineplex
(CGX - $29.85; Outperform)
Company Description
Cineplex controls approximately 65% of theatrical screens in
Canada with 130 theaters, 1,352 screens, and 396 3-D enabled
screens and is the fifth-largest theater circuit in North
America. By the end of summer 2012, all of Cineplex’s
screens should have digital projectors. Cineplex should be able
to leverage its dominant core exhibition business (movies and
high-margin concessions) with its newer businesses (media
advertising, UltraViolet, and online film and digital/3-D) over
the next three to five years, complemented nicely by its
customer loyalty program and online businesses, to grow
earnings and cash flow.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$29.85
$30/$22
$1,744
58.4
4.6
$32
$1.29
4.3%
57.4
163
Price Performance
CINEPLEX INC (CGX)
Relative to S&P 500
220
30
200
180
25
160
20
140
120
15
100
10
80
Volume (mln)
15
Cineplex dominates the Canadian exhibition marketplace.
While the traditional exhibition business is mature, the
business should see modest screen growth from the closure of
older theater complexes and opening of stadium seating
multiplexes (7-14 screens). The company should also see a
measurable benefit as technology (digital projection and 3-D)
enhances the film-going experience and likely provides some
reasonable improvement in attendance levels. The company’s
core business, which is a low- to mid-single-digit EBITDA
grower (ticket pricing and screen additions), is complemented
by its growth (mid-single to double-digit percentages) and
high-margin (85%) media businesses (principally on-screen
advertising and digital signage) and in-theater gaming
equipment business. Our 9- to 15-month target of C$32 is
based on a DCF valuation, which uses a 7.0x terminal
EBITDA multiple.
Target Price
Dividend
Yield
Float O/S (mm)
15
10
10
5
0
5
2007
2008
2009
2010
0
2011
(FY-Dec.)
EPS GAAP
P/E
First Call Cons.
2010A
$0.88
2011A
$0.85
2012E
$1.46
20.4x
$1.40
2013E
$1.70
17.6x
$1.55
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$1.56
$1.99
$168
$173
$1,006
$998
$1.85
16.1x
$220
8.6x
$1,102
1.7x
$2.09
14.3x
$233
8.1x
$1,163
1.6x
1Q
-$0.01
$0.23
2Q
$0.23
$0.37
3Q
$0.44
$0.52
4Q
$0.19
$0.34
Quarterly EPS
2011A
2012E
Net Debt ($mm)
$147
TotalDebt/EBITDA
0.9x
Total Debt ($mm)
$196
EBITDA/IntExp
9.6x
Net Debt/Cap.
16.5%
Price/Book
2.8x
Notes: All values in C$.
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Financial Group
Kara Anderson
213-228-2407
[email protected]
295
April 2012
BMO Capital Markets
Momentum
 Cineplex dominates the largest provinces and cities in Canada with 66% of the screens and more than 80% of the box
office gross.

CGX controls more than 90% of on-screen advertising in Canada, which represents a positive growth driver.

The company’s customer loyalty program (SCENE) now has 3.3 million members. The data and marketing advantages
are a monetizable asset for studio marketing purposes.

Film product should help contribute to higher earnings and cash flow growth.

3-D enabled screens (396 now, likely to grow to roughly 500 this year) should provide revenue and earnings upside.

Digital display is a very complementary advertising business for CGX in a number of its key markets and should
complement nicely its on-screen advertising business.

The company is a member of the UltraViolet consortium and will leverage its SCENE membership and technological
investment over the past five years in the digital streaming and download business.

Fuel price increases have not typically had an impact on Cineplex’s theater admissions.
Challenges
 It is unlikely that CGX can expand its theater footprint in Canada via acquisition given its 65% market share of screens.

Average daily trading volume may limit some institutional investor interest.

Creative cycles in film product are uncontrollable.
Risks
The primary risks to our target include unexpected negative box office comparisons, further changes in tax laws that could
alter tax advantages or utilization of the tax pool, delays in the rollout of digital, a downturn in advertising, extraordinary
geopolitical or health events, and general market conditions.
A member of BMO
Financial Group
296
April 2012
BMO Capital Markets
EV/EBITDA*
5-yr avg = 8.6x
12.0x
11.0x
10.0x
9.1x
11.1x
9.0x
8.0x
8.1x
8.8x
6.6x
7.0x
10.8x
8.5x
7.7x
7.2x
7.1x
6.0x
6.6x
6.2x
5.0x
4.0x
3.0x
2.0x
2007
2008
2009
2010
CGX
2011
2012E
Averages
A member of BMO
Financial Group
297
April 2012
A member of BMO
Financial Group
298
45.5%
77.4%
130
1,347
238
17.7%
199
0
9
14.8%
10.4
17.9
13.3
$8.88
$4.16
2.30
9.0%
45.8%
$0.32
Admission margin
Concession margin
Theaters
Screens
Digital Screens
% of Total
RealD 3-D Screens
Ultra AVX Screens
Imax Screens
3-D Screens % of Total
Screens per theater
Attendance '000
Attendance per screen
Admission per patron
Concessions per patron
SCENE Membership
Sequential Gain
Y-O-Y Gain
Dividends
Source: Company reports and BMO Capital Markets
34.6
0.0
34.7
13.6%
$0.07
56.9
3.8
0.0
0.7
0.7
EBITDA
Plus: adjustments
Adjusted EBITDA
Adjusted EBITDA margin
* Adjusted for IFRS adoption
EPS*
Diluted Shares (unit equivalents - 2010)
Net income (Loss)
Taxes
Current
Deferred
0.8
3.9
5.7
(0.1)
0.0
4.5
$0.3150
2.90
7.4%
26.1%
15.3
11.2
$8.51
$4.27
131
1,360
466
34.3%
380
17
9
27.9%
10.4
49.6%
79.1%
28.2
3.1
31.2
14.1%
($0.01)
57.5
(0.8)
0.0
8.7
8.7
(2.5)
0.0
5.7
(0.2)
0.0
7.8
10.8
14.7
Operating income
Share of (Income) loss of JVs
Change in fair value of fin. Instruments
Interest expense
Interest income
Other, net
Pre-tax income
$130.0
65.2
26.3
221.4
$158.8
74.3
22.1
255.2
65.5
13.6
17.4
0.5
113.5
210.6
1Q
2011
2010
86.5
16.8
19.9
0.8
116.5
240.5
Costs and expenses
Film rental and advertising
Concession costs
Depreciation and amortization
Loss on disposal of assets (gain)
Other theater costs
Total costs and expenses
(Millions/Canadian)
Revenues
Admissions
Concessions
Media & Other
Total revenues
Cineplex, Inc.
Income Statement 2010-2013*
$0.3225
3.50
6.1%
20.7%
17.3
12.5
$8.73
$4.28
133
1,360
875
64.3%
425
27
13
31.3%
10.2
50.0%
79.5%
41.3
4.0
45.3
17.8%
$0.23
58.0
13.6
3.6
1.0
4.6
0.4
0.0
5.8
(0.1)
0.0
18.2
24.3
75.5
15.2
17.0
0.0
123.0
230.7
$151.0
74.0
30.0
255.0
2012E
13%
11%
3%
0%
2%
0%
45%
133%
125%
8%
10%
15%
11%
16%
14%
14%
15%
%
$0.32
2.40
4.3%
36.4%
16.5
12.2
$8.68
$4.36
131
1,353
288
21.3%
236
2
9
17.4%
10.3
45.7%
79.3%
41.5
(0.1)
41.4
17.1%
$0.39
57.5
22.2
0.0
(2.6)
(2.6)
0.9
(4.4)
5.8
(0.1)
0.0
19.6
21.8
77.9
15.0
19.7
0.7
107.3
220.6
$143.6
72.2
26.6
242.4
2010
$0.3225
3.00
3.4%
25.0%
17.2
12.8
$8.80
$4.44
129
1,344
483
35.9%
382
22
10
28.4%
10.4
47.2%
78.7%
46.1
(1.7)
44.4
17.2%
$0.23
58.2
13.4
6.0
0.7
6.7
2.9
0.0
5.9
(0.2)
0.0
20.2
28.8
79.8
16.3
17.3
(1.0)
117.3
229.6
$151.1
76.2
31.1
258.4
2Q
2011
$0.3225
3.60
2.9%
20.0%
18.4
13.5
$8.97
$4.46
133
1,367
975
71.3%
450
29
13
32.9%
10.3
47.0%
79.5%
52.4
3.0
55.4
19.7%
$0.37
58.0
21.2
6.6
1.5
8.1
0.5
0.0
5.7
(0.1)
0.0
29.3
35.4
87.5
16.8
17.0
0.0
125.0
246.3
$165.0
82.0
34.7
281.7
2012E
7%
5%
2%
0%
3%
2%
25%
58%
46%
23%
7%
7%
10%
3%
9%
8%
12%
9%
%
$0.32
2.60
8.3%
32.6%
18.7
13.9
$8.43
$4.28
129
1,342
342
25.5%
286
2
9
21.3%
10.4
48.5%
79.5%
55.8
(0.8)
55.1
20.5%
$0.35
57.5
20.1
0.0
2.0
2.0
0.7
3.6
5.8
(0.2)
0.0
22.1
32.1
81.0
16.4
23.8
(0.1)
115.1
236.2
$157.3
79.9
31.1
268.3
2010
$0.3225
3.20
6.7%
23.1%
18.5
13.7
$8.77
$4.43
130
1,351
671
49.7%
386
23
11
28.6%
10.4
47.5%
79.5%
56.9
0.6
57.4
20.7%
$0.44
58.2
25.7
6.0
2.6
8.6
(1.5)
0.0
6.3
(0.4)
0.0
34.3
38.7
85.3
16.8
16.6
0.5
118.7
238.0
$162.5
82.1
32.1
276.7
3Q
2011
$0.3225
3.70
2.8%
15.6%
19.0
13.8
$9.21
$4.63
134
1,375
1,050
76.4%
475
32
13
34.5%
10.3
48.0%
79.5%
63.7
3.0
66.7
22.4%
$0.52
58.0
30.0
9.1
1.5
10.6
0.4
0.0
5.7
(0.1)
0.0
40.7
46.7
91.0
18.0
17.0
0.0
125.0
251.0
$175.0
88.0
34.7
297.7
2012E
2%
1%
5%
5%
3%
2%
16%
17%
18%
20%
5%
5%
7%
7%
8%
7%
8%
8%
%
$0.32
2.70
3.8%
28.0%
15.7
11.5
$8.79
$4.34
131
1,362
415
30.5%
366
11
9
26.9%
10.4
48.4%
79.4%
37.0
(0.3)
36.7
15.3%
$0.08
57.5
4.4
0.0
(0.1)
(0.1)
1.3
6.7
5.8
(0.2)
0.0
4.3
18.0
71.3
14.1
19.0
1.0
117.2
222.6
$138.1
68.3
34.2
240.5
2010
$0.32
3.30
3.1%
22.2%
15.1
11.1
$8.87
$4.52
130
1,352
891
65.9%
396
23
14
29.3%
10.4
48.6%
79.4%
39.7
0.5
40.1
16.6%
$0.19
58.2
11.0
5.5
(0.2)
5.3
1.3
(0.0)
7.0
(0.1)
(0.0)
16.2
24.5
68.8
14.0
16.8
0.7
116.9
217.2
$133.7
68.2
39.8
241.7
4Q
2011
$0.3225
3.80
2.7%
15.2%
15.7
11.4
$9.49
$4.78
134
1,375
1,200
87.3%
500
35
16
36.4%
10.3
47.1%
79.5%
50.4
2.0
52.4
19.6%
$0.34
58.0
19.7
6.6
1.0
7.6
0.4
0.0
5.8
(0.2)
0.0
27.4
33.4
78.9
15.4
17.0
(0.0)
123.0
234.2
$149.0
75.0
43.6
267.6
2012E
4%
2%
7%
6%
3%
2%
30%
80%
68%
36%
5%
8%
15%
10%
11%
10%
10%
11%
%
$1.26
2.70
68.8
50.5
$8.69
$4.28
131
1,362
415
30.5%
366
11
9
26.9%
10.4
47.0%
78.9%
168.9
(1.1)
167.9
16.7%
$0.88
57.0
50.4
0.0
0.0
0.0
3.7
9.8
23.2
(0.5)
0.0
50.5
86.6
316.7
62.2
82.4
2.4
456.1
919.9
$597.8
294.7
113.9
1,006.4
2010*
$1.28
3.30
22.2%
22.2%
66.1
48.9
$8.74
$4.41
130
1,352
891
65.9%
396
23
14
29.3%
10.4
48.1%
79.2%
170.8
2.4
173.2
17.3%
$0.85
58.0
49.3
17.5
11.8
29.3
0.3
0.0
24.9
(0.9)
0.0
78.6
102.8
299.4
60.7
68.1
0.7
466.4
895.4
$577.3
291.6
129.2
998.2
72%
47%
36%
6%
7%
11%
8%
0%
11%
9%
11%
10%
$1.29
3.80
15.2%
15.2%
70.4
51.2
$9.09
$4.53
134
1,375
1,200
87.3%
500
35
16
36.4%
10.3
48.0%
79.5%
6.6%
4.8%
4.0%
2.6%
3.1%
1.7%
207.8
12.0
219.8 26.9%
19.9%
$1.46
58.0
84.6
26.0
5.0
31.0
1.7
0.0
23.0
(0.5)
0.0
115.6
139.8
332.8
65.4
68.0
0.0
496.0
962.2
$640.0
319.0
143.0
1,102.0
Year ended December
2011*
2012E*
%
2013E*
$1.29
4.00
5.3%
5.3%
72.5
52.0
$9.24
$4.62
137
1,395
1,350
96.8%
500
45
16
35.8%
10.2
48.0%
79.5%
220.9
12.0
232.9
20.0%
$1.70
61.5
104.5
26.6
2.0
28.6
1.8
0.0
18.5
(0.5)
0.0
133.1
152.9
348.4
68.7
68.0
0.0
525.0
1,010.1
$670.0
335.0
158.0
1,163.0
3.0%
1.5%
1.7%
2.0%
2.2%
1.5%
6.0%
17%
15%
9%
6%
5%
5%
5%
0%
5%
5%
10%
6%
%
BMO Capital Markets
April 2012
BMO Capital Markets
Cineplex, Inc.
Balance Sheet
(Millions/Canadian)
ASSETS
Current Assets
Cash
Receivables
Inventories
Prepaid and other
Total Current Assets
12/31/2009
12/31/2010
12/31/2011
$94.6
53.1
4.2
4.2
156.2
$85.3
58.0
3.8
3.8
150.9
$49.0
67.2
4.1
3.7
124.0
428.6
24.1
1.3
104.5
600.6
1,315.2
413.7
25.7
0.1
93.4
608.9
1,292.7
389.5
12.1
26.2
84.4
608.9
1,245.1
LIABILITIES AND SHAREHOLDER EQUITY
Current Liabilities
Accounts payable and accrued expenses
Share compensation
Distributions payable
Income taxes payable
Deferred revenues
Capital lease obligations
Fair value of interest rate swaps and converts
Total Current Liabilities
96.2
11.7
6.0
0.0
76.3
2.0
6.9
199.0
83.7
14.3
0.1
82.0
2.2
5.5
187.8
112.3
1.3
6.3
17.5
83.9
2.4
77.4
301.1
Share based compensation
Long term debt
Fair value of interest rate swaps
Accrued pension Liability
Other liabilities
Deficiency interest in JVs
Convertible debentures
Liability for exchangeable interests
Total Liabilities
6.0
233.1
5.4
31.1
3.4
107.4
8.3
112.0
4.6
710.4
8.0
233.6
3.3
28.9
4.5
99.0
12.3
116.5
3.9
697.8
9.5
167.5
1.2
26.5
5.7
103.7
8.3
623.5
703.7
(91.4)
(7.5)
604.8
710.1
(113.1)
(3.5)
1.4
594.9
Property, equipment & leaseholds
Interest in JVs
Intangible assets
Goodwill
Total Assets
Equity
Share capital
Unit capital
Deficit
Accumulated other comprehensive loss
Contributed surplus
Liabilities and Partners Equity
1,315.2
1,292.7
621.6
621.6
1,245.1
A member of BMO
Financial Group
299
April 2012
A member of BMO
Financial Group
2.5%
2012E
6.2%
14.3%
12.0%
20.0%
Assumptions
WACC
EBIT CAGR F2009 - F2016E
Corporate tax rate (2011E)
6.2%
89.8%
10.2%
$29.83
1,730
196
6.8%
30.0%
0.61
2.0%
7.0%
6.3%
23.0
6.8%
Amount
196.4
83.6
112.8
WACC
Stock Price
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
WACC Calculation
Beta
Market risk premium
Est Annual Interest (incls capitalized)
Cost of Debt
Debt Schedule
Debt (including Cap Leases and CG Trust obligations)
Projected Cash (deficit)
Net Debt
(Millions, except per-share data and percentages)
Cineplex, Inc.
Discounted Cash Flow
2011
$1,843
$2,150
$2,457
$2,764
6.0x
7.0x
8.0x
9.0x
Shares outstanding
Less: debt
Plus: cash
PV Equity
PV Enterprise Value
5.2%
6.2%
7.2%
$173.2
3.2%
68.1
$105.1
12.3
68.1
60.6
100.3
Discount periods
EBITDA
Yr/Yr %
EBIT
Less: CapX
2012E
2013E
2014E
2.0
162
159
156
1.0
$248.1
6.5%
71.7
$176.4
19.0
71.7
50.0
179.1
152
151
149
$232.9
6.0%
68.0
$164.9
18.0
68.0
55.0
159.9
58
$37.11
$29.69
196
84
2,152
58
$41.23
$32.98
196
84
2,391
58
$45.34
$36.28
196
84
2,630
6.0x
7.0x
8.0x
832
832
832
1,433
1,672
1,910
2,265
2,504
2,743
$219.8
26.9%
68.0
$151.8
17.2
68.0
55.0
147.7
2015E
58
$49.46
$39.57
196
84
2,869
9.0x
832
2,149
2,982
167
162
158
3.0
$264.2
6.5%
75.0
$189.2
20.0
75.0
50.0
194.2
2016E
2017E
179
170
163
5.0
$299.6
6.5%
81.7
$218.0
20.0
81.7
50.0
229.6
58
$35.56
$28.45
196
84
2,062
58
$39.48
$31.59
196
84
2,290
58
$43.41
$34.73
196
84
2,518
6.0x
7.0x
8.0x
809
809
809
1,367
1,594
1,822
2,175
2,403
2,631
173
166
160
4.0
$281.4
6.5%
78.3
$203.0
20.0
78.3
50.0
211.4
58
$47.34
$37.87
196
84
2,746
9.0x
809
2,050
2,858
6.5x
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11
8.2x
9.1x
58
$34.09
$27.27
196
84
1,977
58
$37.83
$30.27
196
84
2,194
58
$41.58
$33.26
196
84
2,412
58
$45.33
$36.26
196
84
2,629
9.0x
786
1,956
2,742
7.4x
8.8x
8.7x
12E
6.0x
7.0x
8.0x
786
786
786
1,304
1,521
1,739
2,090
2,307
2,524
10
7.6x
8.4x
9.1x
10.1x
3-Year Average = 8.4x
BMO Capital Markets
300
April 2012
BMO Capital Markets
Cineplex, Inc.
Simplified Cash Flow Statement
(Millions/Canadian)
Cash from Operating Activities
Net income
Other non-cash
Changes in working capital
Net Cash Provided by Operating Activities
$50.4
79.5
23.3
(7.2)
146.0
$49.3
65.0
23.7
38.3
176.3
$84.6
68.0
10.0
0.0
162.6
Capital expenditures
(56.9)
(60.6)
(55.0)
Free cash flow
$89.2
$115.7
$107.6
$128.5
57.0
58.0
58.0
61.5
$1.56
$1.99
$1.85
$2.09
29.7%
-7.0%
19.4%
Shares
Free cash flow per share
Y-O-Y FCF Growth
2010
NM
2011
2012E
2013E
$104.5
68.0
11.0
0.0
183.5
(55.0)
A member of BMO
Financial Group
301
April 2012
BMO Capital Markets
Cineplex, Inc.
Debt Schedule
As of
12/31/11
$170.0
$76.9
$28.9
$275.7
(Millions)
Senior Secured Term Facility (Sept 2016)
Convertible (until 12/31/12)
Capital Lease Obligations
Cash
Net Debt
Cost
7.5%
6.0%
5.0%
6.8%
Weighting
61.7%
27.9%
10.5%
100.0%
Weighted
Average
Cost
4.62%
1.67%
0.52%
6.82%
Interest
$12.8
$4.6
$1.4
$18.8
$49.0
$226.8
Cineplex
Debt Maturities by Type as of 12/31/11
$170.0
$180.00
$160.00
$ in millions
$140.00
$120.00
$100.00
$76.9
$80.00
$60.00
$40.00
$28.9
$20.00
$0.00
2010
2011
2012
2013
2014
Senior Secured Term Facility
2015
2016
Convertible (until 12/31/12)
2017
2018
2019
2020
Beyond
Capital Lease Obligations
A member of BMO
Financial Group
302
April 2012
BMO Capital Markets
CGX: Net Debt and Leverage
329.6
350.0
295.9
328.0
3.0x
283.7
322.9
$ in Millions
300.0
2.5x
250.0
147.4
200.0
2.0x
1.5x
150.0
1.0x
100.0
0.5x
50.0
-
0.0x
2006
2007
2008
2009
Net Debt*
2010
2011
Net Debt-to-EBITDA
A member of BMO
Financial Group
303
April 2012
BMO Capital Markets
DreamWorks Animation SKG
(DWA - $17.42; Outperform)
Company Description
DreamWorks Animation SKG is principally devoted to
developing and producing computer-generated 3-D animated
feature films as well as exploiting related media and consumer
products that come from its creative resources. The company
possesses a team of world-class creative talent with significant
production experience. DWA produces two feature-length
animated films per year, one for release during the summer
and one for release in the holiday period. The company’s
current franchises include Shrek, Madagascar, How to Train
Your Dragon, and Kung Fu Panda. The company is
leveraging its creative content through television production
(The Penguins of Madagascar, How to Train Your Dragon,
and Kung Fu Panda) as well as a whole host of TV specials
and related consumer products. The company appears to be
moving toward self-distribution once its output agreement
with Viacom/Paramount expires at the end of the year.
Oriental DreamWorks (Chinese JV) will give DWA more
capital and greater access to the Chinese-speaking world.
DWA is best labeled a glamour cyclical in that it typically
trades around its movie releases and earnings results for its
films. It is growing its TV production business nicely and
should benefit from its new Oriental DreamWorks joint
venture over the years to come. DWA owns its US production
facilities, which we estimate are worth $3-$4 per share. We
have a 9- to 15-month price target of $25 for DWA. Our target
is based on a blend of DCF, EV/EBITDA and private market
valuations. We rate DWA shares OUTPERFORM.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$17.42
$27/$16
$1,477
84.8
4.3
Target Price
Dividend
Yield
Float O/S (mm)
$23
--65.8
938
Price Performance
DREAMWORKS ANIMATION SKG INC (DWA)
Relative to S&P 500
220
45
200
40
180
160
35
140
30
120
25
100
20
80
15
60
Volume (mln)
50
0
2007
2008
2009
50
2010
0
2011
(FY-Dec.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$1.96
2011A
$1.02
$1.96
$1.02
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$0.47
-$0.11
$174
$113
$785
$706
Quarterly EPS
2011A
2012E
1Q
$0.10
$0.14
2Q
$0.40
$0.22
2012E
$1.00
17.4x
$0.98
$1.00
2013E
$1.10
15.8x
$1.08
$1.10
$0.76
22.9x
$131
10.4x
$696
2.0x
$0.87
20.0x
$144
9.5x
$741
1.8x
3Q
$0.23
$0.26
4Q
$0.29
$0.38
Net Debt ($mm)
-$116
TotalDebt/EBITDA
nm
Total Debt ($mm)
$0
EBITDA/IntExp
nm
Net Debt/Cap.
nm
Price/Book
1.1x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
304
April 2012
BMO Capital Markets
Momentum
 DreamWorks creates very profitable film franchises (Shrek, Madagascar, How to Train Your Dragon, and Kung Fu
Panda) and related spin-offs (Shrek the Halls, The Penguins of Madagascar, Monsters vs. Aliens: Mutant Pumpkins
from Outer Space, etc.).

Cash on balance sheet is approaching $2.00 per share and growing rapidly as it has already sufficient working capital
for its production platform.

2012 slate expectations are high: Madagascar 3 (6/8/12) and The Rise of the Guardians (11/21/12).

DWA will release three films in 2013: The Croods (3/22/13), Turbo (7/19/13), and Me and My Shadow (11/13/13).

Enhanced consumer experience and ticket pricing upside drives 3-D focus.

We expect merchandise and licensing to become more visible factors to DWA earnings in 2012.

We expect DWA will negotiate a new distribution agreement, with or without Viacom, improving its economics
meaningfully.

The Chinese JV will enhance DWA’s film library, broaden its worldwide production expertise, give almost unparalleled
access to the Chinese market, and likely be an incremental source of profits in 2014 and beyond.
Challenges
 EPS comparisons swing widely as successes and less successful films ebb and flow.

DVD sales have been trending lower for the industry and, to a lesser extent, DWA. With upward of 50% of profit
dollars coming from home video, DWA may experience less profit dollars than its previous success in the industry.
Risks
Risks to an investment in DWA include high expectations for its upcoming films, which, if disappointing, would compress
the company’s valuation, competition from other animated or family-oriented films that could dampen box office or home
video results, general market conditions, and geopolitical, world health, or weather-related events.
A member of BMO
Financial Group
305
April 2012
2010
A member of BMO
Financial Group
20.3%
19.9%
13.4%
17.4%
EBITDA Margin
EBIT Margin
Net Margin
Effective Tax Rate
Source: Company reports and BMO Capital Markets estimates
0.6
$32.9
D&A
EBITDA
88.7
$0.24
Diluted EPS
Shares / Diluted
21.7
0.0
$21.7
26.2
(4.6)
Pre-tax income
Provision for taxes
Income before accounting change
Cumulative effect of accounting change
Net income (loss)
(0.1)
8.2
(2.1)
Interest expense (income), Net
Increase in income tax benefit payable shareholder
Other expense (income)
23.7
32.3
Operating income
$162.1
106.2
56.0
SG&A (Including Stock Option Expense)
Net operating revenue (after fees & expenses)
Costs of revenue
Gross profit
(in millions, except per share amounts
Income Statement 2009-2013E
March
2011
29.7%
6.0%
5.3%
8.1%
0.7
$6.4
85.2
$0.10
8.8
0.0
$8.8
12.5
(3.7)
(0.2)
(4.6)
(2.0)
5.7
30.1
$108.0
72.2
35.8
2012E
33.0%
18.6%
17.9%
12.0%
1.1
$26.1
84.0
$0.20
16.8
0.0
$16.8
25.1
(8.3)
(0.1)
0.0
0.0
25.0
30.0
$140.0
85.0
55.0
305%
52%
94%
91%
91%
101%
338%
0%
53%
18%
30%
%+/-
2010
2.9%
20.9%
19.7%
15.2%
1.9
$33.1
87.6
$0.27
24.0
0.0
$24.0
24.7
(0.7)
(0.2)
8.7
(2.0)
31.2
28.2
$158.1
98.7
59.4
June
2011
31.1%
22.0%
21.6%
15.6%
1.0
$48.1
84.6
$0.40
34.0
0.0
$34.0
49.4
(15.3)
0.0
(0.2)
(2.1)
47.1
29.8
$218.3
141.3
76.9
2012E
33.0%
21.3%
20.6%
13.8%
1.2
$36.2
84.0
$0.28
23.5
0.0
$23.5
35.1
(11.6)
(0.1)
0.0
0.0
35.0
30.0
$170.0
105.0
65.0
%+/-
-25%
25%
-30%
-31%
-31%
-29%
-26%
1%
-16%
-26%
-22%
2010
-5.2%
29.2%
28.2%
21.1%
1.8
$55.1
85.5
$0.47
39.8
0.0
$39.8
37.8
2.0
(0.2)
18.0
(2.3)
53.3
26.5
$188.9
109.1
79.8
27.9%
16.3%
15.7%
12.2%
0.9
$26.1
84.8
$0.23
19.7
0.0
$19.7
27.3
(7.6)
(0.1)
(0.6)
(1.3)
25.2
26.9
33.0%
22.3%
21.6%
14.5%
1.3
$41.3
84.0
$0.32
26.9
0.0
$26.9
40.1
(13.2)
(0.1)
0.0
0.0
40.0
30.0
$185.0
115.0
70.0
September
2011
2012E
$160.8
108.7
52.1
58%
43%
38%
37%
37%
47%
59%
12%
34%
6%
15%
%+/-
2010
142.2%
19.2%
18.2%
30.9%
2.8
$52.9
86.0
$0.99
85.2
0.0
$85.2
(202.2)
287.4
(0.2)
254.2
(1.7)
50.1
30.0
$275.7
195.6
80.1
31.1%
21.5%
21.1%
14.5%
1.0
$46.9
84.8
$0.37
31.6
0.0
$31.6
45.9
(14.2)
0.0
0.0
0.0
45.9
30.2
-11%
-64%
-62%
-63%
-63%
-8%
1%
-5%
-27%
-21%
December
2011E
%+/$217.9
141.8
76.1
2012E
33.0%
29.1%
28.6%
19.2%
1.4
$71.4
84.0
$0.56
46.9
0.0
$46.9
70.1
(23.1)
(0.1)
0.0
0.0
70.0
30.0
$245.0
145.0
100.0
52%
40%
50%
49%
49%
53%
52%
-1%
31%
2%
12%
%+/-
2010
250.3%
22.2%
21.3%
21.7%
7.1
$174.0
87.2
$1.96
170.6
0.0
$170.6
(113.5)
284.1
(0.6)
289.1
(8.1)
166.8
108.3
$784.8
509.6
275.2
2011E
30.3%
18.1%
17.6%
13.3%
3.6
$127.6
84.8
$1.11
94.1
0.0
$94.1
135.0
(40.9)
(0.3)
(5.3)
(5.4)
124.0
117.0
$705.0
464.0
241.0
-27%
-49%
-3%
-43%
-45%
-45%
-26%
-12%
-9%
-10%
33.0%
23.6%
23.0%
15.4%
5.0
$175.0
84.0
$1.36
114.1
0.0
$114.1
170.4
(56.2)
(0.4)
0.0
0.0
170.0
120.0
$740.0
450.0
290.0
Year Ended December
%+/2012E
37%
39%
-1%
23%
21%
21%
26%
37%
20%
-3%
5%
%+/-
2013E
33.0%
23.1%
22.4%
15.1%
5.0
$180.0
84.0
$1.40
117.6
0.0
$117.6
175.5
(57.9)
(0.5)
0.0
0.0
175.0
125.0
$780.0
480.0
300.0
3%
0%
0%
3%
3%
3%
3%
3%
3%
7%
5%
%+/-
BMO Capital Markets
306
April 2012
BMO Capital Markets
Balance Sheets
(in millions, except per share amounts
31-Dec-2006
ASSETS
Cash and equivalents
Trade accouts receivable
Receivable from stockholder
Receivables from employees
Receivables from Paramount
Film inventories, net
PP&E
Deferred costs
Income tax receivable
Deferred taxes
Goodwill
Other assets
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable
Payable to affiliate
Payable to Paramount
Payable to former stockholder
Accrued liabilites
Other advances and deferred revenue
Allocated debt (from DreamWorks Studios)
Universal Studios advance
Income Taxes payable
Bank borrowings and other debt
Total Liabilities
Stockholders' equity (deficit)
Class A common
Class B common
Class C common
Additional paid-in-capital
Less: deferrered compensation
Retained earnings
Less: treasury stock
Total Stockholders' Equity
Minority interest
Total Equity
Total Liabilities and Stockholders' Equity
Debt (includes capital leases)
Cash
Net Debt
31-Dec-2007
As of
31-Dec-2008
31-Dec-2009
31-Dec-2010
30-Sep-2011
$506.3
1.2
0.0
0.9
122.4
502.4
83.4
2.2
0.0
3.6
34.2
23.8
1,280.4
$292.5
3.5
0.0
0.0
272.6
555.9
86.8
0.0
0.0
48.7
34.2
33.6
1,327.8
$262.6
4.6
6.5
186.5
638.2
114.9
27.0
34.2
31.5
1,306.1
$231.2
42.2
171.3
696.0
161.6
9.0
7.7
34.2
41.5
1,394.6
$163.8
40.1
242.6
772.7
174.8
0.3
295.6
34.2
31.7
1,755.9
$149.6
28.8
177.3
896.8
171.3
2.3
268.1
34.2
38.7
1,767.2
5.0
0.0
0.0
6.4
52.5
57.2
1.3
0.0
0.0
3.2
118.6
244.2
3.2
0.0
0.0
68.4
108.0
24.6
0.5
0.0
0.0
31.7
70.1
306.3
7.5
54.2
115.2
38.9
70.1
285.8
2.4
67.5
111.3
60.9
242.0
3.5
329.6
143.1
20.8
497.0
2.5
296.4
110.6
27.2
436.7
0.0
0.9
0.2
0.0
757.5
0.0
286.5
(11.8)
1,033.3
2.9
1,036.2
0.0
0.9
0.1
0.0
831.1
502.8
(316.4)
1,018.6
2.9
1,021.5
1.0
0.1
876.7
645.3
(505.6)
1,017.4
2.9
1,020.3
1.0
0.1
922.7
796.3
(567.5)
1,152.6
1.0
0.1
979.2
966.9
(688.3)
1,258.9
1,152.6
1,258.9
1,330.5
$1,394.6
$1,755.9
$1,767.2
$1,280.4
119.9
506.3
(386.4)
$1,327.8
70.5
292.5
(221.9)
$1,306.1
70.1
262.6
(192.6)
231.2
(231.2)
163.8
(163.8)
1.0
0.1
1,014.3
.
1,029.5
(714.4)
1,330.5
149.6
(149.6)
A member of BMO
Financial Group
307
April 2012
A member of BMO
Financial Group
$17.43
$1,478
$0
0.0%
38.5%
100.0%
0.0%
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
308
2.5%
2012E
8.3%
2.4%
38.5%
20.0%
Shares outstanding
Less: debt
Plus: cash
PV Equity
PV Enterprise Value
9.0x
10.0x
11.0x
12.0x
EBITDA
Yr/Yr %
EBIT
Plus: non-cash comp and other
Less: CapX and production cap.
Discount periods
Assumptions
Terminal Growth Rate
Discount back to
WACC
Corporate tax rate
8.3%
0.90
2.0%
7.0%
8.3%
WACC Calculation
Beta
Market risk premium
WACC
($0)
0.0%
Amount
$0
181
($181)
EST Annual Interest Expense
Est Cost of Debt
Debt Schedule
Projected Cash (YE 2012E)
Net Debt (Cash)
$131
15.5%
9
$122
47
9
50.0
75
59
2012E
$144
9.9%
13
$131
51
13
50.0
75
68
1.0
64
63
63
2013E
85
$19.71
$16.43
0
181
1,672
85
$21.25
$17.71
0
181
1,802
85
$22.80
$19.00
0
181
1,933
9.0x
10.0x
11.0x
314
314
314
1,307
1,438
1,176
1,491
1,622
1,752
$1,677
1,863
2,050
2,236
7.3%
8.3%
9.3%
$113
-34.8%
4
$110
42
4
50.0
110
11
2011E
85
$24.34
$20.28
0
181
2,064
12.0x
314
1,569
1,883
$153
6.0%
17
$136
52
17
50.0
77
73
2.0
63
62
61
2014E
$172
6.0%
24
$147
57
24
50.0
82
83
4.0
62
60
58
2016E
$182
6.0%
29
$153
59
29
50.0
84
88
5.0
62
59
57
$484
2017E
85
$18.98
$15.82
0
181
1,610
85
$20.46
$17.05
0
181
1,735
85
$21.93
$18.27
0
181
1,859
9.0x
10.0x
11.0x
306
306
306
1,123
1,248
1,373
1,429
1,554
1,679
$162
6.0%
20
$141
54
20
50.0
80
78
3.0
63
61
60
2015E
85
$23.40
$19.50
0
181
1,984
12.0x
306
1,497
1,803
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
07
08
8.9x
11.4x
09
10
6.2x
11.1x
16.0x
20.5x
85
$18.29
$15.24
0
181
1,551
85
$19.70
$16.41
0
181
1,670
85
$21.10
$17.59
0
181
1,790
9.0x
10.0x
11.0x
298
298
298
1,073
1,192
1,311
1,370
1,490
1,609
10.4x
8.5x
6.5x
15.0x
11.9x
16.0x
5-yr avg = 11.7x
0
181
1,909
12.0x
298
1,430
1,728
85
$22.51
$18.76
11
9.5x
14.7x
20.0x
12E
7.6x
8.3x
10.6x
BMO Capital Markets
April 2012
BMO Capital Markets
DreamWorks Animation Free Cash Flow Analysis
($Thousands)
2007
Net Income
Plus: Non-cash Stock Compensation & other
Plus: Depreciation & Amortization
After-Tax Cash Flow
2008
2009
$218.4
$142.5
$151.0
35.0
131.2
49.5
9.8
14.4
3.1
263.2
288.1
203.7
2010
$170.6
2011E
2012E
2013E
$94.1
$114.1
$117.6
(46.0)
40.2
50.0
50.0
7.1
3.6
5.0
5.0
131.8
137.9
169.1
172.6
Less: Net production investment
75.0
80.5
31.1
40.0
90.0
40.0
40.0
Less: capital expenditures
10.3
49.0
74.4
50.6
40.0
35.0
35.0
177.9
158.5
98.2
41.2
7.9
94.1
97.6
After-Tax Free Cash Flow
Shares
100.5
91.0
87.3
87.2
84.8
84.0
84.0
After-Tax Free Cash Flow Per Share
$1.77
$1.74
$1.13
$0.47
$0.09
$1.12
$1.16
Source: BMO Capital Markets estimates
DreamWorks
Private Market Valuation
F2012E
EBITDA
F2013E
EBITDA
$131
$144
Multiple
F2012E
Valuation
F2013E
Valuation
$1,179
$1,296
Operating Segments
EBITDA
9.0x
Other Assets
Cash & Liquid Investments, Net
181
254
1,153
1,228
Property, Plant & Equipment, Net
203
233
Other Assets
400
400
Total Other Assets
1,936
2,114
Total Estimated Asset Valuation
3,115
3,410
416
443
2,699
2,967
85
85
$31.83
$34.99
Receivables & Inventories
Less Debt & Liabilities
Net Estimated Private Market Value
Shares Outstanding (Fully Diluted)
Estimated P.M.V. Per Share
A member of BMO
Financial Group
309
April 2012
Title
Theatrical Release
Domestic Box Office Gross
International Box Office Gross
Total Gross Box Office Revenues
Film Revenues
Domestic Theatrical Rentals (54%)
International Rentals (48%)
Domestic Home Video & Equivelents
Domestic Home Video/Operating Profit
International Home Video/Units & Equivelents
International Home Video/Operating Profit
Merchandising & Licensing (10%-12%), Net
Interactive Game Units
Interactive Games Revenues
Domestic Pay, VOD, Stream, Cable and Broadcast TV
International Pay, VOD, Cable and Free TV
Other (Music, Advertising, VOD, Samsung, etc.)
Total Revenues
Film Costs
Film Negative
Participations
Prints & Ads and Promotion (excluding HV)
3-D Glasses (Domestic)
Distribution Fees (8%)
Less: Un-Amortization Residual
Total Costs (First Cycle)
How to Train
Your Dragon (3-D)
Shrek Forever
After (3-D)
Megamind
(3-D)
Kung Fu Panda 2
(3-D)
Puss in Boots
( 3-D)
Madagascar 3
( 3-D)
The Rise of the
Guardians( 3-D)
The Croods
( 3-D)
Turbo
( 3-D)
Me & My Shadow
( 3-D)
Mr. Peabody
& Sherman 3-D
HTTYD - 2
( 3-D)
26-Mar-2010
21-May-2010
5-Nov-2010
26-May-2011
28-Oct-2011
8-Jun-2012
21-Nov-2012
22-Mar-2013
19-Jul-2013
13-Nov-2013
21-Mar-2014
20-Jun-2014
$217.6
276.0
493.6
$238.4
513.9
752.3
$148.4
173.6
322.0
$165.2
497.8
663.0
$148.2
358.8
507.0
$175.0
375.0
550.0
$115.0
225.0
340.0
$100.0
175.0
275.0
$110.0
150.0
260.0
$100.0
135.0
235.0
$125.0
200.0
325.0
$200.0
300.0
500.0
117.5
115.9
8.0u
72.0
4.0u
36.0
16.0
3.0u
24.0
35.0
35.0
25.0
476.4
128.7
215.8
9.0u
90.0
4.0u
36.0
35.0
3.0u
24.0
60.0
50.0
25.0
664.6
80.1
72.9
5.5u
55.0
3.8u
34.2
12.0
1.0u
9.0
17.0
15.0
10.0
305.2
89.2
209.1
7.0u
70.0
4.0u
36.0
18.0
3.5u
21.0
30.0
40.0
20.0
533.3
80.0
150.7
6.0u
60.0
4.0u
36.0
18.0
2.0u
21.0
50.0
40.0
20.0
475.7
94.5
157.5
8.0u
80.0
5.0u
45.0
22.0
3.5u
21.0
70.0
40.0
20.0
550.0
62.1
94.5
4.5u
45.0
4.0u
36.0
12.0
1.0u
9.0
35.0
15.0
25.0
333.6
54.0
73.5
4.0u
40.0
3.0u
27.0
15.0
1.0u
5.0
35.0
25.0
25.0
299.5
59.4
63.0
5.0u
50.0
3.0u
27.0
15.0
1.0u
5.0
45.0
25.0
25.0
314.4
54.0
56.7
4.5u
45.0
3.0u
27.0
15.0
1.0u
5.0
45.0
25.0
25.0
297.7
67.5
84.0
4.5u
45.0
3.0u
27.0
15.0
1.0u
9.0
60.0
25.0
30.0
362.5
108.0
126.0
7.0u
70.0
5.0u
45.0
25.0
1.5u
9.0
85.0
25.0
35.0
528.0
135.0
30.0
175.0
4.5
32.5
377.0
22.0
355.0
200.0
60.0
175.0
5.5
43.7
484.2
25.0
459.2
135.0
25.0
135.0
3.9
23.7
322.6
20.0
302.6
145.0
60.0
160.0
5.0
37.4
407.4
20.0
387.4
135.0
35.0
125.0
3.9
30.7
329.6
20.0
309.6
145.0
65.0
135.0
5.5
36.2
386.7
20.0
366.7
125.0
40.0
110.0
3.8
22.9
301.7
20.0
281.7
130.0
30.0
100.0
3.5
18.8
282.3
20.0
262.3
145.0
30.0
100.0
3.5
19.6
298.1
20.0
278.1
135.0
30.0
100.0
3.1
18.1
286.2
20.0
266.2
150.0
50.0
125.0
4.0
21.3
350.3
20.0
330.3
150.0
50.0
125.0
4.0
33.4
362.4
20.0
342.4
$51.9
$37.2
$36.3
$31.5
$32.2
Estimated Net Film Profit**
$121.4
$205.4
*in millions
**before corporate overhead allocation / First cycle
Source: Company reports, Box Office Mojo, The-Numbers, AMR, and BMO Capital Markets estimates
A member of BMO
BMO Capital Markets
Financial Group
$2.7
$145.9
$166.1
310
$183.3
$185.6
April 2012
A member of BMO
Financial Group
150.0
20.0
175.0
4.0
29.7
378.7
22.0
356.7
107.1
76.9
8.0u
72.0
5.0u
45.0
15.0
3.0u
24.0
25.0
20.0
20.0
405.1
$198.4
183.2
381.6
27-Mar-2009
Monsters
vs. Alien (3-D)
135.0
30.0
175.0
4.5
36.0
380.5
22.0
358.5
117.5
115.9
9.0u
81.0
6.0u
54.0
16.0
3.0u
24.0
35.0
35.0
25.0
503.4
$217.6
276.0
493.6
26-Mar-2010
How to Train
Your Dragon (3-D)
$221.1
200.0
60.0
175.0
5.5
46.5
487.0
25.0
462.0
128.7
206.3
10.0u
100.0
6.0u
54.0
35.0
3.0u
24.0
60.0
50.0
25.0
683.1
$238.4
491.3
729.7
21-May-2010
Shrek Forever
After (3-D)
Estimated Net Film Profit**
$48.4
$145.0
*in millions
**before corporate overhead allocation
Source: Company reports, Box Office Mojo, The-Numbers, AMR, and BMO Capital Markets estimates
Less: Un-Amortization Residual
Total Costs (First Cycle)
Film Costs
Film Negative
Participations
Prints & Ads and Promotion (excluding HV)
3-D Glasses (Domestic)
Distribution Fees (8%)
Film Revenues
Domestic Theatrical Rentals (54%)
International Rentals (48%)
Domestic Home Video
Domestic Home Video/Operating Profit
International Home Video/Units
International Home Video/Operating Profit
Merchandising & Licensing (10%-12%), Net
Interactive Game Units
Interactive Games Revenues
Domestic Pay, VOD, Stream, Cable and Broadc
International Pay, VOD, Cable and Free TV
Other (Music, Advertising, VOD, stream, etc.)
Total Revenues
Domestic Box Office Gross
International Box Office Gross
Total Gross Box Office Revenues
Theatrical Release
Title
$1.1
135.0
25.0
140.0
3.9
25.0
328.9
20.0
308.9
81.0
63.0
6.0u
60.0
5.0u
45.0
12.0
1.0u
9.0
15.0
15.0
10.0
310.0
$150.0
150.0
300.0
5-Nov-2010
Megamind
(3-D)
$213.5
145.0
65.0
125.0
5.8
44.7
385.5
25.0
360.5
135.0
147.0
11.0u
110.0
7.0u
63.0
18.0
3.5u
21.0
20.0
40.0
20.0
574.0
$250.0
350.0
600.0
26-May-2011
KFP2: Kaboom
of Doom (3-D)
$122.1
140.0
45.0
120.0
5.0
35.9
345.9
20.0
325.9
108.0
126.0
8.0u
80.0
6.0u
54.0
15.0
2.5u
15.0
15.0
25.0
10.0
448.0
$200.0
300.0
500.0
4-Nov-2011
Puss In Boots
( 3-D)
$223.8
145.0
65.0
135.0
5.8
43.4
394.2
20.0
374.2
135.0
147.0
10.0u
100.0
7.0u
63.0
22.0
3.5u
21.0
50.0
40.0
20.0
598.0
$250.0
350.0
600.0
18-May-2012
Madagascar 3
( 3-D)
$28.6
130.0
65.0
100.0
3.1
22.7
320.8
20.0
300.8
72.9
73.5
5.0u
50.0
4.0u
36.0
22.0
1.0u
5.0
25.0
25.0
20.0
329.4
$135.0
175.0
310.0
30-Mar-2012
The Croods
( 3-D)
$86.1
125.0
40.0
110.0
4.1
29.8
308.9
20.0
288.9
94.5
94.5
7.0u
70.0
5.0u
45.0
12.0
1.5u
9.0
25.0
15.0
10.0
375.0
$175.0
225.0
400.0
21-Nov-2012
The Guardians
( 3-D)
$167.6
140.0
50.0
110.0
4.1
39.3
343.4
20.0
323.4
135.0
126.0
9.0u
90.0
6.0u
54.0
12.0
1.5u
9.0
40.0
15.0
10.0
491.0
$250.0
300.0
550.0
1-May-2013
HTTYD - 2
( 3-D)
BMO Capital Markets
311
April 2012
BMO Capital Markets
DWA: Net Debt (Cash) and Leverage
200.0
10.0x
79.1
0.0x
100.0
-10.0x
$ in Millions
(100.0)
2004
2005
2006
2007
2008
(200.0)
(300.0)
(192.6)
(221.9)
(209.3)
2009
(231.2)
2010
2011
(163.8)
(150.0)
-20.0x
-30.0x
-40.0x
-50.0x
(400.0)
-60.0x
(386.4)
(500.0)
-70.0x
Net Debt
Net Debt-to-EBITDA
A member of BMO
Financial Group
312
April 2012
BMO Capital Markets
(LGF - $12.21; Market Perform)
Company Description
Lions Gate Entertainment engages in the production and
distribution of motion pictures, television programming, home
entertainment, and related media and entertainment. Its
theatrical movies include its in-house production and films
acquired from third parties. The company distributes a library
(owned or licensed) of approximately 10,500 motion picture
titles and 7,500 television episodes and programs directly to
retailers, video rental stores, and pay and free television
channels in the United States and throughout the world.
Streaming and iCasting are emerging as important revenue
sources for TV product, especially as EPIX and FEARnet
grow. The company continues to enlarge its library, massively
improve its creative resources and production capability, and
grow its distribution capabilities through acquisitions such as
the recent Summit Entertainment acquisition, which brought
the immensely profitable Twilight franchise to Lions Gate.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$12.21
$16/$6
$1,751
143.4
5.8
Selected Bond Iss
LGF 3.638% '25
LGF 10.25% '16
Target Price
Dividend
Yield
Float O/S (mm)
100 na / na
-2.05%
110 na / B
6.32%
$14
--76.2
5,701
Spread
-213bp
598bp
Price Performance
LIONS GATE ENTMT CORP (LGF)
Relative to S&P 500
140
16
130
14
120
110
12
100
10
90
8
80
6
70
4
60
2
50
Volume (mln)
150
150
100
100
50
0
50
2007
2008
2009
2010
0
2011
Lions Gate has amassed a significant film and television
library with growing internal distribution capability. The
company has built a highly successful television production
business (Mad Men, Weeds, Nurse Jackie, Crash, Dead Zone,
etc.), which is making significant revenue and EBITDA
contributions. The stock has soared recently with the Summit
Entertainment acquisition and building anticipation for The
Hunger Games, which has attracted significant momentumplayer capital. We have a $14 price target on LGF over the
next 9-15 months, which is based on a DCF model that uses
and 9.0x terminal EBITDA multiple. We rate LGF MARKET
PERFORM.
(FY-Mar.)
EPS GAAP
P/E
First Call Cons.
2010A
-$0.21
2011A
-$0.41
2012E
-$0.03
nm
$0.13
2013E
$1.16
10.5x
$1.21
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
-$1.00
$0.30
$80
$68
$1,584
$1,583
-$0.08
nm
$69
37.4x
$1,395
1.8x
$0.91
13.4x
$285
9.0x
$1,920
1.3x
1Q
-$0.54
$0.09A
2Q
-$0.22
-$0.18A
Quarterly EPS
2011A
2012E
3Q
-$0.04
-$0.01A
4Q
$0.34
$0.07
Net Debt ($mm)
$822
TotalDebt/EBITDA
12.7x
Total Debt ($mm)
$875
EBITDA/IntExp
1.0x
Net Debt/Cap.
73.3%
Price/Book
39.9x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
313
April 2012
BMO Capital Markets
Momentum
 The library continues to be the cornerstone of value foundation, generating close to $60 million of EBITDA annually.

The growth quotient from television production has been very healthy. Weeds, Mad Men, Crash, Dead Zone, Nurse
Jackie, Wendy Williams Show, Meet the Browns, Family Feud, and House of Payne are very attractive assets, in our
view.

The risk-reward strategy in films (low budget, pre-sales, moderate returns) has enabled the creation of successful
franchises (Saw, Tyler Perry films) and Academy Award winning titles (Crash, Monster’s Ball, Juno, Precious).
Although the company deviated from this approach a few years ago, a “return to basics” is likely and can happen in
short order.

The Hunger Games’ record March 23 opening has legs. The film should be highly profitable for LGF, and its stature as
a certified franchise augurs well for future earnings and cash flow.

Summit should add more than $180 million to EBITDA in FY2013-FY2014.
Challenges
 Earnings volatility and variance from consensus have been significant over the past year or so. The most recent
quarterly results (FY3Q12) were no exception.

Free cash flow growth is stagnant as production and distribution catch up to accounting, but this could change with
Summit and The Hunger Games series of films.
Risks
Risks to an investment in Lions Gate include the volatility of film and television production results, the capital-intensive
nature of the industry, and competition from better-capitalized companies as well as geopolitical, weather or world health
events.
A member of BMO
Financial Group
314
April 2012
A member of BMO
June
2012
Financial Group
13.4
(1.2)
12.2
(63.2)
(0.8)
(64.1)
Pre-Tax Income
Taxes( (Expense)
118.2
(35.8)
-11.4%
-11.0%
-19.6%
Shares Outstanding
Adjusted EBITDA*
Margins
Operating Margin
EBITDA Margin
Net Margin
10.7%
11.2%
4.7%
29.2
137.4
20.1%
20.5%
12.7%
80.0
146.0
$0.34
49.7
55.2
(5.5)
25.0
0.0
0.0
(2.0)
23.0
78.2
200.0
75.0
35.0
1.8
0.0
311.8
305.0
85.0
0.0
390.0
2013E
% +/-
173.7%
305.6%
310.4%
58.1%
179.3%
33.7%
43.5%
15.8%
25.3%
49.3%
58.4%
23.8%
2011
(24.6)
-2.5%
-5.4%
-6.9%
(19.3)
22.0
4.5%
4.8%
-6.5%
133.8
133.0
($0.18)
(29.7)
($0.22)
(23.5)
(1.1)
17.6
0.0
(0.5)
(2.6)
14.4
(9.0)
206.3
141.6
29.4
0.7
(11.0)
367.1
218.9
139.2
0.0
358.1
2012
September
(28.2)
(1.5)
13.8
0.0
14.1
20.7
48.7
20.5
238.2
162.4
33.7
1.5
0.0
435.8
341.1
115.3
0.0
456.3
6.1%
6.6%
0.3%
25.0
146.0
$0.01
1.1
1.2
(0.1)
25.0
0.0
0.0
(3.0)
22.0
23.2
170.0
145.0
40.0
1.8
0.0
356.8
260.0
120.0
0.0
380.0
2013E
% +/-
52.3%
-2.8%
-17.6%
2.4%
35.9%
6.1%
18.8%
-13.8%
2011
5.2%
5.5%
-1.4%
23.3
136.7
($0.04)
(6.0)
(4.3)
(1.7)
13.4
0.0
(0.3)
13.1
26.2
21.9
204.7
159.0
35.9
1.4
0.0
401.0
326.7
96.2
0.0
422.9
3.6%
3.9%
-0.5%
12.5
126.5
($0.01)
(1.7)
(1.1)
(0.6)
14.5
0.0
2.3
(3.8)
12.9
11.8
202.0
72.8
35.8
0.7
0.0
311.3
233.3
89.7
0.0
323.0
2012
December
*Variance from LGF Mgmt definition: we DO NOT include addbacks for stock based compensation, corporate defense charges, TV Guide, and non-risk P&A.
($0.54)
Earnings per Share (diluted)
$0.09
16.3
0.0
0.1
(1.9)
14.6
14.5
0.0
(0.4)
11.7
25.9
Net Income (Loss)
28.0
(37.4)
139.4
64.7
27.9
1.2
0.0
233.3
192.6
68.7
0.0
261.3
Operating Income
Other expenses (Income)
Interest (Net)
Swaps mark-to-market (Benefit)
Other Income
Equity interests
Total other expenses
157.6
140.1
64.7
1.6
0.0
364.0
Expenses:
Direct operating expenses
Distribution and marketing
G&A
Depreciation & Amoritizaion
Other
Total Expenses
2011
272.7
53.9
0.0
326.6
Motion Pictures
Television Production
TV Guide & Other
Revenue
11.4%
11.8%
6.6%
60.0
146.0
$0.23
33.5
37.2
(3.7)
25.0
0.0
0.0
(4.0)
21.0
58.2
250.0
160.0
40.0
1.8
0.0
451.8
425.0
85.0
0.0
510.0
2013E
% +/-
381.3%
62.5%
394.1%
45.2%
23.8%
119.8%
11.7%
57.9%
82.1%
-5.2%
2011
15.3%
15.6%
12.2%
58.8
149.2
$0.34
46.1
46.4
(0.2)
11.7
0.0
1.1
(1.6)
11.1
57.5
195.3
85.7
37.1
1.3
0.0
319.4
289.0
87.9
0.0
376.9
9.9%
10.3%
2.3%
46.4
139.0
$0.07
10.2
12.0
(1.8)
19.6
0.0
0.0
13.0
32.6
44.6
265.3
100.8
40.1
1.8
0.0
408.0
355.2
97.4
0.0
452.6
2012E
-21.1%
-77.9%
-74.1%
193.3%
-100.0%
68.0%
-22.4%
27.7%
35.9%
17.6%
8.1%
20.1%
22.9%
10.9%
% +/-
March
% +/-
165.3%
27.8%
33.8%
24.0%
-0.2%
41.4%
43.6%
33.4%
18.5%
18.8%
13.3%
120.0
146.0
$0.58
84.9
94.4
(9.4)
158.6%
733.4%
687.1%
25.0
0.0
0.0 13757.1%
(1.0)
24.0
-26.4%
118.4
355.0
125.0
40.0
1.6
0.0
521.6
510.0
130.0
0.0
640.0
2013E
3.3%
5.1%
-1.8%
80.1
136.7
($0.21)
(28.2)
(26.9)
(1.2)
58.1
0.0
(7.2)
28.1
79.0
52.0
807.3
515.8
180.5
28.1
0.0
1,531.7
1120.0
350.9
112.8
1,583.7
F2010
3.9%
4.3%
-3.4%
68.3
131.2
($0.41)
(53.6)
(49.4)
(4.3)
53.4
0.0
14.5
43.9
111.9
62.5
795.7
547.2
171.4
5.8
0.0
1,520.2
1229.5
353.2
0.0
1,582.7
F2011
5.4%
4.9%
-0.3%
68.8
126.5
($0.03)
(3.9)
0.8
(4.7)
68.0
0.0
1.9
4.7
74.6
75.4
813.0
380.0
133.2
4.4
(11.0)
1,319.6
0.7%
-92.8%
-33.4%
20.6%
-13.2%
2.2%
-30.6%
-22.3%
-24.8%
-11.9%
-18.7%
11.8%
% +/-
14.5%
14.8%
8.8%
285.0
146.0
$1.16
169.2
188.0
(18.8)
100.0
0.0
0.0
(10.0)
90.0
278.0
975.0
505.0
155.0
7.0
0.0
1,642.0
1500.0
420.0
0.0
1,920.0
F2013E
Fiscal Year Ended March
1000.0
395.0
0.0
1,395.0
F2012E
% +/-
314.4%
20.7%
268.9%
24.4%
19.9%
32.9%
16.3%
37.6%
50.0%
6.3%
2014E
14.8%
15.2%
8.7%
270.0
146.0
$1.06
155.1
182.5
(27.4)
90.0
0.0
0.0
(10.0)
80.0
262.5
900.0
450.0
155.0
7.5
0.0
1,512.5
1325.0
450.0
0.0
1775.0
% +/-
-5.3%
-8.3%
-2.9%
-11.1%
0.0%
-10.0%
-5.6%
-7.9%
-7.7%
-10.9%
0.0%
-7.6%
-11.7%
7.1%
BMO Capital Markets
315
April 2012
BMO Capital Markets
Annual balance Sheet
Fiscal Year
(in millions, except per share amounts)
Assets
Investments-Securities
Investments-Equities
Restricted Cash & Investments
Accts Recievable
Investment in Films and TV programs
PP&E
Goodwill
Other Assets
Total Assets
Liabilities & Shareholder's Equity
Bank Loans & Sr. Secured Notes
Accts Payable and Accrued Liab
Film Obligations & Participations
Subordinated Notes
Mortgages Payable
Deferred Revenue
Redeemable Preferred Stock
Minority Intertest
Total Liabilities
Shareholder's Equity
Common Stock
Restricted Common Shares
Unearned compensation
Treausry shares
Accumulated Deficit
Cumulative Other Comprehensive Loss
Total Shareholders Equity
31-Mar-06
31-Mar-07
31-Mar-08
31-Mar-09
31-Mar-10
31-Mar-11
31-Dec-11
$47.0
167.1
14.9
0.8
182.7
417.8
7.2
185.1
30.7
1,053.2
$51.5
237.4
0.1
4.9
130.5
493.1
13.1
187.5
19.0
1,137.1
$371.6
0.0
6.9
10.3
260.3
608.9
13.6
224.5
41.6
1,537.8
$138.5
0.0
7.0
10.1
227.0
702.8
42.4
379.4
160.5
1,667.6
$91.4
11.1
312.1
680.6
33.6
391.9
183.7
1,704.5
$86.4
43.5
359.8
621.3
10.4
239.3
197.2
1,557.8
$52.9
26.5
423.1
802.9
8.4
233.2
215.3
1,762.2
14.8
188.8
285.0
385.0
30.4
0.0
155.6
339.0
325.0
69.5
0.0
245.4
663.9
328.7
111.5
255.0
270.6
676.4
331.7
142.1
904.0
889.2
1,349.5
0.0
1,675.8
242.2
270.1
672.2
203.2
138.3
94.6
1,620.6
296.1
243.4
628.8
111.0
151.0
1,430.3
525.8
184.0
743.7
71.3
199.4
1,724.3
328.8
5.2
(4.0)
(177.1)
(3.5)
149.3
398.8
(149.7)
(1.3)
247.9
434.7
(22.3)
(223.6)
(0.5)
188.3
390.3
0.0
0.0
0.0
(386.6)
(11.9)
(8.2)
521.2
(460.6)
23.4
83.9
643.2
(514.2)
(1.4)
127.5
648.5
(77.1)
(528.3)
(5.2)
37.9
Noncontrolling Interest
Total Liabilities and Equity
1,053.2
1,137.1
1,537.8
1,667.6
1,704.5
1,557.8
1,762.2
A member of BMO
Financial Group
316
April 2012
A member of BMO
Financial Group
317
20.0%
20.0%
22.6%
EBIT CAGR FY2007 - FY2016E
6.5%
Corporate tax rate
WACC
3.0%
FY2012E
Shares outstanding
PV Equity
Plus: cash
Discount back to
Terminal Growth Rate
PV Enterprise Value
$12.16
$14.59
139
2,028
256
1,097
2,869
1,824
7.0x
$1,045
Less: debt
57.9
2.0
4.4
12.9
$64.4
4.4
0.7%
$68.8
FY2012E
216.3
218.3
220.4
1.0
232.4
3.0
7.0
55.6
$278.0
7.0
314.4%
$285.0
FY2013E
256
139
$16.46
$13.72
$15.28
$18.34
139
2,549
256
2,289
1,097
3,391
1,097
3,130
2,346
2,085
9.0x
$1,045
$1,045
8.0x
3,399
3,059
2,719
$2,379
7.5%
6.5%
5.5%
58.6
2.8
5.8
12.5
$62.5
5.8
-14.7%
$68.3
FY2011
10.0x
9.0x
8.0x
7.0x
Terminal Value - FY2018E EBITDA
Assumptions
6.5%
39.3%
Debt/(MV+debt)
WACC
20.0%
60.7%
Corporate tax rate
MV/(MV+debt)
4.1%
$1,097
Book debt
$12.21
8.5%
$1,697
7.0%
Market risk premium
2.0%
0.92
Beta
Discount periods
Less: CapX
EBIT
Yr/Yr %
EBITDA
WACC Calculation
4.1%
$100
EST Annual Interest Expense
Est Cost of Debt
$841
Projected Net Debt (Cash)
256
$1,097
LT debt + current portion (pf)
Projected cash
Amount
Debt Schedule
(Thousands, except per-share data)
$16.85
$20.21
139
2,810
256
1,097
3,651
2,606
$1,045
10.0x
191.4
195.0
198.7
2.0
221.0
3.5
7.5
52.5
$262.5
7.5
-5.3%
$270.0
FY2014E
$11.48
$13.78
139
1,915
256
1,097
2,756
1,740
193.6
201.0
208.8
4.0
258.2
4.5
8.4
61.3
$306.7
8.4
5.0%
$315.0
FY2016E
189.0
198.1
207.6
5.0
270.8
5.0
8.9
64.2
$321.2
8.9
4.8%
$330.0
FY2017E
$12.97
$15.56
139
2,163
256
1,097
3,005
1,989
$1,016
8.0x
$14.46
$17.35
139
2,412
256
1,097
3,254
2,238
$1,016
9.0x
$1,016
7.0x
197.9
203.6
209.4
3.0
245.6
4.0
7.9
58.4
$292.1
7.9
11.1%
$300.0
FY2015E
10.0x
$15.95
$19.14
139
2,661
256
1,097
3,502
2,486
$1,016
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
07
08
09
10
15.6x
13.8x
12.0x
$10.84
$13.00
139
1,808
256
1,097
2,649
1,661
$988
7.0x
$12.26
$14.71
139
2,045
256
1,097
2,886
1,898
$988
8.0x
$13.68
$16.42
139
2,282
256
1,097
3,124
2,135
$988
9.0x
2008/2009 multiples NM (EBITDA losses)
21.8x
26.2x
30.6x
5-yr avg = 19.2x
139
2,519
256
1,097
3,361
2,373
$988
10.0x
$15.10
$18.13
11
15.0x
18.0x
21.0x
12E
18.8x
26.3x
30.5x
BMO Capital Markets
April 2012
BMO Capital Markets
($Millions)
Net income
Non-cash items
Net film amortization
Working capital
Cash From Operations
Less: CAPEX
FY2008
($74.0)
3.9
22.6
(42.4)
179.0
89.2
3.6
FY2009
($163.0)
5.9
24.9
(99.5)
129.8
(101.9)
FY2010
($28.2)
28.1
61.9
21.3
(213.6)
(130.5)
8.7
6.6
FY2011
($53.6)
5.8
114.1
42.0
(66.1)
42.3
2.8
FY2012E
($3.9)
4.4
(8.7)
3.4
(3.9)
(8.7)
2.0
FY2013E
$169.2
7.0
0.0
(40.0)
0.0
136.2
FY2014E
$155.1
7.5
0.0
0.4
0.0
163.0
3.0
3.5
Free Cash Flow
$85.6
($110.6)
($137.0)
$39.5
($10.7)
$133.2
$159.5
Shares
118.4
116.8
136.7
131.2
126.5
146.0
146.0
FCF per share
$0.72
($0.95)
($1.00)
$0.30
($0.08)
$0.91
$1.09
-6.6%
-15.1x
-7.0%
-14.2x
FCF yield
FCF multiple
5.1%
19.7x
2.1%
47.3x
-0.6%
-168.9x
6.4%
15.6x
7.7%
13.0x
Source: BMO Capital Markets estimates & company filings
A member of BMO
Financial Group
318
April 2012
BMO Capital Markets
Debt Schedule *
As of
12/31/11
$94.5
$226.3
$0.3
$23.5
$66.6
$112.6
$244.7
$65.5
$40.6
$874.6
(Millions)
Bank loans/Revolver, expires 7/2013
Senior secured Notes 10.25% due 2016
Convertible Sr. Sub Notes 2.9375% due 2024
Production obligations
Production obligations (non-interest bearing)
State of Pennsylvania loan agreement
Other
Cash
Net Debt
Cost Weighting
3.2%
10.8%
10.3%
25.9%
2.9%
0.0%
3.6%
2.7%
3.6%
7.6%
3.8%
12.9%
0.0%
28.0%
1.5%
7.5%
3.5%
4.64%
4.1%
100.0%
Weighted
Average
Cost
0.35%
2.65%
0.00%
0.10%
0.28%
0.48%
0.00%
0.11%
0.16%
4.13%
Interest
$3.1
$23.2
$0.0
$0.9
$2.4
$4.2
$0.0
$1.0
$1.4
$36.2
$52.9
$821.8
* Not pro-forma for Summit acquisition.
Lions Gate
$300
$189.3
$226.3
$ in millions
$250
$200
$150
$94.3
$100
$84.0
$9.5
$50
$94.5
$66.6
$23.8
$0
2010
2011
2012
2013
2014
Bank debt
2015
Secured debt
2016
Unsecured debt
2017
Convertible debt
2018
2019
2020
Beyond
Other
A member of BMO
Financial Group
319
April 2012
BMO Capital Markets
News Corp
(NWSA - $19.33; Market Perform)
Company Description
News Corporation is a diversified international media and
entertainment company. It operates through six segments:
Filmed
Entertainment,
Television,
Cable
Network
Programming, Direct Broadcast Satellite (DBS), Publishing
(formerly Integrated Marketing Services, Newspapers,
Information Services and Book Publishing), and Other
(primarily Fox Interactive Media). The company also owns a
39% share in BskyB. Over the past 12 months, the company
generated more than 56% of its segment operating income
from its cable networks, more than 22% from its entertainment
portfolio, 14% from network television and television stations,
and 14% from the publishing businesses. The remaining
fraction of operating income is from the direct broadcast
satellite (~5%) and Fox Interactive Media. FIM operates at a
loss, allowing the other business to make up more than 100%
of segment operating income.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
Selected Bond Iss
NWS 6.4% '35
NWS 5.3% '14
Target Price
$19
Dividend
$0.17
Yield
0.9%
Float O/S (mm)
1,673
ADVol (30-day, 000s) 15,111
114 Baa1 / BBB+ /*- 5.37%
111 Baa1 / BBB+ /*- 1.14%
Spread
320bp
65bp
Price Performance
NEWS CORP (NWSA)
Relative to S&P 500
110
25
100
90
20
80
15
70
10
60
5
50
0
40
Volume (mln)
1500
1500
1000
1000
500
0
News Corp’s valuation has improved recently via an
improving worldwide advertising environment (advertising
revenues are roughly 44% of its business), which affects the
profitability of the Fox Network, television stations,
newspapers, magazines, and cable networks. The Filmed
Entertainment business has been showing favorable
comparisons the past few quarters as the success of Avatar has
been anniversaried. Less troubling currently are the U.K.
hacking incidents. NWSA has an excellent balance sheet with
net debt at 1.0x LTM EBITDA and a broad portfolio of equity
holdings (BSkyB, Sky Deutschland, Sky Network Television,
NDS, etc.) that enhance its value. At 8.2x estimated FY2012
adjusted EV/EBITDA, we believe NWSA is fairly valued
versus its peers. Thus, we rate NWSA MARKET PERFORM
with a 9- to 15-month price target of $19. Our target is based
on a DCF analysis that uses an 9.0x terminal EBITDA
multiple.
$19.33
$20/$13
$48,615
2,515
131.4
500
2007
2008
2009
2010
0
2011
(FY-Jun.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$1.09
2011A
$1.18
$0.97
$1.14
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$1.12
$1.25
$5,228
$6,059
$32,778
$33,405
Quarterly EPS
2011A
2012E
1Q
$0.27
$0.32A
2Q
$0.29
$0.39A
2012E
$1.30
14.9x
$1.38
$1.29
2013E
$1.61
12.0x
$1.68
$1.61
$1.29
15.0x
$6,600
8.3x
$34,815
1.6x
$1.53
12.6x
$7,325
7.5x
$35,925
1.5x
3Q
$0.26
$0.31
4Q
$0.36
$0.28
Net Debt ($mm)
$6,022
TotalDebt/EBITDA
2.3x
Total Debt ($mm)
$15,454
EBITDA/IntExp
7.3x
Net Debt/Cap.
14.0%
Price/Book
1.8x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
320
April 2012
BMO Capital Markets
Momentum
 Decent growth continues for cable networks with benefits of higher subscription fees from cable MSOs and better
ratings.

Earnings and valuation were severely depressed during the 2011 share price downturn and then by the uncertainty
surrounding the News of the World (NOTW) hacking scandal. Much of the “fear factor” has dissipated.

Cable Network Programming and Television should be healthy the remainder of 2012.

A valuation at an adjusted EV/EBITDA multiple of just 8.6x and P/E at just 14.9x is highly attractive to value investors,
in our opinion, but the scandal remains an overhang.

Massive share repurchases are providing an underlying support to valuation.

A spin-off of newspapers would likely neutralize any investment concern in the company.
Challenges
 The film slate will have difficulty exceeding the strong results seen in calendar 2011, although recent quarterly
comparisons have been favorable.

Newspaper and other publishing businesses are showing lackluster results, partially owing to the advertising cycle and
partially owing to secular trends away from print media (spin it off!).

A stronger US dollar would hurt results in 2012.
Risks
Risks to an investment in NWSA include an adverse outcome to investigations and lawsuits related to the NOTW hacking
scandal, changes in economic conditions (especially in the US, China, and India), changes in investor sentiment over more
new and old media investments, competition in the multi-channel television arena, adverse political, public health, or
weather-related events.
A member of BMO
Financial Group
321
April 2012
BMO Capital Markets
EV/EBITDA
18.0x
16.0x
10-yr avg =10.9x
16.6x
3-yr avg = 8.2x
15.0x
16.4x
13.9x
11.6x 11.5x
10.7x
12.0x
14.1x
13.7x
13.2x
14.0x
10.9x
11.6x
11.3x
13.5x
10.7x
9.8x
10.0x
8.5x
8.4x
6.8x
7.6x
9.5x 9.2x
8.0x
7.4x
6.0x
7.9x
6.6x
6.8x 5.5x
7.3x
1
FY
20
12
E
FY
20
13
E
0
9
FY
20
1
FY
20
1
8
FY
20
0
7
NWSA
FY
20
0
6
FY
20
0
5
FY
20
0
4
FY
20
0
3
FY
20
0
FY
20
0
1
FY
20
0
0
FY
20
0
FY
20
0
2
4.0x
Major Media Average
P/FCF
8-yr avg = 19.9x
450.0x
3-yr avg = 14.2x
400.0x
382.8x
350.0x
300.0x
250.0x
200.0x
141.6x
150.0x
100.0x
17.2x
15.2x
15.4x
12.3x
15.2x
11.3x
E
E
20
12
FY
FY
20
11
20
10
20
09
FY
20
08
13.7x16.4x 19.3x
FY
20
07
FY
20
06
FY
20
05
NWSA
18.2x
20
13
13.9x
FY
22.3x
36.8x 49.9x
19.8x 19.3x 17.2x
FY
20
03
FY
FY
20
02
0.0x
38.3x
23.6x
FY
25.3x
20
04
18.6x
8.8x
FY
50.0x
Major Media Average
A member of BMO
Financial Group
322
April 2012
BMO Capital Markets
P/E
7-yr avg = 26.1x
80.0x
70.0x
72.2x
55.6x
60.0x
54.5x
50.0x
38.9x
45.8x
40.0x
33.4x
31.4x
41.5x
32.9x
30.0x
20.0x
3-yr avg = 14.6x
24.6x
30.2x 28.8x
28.2x
16.8x
10.0x
19.3x
20.9x
16.9x
16.2x
19.3x
16.6x 16.0x
28.6x
11.7x
9.1x
17.3x 14.2x 13.0x
11.5x
2.1x 10.7x
8.8x
14.0x
17.8x
24.3x
17.2x 16.2x 15.7x 18.1x
1.9x
FY
20
02
FY
20
03
FY
20
04
FY
20
05
FY
20
06
FY
20
07
FY
20
08
FY
20
09
FY
20
10
FY
20
11
FY
20
12
E
FY
20
13
E
FY
20
01
FY
20
00
0.0x
NWSA
Major Media Average
S&P 500
P/E vs. S&P 500
7-yr avg =1.5x
4.0x
3-yr avg = 0.9x
3.4x
3.5x
3.5x
3.0x
2.9x
2.0x
2.0x
2.6x
1.8x
1.8x
1.4x
1.5x
1.6x
1.8x
1.5x
1.0x
1.1x
1.8x
1.1x
1.4x
0.5x
1.0x
0.5x
0.9x
0.2x
0.5x
NWSA
20
13
E
E
FY
20
12
20
11
FY
20
10
FY
20
09
FY
20
08
FY
20
07
FY
20
06
FY
20
05
FY
20
04
FY
20
03
FY
20
02
FY
20
01
0.1x
FY
20
00
1.0x
0.8x
0.0x
FY
1.0x
1.0x
FY
2.5x
Major Media Average
A member of BMO
Financial Group
323
April 2012
A member of BMO
Financial Group
Net Income
324
25.7%
5.0%
31.9%
13.8%
6.0%
-31.5%
14.8%
18.9%
2,617.0
Operating Margins
Filmed Entertainment
Television
Cable Network Programming
DBS Television
Publishing
Other
Operating Margin
EBITDA Margin
18.6%
12.3%
35.2%
9.6%
8.7%
-52.3%
15.5%
19.1%
2,626.0
$0.30
$0.27
$775.0
$0.22
$0.22
$571.0
Shares Outstanding
EPS (excl. acctg. change)
Adjusted EPS
0.0
0.0
(206.0)
94.0
(17.0)
1,019.0
(210.0)
(34.0)
775.0
274.0
0.0
1,422.0
0.0
0.0
(220.0)
32.0
(32.0)
842.0
(245.0)
(26.0)
571.0
Other Expenses
Interest expense (net)
Equity in affiliates
Other, net
Pre-Tax Income
Provision for Taxes
Non-Controlling Interests
Income before cum. acctg. change
Loss on Disposition or Discontinued OPS
Cumulative effect of acctg. change
297.0
0.0
1,359.0
Other
Total EBITDA
280.0
105.0
659.0
82.0
178.0
(156.0)
1,148.0
$1,503.0
851.0
1,872.0
856.0
2,046.0
298.0
7,426.0
$1,521.0
765.0
1,606.0
927.0
1,980.0
400.0
7,199.0
391.0
38.0
513.0
128.0
118.0
(126.0)
1,062.0
F2011
September
F2010
Operating Income
Television
DBS Television
Publishing
Other
Total Adj Operating Income
Revenue
Television
DBS Television
Publishing
Other
Total Revenue
19.5%
14.4%
36.6%
12.9%
5.3%
-67.3%
17.4%
21.1%
2,612.0
$0.28
$0.32
$738.0
0.0
0.0
(222.0)
121.0
(221.0)
1,063.0
(277.0)
(48.0)
738.0
294.0
0.0
1,679.0
347.0
133.0
775.0
119.0
110.0
(99.0)
1,385.0
$1,778.0
923.0
2,120.0
922.0
2,069.0
147.0
7,959.0
F2012
News Corp
Quarterly Earnings Model (Fiscal Year Ends June)
-1%
-5%
-5%
4%
-8%
18%
24%
27%
18%
45%
-38%
37%
21%
18%
8%
13%
8%
1%
-51%
7%
%+/-
17.1%
2.3%
34.4%
-3.0%
-3.9%
-28.0%
8.2%
11.9%
2,622.0
$0.10
$0.25
$254.0
0.0
0.0
(253.0)
58.0
(96.0)
421.0
(137.0)
(30.0)
254.0
299.0
22.0
1,033.0
324.0
29.0
604.0
(30.0)
(90.0)
(125.0)
712.0
$1,898.0
1,248.0
1,756.0
1,008.0
2,327.0
447.0
8,684.0
F2010
10.4%
11.0%
37.2%
-1.3%
16.2%
-48.9%
14.7%
17.9%
2,628.0
$0.24
$0.29
$642.0
0.0
0.0
(202.0)
67.0
(287.0)
865.0
(190.0)
(33.0)
642.0
280.0
0.0
1,567.0
189.0
151.0
735.0
(12.0)
380.0
(156.0)
1,287.0
$1,809.0
1,369.0
1,974.0
944.0
2,346.0
319.0
8,761.0
F2011
December
19.0%
12.4%
40.8%
0.6%
10.2%
-124.0%
16.7%
19.8%
2,515.0
$0.42
$0.39
$1,057.0
0.0
0.0
(228.0)
142.0
89.0
1,500.0
(373.0)
(70.0)
1,057.0
281.0
0.0
1,778.0
393.0
189.0
882.0
6.0
218.0
(191.0)
1,497.0
$2,063.0
1,520.0
2,161.0
947.0
2,130.0
154.0
8,975.0
F2012
-4%
65%
65%
73%
-13%
13%
-43%
-22%
16%
108%
25%
20%
14%
11%
9%
0%
-9%
-52%
2%
%+/-
20.5%
3.4%
32.7%
3.7%
11.5%
-45.9%
14.3%
17.7%
2,627.0
$0.32
$0.32
$839.0
0.0
0.0
(227.0)
181.0
(51.0)
1,156.0
(295.0)
(22.0)
839.0
294.0
6.0
1,553.0
497.0
40.0
588.0
35.0
243.0
(150.0)
1,253.0
$2,422.0
1,168.0
1,798.0
954.0
2,116.0
327.0
8,785.0
F2010
March
16.0%
13.4%
36.0%
1.8%
1.7%
-76.0%
12.9%
16.3%
2,631.0
$0.24
$0.26
$639.0
0.0
0.0
(213.0)
111.0
(19.0)
939.0
(257.0)
(43.0)
639.0
283.0
(3.0)
1,343.0
248.0
192.0
735.0
17.0
36.0
(165.0)
1,063.0
$1,554.0
1,438.0
2,040.0
923.0
2,084.0
217.0
8,256.0
F2011
16.4%
13.7%
36.7%
2.3%
3.8%
-76.7%
15.1%
18.4%
2,495.0
$0.31
$0.31
$764.5
0.0
0.0
(225.0)
155.0
0.0
1,222.0
(415.5)
(42.0)
764.5
280.0
0.0
1,572.0
270.0
215.0
825.0
22.0
75.0
(115.0)
1,292.0
$1,650.0
1,575.0
2,250.0
957.0
1,950.0
150.0
8,532.0
F2012E
-5%
20%
20%
30%
-6%
17%
9%
12%
12%
29%
108%
30%
22%
6%
10%
10%
4%
-6%
-31%
3%
%+/-
7.7%
10.8%
30.0%
10.6%
9.2%
-48.7%
11.5%
15.4%
2,631.0
$0.33
$0.30
$875.0
0.0
0.0
(200.0)
177.0
(5.0)
904.0
(2.0)
(27.0)
875.0
295.0
20.0
1,247.0
137.0
113.0
563.0
97.0
196.0
(174.0)
932.0
$1,790.0
1,047.0
1,878.0
913.0
2,125.0
357.0
8,110.0
F2010
10.3%
20.8%
29.3%
14.0%
11.5%
-50.7%
15.1%
19.3%
2,636.0
$0.35
$0.36
$683.0
(254.0)
0.0
(219.0)
190.0
10.0
1,354.0
(372.0)
(45.0)
937.0
354.0
24.0
1,727.0
210.0
233.0
631.0
145.0
270.0
(137.0)
1,352.0
$2,033.0
1,120.0
2,151.0
1,038.0
2,350.0
270.0
8,962.0
0%
-22%
7%
50%
-10%
38%
45%
53%
106%
12%
49%
38%
14%
7%
15%
14%
11%
-24%
11%
%+/-
June
F2011
10.4%
22.2%
29.6%
14.2%
12.0%
11.5%
17.6%
20.5%
2,465.0
$0.39
$0.39
$950.6
(0.0)
(0.0)
(225.0)
137.0
(0.0)
1,563.0
(592.4)
(20.0)
950.6
270.0
0.0
1,921.0
225.0
268.0
698.0
153.0
267.0
40.0
1,651.0
$2,159.0
1,207.0
2,359.0
1,074.0
2,226.0
349.0
9,374.0
F2012E
-6%
39%
1%
15%
-3%
11%
22%
7%
15%
11%
6%
-1%
6%
8%
10%
3%
-5%
29%
5%
%+/-
17.7%
5.2%
32.2%
6.0%
5.5%
-37.6%
12.1%
15.9%
2,628.0
$0.97
$1.09
$2,539.0
0.0
0.0
(900.0)
448.0
(268.0)
3,323.0
(679.0)
(105.0)
2,539.0
1,185.0
84.0
5,228.0
1,349.0
220.0
2,268.0
230.0
467.0
(575.0)
3,959.0
$7,631.0
4,228.0
7,038.0
3,802.0
8,548.0
1,531.0
32,778.0
F2010
13.4%
14.3%
34.3%
6.2%
9.8%
-55.9%
14.5%
18.1%
2,633.0
$1.14
$1.18
$2,739.0
(254.0)
0.0
(840.0)
462.0
(313.0)
4,177.0
(1,029.0)
(155.0)
2,993.0
1,191.0
21.0
6,059.0
927.0
681.0
2,760.0
232.0
864.0
(617.0)
4,847.0
$6,899.0
4,778.0
8,037.0
3,761.0
8,826.0
1,104.0
33,405.0
F2011
18%
8%
8%
18%
26%
25%
16%
1%
-31%
210%
22%
1%
85%
-7%
22%
-10%
13%
14%
-1%
3%
-28%
2%
%+/-
16.1%
15.4%
35.8%
7.7%
8.0%
-45.6%
16.7%
19.9%
2,521.8
$1.39
$1.40
$3,510.1
0.0
0.0
(900.0)
555.0
(132.0)
5,348.0
(1,657.9)
(180.0)
3,510.1
1,125.0
0.0
6,950.0
1,235.0
805.0
3,180.0
300.0
670.0
(365.0)
5,825.0
$7,650.0
5,225.0
8,890.0
3,900.0
8,375.0
800.0
34,840.0
F2012E
-4%
22%
19%
28%
17%
28%
31%
15%
-6%
33%
18%
15%
29%
-22%
41%
20%
11%
9%
11%
4%
-5%
-28%
4%
%+/-
Fiscal Year Ending June
F2013E
15.9%
16.4%
35.6%
6.5%
8.6%
-43.3%
17.4%
20.4%
2,400.0
$1.61
$1.61
$3,855.0
0.0
0.0
(850.0)
600.0
0.0
6,000.0
(1,980.0)
(165.0)
3,855.0
1,075.0
0.0
7,325.0
1,230.0
900.0
3,480.0
265.0
700.0
(325.0)
6,250.0
$7,750.0
5,500.0
9,775.0
4,050.0
8,100.0
750.0
35,925.0
-5%
15%
10%
10%
12%
33%
6%
5%
0%
12%
9%
-12%
4%
11%
7%
1%
5%
10%
4%
-3%
-6%
3%
%+/-
F2014E
15.7%
16.5%
35.6%
6.6%
8.9%
-42.9%
17.9%
20.6%
2,300.0
$1.83
$1.83
$4,214.1
0.0
0.0
(800.0)
650.0
0.0
6,536.0
(2,156.9)
(165.0)
4,214.1
1,025.0
0.0
7,711.0
1,255.0
950.0
3,780.0
280.0
721.0
(300.0)
6,686.0
$8,000.0
5,750.0
10,625.0
4,250.0
8,100.0
700.0
37,425.0
-4%
14%
9%
9%
9%
33%
6%
5%
2%
6%
9%
6%
3%
8%
7%
3%
5%
9%
5%
0%
-7%
4%
%+/-
BMO Capital Markets
April 2012
BMO Capital Markets
News Corp
Balance Sheet
As Of
$/mil
Assets
Cash and cash equivalents
Receivables, net
Inventories, net
Other
Total current assets
6/30/2005
6/30/2006
6/30/2007
6/30/2008
6/30/2009
6/30/2010
6/30/2011
12/31/2011
$6,470
4,353
1,516
440
12,779
$5,783
5,150
1,840
350
13,123
$7,654
5,842
2,039
371
15,906
$4,662
6,985
2,255
460
14,362
$6,540
6,287
2,477
532
15,836
$8,709
6,431
2,392
492
18,024
$12,680
6,330
2,332
442
21,784
$9,432
7,151
2,872
669
20,124
673
10,268
2,366
4,346
12,517
10,944
799
41,913
593
10,601
2,410
4,755
11,446
12,548
1,173
43,526
437
11,413
2,626
5,617
11,703
13,819
822
46,437
464
3,284
3,064
7,021
14,460
18,620
1,033
47,946
282
2,957
3,178
6,245
8,925
14,382
1,316
37,285
346
3,515
3,254
5,980
8,306
13,749
1,210
36,360
350
4,867
4,198
6,542
8,587
14,697
955
40,196
412
4,499
4,594
5,940
8,277
15,018
1,072
39,812
$54,692
$56,649
$62,343
$62,308
$53,121
$54,384
$61,980
$59,936
$912
3,564
1,051
696
426
6,649
$42
4,047
1,007
801
476
6,373
$355
4,545
1,185
940
469
7,494
$281
5,695
1,288
1,084
834
9,182
$2,085
5,279
1,388
1,115
772
10,639
$129
5,204
1,682
1,135
712
8,862
$32
5,773
1,511
1,298
957
9,571
$0
5,344
1,784
1,316
958
9,402
10,087
3,543
4,817
219
11,385
3,536
5,200
281
12,147
3,319
5,899
562
13,230
4,823
5,456
994
12,204
3,027
3,276
343
13,191
2,979
3,486
325
15,463
2,908
3,712
242
15,454
2,973
3,571
587
Class A common at par
Class B common at par
Additional paid-in-capital
Retained earnings
Non-controlling interest
Total Liabilities and Shareholders' Equity
22
10
30,044
(699)
29,377
$54,692
22
10
28,153
1,689
29,874
$56,649
21
10
27,333
5,558
32,922
$62,343
18
8
17,214
11,383
28,623
$62,308
18
8
17,354
5,844
408
23,632
$53,121
18
8
17,408
7,679
428
25,541
$54,384
18
8
17,435
12,045
578
30,084
$61,980
17
8
16,701
10,728
495
27,949
$59,936
Debt
Cash
Preferreds
Net Debt + Preferreds
$10,999
(6,470)
0
$4,529
$11,427
(5,783)
0
$5,644
$12,502
(7,654)
0
$4,848
$13,511
(4,662)
0
$8,849
$14,289
(6,540)
0
$7,749
$13,320
(8,709)
0
$4,611
$15,495
(12,680)
0
$2,815
$15,454
(9,432)
0
$6,022
Non-current assets
Receivables
Investments
Inventories, net
Property, plant & equipment
Intangible assets
Goodwill
Other non-current assets
Total non-current assets
Total Assets
Borrowings
Accounts payable & accrued expenses
Participations, residuals & royalties payable
Program rights payable
Deferred revenue
Total current liabilities
Non-current liabilities
Borrowings
Other liabilities
Minority interest in subsidiaries
A member of BMO
Financial Group
325
April 2012
A member of BMO
Financial Group
326
2.0%
FY2012E
9.9%
2.1%
38.0%
20.0%
2,522
$22.20
$18.50
2,522
$24.37
$20.31
2,522
$26.55
$22.12
15,454
12,031
66,941
2,522
$20.03
$16.69
15,454
12,031
61,463
Shares outstanding
15,454
12,031
55,985
15,454
12,031
50,507
Less: debt
Plus: cash
PV Equity
$7,545
3.0%
1,236
$6,309
2,397
1,236
1,288
3,860
2.0
3,252
3,193
3,136
FY2014E
7.0x
8.0x
9.0x
10.0x
15,583
15,583
15,583
15,583
43,825
49,303
54,781
38,347
53,930
59,408
64,886
70,364
$58,865
67,274
75,683
84,092
$7,325
11.0%
1,075
$6,250
2,375
1,075
1,250
3,700
1.0
3,396
3,365
3,335
FY2013E
PV Enterprise Value
Terminal Value - FY2018E EBITDA
7.0x
8.0x
9.0x
10.0x
Assumptions
Terminal growth rate
Discount back to
WACC
Corporate tax rate
9.9%
$19.33
$48,745
$15,454
6.7%
38.0%
75.9%
24.1%
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
WACC
1.39
2.0%
7.0%
11.8%
8.9%
9.9%
10.9%
$1,041
6.7%
Est Annual Int Expense
Est Cost of Debt
WACC Calculation
Beta
Market risk premium
$6,600
8.9%
1,125
$5,475
2,081
1,125
1,200
3,320
$6,059
15.9%
1,191
$4,868
1,850
1,191
1,171
3,038
Amount
$15,454
($12,031)
$3,423
Debt Schedule
Projected cash
Net Debt
EBITDA
Yr/Yr %
EBIT
Less: CapX
Discount periods
FY2012E
FY2011
News Corp
$8,004
3.0%
1,572
$6,432
2,444
1,572
1,366
4,194
4.0
2,977
2,870
2,768
FY2016E
$8,244
3.0%
1,748
$6,496
2,468
1,748
1,407
4,369
5.0
2,846
2,719
2,599
FY2017E
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2,522
$19.19
$15.99
15,454
12,031
48,387
2,522
$21.26
$17.72
15,454
12,031
53,620
2,522
$23.34
$19.45
15,454
12,031
58,854
2,522
$25.41
$21.18
15,454
12,031
64,087
7.0x
8.0x
9.0x
10.0x
15,175
15,175
15,175
15,175
36,635
41,868
47,102
52,335
51,810
57,043
62,277
67,510
$7,771
3.0%
1,402
$6,369
2,420
1,402
1,326
4,025
3.0
3,112
3,028
2,947
FY2015E
06
4.3x
5.5x
6.7x
07
5.6x
6.9x
1.9x
5.8x
9.7x
08
09
10
7.0x
8.2x
2,522
$18.39
$15.32
15,454
12,031
46,374
2,522
$20.37
$16.98
15,454
12,031
51,376
2,522
$22.36
$18.63
15,454
12,031
56,378
2,522
$24.34
$20.28
15,454
12,031
61,380
7.0x
8.0x
9.0x
10.0x
14,784
14,784
14,784
14,784
35,013
40,015
45,017
50,019
49,797
54,799
59,801
64,803
05
4.5x
6.0x
7.6x
8.3x
9.5x
5-yr avg = 6.3x
6.5x
5.4x
4.3x
11
6.5x
5.5x
4.5x
12E
5.2x
5.9x
5.7x
BMO Capital Markets
April 2012
BMO Capital Markets
News Corp
$/mil
Net Income
Working Capital & Other
Operating Cash Flow
F2006
2,812.0
878.0
349.0
4,039.0
F2007
3,426.0
879.0
(195.0)
4,110.0
F2008
5,387.0
1,207.0
(2,669.0)
3,925.0
F2009
(3,378.0)
1,138.0
4,488.0
2,248.0
F2010
2,644.0
1,185.0
25.0
3,854.0
F2011
3,148.0
1,191.0
132.0
4,471.0
F2012E
3,510.1
1,125.0
90.0
4,725.1
F2013E
3,855.0
1,075.0
0.0
4,930.0
F2014E
4,214.1
1,025.0
0.0
5,239.1
Total Capital Expenditures*
976.0
1,308.0
1,443.0
1,101.0
914.0
1,171.0
1,200.0
1,250.0
1,300.0
Free Cash Flow
3,063.0
2,802.0
2,482.0
1,147.0
2,940.0
3,300.0
3,525.1
3,680.0
3,939.1
Shares Outstanding
FCF Per Share
3,228.0
$0.95
3,178.0
$0.88
2,971.0
$0.84
2,613.0
$0.44
2,628.0
$1.12
2,633.0
$1.25
2,521.8
$1.40
2,400.0
$1.53
2,300.0
$1.71
* Excludes Acquisitions
Source: Corporate documents, BMO Capital Markets estimates.
News Corporation
FY2012E
FY2013E
FY2014E
Operating
Operating
Operating
Income
Income
Income
FY2012E
FY2013E
FY2014E
Multiple
Valuation
Valuation
Valuation
$12,550.0
Operating Segments
Television (Network & Stations)
$1,065.0
$1,230.0
$1,255.0
10.0x
$10,650.0
$12,300.0
805.0
900.0
950.0
10.0x
8,050.0
9,000.0
9,500.0
3,180.0
3,480.0
3,780.0
14.0x
44,520.0
48,720.0
52,920.0
Sky Italia
300.0
265.0
280.0
9.0x
2,700.0
2,385.0
2,520.0
Publishing
575.0
700.0
721.0
6.0x
3,450.0
4,200.0
4,326.0
5,925.0
6,575.0
6,986.0
69,370.0
76,605.0
81,816.0
15,812.6
19,492.6
23,431.7
10,435.0
10,435.0
10,435.0
MySpace
0.0
0.0
0.0
NDS 49%
0.0
0.0
0.0
Phoenix Satellite 1.850 billion @ $0.25)
462.5
462.5
462.5
Sky Network TV NZ 170mm @ $3.59NZ)
610.0
610.0
610.0
Realestate.com (77mm @$9.75au)
510.0
510.0
510.0
Sky Deutscheland AG (245 million shares)
100.0
100.0
100.0
7,841.0
1,000.0
7,841.0
1,000.0
7,841.0
1,000.0
Total Operating Segments
Other Assets
BSkyB (172 mm shares)
Fox Interactive Media (FIM: Fox Internet, IGN, Jamba)
Sports (Kings, Rugby, Staples, FSN-Equity, Rockies, etc.)
Speedvision, Cinecanal, , News Outdoor-Intl, The Wireless Group, Telecine, FoxTel, etc.
Total Other Assets
375.0
375.0
375.0
4,600.0
4,600.0
4,600.0
41,746.1
45,426.1
49,365.2
111,116.1
122,031.1
131,181.2
(31,987.0)
(31,987.0)
(31,987.0)
$79,129.1
$90,044.1
$99,194.2
Shares Outstanding (Fully Diluted)*
2,521.8
2,400.0
2,300.0
Estimated PMV Per Share
$31.38
$37.52
$43.13
Source: Company reports, Bloomberg and BMO Capital Markets estimates.
A member of BMO
Financial Group
327
April 2012
BMO Capital Markets
News Corp
Debt Schedule
Est. as of
09/30/11
$0.0
$2,027.0
$9,939.0
$3,500.0
$0.0
$0.0
$0.0
$15,466.0
(Millions)
Bank loans
Notes 2013-2034
Notes due 2010-2096
Notes due 2020-2041
Liquid yield option 2021
Exchangeable securities
Other
Cash
Net Debt
Cost
3.0%
8.5%
6.8%
5.8%
3.5%
5.0%
6.0%
6.8%
$9,432.0
$6,034.0
Weighting
0.0%
13.1%
64.3%
22.6%
0.0%
0.0%
0.00%
100.0%
0
Weighted
Average
Cost
0.00%
1.12%
4.37%
1.30%
0.00%
0.00%
0.00%
6.79%
0.015
Interest
$0.0
$172.7
$675.9
$201.3
$0.0
$0.0
$0.0
$1,049.8
$141.5
$908.3
News Corp
Debt Maturities by Type, est. as of 9/30/11
$12,000
$0.0
$ in millions
$10,000
$8,000
$6,000
$11,770.2
$4,000
$2,000
$500.0
$898.0
2010
2011
2012
2013
2014
2015
Bank debt
$600.0
$400.0
$200.0
$0
2016
Corporate debt
2017
2018
$700.0
2019
$397.9
2020
Beyond
Other
A member of BMO
Financial Group
328
April 2012
BMO Capital Markets
$ in Millions
NWSA: Historical Debt Composition
$18,000
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
$32
$173
$220
$192
$160
$194
$10,839
$11,233
FY2005
FY2006
$15,463
$13,291
$14,116
$13,240
FY2008
FY2009
FY2010
$12,310
FY2007
$80
Notes/Public Debt/Other
FY2011
Bank Debt/Commerical Paper
NWSA: Net Debt and Leverage
16.0
7.0x
14.6
14.0
6.0x
$ in Billions
12.0
11.2
5.0x
10.0
8.8
4.0x
7.7
8.0
6.1
6.0
5.6
4.5
3.8
4.8
4.0
3.0x
4.6
2.0x
2.8
1.0x
2.0
-
0.0x
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011
Net Debt
Net Debt-to-EBITDA
A member of BMO
Financial Group
329
April 2012
BMO Capital Markets
RealD
(RLD - $11.96; Outperform)
Company Description
RealD Inc. is the leading global provider of 3-D cinema
systems. RealD also offers RealD Display, active and passive
eyewear, and RealD Format technologies to consumer
electronics manufacturers, and content producers and
distributors to enable the delivery and viewing of 3D content
on high-definition televisions, laptops, and other displays. The
company has 19,700 systems in place globally (approximately
11,500 domestic, 8,200 international) with all of the leading
domestic and most of the leading international theater
operators. RealD systems enjoy a rough 80% domestic market
share and a roughly 40% international market share.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$11.96
$36/$8
$651
54.5
na
Target Price
Dividend
Yield
Float O/S (mm)
$15
--38.9
419
Price Performance
REALD INC (RLD)
Relative to S&P 500
160
35
140
30
120
25
100
20
80
15
60
10
40
5
20
Volume (mln)
15
15
10
RealD is the dominant leading provider of 3-D cinema
systems. We believe the worldwide customer demand for 3-D
films will continue to grow as the quantity of films expands
and quality of 3-D improves. We think RLD is uniquely
positioned to capitalize on this expected favorable 3-D box
office trend. We view any progress toward an expanded
consumer electronics business to represent upside for
investors. We have a 9- to 15-month price target of $15 for
RLD. Our target is based on a 10.0x EV/EBITDA multiple.
We rate RLD OUTPERFORM.
10
5
0
5
Q3
Q4
Q1
Q2
Q3
Q4
0
Q1
2011
(FY-Mar.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
-$2.09
2011A
-$0.29
-$2.09
-$0.29
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
-$0.59
-$1.60
$17
$56
$150
$246
1Q
$0.09
$0.17A
2Q
-$0.12
$0.33A
Quarterly EPS
2011A
2012E
2012E
$0.49
24.4x
$0.49
$0.49
2013E
$0.37
32.3x
$0.43
$0.37
-$0.44
nm
$89
7.2x
$253
2.6x
-$0.02
nm
$86
7.5x
$291
2.2x
3Q
-$0.34
$0.05A
4Q
$0.08
-$0.06
Net Debt ($mm)
-$4
TotalDebt/EBITDA
0.3x
Total Debt ($mm)
$25
EBITDA/IntExp
91.2x
Net Debt/Cap.
nm
Price/Book
3.5x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
330
April 2012
BMO Capital Markets
Momentum
 More 3D screens, growing to 25,000 by 2014.

More 3D movies, growing to 40-45 annually in 2012.

Patents and creative relationships significantly raise barriers to U.S. entry.

Capturing greater theatrical 3-D market share internationally.
Challenges
 Eyewear losses neutralized in FY2012, but Sony and other studios are likely to shed eyewear subsidies starting in 2012.

Understanding of consumer electronics opportunity: display, format, eyewear, etc.

3-D box office percentages quite variable.

Consumer electronics opportunities are unquantifiable.

Margin fluctuations.

Auditing China and India admissions, per film license less profitable.
Risks
The primary risks to our target include technological obsolescence, consumer shifts away from 3-D, sentiment around
percentages of box office from 3-D, poor uptake of IP in consumer electronics, underperformance of 3-D films, changes in
the license and eyewear business model, potential for patent challenges, and general market and economic conditions.
A member of BMO
Financial Group
331
April 2012
A member of BMO
Financial Group
332
24,201
($0.41)
1,612
(4,558)
-17.8%
5,978
1,420
5.6%
80.2%
-7.0%
11.2%
-24.1%
-38.5%
2,600
Diluted shares
GAAP EPS
Depreciation
EBITDA
EBITDA margin
Adjustments
Adjusted EBITDA
Adjusted EBITDA margin
Gross margins
License
Product and other
Total gross margin (incls. exhbitor option)
Operating margin (incls. exhibitor option)
Net margin (incls. exhibitor option)
Installed base - RealD systems
Installations q/q
Installations y/y
3
18,800
($9,844)
Net income attributable to RealD stockholders
Average screens
Estimated RLD admissions (000's)
Attendance per average screen (000's)
3-D Films released
237
(3,092)
Non-controlling interests
Accretion of preferred stock/undist. Earnings
($6,989)
(282)
(10)
(6,462)
Interest expense, net
Other income (loss)
Pre-tax income
Discontinued operations
Net income
(6,170)
Operating income
527
($6,989)
2,400
3,902
1,899
720
112
9,033
Taxes
Net income from continuing operations
2,863
Operating expenses
R&D
Sales & marketing
G&A
Sales & use tax
Property tax
Total operating expenese
6,411
59,159
9.2
3
7,500
2,179
4,900
7.1%
4.6%
88.6%
-12.5%
27.7%
1,367
8,623
13.4%
7,256
11.2%
2,668
$0.09
31,073
$2,946
(1,060)
(5,846)
$9,852
827
$9,852
(519)
6,610
10,679
4,588
2,979
4,105
6,230
13,314
17,902
2,995
43,623
46,618
$26,220
38,792
(492)
64,520
$11,517
19,083
(5,036)
25,564
2,286
20,415
22,701
June
1Q11
1Q10
Gross profit
Cost of sales
License
Product and other
Total cost of sales
(thousands)
Net revenues
License
Product, Royalties and other
Exhibitor options
Total net sales
RealD
Income Statement FY2010 - FY2013E
16,250
82,308
5.1
8
17,500
2,500
10,000
25.2%
16.1%
82.0%
25.3%
59.3%
3,017
24,130
40.5%
21,113
35.4%
6,098
$0.17
57,781
$9,595
193
-
$9,402
5,252
$9,402
(211)
(150)
14,654
15,015
4,645
7,229
8,430
20,304
35,319
6,416
17,825
24,241
$35,711
23,849
0
59,560
39%
180%
129%
226%
-5%
-5%
36%
37%
59%
227%
53%
35%
76%
56%
97%
-48%
-59%
114%
-8%
-39%
36%
1Q12 % chg
4
26,600
3,300
-3.6%
-14.0%
86.6%
-22.6%
21.5%
2,129
2,517
6.5%
8,400
74,736
8.9
8
9,300
1,800
6,000
-5.1%
-7.8%
90.5%
-15.8%
21.2%
14,159
14,231
21.8%
72
0.1%
3,376
388
1.0%
($0.12)
1,765
42,856
($5,123)
187
(1,096)
($4,214)
824
($4,214)
(283)
197
(3,390)
(3,304)
3,425
5,333
8,369
17,127
13,823
3,364
48,135
51,499
35,318
41,560
(11,556)
65,322
September
2Q11
($0.22)
24,554
($5,410)
228
(3,093)
($2,545)
426
($2,545)
(292)
(450)
(2,119)
(1,377)
2,605
3,879
1,878
1,133
208
9,703
8,326
2,255
28,102
30,357
16,864
22,913
(1,094)
38,683
2Q10
18,100
126,783
7.0
12
18,700
1,200
9,400
25.6%
21.5%
71.7%
14.6%
48.3%
12,443
42,006
47.7%
29,563
33.6%
7,054
$0.33
56,788
$18,905
(272)
-
$19,177
4,159
$19,177
(272)
1,099
23,336
22,509
3,755
6,466
9,792
20,013
42,522
14,703
30,770
45,473
$51,981
36,014
0
87,995
70%
195%
469%
555%
555%
18%
788%
4%
781%
17%
17%
21%
10%
208%
-12%
-36%
337%
35%
-13%
47%
2Q12 % chg
3
31,900
4,286
-36.5%
-50.2%
83.8%
-12.6%
-4.7%
12,528
4,077
13.5%
(8,451)
-28.0%
2,565
($0.61)
24,691
($15,159)
220
(3,100)
($12,279)
478
($12,279)
(575)
(210)
(11,801)
(11,016)
2,322
3,342
2,276
1,470
174
9,584
(1,432)
2,631
28,996
31,627
$16,246
25,742
(11,794)
30,195
3Q10
10,300
80,186
7.8
9
11,300
2,000
7,014
-25.3%
-28.7%
87.0%
-19.0%
10.6%
26,217
16,908
29.3%
(9,309)
-16.1%
5,309
($0.34)
48,760
($16,587)
181
-
($16,768)
1,648
($16,768)
(71)
(431)
(15,120)
(14,618)
4,347
5,813
10,596
20,756
6,138
5,301
46,341
51,642
40,798
38,942
(21,960)
57,780
December
3Q11
-
19,200
69,400
3.6
8
19,700
1,000
8,400
3.1%
5.8%
67.7%
22.9%
48.9%
5,282
14,229
29.0%
8,947
18.2%
7,406
$0.05
56,385
$2,833
70
$2,763
(2,241)
$2,763
(227)
(792)
522
1,541
4,336
6,564
11,513
22,413
23,954
9,202
15,870
25,072
$28,454
20,572
0
49,026
-13%
-16%
117%
116%
116%
-429%
103%
-220%
111%
8%
9%
13%
0%
290%
-51%
-66%
74%
-15%
-47%
-30%
3Q12 % chg
2
60,400
5,321
-28.3%
-37.6%
93.6%
-30.2%
-0.9%
22,284
8,631
15.6%
(13,654)
-24.6%
2,010
($0.84)
24,691
($20,812)
211
(3,087)
($17,936)
1,249
($17,936)
(581)
(442)
(16,687)
(15,664)
3,694
5,688
9,585
15,150
(514)
2,291
53,627
55,918
$35,521
41,194
(21,310)
55,404
4Q10
13,150
71,536
5.4
8
15,000
3,700
9,679
9.4%
7.6%
84.2%
11.9%
51.1%
6,209
15,949
27.3%
9,740
16.6%
4,222
$0.08
57,028
$4,467
162
0
$4,305
973
$4,305
(46)
(194)
5,278
5,518
4,831
8,888
10,640
24,359
29,877
6,334
22,303
28,637
$40,087
25,319
(6,892)
58,514
March
4Q11
20,200
79,509
3.9
8
20,700
1,000
5,700
-6.9%
-6.5%
69.6%
-0.3%
37.8%
4,086
8,983
16.0%
4,897
8.7%
8,767
($0.06)
57,000
($3,637)
209
0
($3,846)
(296)
($3,846)
(270)
(1)
(4,141)
(3,870)
4,714
9,341
11,065
25,120
21,250
9,310
25,608
34,917
$30,634
25,533
(0)
56,167
11%
-44%
-181%
-189%
-189%
7%
-178%
-170%
3%
4%
5%
-2%
-29%
22%
15%
47%
-4%
1%
-24%
4Q12E % chg
3,715
137,700
37.1
12
5,321
na
3,213
-22.8%
-34.2%
88.2%
-20.4%
6.2%
42,919
16,644
11.1%
(26,275)
-17.5%
7,952
($2.09)
24,534
($51,225)
896
(12,372)
($39,749)
2,680
($39,749)
(1,730)
(1,112)
(37,069)
(34,227)
11,021
16,811
15,638
43,470
9,243
9,463
131,140
140,603
$80,148
108,932
(39,234)
149,846
FY2010
10,161
285,617
28.1
28
15,000
na
9,679
-3.2%
-5.0%
87.4%
-10.9%
27.5%
47,952
55,711
22.6%
7,759
3.2%
15,575
($0.29)
41,933
($12,289)
(530)
(4,934)
($6,825)
(4,272)
($6,825)
(919)
6,182
(2,553)
(7,816)
15,582
24,139
35,835
75,556
67,740
17,994
160,402
178,396
$142,423
144,613
(40,900)
246,136
133%
107%
235%
76%
83%
83%
93%
77%
74%
129%
44%
41%
633%
27%
22%
90%
64%
33%
78%
17,850
358,000
20.1
36
20,700
na
5,700
13.9%
11.0%
73.0%
15.0%
48.7%
24,828
89,348
35.4%
64,520
25.5%
29,325
$0.49
56,989
$27,696
200
0
$27,496
6,874
$27,496
(980)
156
34,371
35,195
17,450
29,600
40,800
87,850
123,045
39,631
90,073
129,703
$146,780
105,968
0
252,748
29%
25%
60%
325%
503%
503%
1446%
550%
16%
14%
23%
12%
82%
-27%
-44%
120%
3%
-27%
3%
Year Ended March
FY2011 % chg
FY2012E % chg
.
22,600
412,000
18.2
45
24,500
na
3,800
10.7%
7.4%
75.0%
-0.5%
43.3%
18,000
86,331
29.7%
68,331
23.5%
37,129
$0.37
58,000
$21,508
800
0
$20,708
9,745
$20,708
(750)
0
30,452
31,202
94,878
18,846
31,968
44,064
126,080
42,230
122,562
164,792
25%
15%
-3%
-22%
-25%
-25%
-11%
-11%
8%
8%
8%
8%
2%
27%
36%
7%
15%
15%
15%
FY2013E % chg
$168,920
121,952
0
290,872
BMO Capital Markets
April 2012
BMO Capital Markets
RealD
Balance Sheet
$9,448
5,460
828
26
3,018
18,780
$15,704
$13,134
$16,936
$29,180
11,264
2,514
1,271
9,243
39,996
51,184
6,539
4,349
2,970
78,176
50,676
54,971
1,029
1,922
125,534
44,015
46,020
2,613
121,828
PP&E, net
Cinema systems, net
Digital projectors held for sale
Goodwill
Other intangibles
Other assets
1,295
14,432
21,058
10,657
4,534
55
1,088
17,792
24,671
10,657
2,239
105
2,558
40,623
25,521
10,657
2,024
2,587
7,889
122,226
10,475
10,657
1,918
1,448
10,970
142,954
4,360
10,657
1,788
5,723
Total Assets
70,811
96,548
162,146
280,147
298,280
Current Liabilities
Current portion of LT debt/credit facility
Accounts payable
Accrued expenses
Deferred revenue
Other current liabilities
1,028
1,903
7,384
18,665
26
29,006
2,357
12,694
5,880
28,604
18
49,553
29,365
37,625
24,608
19,430
1,254
112,282
58,713
40,118
14,176
2,291
115,298
26,584
27,457
7,820
4,585
66,446
6,938
8,147
652
12,506
1,271
8,186
6,518
2,031
4,413
14,144
8,331
19
0
14,106
5,624
25,000
14,193
3,679
Total Liabilities
44,743
78,034
141,201
135,047
109,318
Commitments and contingencies
40,633
50,459
62,831
Shareholder Equity
Common stock
Retained earnings
Total Shareholder Equity
42,287
(60,603)
3,751
(14,565)
51,091
(86,066)
3,030
(31,945)
93,271
(137,291)
2,134
(41,886)
292,904
(149,580)
1,776
145,100
305,424
(118,247)
1,785
188,962
Total Liabilities and Shareholder Equity
$70,811
$96,548
$162,146
$280,147
$298,280
Long term debt
Income tax payable
Deferred revenue
Virtual print fee liability and depsosits & other
2008
Fiscal Year Ended March
2009
2010
(thousands)
ASSETS
Current Assets
Cash
Investments
Receivables
Inventories
Deferred taxes
Prepaids and others
2011
-
12/23/11
-
A member of BMO
Financial Group
333
April 2012
A member of BMO
$11,583
$13,417
Projected cash
Net Debt
Financial Group
$11.96
$681,582
334
20.0%
Shares outstanding
30.0%
Corporate tax rate
8.5%
34.7%
WACC
2012E
PV Equity
Less: debt
Plus: cash
$13.99
$16.79
56,989
956,650
11,583
25,000
970,067
761,173
9.0x
PV Enterprise Value
(10,659)
72,000
(10,000)
29,325
18,007
$60,023
2013E
11,478
11,584
11,692
1.0
12,570
55,000
(4,000)
37,129
14,761
$49,202
37,129
-3.4%
$86,331
$15.23
$18.27
56,989
1,041,225
11,583
25,000
1,054,642
845,748
208,893
10.0x
$16.46
$19.75
56,989
1,125,800
11,583
25,000
1,139,216
930,323
208,893
11.0x
2014E
208,893
12.0x
45,574
46,417
47,285
2.0
54,659
20,000
(4,000)
42,629
15,442
$51,472
42,629
9.0%
$94,101
$17.70
$21.24
56,989
1,210,375
11,583
25,000
1,223,791
1,014,898
1,458,038
1,336,534
1,215,031
$1,093,528
208,893
2.5%
8.5%
WACC
8.5%
9.5%
3.5%
Debt/(MV+debt)
12.0x
11.0x
10.0x
9.0x
Assumptions
96.5%
MV/(MV+debt)
5.0%
30.0%
Corporate tax rate
$25,000
8.7%
Market risk premium
Book Debt & Capital Leases
7.0%
0.95
2.0%
Beta
7.5%
(32,267)
Discount periods
102,172
Less: CapX
26,186
15,737
Plus: Other non-cash & wc
11,992
$39,974
29,325
60.4%
15,737
234.7%
2012E
$89,348
2011
$55,711
Less: Tax
EBIT
Adjusted EBITDA
Yr/Yr %
WACC Calculation
5.0%
$25,000
Debt
Cost of Debt
Amount
Debt Schedule
(Millions excpet per-share amounts)
RealD
2015E
2016E
46,453
48,189
50,007
4.0
66,820
20,000
(4,000)
46,629
18,939
$63,130
46,629
8.0%
$109,759
2017E
46,699
48,891
51,207
5.0
73,566
20,000
(4,000)
48,629
20,973
$69,911
48,629
8.0%
$118,540
$13.39
$16.07
56,989
915,775
11,583
25,000
929,191
726,742
202,450
9.0x
$14.57
$17.49
56,989
996,524
11,583
25,000
1,009,940
807,491
202,450
10.0x
$15.75
$18.90
56,989
1,077,273
11,583
25,000
1,090,689
888,240
202,450
11.0x
46,083
47,369
48,703
3.0
60,529
20,000
(4,000)
44,629
17,100
$57,000
44,629
8.0%
$101,629
$16.93
$20.32
56,989
1,158,022
11,583
25,000
1,171,439
968,989
202,450
12.0x
$12.82
$15.39
56,989
877,032
11,583
25,000
890,448
694,162
196,286
$13.95
$16.74
56,989
954,161
11,583
25,000
967,578
771,291
196,286
10.0x
$15.08
$18.10
56,989
1,031,290
11,583
25,000
1,044,707
848,420
196,286
11.0x
12.0x
925,549
196,286
$16.21
$19.45
56,989
1,108,419
11,583
25,000
1,121,836
9.0x
BMO Capital Markets
April 2012
BMO Capital Markets
RealD
Cash Flow Statement
(thousands)
Cash from Operating Activities
Net income
Other non-cash
Changes in working capital
Net Cash Provided by Operating Activities
FY2009
FY2010
FY2011
FY2012E
FY2013E
($16,364)
5,598
9,542
11,358
10,134
($39,749)
7,952
45,028
1,904
15,135
($6,825)
15,737
39,928
(13,742)
35,098
$27,496
29,325
21,000
(31,000)
46,821
$20,708
37,129
15,000
(19,000)
53,836
(5,896)
(29,499)
(102,172)
(72,000)
(55,000)
Free cash flow
Shares
Free cash flow per share
4,238
24,027
$0.18
(14,364)
24,534
($0.59)
(67,074)
41,933
($1.60)
(25,179)
56,989
($0.44)
(1,164)
58,000
($0.02)
Acquisitions
Other
Subtotal investing cash flows
(6,211)
(12,107)
(137)
(29,636)
15,141
(87,031)
(72,000)
(55,000)
Common stock issued
Treasury stock
Issuance of debt
Repayment of debt
Excess tax benefits
Other
Sub-total financing cash flows
1,994
86,471
1,500
1,500
Capital expenditures
FX impact
Net increase in cash
Cash at beginning of year
Cash at end of year
37
8,470
(2,241)
15,000
(3,106)
5,000
(34,848)
22,689
(30,000)
6
8,229
11,931
(888)
55,735
24,189
(28,500)
-
-
-
-
-
6,256
9,448
15,704
(2,570)
15,704
13,134
3,802
13,134
16,936
(990)
16,936
15,946
(29,664)
15,946
(13,717)
A member of BMO
Financial Group
335
April 2012
BMO Capital Markets
(RGC - $13.27; Outperform)
Company Description
Regal Entertainment Group operates a geographically diverse
theater circuit in the US, consisting of 6,614 screens in 527
theaters in 40 states with 2,767 3-D enabled screens. The
company was built over the past ten years through the
combination of the Regal, United Artists, Edwards, Hoyt,
Signature, Eastern Federal, and Consolidated Theaters (among
others). Regal’s 22.1 million shares of National CineMedia,
the largest on-screen advertiser and event programmer in the
U.S., are valued at $340 million. Regal should benefit from
anticipated healthy box office trends in the first and fourth
quarters and 3-D films available in 2012. The company has
2,767 3-D capable screens representing almost 42% of its
circuit.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$13.27
$15/$11
$2,053
154.7
na
Selected Bond Iss
RGC 9.125% '18
RGC 8.625% '19
Target Price
Dividend
Yield
Float O/S (mm)
110 B3 / B6.41%
110 B2 / B5.66%
$19
$0.84
6.3%
72.1
2,114
Spread
592bp
517bp
Price Performance
REGAL ENTMT GROUP (RGC)
Relative to S&P 500
120
24
110
22
20
100
18
16
90
14
80
12
10
70
8
6
60
Volume (mln)
100
Regal is the largest theater operator in the US. National
CineMedia, Inc (NCMI) provides a lucrative revenue stream
for its theater chains and has created substantial shareholder
value. Management has distributed roughly $21 per share in
cash dividends to shareholders over the past nine years. Regal
should generate meaningful free cash flow in 2012 to de-lever
or expand through acquisition if an accretive opportunity
arises. Its dividend yield of 6.3% is also highly attractive to
investors, in our view. We have a 9- to 15-month price target
of $19 for RGC. Our target is based on an 8.0x EV/EBITDA
multiple, plus for the implied value of its National CineMedia
stake. We rate RGC OUTPERFORM.
100
50
0
50
2007
2008
2009
2010
0
2011
(FY-Dec.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$0.46
2011A
$0.48
$0.50
$0.26
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$1.27
$1.85
$496
$486
$2,808
$2,682
1Q
-$0.04
$0.11
2Q
$0.24
$0.27
Quarterly EPS
2011A
2012E
2012E
$0.72
18.4x
$0.73
$0.72
2013E
$0.77
17.2x
$0.78
$0.77
$2.03
6.5x
$535
7.1x
$2,901
1.3x
$2.05
6.5x
$554
6.9x
$3,032
1.3x
3Q
$0.19
$0.23
4Q
$0.10
$0.11
Net Debt ($mm)
$1,763
TotalDebt/EBITDA
3.8x
Total Debt ($mm)
$2,016
EBITDA/IntExp
3.8x
Net Debt/Cap.
122.0%
Price/Book
-3.6x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
336
April 2012
BMO Capital Markets
Momentum
 Regal controls close to 17% of total screens in North America and a similar percentage of the domestic box office.

Its dividend yield (6.3%) and adjusted EBITDA multiple make it attractive to value and income-oriented mid-cap
investors, in our view.

Consolidation (Hoyts, Signature Eastern Federal circuits, Consolidated) at accretive valuations can still enhance
EBITDA and EPS growth longer term.

Regal has a significant opportunity to leverage its dominance of most of the top 50 DMAs in the online and event
(sports, opera, concerts, WWE, etc.) businesses.

Should be a major beneficiary of positive box office trends and digital 3-D content and pricing in 1Q12 and 4Q12.

Industry consolidation is likely in 2012-2013 as the expense of digitalization looms for smaller circuits. We see this as
an opportunity for RGC to do regional tuck-in acquisitions.

A $316 million stake in NCMI is worth $2.05 per RGC share.
Challenges
 Industry revenue fluctuations on success quotient of film product released.

NCMI’s growth has been volatile in tandem with the advertising environment.

Indexing consistently with the industry.
Risks
The primary risks to the company include geopolitical events, health, and general market conditions, variability of feature
film success, or action by the company’s principal and controlling shareholders that could be at odds with the public equity
holders or trader interest.
A member of BMO
Financial Group
337
April 2012
BMO Capital Markets
EV/EBITDA*
5-yr avg = 7.6x
11.0x
9.9x
10.0x
9.4x
9.5x
9.0x
9.8x
8.0x
8.8x
7.8x
7.0x
6.6x
6.1x
6.0x
5.0x
9.2x
8.2x
7.1x
7.0x
9.4x
8.1x
7.1x
6.5x
7.1x
6.6x
7.7x
6.6x
2011
2012E
6.2x
5.6x
4.0x
3.0x
2.0x
2002
2003
2004
2005
*excludes equity stake in NCMI
2006
2007
RGC
2008
2009
2010
Averages
A member of BMO
Financial Group
338
April 2012
A member of BMO
Financial Group
339
133.0
6,739
300
19.7
20.0
545
12.4
$102.5
58.6
8.7
$8.64
$3.16
Theater Level Cash Flow
Screens At Period End
3-D Screens
Cash Flow/Avg Screen (000)
Adj. EBITDA per screen
Theaters At Period End
Average Screens Per Theater
Adm + Con Revenue Per Avg Screen (000)
Attendance (mm)
Attendance Per Avg Screen (000)
Avg Ticket Price
Per Capita/ Concessions
Source: BMO Capital Markets estimates and Company reports.
47.3%
85.7%
18.8%
8.5%
40.4%
$229.8
Admissions Margin
Concession Margin
Adjusted EBITDA Margin
Operating Margin
Tax Rate
$135.1
154.8
ADJUSTED EBITDAR (ex one time items)
($0.04)
($0.15)
$0.16
$0.11
Adjusted EPS
Reported EPS
ADJUSTED EBITDA (ex one time items)
(38.0)
14.3
0.1
($23.6)
27.5
(11.1)
0.1
$16.5
Pre-Tax Income
Income Taxes
Extraordinary Items /minority interest
Net Income
85.2
6,670
2,256
12.8
12.6
535
12.5
$81.8
46.3
6.9
$8.52
$3.27
50.3%
86.5%
14.7%
1.7%
37.6%
$177.5
$83.8
153.6
(21.9)
(0.4)
(47.7)
(13.1)
(1.0)
(33.4)
9.7
(39.0)
13.6
0.0
0.0
60.9
196.2
20.5
93.7
175.3
16.8
52.0
6.7
0.0
0.0
0.0
561.2
570.9
719.8
266.7
26.5
94.7
198.9
15.9
56.2
0.0
0.0
0.0
0.0
658.9
$394.4
151.3
25.2
$506.0
185.0
28.8
March
2011
2010
(36.0)
16.7
0.0
0.0
%+/-
Other Income (Expenses)
Equity in investees & related payments
Gain on sale of NCM Transaction
Gain On Sale of Fandango
Impairment on Real D Investment
Loss on Debt Extinguishment
Non-controlling interests & other
Total Other Income
Operating Income
Operating Expenses
Concessions
Rent
Other theater
G&A
Theater closing costs
Joint Venture Equity
Litigation Settlement (Gain)
Asset Impairment and Disposal (Gain)
Net Revenue
Revenue
Admissions
Concessions
Other
Regal Entertainment Group (RGC)
Quarterly Income Statement
120.5
6,625
2,775
18.2
17.9
523
12.7
$95.5
52.0
7.8
$8.85
$3.33
50.0%
86.4%
18.0%
8.3%
38.0%
$216.6
$118.6
154.2
$0.11
$0.11
26.7
(10.2)
0.0
$16.6
0.0
(6.0)
(28.0)
(36.0)
14.0
0.0
0.0
54.7
230.0
23.5
98.0
188.0
17.8
48.0
0.0
0.0
0.0
0.0
605.3
660.0
$460.0
173.0
27.0
2012E
42.4%
42.5%
-2.2%
1.6%
16.8%
12.4%
13.2%
3.8%
1.7%
41.5%
-0.7%
22.0%
41.5%
38.0%
41.3%
464.2%
7.9%
17.2%
14.5%
4.6%
7.2%
6.0%
-7.7%
15.6%
16.6%
14.3%
7.1%
%+/-
140.2
6,777
725
20.7
18.9
547
12.4
$103.1
57.8
8.5
$8.75
$3.33
46.7%
86.1%
17.6%
9.0%
47.8%
$222.7
$128.4
154.4
$0.03
$0.12
9.0
(4.3)
0.1
$4.8
(18.4)
(6.2)
(57.0)
(35.7)
3.3
0.0
0.0
66.0
269.8
26.8
94.3
199.6
17.2
54.4
0.0
0.0
0.0
2.6
664.7
730.7
$506.0
192.6
32.1
2010
.
June
166.1
6,653
2,773
25.0
23.4
534
12.5
$108.1
59.3
8.9
$8.75
$3.37
47.4%
86.4%
20.7%
12.9%
41.1%
$252.7
$155.9
154.4
$0.23
$0.24
59.1
(24.3)
0.0
$34.8
0.0
(3.8)
(37.8)
(37.6)
3.6
0.0
0.0
96.9
273.1
27.3
96.8
190.0
16.0
49.8
0.0
0.0
0.0
3.4
656.4
753.3
$519.3
200.2
33.8
2011
171.1
6,625
2,775
25.8
24.1
522
12.7
$113.8
60.0
9.1
$9.08
$3.48
47.3%
86.5%
20.3%
13.5%
38.0%
$261.8
$159.8
154.2
$0.27
$0.27
67.9
(25.8)
0.0
$42.1
0.0
(6.0)
(38.0)
(36.0)
4.0
0.0
0.0
105.9
287.2
28.2
102.0
198.5
17.2
48.0
0.0
0.0
0.0
0.0
681.1
787.0
$545.0
209.0
33.0
2012E
3.4%
2.9%
-2.2%
1.9%
5.2%
1.1%
1.5%
3.8%
3.3%
3.0%
-0.4%
3.6%
2.5%
38.0%
-0.5%
9.3%
3.8%
5.2%
3.4%
5.4%
4.5%
7.5%
-3.6%
4.5%
4.9%
4.4%
-2.4%
%+/-
122.4
6,723
1,150
18.2
17.3
542
12.4
$99.5
56.4
8.4
$8.62
$3.25
47.6%
85.8%
16.7%
8.3%
37.4%
$213.2
$116.5
154.3
$0.28
$0.07
68.0
(25.4)
0.0
$42.6
(4.0)
(8.5)
9.9
(38.3)
8.7
52.0
0.0
58.1
254.7
25.9
96.7
196.7
16.5
51.9
0.0
0.0
0.0
(4.1)
638.3
696.4
$486.1
183.0
27.3
2010
152.0
6,605
2,773
23.0
22.2
528
12.5
$107.8
58.7
8.9
$8.78
$3.36
46.9%
86.4%
19.7%
10.9%
36.9%
$241.8
$146.3
154.5
$0.16
$0.19
39.6
(14.6)
0.0
$25.0
0.0
(13.3)
(41.5)
(37.2)
9.0
0.0
0.0
81.1
273.5
26.9
95.5
195.7
16.9
48.0
0.0
0.0
0.0
6.0
662.5
743.6
$514.9
197.2
31.5
2011
154.0
6,625
2,775
23.2
22.3
520
12.7
$113.2
60.0
9.1
$9.08
$3.42
46.0%
86.5%
18.8%
11.2%
38.0%
$248.5
$147.5
154.2
$0.23
$0.23
56.5
(21.5)
0.0
$35.0
0.0
(6.0)
(31.5)
(35.0)
9.5
0.0
0.0
88.0
294.3
27.7
101.0
206.0
18.0
48.0
0.0
0.0
0.0
0.0
695.0
783.0
$545.0
205.0
33.0
2012E
September
1.0%
0.5%
-1.5%
1.8%
5.0%
2.3%
2.0%
3.5%
1.6%
1.3%
0.3%
2.7%
0.8%
38.0%
24.1%
8.5%
4.9%
7.6%
2.9%
5.8%
5.3%
6.5%
0.0%
5.3%
5.8%
4.0%
4.8%
%+/-
118.2
6,698
1,703
17.6
17.4
539
12.4
$92.8
51.6
7.7
$8.88
$3.17
48.6%
86.6%
17.6%
4.7%
36.8%
$212.9
$116.3
154.5
$0.09
$0.12
21.5
(7.9)
0.1
$13.7
12.0
4.7
(9.3)
(38.1)
12.1
(0.0)
0.0
30.8
235.5
21.9
96.6
188.8
17.1
50.9
0.0
0.0
0.0
19.4
630.2
661.0
$458.2
163.7
39.1
2010
102.2
6,614
2,767
15.5
15.0
527
12.6
$86.7
47.7
7.2
$8.68
$3.34
49.1%
86.3%
16.2%
5.5%
237.1%
$194.9
$99.4
154.7
$0.03
$0.10
(2.9)
6.9
0.1
$4.1
(35.9)
11.7
0.0
0.0
(13.9)
(0.0)
1.6
(36.5)
33.6
210.9
21.9
95.5
183.4
16.1
47.8
0.0
0.0
0.0
4.7
580.3
613.9
$414.0
159.3
40.6
118.2
6,629
2,775
17.8
16.5
524
12.7
$94.7
52.0
7.8
$8.75
$3.33
48.8%
86.6%
16.3%
7.9%
38.0%
$208.3
$109.3
154.2
$0.11
$0.11
27.1
(10.3)
0.0
$16.8
(0.0)
(2.0)
(26.0)
(35.0)
11.0
(0.0)
(0.0)
53.1
233.1
23.2
99.0
197.5
17.0
48.0
0.0
0.0
0.0
0.0
617.9
671.0
$455.0
173.0
43.0
2012E
December
2011
15.4%
9.7%
-0.6%
0.8%
9.3%
9.1%
8.8%
0.8%
-0.4%
15.6%
0.2%
6.9%
9.9%
38.0%
28.8%
58.2%
6.5%
10.5%
6.1%
3.7%
7.7%
5.6%
0.4%
9.3%
9.9%
8.6%
5.9%
%+/-
513.8
6,698
1,703
76.7
74.1
539
12.4
$400.2
224.3
33.5
$8.72
$3.23
47.5%
86.0%
17.7%
7.7%
38.7%
$878.6
$496.3
154.5
$0.50
$0.46
126.0
(48.7)
0.3
$77.6
(148.1)
40.8
52.0
0.0
0.0
(23.5)
(11.0)
(89.8)
215.8
1,026.7
101.1
382.3
784.0
66.7
213.4
0.0
0.0
0.0
17.9
2,592.1
2,807.9
$1,956.3
724.3
127.3
2010
505.5
6,614
2,767
76.4
73.4
527
12.6
$385.6
211.9
32.0
$8.69
$3.34
48.2%
86.4%
18.1%
8.3%
30.6%
$867.0
$485.5
154.6
$0.26
$0.48
57.8
(17.7)
0.2
$40.3
(149.7)
37.9
0.0
0.0
(13.9)
(21.9)
(15.9)
(163.5)
221.3
953.7
96.6
381.5
744.4
65.8
197.6
6.7
0.0
0.0
14.1
2,460.4
2,681.7
$1,842.6
708.0
131.1
563.8
6,629
2,775
85.0
80.7
524
12.7
$417.1
224.0
33.8
$8.95
$3.39
47.9%
86.5%
18.4%
10.4%
38.0%
$935.2
$535.2
154.2
$0.72
$0.72
178.3
(67.7)
0.0
$110.5
(142.0)
38.5
0.0
0.0
0.0
0.0
(20.0)
(123.5)
301.8
1,044.6
102.6
400.0
790.0
70.0
192.0
0.0
0.0
0.0
0.0
2,599.2
2,901.0
$2,005.0
760.0
136.0
2012E
11.3%
10.0%
-0.6%
0.8%
8.2%
5.7%
5.4%
3.0%
1.6%
11.5%
0.2%
7.9%
10.2%
38.0%
36.4%
5.6%
9.5%
6.2%
4.8%
6.1%
6.4%
-2.8%
8.2%
8.8%
7.3%
3.7%
%+/-
Year Ended December
2011
2013E
581.4
6,600
2,775
88.1
83.9
517
12.8
$437.9
225.0
34.1
$9.33
$3.51
47.4%
86.0%
18.3%
10.6%
38.0%
$963.8
$553.8
156.0
$0.77
$0.77
192.9
(73.3)
0.0
$119.6
(148.0)
41.0
0.0
0.0
0.0
0.0
(20.0)
(127.0)
319.9
1,105.0
110.6
410.0
825.0
71.5
190.0
0.0
0.0
0.0
0.0
2,712.1
3,032.0
$2,100.0
790.0
142.0
%+/-
3.6%
3.9%
-1.3%
0.9%
5.0%
0.4%
0.9%
4.3%
3.5%
3.1%
-0.4%
3.1%
3.5%
38.0%
6.0%
4.3%
5.8%
7.8%
2.5%
4.4%
2.1%
-1.0%
4.5%
4.7%
3.9%
4.4%
BMO Capital Markets
April 2012
BMO Capital Markets
Balance Sheet
As of
$/mil
Assets
Restricted Cash
Trade & Other Receivables
Inventories
Prepaids Other
Assets held for Sale
Deferred Taxes
Total Current
27-Dec-07
1-Jan-09
31-Dec-09
31-Dec-10
31-Dec-11
$435.2
0.0
73.5
8.1
7.1
1.6
0.0
$525.5
$170.2
0.0
73.2
8.3
6.1
0.9
14.8
$273.5
$328.1
0.0
69.0
12.3
8.6
0.6
10.3
$428.9
$205.3
0.0
77.3
14.7
33.9
1.2
14.1
$346.5
$253.0
0.0
75.2
14.8
38.7
0.6
21.2
$403.5
Property, Equip., Construction etc., net
Investments in Joint Ventures
Goodwill
Deferred Tax Asset
Other Non-Current Assets
Total Other
Total Assets
1,821.6
0.0
181.7
63.3
42.1
$2,108.7
$2,634.2
1,936.5
0.0
178.8
78.2
128.8
$2,322.3
$2,595.8
1,818.7
0.0
178.8
78.1
133.2
$2,208.8
$2,637.7
1,690.5
0.0
178.8
81.2
195.6
$2,146.1
$2,492.6
1,548.2
0.0
178.8
17.3
193.5
$1,937.8
$2,341.3
Current portion of long term debt
Accounts Payable
Accrued Expenses
Income Taxes Payable
Deferred Revenues
Interest Payable and Other
144.7
183.0
54.7
0.0
113.9
29.4
$525.7
23.4
162.0
77.8
95.6
7.4
$366.2
17.1
198.5
65.2
93.9
21.8
$396.5
95.8
162.4
67.5
98.5
44.8
$469.0
20.6
174.5
69.0
89.6
47.0
$400.7
Long term debt
Lease financing
Capital Leases
Non Current Deferred Revenue
Other long term liabilities
Total Other
Total Liabilties
1,718.2
81.8
19.0
279.8
127.4
$2,226.2
$2,751.9
1,887.0
77.2
17.3
339.9
144.1
$2,465.5
$2,831.7
1,892.6
72.0
15.4
341.2
166.9
$2,488.1
$2,884.6
1,897.7
66.2
13.3
342.4
195.7
$2,515.3
$2,984.3
1,925.0
59.6
11.1
348.0
169.4
$2,513.1
$2,913.8
Minority Interest
Common Stock Class A
Additional Paid-in Capital (Deficit)
Accumulated Other Comprehensive Income (Loss), Net
Retained earnings
Shareholders' Equity (Defiicit)
0.5
0.1
(157.6)
(1.6)
40.9
($118.2)
$2,634.2
(0.4)
0.1
(265.8)
(9.9)
40.1
($235.5)
$2,595.8
(0.8)
0.1
(282.9)
(10.3)
47.0
($246.9)
$2,637.7
(1.4)
0.1
(487.6)
(12.2)
9.4
($491.7)
$2,492.6
0.1
(577.6)
(10.7)
15.7
($572.5)
$2,341.3
1,963.7
(435.2)
0.0
1,528.5
2,004.9
(170.2)
0.0
1,834.7
1,997.1
(328.1)
0.0
1,669.0
2,073.0
(205.3)
0.0
1,867.7
2,016.3
(253.0)
0.0
1,763.3
Debt
Cash
Preferreds
Net Debt+Preferreds
A member of BMO
Financial Group
340
April 2012
A member of BMO
Financial Group
341
2.0%
2012E
7.3%
1.5%
38.0%
20.0%
Shares outstanding
Less: debt
Plus: cash
PV Equity
PV Enterprise Value
6.0x
7.0x
8.0x
9.0x
Assumptions
WACC
Corporate tax rate
7.3%
$13.26
$2,044.7
$2,016.3
7.0%
38.0%
50.3%
49.7%
Stock Price
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
WACC
1.17
2.0%
7.0%
10.2%
WACC Calculation
Beta
Market risk premium
$142.0
7.0%
$554
3.5%
190
$364
138
190
110
306
1.0
287
285
282
2013E
$568
2.5%
194
$373
142
194
113
313
2.0
277
271
266
2014E
154
$16.26
$13.55
2,016
436
2,507
154
$19.24
$16.03
2,016
436
2,966
154
$22.22
$18.51
2,016
436
3,426
154
$25.19
$20.99
2,016
436
3,885
6.0x
7.0x
8.0x
9.0x
1,332
1,332
1,332
1,332
2,755
3,215
3,674
4,133
4,088
4,547
5,006
5,465
$3,741
4,365
4,988
5,612
6.3%
7.3%
8.3%
$535
10.2%
192
$343
130
192
110
295
Est Interest Expense
Net Cost of Debt
2012E
2011
$486
-2.2%
198
$288
109
198
87
289
EBITDA
Yr/Yr %
EBIT
Less: CapX
Discount periods
Debt Schedule
LT debt + current portion*
Projected cash (2011E)
Net Debt
Amount
$2,016.3
($436.0)
$1,580.3
(Millions except per-share amounts)
$596
2.5%
204
$393
149
204
120
327
4.0
256
247
238
2016E
$611
2.5%
208
$403
153
208
124
334
5.0
246
235
224
2017E
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
154
$15.21
$12.67
2,016
436
2,345
154
$18.05
$15.04
2,016
436
2,784
154
$20.89
$17.41
2,016
436
3,222
154
$23.74
$19.78
2,016
436
3,660
6.0x
7.0x
8.0x
9.0x
1,296
1,296
1,296
1,296
2,629
3,067
3,506
3,944
3,926
4,364
4,802
5,240
$582
2.5%
199
$383
146
199
117
320
3.0
266
259
252
2015E
07
9.8x
4.8x
5.9x
6.9x
7.2x
8.4x
9.5x
08
09
10
5.2x
7.3x
9.3x
11
7.3x
8.4x
7.9x
154
$14.21
$11.85
2,016
436
2,192
154
$16.93
$14.11
2,016
436
2,610
154
$19.64
$16.37
2,016
436
3,029
154
$22.35
$18.63
2,016
436
3,447
6.0x
6.5x
7.2x
12E
6.0x
7.0x
8.0x
9.0x
1,262
1,262
1,262
1,262
2,510
2,928
3,347
3,765
3,772
4,191
4,609
5,027
8.2x
9.0x
5-yr avg = 7.7x
BMO Capital Markets
April 2012
BMO Capital Markets
2005
(Millions)
Net Income
Working Capital and Other
After-Tax Cash Flow
2006
2007
2008
$91.8
199.3
95.3
386.4
$86.3
197.1
21.0
304.4
$363.0
183.4
254.3
800.7
55.0
74.5
60.0
64.7
55.0
59.4
58.0
73.7
15.0
144.5
124.7
114.4
0.0
57.7
0.0
7.1
Free Cash Flow
299.6
FCF Per Share
2010
2011
2012E
2013E
$95.3
201.9
113.6
410.8
$77.3
213.4
(31.3)
259.4
$40.1
197.6
115.4
353.1
$110.5
192.0
100.0
402.5
$119.6
190.0
100.0
409.6
131.7
55.0
48.8
5.0
108.8
55.0
38.4
5.0
98.4
50.0
32.2
5.0
87.2
55.0
55.0
0.0
110.0
55.0
55.0
0.0
110.0
0.0
40.6
0.0
3.6
0.0
0.8
0.0
34.7
0.0
20.5
0.0
20.0
0.0
20.0
186.8
726.9
182.5
302.8
195.7
286.4
312.5
319.6
$1.94
$1.20
$4.56
$1.18
$1.97
$1.27
$1.85
$2.03
$2.05
Shares Outstanding
154.5
155.1
159.5
155.2
154.1
154.5
154.6
154.2
156.0
Dividends
$1.20
$1.20
$1.20
$1.08
$0.72
$0.72
$0.84
$0.84
$0.84
45.3%
41.4%
41.0%
Project Capex
DCIP
CineMedia
Total Capital Expenditures
Reorganization Payments
Proceeds From Asset Sales
Special Dividends
$112.2
202.3
(3.9)
310.6
2009
$2.00
Payout / FCF
61.9%
99.6%
70.2%
$1.40
91.8%
36.6%
167.4%
Source: Corporate documents, BMO Capital Markets estimates
A member of BMO
Financial Group
342
April 2012
BMO Capital Markets
Debt Schedule
Credit facility
8.625% Notes
9.125% Notes
Lease Financing
Capital Leases
Other
As of
12/29/11
$998.5
$392.7
$534.8
$66.0
$13.3
$11.0
$2,016.3
Cash
Net Debt
$253.0
$1,763.3
(Millions)
Cost
5.5%
8.6%
9.1%
11.2%
10.3%
9.0%
7.3%
Weighted
Average
Cost
2.70%
1.68%
2.42%
0.37%
0.07%
0.05%
7.29%
Weighting
49.5%
19.5%
26.5%
3.3%
0.7%
0.55%
100.0%
-0.5%
Interest
$54.5
$33.9
$48.8
$7.4
$1.4
$1.0
$146.9
($1.3)
$145.7
Net Interest
$1,000.00
$913.5
$900.00
$800.00
$ in millions
$700.00
$600.00
$534.8
$500.00
$392.7
$400.00
$300.00
$200.00
$90.3
$85.0
$100.00
$0.00
2010
2011
2012
2013
2014
2015
Bank debt
2016
Corporate debt
2017
2018
2019
2020
Beyond
Other
A member of BMO
Financial Group
343
April 2012
BMO Capital Markets
RGC: Net Debt and Leverage
2,000.0
1,761.9
1,788.2
$ in Millions
1,800.0
1,834.7
1,825.7
6.0x
1,867.7
1,669.0
1,763.3
1,528.5
5.0x
4.0x
1,600.0
3.0x
1,400.0
2.0x
1,200.0
1.0x
1,000.0
0.0x
2004
2005
2006
2007
Net Debt*
2008
2009
2010
2011
Net Debt-to-EBITDA
A member of BMO
Financial Group
344
April 2012
BMO Capital Markets
Time Warner
(TWX - $36.03; Outperform)
Company Description
Time Warner is a leading media and entertainment company
whose primary businesses include Filmed Entertainment,
Cable Networks, and Magazine Publishing (44%, 47%, and
13% of 2011 revenues, respectively, before intercompany
eliminations). The majority of the company’s revenues are
derived from subscriptions, content, and advertising. The
company’s major brands include Warner Bros., Turner
Broadcasting Networks, HBO, CNN, DC Comics, People,
Sports Illustrated, and Time. Warner Bros., the company’s
film studio, has produced recognizable current film franchises
such as The Lord of the Rings trilogy, the Harry Potter series,
and the Batman series, as well as current TV series such as
Cold Case, Two and a Half Men, The Closer, and The
Bachelor.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$36.03
$39/$28
$36,426
1,011
65.6
Selected Bond Iss
TWX 6.5% '36
TWX 5.875% '16
117 Baa2 / BBB
5.28%
117 Baa2 / BBB
1.92%
$46
$1.04
2.9%
968.6
8,681
Spread
311bp
92bp
Price Performance
TIME WARNER INC (TWX)
Relative to S&P 500
110
70
100
60
90
50
40
80
30
70
20
60
10
50
Volume (mln)
400
The company restructured itself (spinning off Time Warner
Cable and AOL in 2009) to better maximize the value of its
media businesses (we think magazines are the next to go). The
company’s core assets, especially cable networks and studios,
have performed relatively well over the past four years, and
the company continues to leverage the benefits of the
improving dynamics in its online businesses (both subscribers
and advertising). The company has significant cash on its
balance sheet and liquidity to generate growth through
acquisitions. We rate the stock OUTPERFORM with a 9- to
15-month price target of $46. Our target is based on a DCF
analysis, which uses an 8.0x terminal EBITDA multiple.
Target Price
Dividend
Yield
Float O/S (mm)
400
200
0
200
2007
2008
2009
2010
0
2011
(FY-Dec.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$2.41
2011A
$2.89
$2.25
$2.71
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$2.34
$2.51
$6,338
$6,757
$26,888
$28,974
1Q
$0.58
$0.64
2Q
$0.60
$0.64
Quarterly EPS
2011A
2012E
2012E
$3.20
11.3x
$3.20
$3.20
2013E
$3.55
10.1x
$3.63
$3.55
$3.06
11.8x
$7,089
7.4x
$29,825
1.8x
$3.39
10.6x
$7,282
7.2x
$30,800
1.7x
3Q
$0.79
$0.93
4Q
$0.94
$0.99
Net Debt ($mm)
$16,048
TotalDebt/EBITDA
2.8x
Total Debt ($mm)
$19,524
EBITDA/IntExp
5.5x
Net Debt/Cap.
32.4%
Price/Book
1.2x
Notes: Due to adoption of Reg. G, all actuals and estimates are
presented according to GAAP. All values in US$.
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
345
April 2012
BMO Capital Markets
Momentum
 Completion of cable and AOL spin-off transactions (and we believe magazine publishing is next) is continuing to give a
boost to TWX’s valuation multiple, a better financial position, and “dry powder” for acquisitions.

The market is keenly watching for the potential use of the company’s remaining $3.5 billion of cash. Share repurchases
and dividends have been very visible components of their capital allocation process.

Warner Bros. had a great 2011 at the movies; 2012 is very promising (Dark Shadows, Rock of Ages, The Dark Knight
Rises, The Hobbit).
Challenges
 The now divested Cable assets had been an important growth driver in the past. Armed with a healthier balance sheet, it
is imperative that management operate the remaining businesses well to drive shareholder value.

Redesigning CNN (formats, on-air personalities, etc.) is a year-plus into the process and can yield significant
shareholder rewards, if successful.

Nagging fears about cord-cutting seem to weigh on valuation from time to time.
Risks
The primary risks for TWX shareholders include geopolitical, world health, natural disasters, and general market conditions,
adverse changes in profitability from its creative content businesses, or changes in sentiment related to its more staid
magazine holdings.
A member of BMO
Financial Group
346
April 2012
BMO Capital Markets
EV/EBITDA
47.0x
10-yr avg = 7.6x
42.0x
40.7x
37.0x
3-yr avg = 7.7x
32.0x
27.0x
22.0x
17.0x
16.4x
17.1x
10.7x
12.0x
13.9x
11.6x 11.6x 11.5x 10.9x
8.2x
7.9x
8.1x
7.5x
6.8x
2.0x
2000
2001
2002
9.5x
6.8x
9.7x
7.0x
9.8x
2003
2004
2005
2006
TWX
2007
4.9x
2008
8.5x
7.9x
7.3x
8.5x
7.9x
7.6x
7.4x
2010
2011
6.6x
6.4x
2009
2012E 2013E
Major Media Average
P/FCF
3-yr avg = 12.4x
160.0x
141.6x
140.0x
120.0x
100.0x
80.0x
60.0x
40.0x
87.8x
77.7x
64.1x
60.4x
49.9x
18.6x
52.8x
19.3x
75.7x
36.8x
19.8x
20.0x
32.4x
14.7x 13.0x 17.0x
0.0x
2000
2001
2002
2003
2004
22.3x
13.9x
18.2x 19.3x 15.2x
15.4x 13.2x
8.7x 12.6x
2005
TWX
2006
2007
2008
2009
2010
2011
11.3x
11.7x 10.5x
2012E 2013E
Major Media Average
A member of BMO
Financial Group
347
April 2012
BMO Capital Markets
P/E
90.0x
80.0x
81.7x
10-yr avg = 20.6x
72.2x
67.3x
70.0x
60.0x
56.4x 54.5x
41.5x 53.8x
50.0x
45.8x
40.0x
28.9x
16.8x
10.0x
24.3x
28.8x
33.2x
18.3x 19.7x
28.2x
24.6x
33.4x
30.2x
30.0x
20.0x
3-yr avg =12.0x
19.3x
17.2x 16.2x
15.7x
20.9x
16.2x
18.1x
8.7x
0.0x
2000
2001
2002
2003
2004
2005
TWX
2006
2007
2008
19.3x 16.9x
14.2x 13.0x 10.7x
12.6x10.1x
16.6x
14.0x
4.7x
11.2x 11.5x
9.1x
14.8x 12.4x
2009
Major Media Average
2010
2011 2012E 2013E
S&P 500
P/E vs. S&P 500
10-yr avg = 1.2x
4.0x
3-yr avg = 0.8x
3.5x
3.3x
3.0x
2.9x
3.5x
2.6x
2.4x
2.5x
3.5x
3.4x
1.8x
2.0x
1.5x
1.5x
1.6x
1.7x
1.8x
1.8x
1.4x
1.0x
0.8x
0.9x
1.0x
0.9x
1.1x
0.2x
0.5x
0.4x
1.0x
0.9x
1.0x 0.9x
0.9x
0.9x
0.5x
0.0x
2000
2001
2002
2003
2004
2005
2006 2007 2008 2009 2010
TWX
Major Media Average
2011
2012E 2013E
A member of BMO
Financial Group
348
April 2012
A member of BMO
(296)
(53)
Other income (expense)
Financial Group
GAAP diluted EPS
349
163
68
30
$1,531
22.9%
6.1%
33.2%
7.9%
11.4%
40.6%
6.3%
1,110
$0.58
164
68
(50)
$1,645
26.0%
Depreciation
Amortization
Non-recurring items
OIBDA
OIBDA Margin
Operating Margins
Networks
Publishing
$0.61
1,165
Adjusted Diluted EPS from continuing ops
10
$0.59
0
$0.59
0
$0.62
$0.62
Dilluted average common shares
Impact of non-recurring items
Diluted EPS from continuing ops
Discontinued ops, net of tax
2
0
653
0
0
(331)
651
982
(274)
(14)
158
1,162
63
(93)
(20)
1,270
2,604
3,496
798
(215)
6,683
March
2011
725
Discontinued Operations, Net
Net income (loss)
(389)
725
Income tax provision
Net income before extra items
1,114
307
1,201
50
(108)
13
1,463
Operating Income
Networks
Publishing
Corporate
Interseg elimination
Operating Income
Pretax income before extra items
2,694
2,958
799
(129)
6,322
2010
Revenue
Networks
Publishing
Interseg elimination
Total Revenue
(Millions, exclude share data)
Time Warner
Income Statement 2010-2013E
6.0%
33.7%
7.8%
163
68
0
$1,554
23.0%
998
$0.64
$0.64
0
$0.64
641
2
0
(359)
639
998
(325)
0
155
1,222
61
(90)
(25)
1,323
2,600
3,625
785
(240)
6,770
2012E
2%
11%
36%
-2%
2%
4%
-2%
5%
-3%
1%
0%
4%
-2%
%+/-
6.9%
30.9%
16.6%
170
66
0
$1,430
22.4%
1,154
$0.50
(18)
$0.49
0
$0.49
562
2
0
(317)
560
877
(300)
(17)
173
981
153
(90)
(23)
1,194
2,516
3,170
919
(228)
6,377
2010
5.4%
29.7%
17.9%
164
66
0
$1,496
21.3%
1,084
$0.60
$0.59
0
$0.59
638
1
0
(313)
637
950
(314)
(2)
154
1,024
169
(86)
5
1,266
2,847
3,451
946
(214)
7,030
June
2011
5.7%
29.9%
17.1%
162
68
0
$1,532
21.2%
985
0.64
$0.64
0
$0.64
627
2
0
(352)
625
977
(325)
0
165
1,085
160
(84)
(24)
1,302
2,900
3,625
935
(225)
7,235
2012E
2%
6%
36%
-2%
3%
3%
7%
6%
-5%
3%
2%
5%
-1%
%+/-
7.2%
37.9%
15.6%
168
54
0
$1,569
24.6%
1,138
$0.62
0
$0.46
0
$0.46
522
2
0
(221)
520
741
(299)
(307)
200
1,138
141
(86)
(46)
1,347
2,776
3,004
901
(304)
6,377
2010
15.9%
34.0%
13.9%
159
69
0
$1,824
25.8%
1,053
$0.79
$0.78
0
$0.78
822
0
0
(431)
822
1,253
(310)
(33)
524
1,092
124
(82)
(62)
1,596
3,297
3,208
889
(326)
7,068
16.2%
34.9%
13.5%
162
68
0
$1,965
26.5%
970
$0.93
$0.93
0
$0.93
904
2
0
(508)
902
1,410
(325)
0
550
1,185
120
(80)
(40)
1,735
3,400
3,400
890
(275)
7,415
September
2011
2012E
8%
18%
36%
10%
13%
9%
5%
9%
-3%
5%
3%
6%
0%
%+/-
11.7%
27.0%
16.2%
172
76
22
$1,694
21.7%
1,124
$0.67
8
$0.68
0
$0.68
$769
3
0
(421)
766
1,187
(283)
46
427
904
171
(90)
12
1,424
3,636
3,348
1,056
(228)
7,812
2010
11.0%
32.5%
19.8%
167
66
0
$1,906
23.3%
1,011
$0.94
0
$0.94
0
$0.76
$773
1
0
(409)
772
1,181
(312)
(180)
427
1,138
207
(86)
(13)
1,673
3,890
3,499
1,044
(240)
8,193
13%
41%
35%
1%
-1%
17%
0%
26%
21%
5%
7%
5%
-1%
December
2011
%+/-
11.7%
33.6%
18.1%
956
$3.21
163
68
0
$2,038
24.2%
$0.99
0
$0.99
(0)
$0.99
$950
2
(0)
(534)
948
1,482
(325)
0
455
1,260
184
(81)
(11)
1,807
3,900
3,750
1,015
(260)
8,405
2012E
7%
6%
36%
23%
25%
8%
7%
11%
-11%
3%
0%
7%
-3%
%+/-
9.5%
33.8%
14.0%
674
264
(28)
$6,338
23.6%
1,145
$2.41
-
$2.25
0
$2.25
2,578
7
0
(1,348)
2,571
3,919
(1,178)
(331)
1,107
4,224
515
(374)
(44)
5,428
11,622
12,480
3,675
(889)
26,888
2010
10.0%
32.3%
15.3%
653
269
30
$6,757
23.3%
1,065
$2.89
0
$2.89
0
$2.71
2,886
4
0
(1,484)
2,882
4,366
(1,210)
(229)
1,263
4,416
563
(347)
(90)
5,805
12,638
13,654
3,677
(995)
28,974
2011
7%
20%
34%
12%
11%
7%
14%
5%
9%
8%
9%
9%
0%
%+/-
10.4%
33.0%
14.5%
650
272
0
$7,089
23.8%
977
$3.20
0
$3.20
0
$3.20
3,123
8
0
(1,752)
3,115
4,867
(1,300)
0
1,325
4,752
525
(335)
(100)
6,167
12,800
14,400
3,625
(1,000)
29,825
5%
11%
36%
8%
11%
6%
5%
8%
-7%
3%
1%
5%
-1%
10.7%
32.0%
15.0%
650
272
0
$7,282
23.6%
902
$3.55
0
$3.55
0
$3.55
3,198
10
0
(1,872)
3,188
5,060
(1,300)
0
1,375
4,900
525
(340)
(100)
6,360
12,900
15,300
3,500
(900)
30,800
Year ended December
2012E
%+/2013E
2014E
3%
11%
10.7%
32.5%
15.0%
650
272
0
$7,597
23.8%
846
$4.02
0
$4.02
0
$4.02
3,401
15
0
5,375
(1,989)
3,386
4%
(1,300)
0
1,425
5,200
500
(350)
(100)
6,675
13,350
16,000
3,325
(800)
31,875
37%
2%
3%
4%
3%
0%
3%
1%
6%
-3%
%+/-
4%
13%
37%
6%
6%
5%
4%
6%
-5%
3%
3%
5%
-5%
%+/-
BMO Capital Markets
April 2012
BMO Capital Markets
Time Warner
Pro Forma Balance Sheet
As of
$/mil
Assets
Current Assets
Cash & equivalents
Receivables, net
Inventories
Ppd. & other current assets
Current assets of discontinued operations
Total current assets
Noncurrent inv. & film costs
Investments, including available-for-sales securities
PP&E, net
Intangible assets subject to amortization
Intangible assets not subject to amortization
Goodwill & other intabgibles, net
Other assets
Total Assets
Current Liabilities
Accounts payable
Participations payable
Royalties & programming costs payable
Deferred revenue
Current debt
Total current liabilities
Long-term debt
Deferred revenue
Other liabilities
Minority interests
Noncurrent liabilities of discontinued operations
Mandatory redeemable preferred
Common stock
Paid-in capital
Treasury stock
Accumulated other comp. income
Retained earnings
Non-controlling Interests
Total shareholders' equity
Total liabilities & shareholders' equity
Debt
Cash
Preferreds
Net debt plus preferreds
12/31/2008
$1,233
5,664
1,989
1,396
12/31/2009
12/31/2010
12/31/2011
6,480
16,762
$4,733
5,875
1,769
645
670
0
13,692
$3,663
6,413
1,920
581
561
0
13,138
$3,476
6,922
1,890
481
663
0
13,432
5,192
1,036
4,896
3,564
7,728
32,428
42,451
$114,057
5,754
1,542
3,922
2,676
7,734
29,639
1,100
$66,059
5,985
1,796
3,874
2,492
7,827
29,994
1,418
$66,524
6,594
1,820
3,963
2,232
7,805
30,029
1,926
$67,801
$8,194
1,012
2,066
2,865
14,137
$7,807
0
0
781
862
23
9,473
$7,733
0
0
884
26
0
8,643
$7,815
0
0
1,084
23
0
8,922
19,889
974
266
6,801
3,382
26,320
0
15,346
1,607
269
5,967
0
0
0
16,523
1,950
296
6,167
0
0
0
19,501
2,541
549
6,334
0
0
0
16
169,564
(25,836)
(1,676)
(99,780)
16
158,129
(27,034)
(580)
(97,135)
1
33,397
16
157,146
(29,033)
(632)
(94,557)
5
32,945
17
156,114
(33,651)
(852)
(91,671)
(3)
29,954
$66,059
$66,524
$67,801
$16,208
(4,733)
0
$11,475
$16,549
(3,663)
0
$12,886
$19,524
(3,476)
0
$16,048
42,288
$114,057
$21,955
(1,233)
0
$20,722
A member of BMO
Financial Group
350
April 2012
A member of BMO
Financial Group
2.5%
2012E
7.6%
3.9%
36.0%
20.0%
7.6%
$36.03
$35,210
19,524
6.9%
36.0%
64.3%
35.7%
1.04
2.0%
7.0%
9.3%
1,353
6.9%
Amount
$19,524
(3,368)
16,156
Shares outstanding
Less: debt
Plus: cash
PV Equity
$7,089
4.9%
922
$6,167
2,220
922
750
4,119
2012E
$7,282
2.7%
922
$6,360
2,290
922
750
4,242
1.0
3,980
3,943
3,907
2013E
977
$51.05
$42.54
$19,524
3,368
49,892
977
$57.86
$48.21
19,524
3,368
56,540
977
$64.66
$53.88
19,524
3,368
63,188
7.0x
8.0x
9.0x
19,514
19,514
19,514
53,182
59,830
46,534
66,048
72,696
79,344
$64,006
73,150
82,294
91,437
7.0x
8.0x
9.0x
10.0x
PV Enterprise Value
6.6%
7.6%
8.6%
$6,757
6.6%
922
$5,835
2,101
922
772
3,884
2011
OIBDA*
Yr/Yr %
EBIT
Less: Cash Taxes
Plus: Depr. & amort.*
Less: CapX*
Discount periods
Assumptions
WACC
Corporate tax rate
WACC
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
WACC Calculation
Beta
Risk-free rate (10 yr Treasuries)
Market risk premium
Cost of Debt
Debt Schedule
Projected Cash
Net Debt
Time Warner
977
$71.46
$59.55
19,524
3,368
69,835
10.0x
19,514
66,478
85,992
$7,597
4.3%
922
$6,675
2,403
922
750
4,444
2.0
3,912
3,840
3,769
2014E
$8,456
5.5%
1,023
$7,433
2,676
1,023
780
5,000
4.0
3,874
3,732
3,597
2016E
$8,921
5.5%
1,075
$7,846
2,824
1,075
796
5,300
5.0
3,854
3,678
3,511
2017E
977
$48.33
$40.28
19,524
3,368
47,234
977
$54.83
$45.69
19,524
3,368
53,579
977
$61.32
$51.10
19,524
3,368
59,923
7.0x
8.0x
9.0x
18,979
18,979
18,979
44,412
50,756
57,101
63,390
69,735
76,079
$8,015
5.5%
972
$7,043
2,535
972
765
4,714
3.0
3,894
3,786
3,682
2015E
977
$67.81
$56.51
19,524
3,368
66,268
10.0x
18,979
63,445
82,424
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
08
09
8.2x
7.5x
6.8x
10
5.0x
6.7x
8.4x
5-yr avg = 8.0x
11
977
$45.76
$38.13
19,524
3,368
44,714
977
$51.95
$43.30
19,524
3,368
50,772
977
$58.15
$48.46
19,524
3,368
56,830
7.0x
8.0x
9.0x
18,467
18,467
18,467
42,404
48,462
54,519
60,871
66,928
72,986
7.1x
9.5x
11.9x
6.7x
7.6x
8.4x
977
$64.35
$53.63
19,524
3,368
62,888
10.0x
18,467
60,577
79,044
12E
7.2x
7.2x
7.7x
BMO Capital Markets
351
April 2012
BMO Capital Markets
Time Warner
Pro Forma Free Cash Flow*
(Millions, exclude share data)
2008
($5,090)
8,392
1,014
4,316
699
3,617
2009
$2,084
353
948
3,385
561
2,824
2010
$2,571
(195)
938
3,314
631
2,683
2011
$2,882
(356)
922
3,448
772
2,676
Shares (Diluted)
1,194
1,195
1,145
1,065
977
902
846
FCF Per Share
$3.03
$2.36
$2.34
$2.51
$3.06
$3.39
$3.85
Net Income
+ Other non-cash, net
+ Depreciation/Amortization
= Cash Flow
- Capital Expenditures
= Free Cash Flow
11.9x
15.2x
15.4x
14.3x
2012E
$3,115
(300)
922
3,737
750
2,987
2013E
$3,188
(300)
922
3,810
750
3,060
11.8x
2014E
$3,386
(300)
922
4,008
750
3,258
10.6x
9.4x
* Excludes AOL
Time Warner
Operating Segments
Networks (Turner, HBO, CNN,CW)
Publishing
2011
OIBDA
2012E
OIBDA
2013E
OIBDA
2014E
OIBDA
1,629
4,784
738
7,152
1,693
5,122
701
7,517
1,743
5,270
701
7,715
1,793
5,570
676
8,040
Other Assets
Cash and Liquid Investments
Receivables & Inventory
PP&E at Book
Other Assets
Multiple
9.0x
12.0x
4.0x
2011
Valuation
2012E
Valuation
2013E
Valuation
2014E
Valuation
14,663
57,411
2,953
75,027
15,238
61,466
2,805
79,509
15,688
63,242
2,805
81,735
16,138
66,842
2,705
85,685
5,047
9,253
3,813
4,000
7,017
9,715
3,641
4,000
9,139
10,201
3,469
4,000
11,518
10,711
3,297
4,000
Total Other Assets
22,113
24,374
26,809
29,526
97,139
103,883
108,545
115,211
Less
Current Liabilities and Other
Long-Term Debt & Preferreds
18,346
19,501
18,346
19,501
18,346
19,501
18,346
19,501
Subtotal
Estimated Net PMV
Shares Outstanding (Fully Diluted)
Estimated PMV per Share
37,847
37,847
37,847
37,847
$59,292
$66,036
$70,698
$77,364
1,065
977
902
846
$55.70
$67.57
$78.38
$91.45
A member of BMO
Financial Group
352
April 2012
BMO Capital Markets
Time Warner
Debt Schedule
Revolver due 2015
Revolver due 2016
Floating Rate
4% Notes due 2022
5.375% Debentures due 2041
Fixed Rate due 2011-2036
Other
As of
12/31/11
$0.0
$0.0
$0.0
$500.0
$500.0
$18,251.0
$273.0
$19,524.0
Cash
Net Debt
$3,476.0
$16,048.0
(Millions)
Cost
1.3%
1.4%
1.2%
4.0%
5.4%
6.6%
4.6%
6.4%
Weighting
0.0%
0.0%
0.0%
2.6%
2.6%
93.5%
1.40%
100.0%
Weighted
Average
Cost
0.00%
0.00%
0.00%
0.10%
0.14%
6.12%
0.06%
6.43%
0.5%
Interest
$0.0
$0.0
$0.0
$20.0
$26.9
$1,195.4
$12.5
$1,254.8
$17.4
$1,237.4
$ in millions
Time Warner
Debt Maturities by Type, estimated as of 12/31/11
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
$273.0
$14,381.2
$637.5
2010
2011
2012
$1,000.0
$732.3
2013
2014
2015
Bank debt
$500.0
$600.0
2016
2017
Corporate debt
$1,400.0
2018
2019
2020
Beyond
Other
A member of BMO
Financial Group
353
April 2012
BMO Capital Markets
$ in Millions
TWX: Historical Debt Composition
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
$11,124
$12,381
$1,101
$4,490
FY2005
$26,006
$22,616
$19,229
$17,406
FY2006
FY2007
FY2008
$15,416
$16,549
FY2009
FY2010
$19,524
FY2011
TWX: Net Debt and Leverage
30.0
25.0
$ in Billions
4.0x
25.8
3.5x
22.7
22.1
22.3
19.1
20.0
3.0x
20.7
2.5x
16.1
16.0
15.0
11.7
11.5
12.9
2.0x
1.5x
1.0x
10.0
0.5x
5.0
0.0x
2001
2002
2003
2004
2005
Net Debt
2006
2007
2008
2009
2010
2011
Net Debt-to-EBITDA
A member of BMO
Financial Group
354
April 2012
BMO Capital Markets
Viacom
(VIAB - $47.08; Outperform)
Company Description
Viacom is a leading diversified worldwide entertainment
company with many of the most widely recognized brands and
business operations in the industry. Its core businesses include
cable networks and filmed entertainment. The cable networks
segment operates MTV’s suite of channels, Nickelodeon/Nick
at Nite, VH1, TV Land, Spike TV, CMT, Comedy Central,
and the BET cable network. The entertainment segment
includes Paramount Studios, which has had a great deal of
success with its Transformers, Star Trek, Rango, and G.I. Joe
franchises.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$47.08
$53/$35
$26,233
557.2
41.4
Selected Bond Iss
VIAB 6.125% '17
VIAB 4.5% '21
Target Price
Dividend
Yield
Float O/S (mm)
119 Baa1 / BBB+
2.43%
109 Baa1 / BBB+
3.33%
$59
$1.00
2.1%
486.6
3,995
Spread
143bp
177bp
Price Performance
VIACOM INC NEW (VIAB)
Relative to S&P 500
140
55
130
50
120
45
110
40
100
35
90
30
Viacom’s two primary businesses, cable networks and film
production and distribution, have become much healthier in
the past year as advertising has made much higher
contributions. Cable networks are seeing ratings
improvements at MTV, BET, and CMT, which will likely
continue to enhance earnings and investor sentiment.
Advertising comps are favorable in most of the world and if
ratings improvements can be achieved, expect higher EPS to
follow. It will be a very good year for Paramount with inhouse production (G.I. Joe 2, The Dictator, and World War 2)
and distributed product (Madagascar 3, The Rise of the
Guardians). We have a 9- to 15-month price target of $59
based on a DCF valuation that uses a 9.0x terminal EBITDA
multiple. We rate VIA.B OUTPERFORM.
25
80
20
70
60
15
10
50
Volume (mln)
200
200
100
0
100
2007
2008
2009
2010
0
2011
Last Data Point: December 1, 2011
(FY-Sep.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$3.02
2011A
$3.78
2012E
$4.34
10.8x
2013E
$5.00
9.4x
$2.54
$3.59
$3.64
$5.00
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$2.23
$3.95
$3,725
$3,981
$13,356
$14,914
$4.35
10.8x
$4,270
7.7x
$15,212
2.2x
$4.81
9.8x
$4,575
7.2x
$15,995
2.1x
3Q
$0.99
$1.20
4Q
$1.06
$1.21
Quarterly EPS
2011A
2012E
1Q
$1.02
$1.06A
2Q
$0.72
$0.88
Net Debt ($mm)
$6,643
TotalDebt/EBITDA
1.8x
Total Debt ($mm)
$7,790
EBITDA/IntExp
10.2x
Net Debt/Cap.
42.0%
Price/Book
3.2x
Jeffrey B. Logsdon
213-228-2234
[email protected]
213-228-2405
[email protected]
A member of BMO
Kara Anderson
213-228-2407
[email protected]
Financial Group
355
April 2012
BMO Capital Markets
Momentum
 Programming franchises and advertising reach are impressive on a global basis – MTV and Nickelodeon being the best
examples.

Recent cable-network carriage agreements ensure long-term growth in subscriber fees for the next five to seven years at
very favorable levels (8%-10% plus on average).

DreamWorks Animation provides film product that generates significant distribution dollars (more than $100 million of
EBITDA annually) and enhances Paramount’s distribution clout (likely soon to go away).

Paramount Studios has reduced overhead by more than $300 million annually over the past few years, a positive for
profitability.

The company now pays regular quarterly dividends and has a major buyback program in place, which have improved
investor sentiment.
Challenges
 Replacing profits from lost distribution agreement with DreamWorks Animation (2013).

Ratings at Nickelodeon and MTV have been depressed and will take time to rebuild.
Risks
The primary risks for Viacom investors include geopolitical events, world health issues, general market conditions, the
economy and its influence on the advertising marketplace, execution at the divisional level, and any disruption in contentcreation businesses.
A member of BMO
Financial Group
356
April 2012
BMO Capital Markets
EV/EBITDA
17.0x
3-yr avg = 8.0x
16.4x
15.0x
13.0x
13.9x
13.0x
10.9x
11.0x
11.6x
11.6x
10.2x
11.5x
10.9x
10.7x
9.5x
8.6x
9.8x
9.0x
8.2x
6.6x
7.0x
8.7x
7.6x
8.5x
7.4x
7.1x
7.9x
7.3x
6.8x
VIA.B
FY
20
13
E
FY
20
12
E
FY
20
11
FY
20
10
FY
20
09
FY
20
08
FY
20
07
FY
20
06
FY
20
05
FY
20
04
FY
20
03
FY
20
02
FY
20
01
FY
20
00
5.0x
Major Media Average
P/FCF
160.0x
141.6x
140.0x
120.0x
100.0x
3-yr avg = 13.6x
87.7x
80.0x
60.4x
60.0x
52.8x
49.9x
36.8x
20.0x
27.1x
23.9x
18.2x 19.3x
15.2x
13.9x
18.7x 20.5x
10.9x10.7x 9.7x
E
FY
20
12
1
20
1
0
FY
FY
20
1
9
20
0
FY
08
FY
20
07
FY
20
06
FY
20
05
20
FY
FY
20
0
3
20
0
2
FY
FY
20
0
1
20
0
0
FY
20
0
FY
4
0.0x
VIA.B
11.3x
E
22.3x
20
13
18.6x 19.8x 19.3x
FY
40.0x
Major Media Average
A member of BMO
Financial Group
357
April 2012
BMO Capital Markets
P/E
105.0x
95.7x
95.0x
85.0x
3-yr avg = 13.2x
75.0x
54.5x
72.2x
65.0x
55.0x
41.5x
45.0x
33.4x
45.8x
Major Media Average
E
20
13
E
FY
FY
20
11
FY
FY
FY
20
06
FY
20
05
FY
FY
20
04
20
03
FY
20
02
FY
FY
20
01
20
00
FY
VIA.B
16.2x
7.9x
15.7x
10.7x
13.0x 9.3x
11.5x
12.3x 12.6x 10.7x
14.0x
9.1x
12.7x
15.4x
20
09
16.2x
14.2x
16.9x
FY
17.2x
5.0x
FY
19.3x
16.8x
16.6x
19.3x
20
12
38.8x 20.9x
18.1x
28.8x
20
07
28.2x
24.6x
15.0x
30.2x
20
10
24.3x
25.0x
20
08
35.0x
S&P 500
P/E vs. S&P 500
7.0x
6.1x
6.0x
5.0x
3-yr avg = 0.8x
4.0x
3.5x
3.0x
2.9x
1.8x
2.6x
2.0x
1.8x
1.6x
1.0x
1.5x
2.1x
1.4x
1.0x
0.5x
0.4x
0.8x
0.9x
0.7x
1.0x 0.8x
0.8x
0.9x 1.0x
0.9x
VIA.B
FY
20
13
E
E
FY
20
12
1
FY
20
1
0
FY
20
1
09
20
FY
00
8
FY
2
00
7
FY
2
6
FY
20
0
5
FY
20
0
4
FY
20
0
FY
20
03
2
00
FY
2
00
1
FY
2
FY
2
00
0
0.0x
Major Media Average
A member of BMO
Financial Group
358
April 2012
A member of BMO
Financial Group
960.0
359
609.4
43.6%
16.9%
29.9%
33.6%
32.7%
Dividends
Margins/Ratios
Operating margins
Cable Networks
Entertainment
Total operating margin
EBITDA margin
Tax rate
149.0
1,350.0
Diluted shares outstanding
D&A
EBITDA
$1.14
Net EPS
610.0
46.1%
-2.0%
25.7%
27.3%
34.5%
$0.25
$0.15
62.0
1,078.0
557.2
$0.38
$1.06
212.0
(379.0)
(316.0)
(10.0)
591.0
917.0
(105.0)
10.0
(4.0)
(99.0)
1,129.0
(31.0)
(82.0)
0.0
1,016.0
(54.0)
3,952.0
1,558.0
1,354.0
943.0
151.0
2,448.0
44.2%
4.5%
27.2%
29.0%
34.5%
71.0
1,111.0
608.0
$1.00
$1.02
694.0
$1.14
Net Earnings
Adjusted EPS from continuing ops
(331.0)
(9.0)
620.0
(10.0)
(335.0)
33.0
724.0
Provision for taxes
Minority interest, net of tax (loss)
Net Income from Cont. Ops.
(104.0)
24.0
0.0
(80.0)
1,051.0
68.0
(79.0)
0.0
1,040.0
(49.0)
3,828.0
1,497.0
1,393.0
814.0
173.0
2,380.0
December
FY2011
FY2012
(30.0)
1,026.0
Earnings before taxes and equity interests
Discontinued Operations, Net
(105.0)
(20.0)
(50.0)
(175.0)
982.0
302.0
(83.0)
0.0
1,201.0
Operating Income
Cable Networks
Entertainment
Corporate expenses
Eliminations & Other
Total Operating Income
Equity income (loss) in affiliates
Other items, net
(26.0)
4,019.0
1,791.0
Entertainment
Eliminations
Total Revenues
1,302.0
741.0
211.0
2,254.0
FY2010
Cable Networks
Advertisng
Affliliate Fees
Other
Total Cable Network Revenues
Revenues
Viacom
Pro Forma Earnings Model
(Recast to new Fiscal year and planned sale of Harmonix)
-3.0%
-62.1%
4.0%
-4.7%
-4.5%
-2.3%
-145.6%
7.4%
3.2%
4.1%
2.9%
-12.7%
15.8%
-2.8%
% +(-)
579.0
$0.15
37.4%
-9.7%
20.3%
23.1%
34.9%
78.0
632.0
609.6
$0.25
38.7%
3.2%
23.3%
25.3%
34.0%
67.0
827.0
601.1
$0.63
$0.72
$0.40
376.0
245.0
0.0
$0.42
(10.0)
(197.0)
(6.0)
376.0
395.0
(138.0)
(2.0)
255.0
(102.0)
15.0
(94.0)
(181.0)
806.0
39.0
(86.0)
1.0
760.0
(41.0)
3,267.0
1,226.0
1,076.0
851.0
155.0
2,082.0
$0.25
38.9%
6.3%
24.6%
26.4%
34.5%
63.0
899.0
542.0
$0.88
$0.88
479.3
0.0
(257.7)
(10.0)
479.3
747.0
(105.0)
16.0
0.0
(89.0)
845.0
80.0
(85.0)
(4.0)
836.0
(50.0)
3,400.0
1,275.0
1,085.0
940.0
150.0
2,175.0
March
FY2011 FY2012E
(113.0)
(28.0)
(18.0)
(159.0)
704.0
(86.0)
(63.0)
(1.0)
554.0
(38.0)
2,732.0
886.0
960.0
783.0
141.0
1,884.0
FY2010
8.7%
41.4%
22.8%
27.5%
29.0%
10.0%
105.1%
4.8%
4.1%
4.0%
4.5%
-3.2%
10.5%
0.8%
% +(-)
$0.15
39.0%
5.5%
24.9%
27.3%
35.3%
78.0
894.0
611.3
$0.69
$0.71
420.0
(12.0)
(239.0)
(6.0)
432.0
677.0
(104.0)
(24.0)
(11.0)
(139.0)
806.0
69.0
(60.0)
1.0
816.0
(35.0)
3,275.0
1,245.0
1,122.0
790.0
153.0
2,065.0
FY2010
$0.25
43.2%
3.5%
26.0%
27.8%
34.5%
65.0
1,046.0
591.6
$0.97
$0.99
574.0
0.0
(310.0)
(15.0)
574.0
899.0
(104.0)
12.0
10.0
(82.0)
1,033.0
49.0
(88.0)
(13.0)
981.0
(32.0)
3,766.0
1,407.0
1,275.0
971.0
145.0
2,391.0
$0.25
43.0%
6.0%
27.2%
28.8%
34.5%
64.0
1,141.0
530.0
$1.20
$1.20
635.2
0.0
(339.8)
(10.0)
635.2
985.0
(105.0)
13.0
0.0
(92.0)
1,075.0
90.0
(85.0)
(3.0)
1,077.0
(35.0)
3,965.0
1,500.0
1,275.0
1,075.0
150.0
2,500.0
June
FY2011 FY2012E
9.1%
23.5%
21.0%
10.7%
9.6%
9.8%
83.7%
4.1%
5.3%
6.6%
4.6%
3.4%
10.7%
0.0%
% +(-)
$0.15
37.1%
3.7%
23.3%
25.5%
30.5%
72.0
849.0
611.3
$0.31
$0.75
189.0
(299.0)
(215.0)
(2.0)
488.0
705.0
(103.0)
(15.0)
46.0
(72.0)
790.0
46.0
(59.0)
0.0
777.0
(29.0)
3,330.0
1,231.0
1,169.0
799.0
160.0
2,128.0
FY2010
$0.25
41.8%
10.3%
22.9%
24.6%
27.8%
68.0
997.0
577.0
$1.00
$1.06
576.0
0.0
(224.0)
(7.0)
576.0
807.0
(102.0)
(11.0)
(9.0)
(122.0)
958.0
185.0
(82.0)
(132.0)
929.0
(32.0)
4,053.0
1,793.0
1,253.0
883.0
156.0
2,292.0
$0.25
41.8%
11.9%
28.5%
30.2%
34.5%
65.0
1,152.0
520.0
$1.21
$1.21
627.3
(0.0)
(335.7)
(9.0)
627.3
972.0
(105.0)
(10.0)
(115.0)
1,006.0
170.0
(85.0)
(4.0)
1,087.0
(15.0)
3,818.0
1,425.0
1,286.0
972.0
150.0
2,408.0
September
FY2011
FY2012E
15.5%
-4.4%
20.8%
14.0%
8.9%
20.4%
17.0%
-8.1%
5.0%
-5.8%
-20.5%
5.1%
-3.8%
10.1%
2.6%
% +(-)
$0.15
39.4%
6.4%
25.1%
27.9%
33.1%
377.0
3,725.0
610.4
$2.54
$3.02
1,548.0
(351.0)
(927.0)
23.0
1,899.0
2,803.0
(425.0)
(87.0)
(33.0)
(545.0)
3,282.0
331.0
(265.0)
0.0
3,348.0
(128.0)
13,356.0
5,153.0
4,553.0
3,113.0
665.0
8,331.0
FY2010
$1.00
42.1%
5.8%
24.9%
26.7%
32.7%
271.0
3,981.0
594.3
$3.59
$3.78
2,136.0
(10.0)
(1,062.0)
(37.0)
2,146.0
3,245.0
(412.0)
40.0
(93.0)
(465.0)
3,848.0
341.0
(335.0)
(144.0)
3,710.0
(154.0)
14,914.0
5,923.0
4,997.0
3,519.0
629.0
9,145.0
FY2011
6.9%
41.7%
25.2%
13.0%
15.8%
10.8%
3.0%
17.2%
11.7%
14.9%
9.8%
-5.4%
13.0%
9.8%
% +(-)
$1.00
42.5%
5.4%
26.5%
28.2%
34.5%
254.0
4,270.0
537.3
$3.64
$4.34
1,953.8
(379.0)
(1,249.2)
(39.0)
2,332.8
3,621.0
(420.0)
29.0
(4.0)
(395.0)
4,055.0
309.0
(337.0)
(11.0)
4,016.0
(154.0)
15,135.0
5,758.0
5,000.0
3,930.0
601.0
9,531.0
7.3%
1.2%
14.8%
8.7%
11.6%
8.2%
-9.4%
5.4%
1.5%
-2.8%
4.2%
-4.5%
11.7%
0.1%
$1.00
43.4%
5.7%
27.6%
29.3%
37.0%
265.0
4,575.0
480.0
$5.00
$5.00
2,402.3
0.0
(1,436.7)
(44.0)
2,402.3
3,883.0
(475.0)
48.0
0.0
(427.0)
4,350.0
330.0
(350.0)
(20.0)
4,310.0
(155.0)
15,620.0
5,750.0
5,175.0
4,250.0
600.0
10,025.0
Year Ended September
FY2012E
% +(-)
FY2013E
7.1%
37.6%
15.3%
3.0%
7.2%
7.3%
6.8%
7.3%
3.2%
-0.1%
5.2%
-0.2%
8.1%
3.5%
% +(-)
$1.00
44.4%
5.3%
28.7%
30.4%
37.0%
275.0
4,905.0
435.0
$5.99
$5.99
2,607.5
0.0
(1,559.6)
(48.0)
2,607.5
4,215.0
(475.0)
60.0
0.0
(415.0)
4,700.0
300.0
(370.0)
0.0
4,630.0
(150.0)
16,125.0
5,700.0
5,375.0
4,600.0
600.0
10,575.0
FY2014E
7.2%
19.8%
19.8%
8.5%
8.6%
7.4%
-9.1%
8.0%
3.2%
-0.9%
5.5%
0.0%
8.2%
3.9%
% +(-)
BMO Capital Markets
April 2012
BMO Capital Markets
Viacom, Inc.
Consolidated balance Sheet
As of
9/30/2008
9/30/2009
In Millions / $
ASSETS
Current Assets
Cash
Receivables
Inventories
Deferred taxes
Other current assets
Current asset of discont. ops
9/30/2006
9/30/2007
$449.2
2,061.2
619.4
151.2
559.0
3,840.0
$373.4
1,938.7
680.8
251.9
344.7
3,589.5
$525.0
2,036.0
1,002.0
230.0
376.0
4,169.0
PP&E, net
Inventory
Goodwill
Intangibles
Deferred taxes
Other assets
Assets held for sale
1,172.3
3,748.1
10,953.7
770.6
462.7
-
1,183.5
4,054.5
11,196.0
702.6
643.7
-
Total Assets
20,947.4
Current Liabilities
Accounts payable
Accrued expenses & other expenses
Participants' share
Program rights
Deferred income
Current portion of debt
Other current liabilities of discont. ops.
LT debt less current portion
Deferred taxes
Participants' share - residulas
Program rights
Other liabilities
Other liabilities of discont. ops.
Redeemabble Minority interests
Minority interests of discont. ops.
9/30/2010
9/30/2011
12/31/2011
$249.0
1,866.0
854.0
258.0
378.0
3,605.0
$837.0
2,417.0
861.0
77.0
281.0
76.0
4,549.0
$1,021.0
2,732.0
828.0
41.0
639.0
5,261.0
$1,147.0
3,100.0
858.0
37.0
257.0
5,399.0
1,217.0
4,649.0
11,402.0
747.0
631.0
-
1,042.0
3,993.0
11,498.0
593.0
576.0
-
1,102.0
4,145.0
11,035.0
467.0
156.0
568.0
74.0
1,057.0
4,239.0
11,064.0
392.0
788.0
-
1,049.0
4,260.0
11,049.0
373.0
773.0
-
21,369.8
22,815.0
21,307.0
22,096.0
22,801.0
22,903.0
289.7
1,141.9
806.6
321.9
373.9
61.5
398.0
3,393.5
360.8
1,094.4
1,070.4
377.7
397.1
125.3
778.6
4,204.3
376.0
1,164.0
1,316.0
442.0
331.0
133.0
421.0
4,183.0
238.0
1,015.0
1,097.0
427.0
393.0
101.0
436.0
3,707.0
210.0
1,000.0
1,059.0
390.0
256.0
31.0
435.0
117.0
3,498.0
427.0
1,152.0
1,158.0
475.0
187.0
23.0
520.0
3,942.0
316.0
1,117.0
1,277.0
521.0
203.0
773.0
875.0
5,082.0
8,123.7
124.5
457.5
446.9
1,369.3
-
7,605.2
571.8
271.4
198.6
1,431.2
-
8,819.0
148.0
356.0
696.0
1,420.0
-
6,751.0
282.0
544.0
576.0
1,233.0
-
6,721.0
453.0
691.0
1,343.0
-
7,342.0
123.0
487.0
771.0
1,351.0
-
7,017.0
59.0
421.0
783.0
1,390.0
-
35.9
-
43.0
-
170.0
-
131.0
-
152.0
148.0
-
Total Liabilities
13,915.4
14,318.4
15,665.0
13,263.0
12,837.0
14,168.0
14,900.0
Shareholder Equity
Class A shares @ par
Class B shares @ par
Additional paid in capital
Treasury stock
Retained earnings
Other comp loss
Discont ops and non-controlling interest
Total Shareholder Equity
0.1
0.6
7,881.1
(2,021.5)
1,111.3
60.4
7,032.0
0.1
0.6
8,032.3
(3,911.5)
2,847.7
82.2
7,051.4
1.0
8,155.0
(5,577.0)
4,485.0
86.0
7,150.0
1.0
8,256.0
(5,725.0)
5,408.0
89.0
15.0
8,044.0
1.0
8,346.0
(5,725.0)
6,775.0
(138.0)
9,259.0
1.0
8,614.0
(8,225.0)
8,418.0
(164.0)
(11.0)
8,633.0
1.0
8,650.0
(8,925.0)
8,492.0
(204.0)
(11.0)
8,003.0
Total Liabilities and Shareholder Equity
$20,947.4
$21,369.8
$22,815.0
$21,307.0
$22,096.0
$22,801.0
$22,903.0
Source: Company Reports
A member of BMO
Financial Group
360
April 2012
A member of BMO
Financial Group
$47.08
$25,296
$7,790
5.4%
36.0%
76.5%
23.5%
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
361
2.0%
FY2012
8.5%
6.2%
36.0%
20.0%
Shares outstanding
537
$60.01
$50.01
537
$67.29
$56.08
7,790
(156)
36,156
537
$74.58
$62.15
7,790
(156)
40,070
537
$81.86
$68.22
7,790
(156)
43,984
7,790
(156)
32,242
Less: debt
Plus: cash
PV Equity
7.2%
275
$4,630
1,667
275
160
3,078
2.0
2,662
2,613
2,566
$4,905
FY2014E
PV Enterprise Value
$39,395
45,022
50,650
56,278
7.1%
265
$4,310
1,552
265
160
2,863
1.0
2,663
2,638
2,614
$4,575
FY2013E
7.0x
8.0x
9.0x
10.0x
12,789
12,789
12,789
12,789
31,312
35,226
39,140
27,398
40,187
44,101
48,015
51,929
7.0x
8.0x
9.0x
10.0x
Assumptions
WACC
Corporate tax rate
8.5%
1.15
2.0%
7.0%
10.1%
WACC Calculation
Beta
Market risk premium
WACC
$420
5.4%
Cost of Debt
7.3%
254
$4,016
1,446
254
150
2,674
$7,790
156
7,946
Projected (Cash)
Net Debt
6.9%
271
$3,710
1,336
271
155
2,490
$4,270
$3,981
Yr/Yr %
EBIT
Less: Tax @ 39%
Less: CapX
Discount periods
FY2012E
FY2011
Debt Schedule
OIBDA
Amount
Viacom
4.0%
297
$5,008
1,803
297
176
3,326
4.0
2,487
2,397
2,311
$5,305
FY2016E
4.0%
309
$5,209
1,875
309
185
3,457
5.0
2,404
2,296
2,193
$5,517
FY2017E
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
537
$57.06
$47.55
7,790
(156)
30,660
537
$64.02
$53.35
7,790
(156)
34,397
537
$70.97
$59.14
7,790
(156)
38,133
537
$77.93
$64.94
7,790
(156)
41,870
7.0x
8.0x
9.0x
10.0x
12,446
12,446
12,446
12,446
26,159
29,896
33,633
37,369
38,605
42,342
46,079
49,816
4.0%
286
$4,816
1,734
286
168
3,200
3.0
2,573
2,503
2,435
$5,101
FY2015E
9.9x
07
11.4x
11.0x
9.9x
8.8x
5.2x
7.2x
9.2x
08
09
10
10.2x
9.1x
7.7x
6.9x
6.2x
11
537
$54.27
$45.22
7,790
(156)
29,158
537
$60.91
$50.76
7,790
(156)
32,728
537
$67.55
$56.30
7,790
(156)
36,297
537
$74.20
$61.83
7,790
(156)
39,867
7.0x
8.0x
9.0x
10.0x
12,118
12,118
12,118
12,118
24,986
28,556
32,125
35,695
37,104
40,673
44,243
47,812
06
12.5x
11.2x
5-yr avg = 8.5x
9.5x
6.8x
8.1x
12E
7.6x
7.3x
7.8x
BMO Capital Markets
April 2012
BMO Capital Markets
Viacom
Simplified Free Cash Flow Model
Net income
Other (Including Working Capital / Taxes)
After-tax cash flow
Internal Capital Expenditures
Less Operating Cash Flow from Discontinued Operations
Free Cash Flow*
FY2008
FY2009
1,605.8
376.7
(689.5)
1,293.0
1,100.0
366.0
682.0
2,148.0
(288.0)
0.0
1,005.0
% +(-)
FY2010
% +(-)
-31.5%
1,899.0
377.0
(745.0)
1,531.0
72.6%
-2.8%
66.1%
(128.0)
0.0
2,020.0
3.0%
-28.7%
Year Ended December 31,
FY2011
FY2012E
% +(-)
2,146.0
271.0
176.0
2,593.0
(171.0)
0.0
101.0%
1,360.0
13.0%
-28.1%
69.4%
(155.0)
(91.0)
-32.7%
2,347.0
2,332.8
254.0
(100.0)
2,486.8
% +(-)
FY2013E
% +(-)
FY2014E
% +(-)
8.7%
2,402.3
265.0
(200.0)
2,467.3
3.0%
2,607.5
275.0
(200.0)
2,682.5
8.5%
-6.3%
-4.1%
(150.0)
0.0
72.6%
2,336.8
4.3%
-0.8%
(160.0)
0.0
3.8%
8.7%
(160.0)
-0.4%
2,307.3
-1.3%
2,522.5
9.3%
Shares outstanding
635.9
608.8
-4.3%
610.4
0.3%
594.3
-2.6%
537.3
-9.6%
480.0
-10.7%
435.0
-9.4%
Free Cash Flow per share
$1.58
$3.32
109.9%
$2.23
-32.8%
$3.95
77.2%
$4.35
10.1%
$4.81
10.5%
$5.80
20.6%
Price / Free Cash Flow
29.7x
14.2x
21.1x
11.9x
10.8x
9.8x
8.1x
* Excludes acquisitons, asset sales, share repurchases or dividends
Viacom
Operating Segments
Cable Networks
Entertainment
Corporate expense & other
Total Operating Segments Valuation
FY2012E
EBITDA
$4,055.0
309.0
(348.0)
FY2013E
EBITDA
FY2014E
EBITDA
$4,350.0
330.0
(370.0)
$4,700.0
300.0
(370.0)
Other Assests
Cash and Receivables
Property and Equipment
Investments (Intl Cable Nets, etc.)
Internet Assets (Harmonix, Atom, Neopets, Xfire, etc.)
Other Assets
Total Asset Valuation
Multiple
12.0x
8.0x
10.0x
FY2012E
Valuation
FY2013E
Valuation
FY2014E
Valuation
$48,660.0
2,472.0
(3,480.0)
47,652.0
$52,200.0
2,640.0
(3,700.0)
51,140.0
$56,400.0
2,400.0
(3,700.0)
55,100.0
4,287.7
1,025.0
2,000.0
1,500.0
1,500.0
57,964.7
4,288.4
1,025.0
2,000.0
1,500.0
1,500.0
61,453.4
6,625.2
1,025.0
2,000.0
1,500.0
1,500.0
67,750.2
(13,282.0)
(13,282.0)
(13,282.0)
$44,682.7
$48,171.4
$54,468.2
537.3
480.0
435.0
$83.16
$100.36
$125.21
Shares Outstanding
Source: BMO Capital Markets estimates and corporate reports
A member of BMO
Financial Group
362
April 2012
BMO Capital Markets
Viacom
Debt Schedule
Senior notes due 2011
Senior debentures due 2036
Senior debentures due 2037
Commercial paper
Credit facility
Capital lease and other
As of
12/31/11
$0.0
$598.0
$250.0
$916.0
$398.0
$496.0
$498.0
$553.0
$492.0
$590.0
$1,736.0
$248.0
$750.0
$0.0
$0.0
$265.0
$7,790.0
Cash
Net Debt
$1,147.0
$6,643.0
(Millions)
Cost Weighting
5.75%
0.0%
4.38%
7.7%
4.25%
3.2%
6.25%
11.8%
2.50%
5.1%
3.50%
6.4%
6.13%
6.4%
5.63%
7.1%
4.50%
6.3%
3.88%
7.6%
6.88%
22.3%
6.75%
3.2%
6.85%
9.6%
0.22%
0.0%
2.25%
0.0%
7.00%
3.40%
5.57%
100.0%
0
Weighted
Average
Cost
0.00%
0.34%
0.14%
0.73%
0.13%
0.22%
0.39%
0.40%
0.28%
0.29%
1.53%
0.21%
0.66%
0.00%
0.00%
0.24%
5.57%
-0.50%
Interest
$0.0
$26.2
$10.6
$57.3
$10.0
$17.4
$30.5
$31.1
$22.1
$22.9
$119.4
$16.7
$51.4
$0.0
$0.0
$18.6
$434.0
($5.7)
$428.2
$ in millions
Viacom
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
$265.0
$3,816.0
$1,314.0
$994.0
$553.0
$598.0
$250.0
2012
2013
2014
2015
2016
2017
Bank debt/Commercial paper
Senior notes
2018
2019
2020
Beyond
Other
A member of BMO
Financial Group
363
April 2012
BMO Capital Markets
$ in Millions
VIAB: Historical Debt Composition
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
$423
$806
$16
$1,094
$5,405
$6,554
$8,002
$7,440
$6,757
$6,752
$6,942
FY2009
FY2010
FY2011
$353
FY2005
FY2006
FY2007
FY2008
VIAB: Net Debt and Leverage
9.0
3.5x
8.4
8.5
$ in Billions
8.0
3.0x
7.4
7.7
2.5x
7.5
2.0x
7.0
6.6
6.3
6.5
5.9
6.0
1.5x
1.0x
0.5x
5.5
5.0
0.0x
FY2006
FY2007
FY2008
Net Debt
FY2009
FY2010
FY2011
Net Debt-to-EBITDA
A member of BMO
Financial Group
364
April 2012
BMO Capital Markets
The Walt Disney Company
(DIS - $42.15; Outperform)
Company Description
The Walt Disney Company is one of the most dominant
diversified entertainment conglomerates in the world. It is a
leading producer and distributor of feature films and television
series, operates premier theme parks around the world, is a
major television broadcaster, controls two of the most highly
respected brands and profitable cable networks in ESPN and
The Disney Channel, and has successfully built new franchises
with Cars, Princesses, Fairies, and Pirates, among others. The
company dominates the character-licensing business and the
children’s consumer products marketplace with its unique
stable of brands and franchises. Its acquisition of Marvel
Entertainment restocks its creative resource pool and should
be accretive to earnings in FY2012 and beyond.
Securities Info
Price (12-Apr)
52-Wk High/Low
Mkt Cap (mm)
Shs O/S (mm, BASIC)
Options O/S (mm)
$42.15
$45/$28
$75,548
1,792
212.0
Selected Bond Iss
Walt Dis 1.35% '16
Walt Dis 4.38% '41
Target Price
Dividend
Yield
Float O/S (mm)
100 A2 / A
1.25%
102 A2 / A
4.19%
$53
$0.60
1.4%
1,652
8,664
Spread
24bp
87bp
Price Performance
DISNEY WALT CO (DIS)
Relative to S&P 500
150
45
140
40
35
130
30
120
25
110
20
100
15
10
Disney management has generated a significant rebound in
earnings over the past few years as it successfully engineered
a turnaround at the ABC Network and leveraged ESPN and
Disney Channels in growing its profitability. The Theme Park
and Resort results have demonstrated a healthy attendance and
per capita spending stability due to better consumer demand,
which has helped push margins. ESPN continues to be a
market leader and significant contributor to operating income.
We have a $53 price target for Disney over the next 9-15
months. Our target is based on a blend of a DCF valuation,
which uses a 10.0x terminal EBITDA multiple and a 16.3x
P/E (its seven-year TTM average). We rate the stock
OUTPERFORM.
90
Volume (mln)
600
600
400
400
200
200
0
2007
2008
2009
2010
0
2011
(FY-Sep.)
EPS Pro Forma
P/E
First Call Cons.
EPS GAAP
2010A
$2.07
2011A
$2.54
$2.03
$2.52
FCF
P/FCF
EBITDA ($mm)
EV/EBITDA
Rev. ($mm)
EV/Rev
$2.29
$1.80
$8,879
$10,207
$38,063
$40,893
Quarterly EPS
2011A
2012E
1Q
$0.68
$0.80A
2Q
$0.49
$0.56
2012E
$2.99
14.1x
$2.95
$2.99
2013E
$3.48
12.1x
$3.39
$3.48
$1.79
23.5x
$11,140
7.7x
$42,335
2.0x
$3.26
12.9x
$12,380
7.0x
$45,660
1.9x
3Q
$0.78
$0.92
4Q
$0.59
$0.71
Net Debt ($mm)
$10,620
TotalDebt/EBITDA
1.3x
Total Debt ($mm)
$14,386
EBITDA/IntExp
30.9x
Net Debt/Cap.
20.6%
Price/Book
2.1x
Jeffrey B. Logsdon
310-479-8680
[email protected]
310-268-2670
[email protected]
A member of BMO
Kara Anderson
310-575-9210
[email protected]
Financial Group
365
April 2012
BMO Capital Markets
Momentum:
 ESPN has an exceptionally profitable operating profile, which should continue through FY2012.

Theme park and resort attendance levels were up by low-single digit percentages in FY2011 and per cap spending was
up by mid-single digit percentages. FY2012 is off to a good start and should be up by at least low-double-digit
percentages for operating income.

Theme park expansion (Aulani, Disney Dream/Fantasy, Disney California Adventure redesign, three new parks in Hong
Kong, new Shanghai park, hotels, etc.) should drive close to $800 million in incremental EBITDA (on top of the current
$1.6 billion) over the next four years.

The Marvel acquisition at year-end 2009 restocks the creative resource pool for Disney (films, TV, merchandise, and
licensing) and makes it the world’s dominant comic book publisher.

The company continues to repurchase significant amounts of its own stock from its significant free cash flow.

At just 1.1x debt-to-LTM EBITDA, balance sheet remains one of the least levered among the major entertainment
conglomerates.
Challenges:
 Investor concerns over consumer businesses: advertising and theme parks.

Improving the international theme park financials.
Risks
The main risks to investors include economic, geopolitical events, weather, public health and general market conditions,
impact from the economic downturn, lack of ratings success in its television businesses, variability of results from its
content-creation businesses, uncontrollable changes in advertising rates, and a change in investor sentiment that could affect
equity valuation.
A member of BMO
Financial Group
366
April 2012
BMO Capital Markets
EV/EBITDA
10-yr avg = 10.4x
16.0x
15.0x
15.0x
14.0x
3-yr avg = 8.4x
13.0x
13.4x
12.0x
11.9x
11.6x
11.8x
11.0x
10.9x
11.6x
11.5x
10.1x
10.7x
10.0x
9.8x
10.5x
8.8x
9.0x
9.5x
8.8x
8.0x
7.3x
7.0x
7.9x
8.5x
7.3x
8.0x
7.0x
7.2x
6.6x
6.8x
DIS
FY
20
13
E
FY
20
12
E
FY
20
11
FY
20
10
FY
20
09
FY
20
08
FY
20
07
FY
20
06
FY
20
05
FY
20
04
FY
20
03
FY
20
02
6.0x
Major Media Average
P/FCF
10-yr avg = 24.2x
167.0x
3-yr avg = 22.3x
147.0x
141.6x
127.0x
107.0x
87.0x
63.7x
60.4x
39.6x
49.9x
12.7x
11.3x
20
13
E
15.2x
FY
20
12
E
19.3x
20
11
FY
20
09
20
08
FY
20
07
FY
20
06
DIS
20
10
18.2x
10.7x
FY
22.3x
17.4x
20
05
17.3x
FY
FY
20
02
FY
20
01
FY
FY
20
00
7.0x
19.8x
20
03
18.6x
23.1x
13.9x 20.5x
46.5x
FY
21.0x
41.5x
37.7x
19.3x
FY
27.0x
52.8x
32.2x
20
04
47.0x
36.8x
FY
43.2x
FY
67.0x
Major Media Average
A member of BMO
Financial Group
367
April 2012
BMO Capital Markets
P/E
10-yr avg = 20.6x
57.0x
3-yr avg = 15.0x
50.6x
54.5x
52.0x
47.0x
41.5x
42.0x
37.0x
31.5x
32.0x
29.1x
33.4x
24.3x
30.2x
28.8x
22.0x
20.0x
19.7x
18.1x
16.2x
17.0x
12.0x
17.2x
19.3x
16.8x
16.9x
16.2x
20.9x
14.2x
14.0x
19.3x
16.6x
10.4x
9.1x
15.7x
12.5x
10.7x
FY
20
12
FY
20
11
FY
20
10
FY
20
09
FY
20
08
FY
20
07
FY
20
05
FY
20
04
FY
20
03
FY
20
02
FY
20
06
Major Media Average
11.5x
11.9x
13.0x
12.6x
7.0x
DIS
13.8x
16.3x
E
21.7x
E
28.8x
FY
20
13
27.0x
S&P 500
P/E vs. S&P 500
10-yr avg = 1.2x
4.0x
3-yr avg =1.0x
3.5x
3.5x
3.0x
3.2x
2.5x
2.0x
2.6x
1.8x
1.9x
1.8x
1.5x
1.5x
1.3x
1.5x
1.6x
1.4x
1.0x
1.2x
1.2x
1.0x
1.0x
0.9x
0.8x
0.8x
0.5x
1.1x
1.0x
1.0x
0.9x
0.5x 0.5x
E
13
E
20
FY
FY
20
12
11
FY
20
10
FY
20
08
09
FY
20
FY
20
DIS
FY
20
07
06
FY
20
05
FY
20
04
FY
20
03
FY
20
FY
20
02
0.0x
Major Media Average
A member of BMO
Financial Group
368
April 2012
A member of BMO
221.0
Interactive Media
Financial Group
Outstanding Shares Diluted
369
24.1%
16.2%
19.8%
36.2%
Theme Parks & Resorts
Studio Entertainment
Consumer Products + Int. Media
Operating
EBITDA
Tax Rate
35.4%
23.7%
20.6%
23.5%
16.3%
19.4%
25.1%
18.7%
2,543.0
1,927
$0.00
$0.68
$0.00
Source: BMO Capital Markets and Disney corporate reports.
20.5%
14.1%
12.6%
Cable Networks
11.8%
Broadcasting
Operating Margins
1,926.0
$0.03
$0.47
1,903
Nonrecurring Items excl Acct Change
EPS from Continuing Ops
EBITDA
$0.44
$0.00
Net EPS
Discontinued Operations
$0.68
0.0
$1,302.0
0.0
(32.0)
0.0
1,334.0
(730.0)
2,064.0
75.0
(12.0)
(95.0)
(112.0)
2,208.0
312.0
(13.0)
375.0
468.0
771.0
295.0
10,716.0
349.0
922.0
1,932.0
$844.0
Discontinued Operations
Net Income to Disney
0.0
Non-Controlling interests
844.0
0.0
(478.0)
Income Taxes
Acctg.Changes/Derivatives
1,322.0
Pre-Tax Income
Net Income
27.0
(105.0)
Other items
(103.0)
Restructuring & Impairment Losses
(72.0)
Net Interest Expense & Other
Corporate Expense
1,575.0
243.0
(10.0)
Consumer Products
Interactive Media
Total Operating Income
375.0
544.0
243.0
Cable Networks
Parks & Resorts
180.0
Broadcasting
Operating Income (EBIT)
9,739.0
746.0
Total Revenue
1,935.0
Consumer Products
2,868.0
3,068.0
2,654.0
2,662.0
Cable Networks
$1,577.0
F2011
December
$1,521.0
F2010
Parks & Resorts
Broadcasting
Revenue
32.1%
26.2%
22.7%
23.2%
17.5%
25.5%
29.2%
15.4%
2,822.0
1,824
$0.00
$0.80
$0.00
$0.80
$1,464.0
0.0
(57.0)
0.0
1,521.0
(720.0)
2,241.0
0.0
(6.0)
(90.0)
(107.0)
2,444.0
313.0
(28.0)
413.0
553.0
967.0
226.0
10,779.0
279.0
948.0
1,618.0
3,155.0
3,309.0
$1,470.0
F2012
11%
18%
12%
14%
32%
9%
5%
4%
11%
0%
-115%
10%
18%
25%
-23%
1%
-20%
3%
-16%
10%
8%
-7%
%+/-
35.0%
24.4%
20.5%
10.4%
6.1%
14.5%
49.0%
8.6%
2,090.0
1,973
$0.00
$0.48
$0.00
$0.48
$953.0
0.0
(45.0)
0.0
998.0
(537.0)
1,535.0
70.0
(71.0)
(130.0)
(91.0)
1,757.0
133.0
(55.0)
223.0
150.0
1,183.0
123.0
8,580.0
155.0
596.0
1,536.0
2,449.0
2,412.0
$1,432.0
F2010
Quarterly Earnings Model (Fiscal Year End September)
March
35.6%
23.2%
19.5%
3.4%
5.5%
5.7%
48.0%
11.2%
2,107.0
1,934
($0.00)
$0.49
$0.00
$0.49
$942.0
0.0
(68.0)
0.0
1,010.0
(558.0)
1,568.0
0.0
0.0
(83.0)
(122.0)
1,773.0
142.0
(115.0)
77.0
145.0
1,357.0
167.0
9,077.0
159.0
626.0
1,340.0
2,630.0
2,826.0
$1,496.0
F2011
35.0%
25.3%
21.4%
10.6%
5.6%
7.4%
49.1%
11.3%
2,418.0
1,800
($0.00)
$0.62
$0.00
$0.62
$1,123.2
0.0
(74.8)
0.0
1,198.0
(645.1)
1,843.0
0.0
0.0
(90.0)
(115.0)
2,048.0
125.0
(40.0)
100.0
158.0
1,535.0
170.0
9,575.0
155.0
645.0
1,350.0
2,800.0
3,125.0
$1,500.0
F2012E
15%
28%
19%
19%
35%
18%
-8%
6%
16%
-12%
65%
30%
9%
13%
2%
5%
-3%
3%
1%
6%
11%
0%
%+/-
35.6%
28.5%
25.4%
6.5%
16.8%
7.5%
51.1%
14.4%
2,850.0
1,978
$0.01
$0.67
$0.00
$0.67
$1,331.0
0.0
(174.0)
0.0
1,505.0
(831.0)
2,336.0
43.0
(36.0)
(89.0)
(119.0)
2,537.0
117.0
(65.0)
123.0
477.0
1,676.0
209.0
10,002.0
197.0
606.0
1,639.0
2,831.0
3,280.0
$1,449.0
F2010
June
33.7%
29.1%
25.6%
7.4%
16.4%
3.0%
52.4%
17.4%
3,106.0
1,912
$0.01
$0.78
$0.00
$0.77
$1,476.0
0.0
(187.0)
0.0
1,663.0
(845.0)
2,508.0
0.0
(34.0)
(88.0)
(101.0)
2,731.0
155.0
(86.0)
49.0
519.0
1,844.0
250.0
10,675.0
251.0
685.0
1,620.0
3,170.0
3,516.0
$1,433.0
F2011
35.0%
30.4%
27.0%
10.0%
17.0%
6.1%
52.6%
17.5%
3,405.0
1,775
($0.00)
$0.92
$0.00
$0.92
$1,631.3
0.0
(205.0)
0.0
1,836.3
(988.8)
2,825.0
0.0
0.0
(90.0)
(105.0)
3,020.0
160.0
(65.0)
100.0
570.0
2,000.0
255.0
11,205.0
250.0
700.0
1,650.0
3,350.0
3,800.0
$1,455.0
F2012E
10%
17%
11%
10%
35%
13%
-2%
-4%
11%
3%
24%
104%
10%
8%
2%
5%
0%
2%
2%
6%
8%
2%
%+/-
32.6%
20.7%
17.6%
8.7%
11.2%
6.5%
34.2%
11.4%
2,013.0
1,941
$0.02
$0.45
$0.00
$0.43
$835.0
(0.0)
(131.0)
0.0
966.0
(468.0)
1,434.0
0.0
(58.0)
(87.0)
(138.0)
1,717.0
184.0
(104.0)
104.0
316.0
1,070.0
147.0
9,742.0
188.0
730.0
1,591.0
2,819.0
3,129.0
$1,285.0
F2010
34.3%
23.5%
20.3%
10.9%
13.5%
8.0%
36.4%
15.1%
2,451.0
1,864
$0.01
$0.59
$0.00
$0.58
$1,087.0
0.0
(164.0)
0.0
1,251.0
(652.0)
1,903.0
0.0
(9.0)
(77.0)
(124.0)
2,113.0
207.0
(94.0)
117.0
421.0
1,261.0
201.0
10,425.0
223.0
816.0
1,459.0
3,129.0
3,467.0
$1,331.0
22%
31%
30%
34%
33%
11%
10%
23%
13%
13%
33%
18%
37%
7%
19%
12%
-8%
11%
11%
4%
%+/-
September
F2011
33.8%
24.4%
20.9%
3.4%
14.2%
9.2%
37.1%
18.1%
2,670.0
1,755
$0.00
$0.71
$0.00
$0.71
$1,237.6
0.0
(143.2)
(0.0)
1,380.8
(704.2)
2,085.0
0.0
(0.0)
(90.0)
(113.0)
2,288.0
102.0
(67.0)
137.0
469.0
1,398.0
249.0
10,951.0
226.0
807.0
1,482.0
3,295.0
3,766.0
$1,375.0
F2012E
9%
20%
14%
10%
34%
10%
-17%
9%
8%
-51%
17%
11%
11%
24%
5%
1%
-1%
2%
5%
9%
3%
%+/-
34.9%
23.3%
19.9%
12.9%
12.2%
10.3%
39.0%
11.6%
8,879.0
1,948
$0.06
$2.07
$0.00
$2.03
$3,963.0
0.0
(350.0)
0.0
4,313.0
(2,314.0)
6,627.0
140.0
(270.0)
(409.0)
(420.0)
7,586.0
677.0
(234.0)
693.0
1,318.0
4,473.0
659.0
38,063.0
761.0
2,678.0
6,701.0
10,761.0
11,475.0
$5,687.0
F2010
34.6%
25.0%
21.6%
12.6%
13.2%
9.7%
40.6%
15.6%
10,207.0
1,909
$0.02
$2.54
$0.00
$2.52
$4,807.0
0.0
(451.0)
0.0
5,258.0
(2,785.0)
8,043.0
75.0
(55.0)
(343.0)
(459.0)
8,825.0
816.0
(308.0)
618.0
1,553.0
5,233.0
913.0
40,893.0
982.0
3,049.0
6,351.0
11,797.0
12,877.0
$5,837.0
F2011
15%
23%
21%
22%
35%
21%
16%
-9%
16%
21%
-11%
18%
17%
39%
7%
29%
14%
-5%
10%
12%
3%
%+/-
21%
13%
13%
-1%
4%
-7%
2%
-4%
7%
9%
-1%
%+/-
34.0%
26.6%
23.1%
12.5%
13.9%
12.3%
42.1%
15.5%
11,315.0
1,789
$0.00
$3.05
$0.00
$3.05
$5,456.0
0.0
(480.0)
0.0
5,936.0
(3,058.0)
8,994.0
0.0
(6.0)
(360.0)
(440.0)
9,800.0
11%
20%
14%
13%
34%
12%
-5%
4%
11%
700.0 -14%
(200.0)
750.0
1,750.0
5,900.0
900.0
42,510.0
910.0
3,100.0
6,100.0
12,600.0
14,000.0
$5,800.0
F2012E
34.0%
27.0%
23.6%
13.0%
14.1%
12.1%
42.4%
15.7%
12,385.0
1,740
($0.00)
$3.48
$0.00
$3.48
$6,050.1
0.0
(540.0)
0.0
6,590.1
(3,394.9)
9,985.0
0.0
0.0
(380.0)
(460.0)
10,825.0
750.0
(200.0)
775.0
1,900.0
6,650.0
950.0
45,860.0
985.0
3,250.0
6,400.0
13,500.0
15,675.0
$6,050.0
F2013E
Year Ended September
9%
14%
11%
11%
34%
11%
-6%
-5%
10%
7%
3%
9%
13%
6%
8%
8%
5%
5%
7%
12%
4%
%+/-
F2014E
34.0%
27.6%
24.0%
14.4%
14.1%
11.9%
42.3%
15.9%
13,670.0
1,680
($0.00)
$4.00
$0.00
$4.00
$6,723.2
0.0
(550.0)
0.0
7,273.2
(3,746.8)
11,020.0
0.0
0.0
(400.0)
(480.0)
11,900.0
800.0
(150.0)
800.0
2,050.0
7,400.0
1,000.0
49,500.0
1,100.0
3,400.0
6,700.0
14,500.0
17,500.0
$6,300.0
10%
15%
11%
10%
34%
10%
-5%
-4%
10%
7%
3%
8%
11%
5%
8%
12%
5%
5%
7%
12%
4%
%+/-
BMO Capital Markets
April 2012
BMO Capital Markets
Balance Sheet
Current
$/mil
9/30/2005
Assets
Cash and cash equivalents
Receivables
Inventories
Television costs
Other assets
9/30/2006
9/30/2007
9/27/2008
10/3/2009
10/2/2010
10/1/2011
12/31/2011
$1,723
4,585
626
510
749
652
8,845
$2,411
4,707
694
415
592
743
9,562
$3,670.0
5,032.0
641.0
559.0
862.0
550.0
11,314
$3,001.0
5,373.0
1,124.0
541.0
1,024.0
603.0
11,666
$3,417.0
4,854.0
1,271.0
631.0
1,140.0
576.0
11,889
$2,722.0
5,784.0
1,442.0
678.0
1,018.0
581.0
12,225
$3,185.0
6,182.0
1,595.0
674.0
1,487.0
634.0
13,757
$3,766.0
6,787.0
1,523.0
880.0
1,489.0
615.0
15,060
5,427
1,226
14,965
2,003
2,731
16,974
987
$53,158
5,235
1,315
15,062
2,105
2,907
22,505
1,307
$59,998
5,123.0
995.0
15,115.0
2,318.0
2,494.0
22,085.0
1,484
$60,928
5,394.0
1,563.0
15,183.0
2,349.0
2,474.0
22,151.0
1,717
$62,497
5,125.0
2,554.0
15,080.0
2,517.0
2,247.0
21,683.0
2,022
$63,117
4,773.0
2,513.0
14,502.0
3,304.0
5,081.0
24,100.0
2,708
$69,206
4,357.0
2,435.0
15,943.0
3,752.0
5,121.0
24,145.0
2,614
$72,124
4,519.0
2,685.0
15,701.0
4,059.0
5,063.0
24,170.0
2,620
$73,877
$5,339
2,310
1,519
9,168
$5,917
2,682
1,611
10,210
$5,949
3,280
2,162
11,391
$5,980
3,529
2,082
11,591
$5,616
1,206
2,112
8,934
$6,109
2,350
2,541
11,000
$6,362
3,055
2,671
12,088
$7,671
3,160
2,693
13,524
10,157
2,430
3,945
25,700
10,843
2,651
3,131
26,835
11,892
2,573
3,024
28,880
11,110
2,350
3,779
28,830
11,495
1,819
5,444
27,692
10,130
2,630
6,104
29,864
10,922
2,866
6,795
32,671
11,226
2,879
6,825
34,454
Common stock
Retained earnings
Cumulative translation and other adjustments
Treasury shares, at cost
Non-controlling interest
TWDC Stock Compensation Fund
Liabilities And Shareholders' Equity
13,288
13,288
17,775
(572)
1,248
(4,281)
27,458
$53,158
22,377
20,630
(8)
(11,179)
1,343
0
33,163
$59,998
24,207
24,805
(157)
(18,102)
1,295
0
32,048
$60,928
26,546
28,413
(81)
(22,555)
1,344
0
33,667
$62,497
27,038
31,033
(1,644)
(22,693)
1,691
0
35,425
$63,117
28,736
34,327
(1,881)
(23,663)
1,823
0
39,342
$69,206
30,296
38,375
(2,630)
(28,656)
2,068
0
39,453
$72,124
30,525
38,762
(2,574)
(29,456)
2,166
0
39,423
$73,877
Debt
Cash
Preferreds
Net debt + Preferreds
$12,467
(1,723)
0
$10,744
$13,525
(2,411)
0
$11,114
$15,172
(3,670)
0
$11,502
$14,639
(3,001)
0
$11,638
$12,701
(3,417)
0
$9,284
$12,480
(2,722)
0
$9,758
$13,977
(3,185)
0
$10,792
$14,386
(3,766)
0
$10,620
Film and television costs
Investments
Theme parks, resorts and other property, net
Projects in progress and land
Intangible assets, net
Goodwill, net
Other assets
Total Assets
Liabilities And Shareholders' Equity
Accounts,taxes payable,accrued liabilities
Current borrowings
Unearned royalty and other advances
Long-term borrowings
Other liabilities
Total Liabilities
A member of BMO
Financial Group
370
April 2012
A member of BMO
Financial Group
371
2.0%
F2012E
8.4%
9.0%
37.0%
20.0%
8.4%
Shares outstanding
Less: debt
Plus: cash
PV Equity
PV Enterprise Value
Terminal Value-F2018E EBITDA
8.0x
9.0x
10.0x
11.0x
EBITDA
Yr/Yr %
EBIT
Less: CapX
Discount periods
Discounted UFCF @ WACC -1
Discounted UFCF @ WACC+1
Assumptions
Discount back to
WACC
Corporate tax rate
WACC
$42.15
75,385
14,386
3.6%
38.5%
84.0%
16.0%
Book debt
Corporate tax rate
MV/(MV+debt)
Debt/(MV+debt)
375.0
3.6%
1.08
2.0%
7.0%
9.6%
$
$
$
Amount
14,386
(1,997)
12,389
WACC Calculation
Beta
Market risk premium
Est Annual Int. Expense
Est Cost of Debt
Debt Forecast
Projected cash
Net Debt
F2011
F2012E
$11,140
9.1%
1,955
$9,185
3,536
1,955
4,000
3,604
F2013E
$12,380
11.1%
2,020
$10,360
3,989
2,020
2,300
6,091
1.0
5,671
5,618
5,567
F2014E
$13,660
10.3%
2,250
$11,410
4,393
2,250
2,100
7,167
2.0
6,211
6,097
5,986
1,789
$60.09
$50.07
14,386
1,997
107,464
1,789
$66.39
$55.33
14,386
1,997
118,741
1,789
$72.70
$60.58
14,386
1,997
130,018
1,789
$79.00
$65.83
14,386
1,997
141,295
8.0x
9.0x
10.0x
11.0x
29,638
29,638
29,638
29,638
90,215
101,492
112,769
124,045
119,853
131,130
142,407
153,684
$129,035
145,165
161,294
177,424
$10,207
15.0%
1,841
$8,366
3,221
1,841
3,559
3,427
F2015E
F2016E
$15,060
5.0%
2,422
$12,638
4,866
2,422
2,315
7,879
4.0
5,918
5,702
5,497
F2017E
$15,813
5.0%
2,515
$13,298
5,120
2,515
2,431
8,262
5.0
5,777
5,515
5,268
1,789
$57.35
$47.79
14,386
1,997
102,571
1,789
$63.37
$52.81
14,386
1,997
113,337
1,789
$69.39
$57.82
14,386
1,997
124,103
1,789
$75.41
$62.84
14,386
1,997
134,870
05
06
08
9.9x
9.4x
8.8x
09
8.3x
7.4x
6.5x
10
5.1x
7.0x
9.0x
12E (-) = current price
07
8.4x
10.2x 9.9x
11.5x 11.5x
12.8x
5-yr avg = 8.0x
1,789
$54.76
$45.63
14,386
1,997
97,931
1,789
$60.51
$50.42
14,386
1,997
108,214
1,789
$66.26
$55.21
14,386
1,997
118,497
1,789
$72.00
$60.00
14,386
1,997
128,780
8.0x
9.0x
10.0x
11.0x
28,053
28,053
28,053
28,053
82,266
92,549
102,833
113,116
110,319
120,603
130,886
141,169
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
8.0x
9.0x
10.0x
11.0x
28,829
28,829
28,829
28,829
86,130
96,897
107,663 118,429
114,959
125,726
136,492 147,258
$14,343
5.0%
2,334
$12,009
4,623
2,334
2,205
7,515
3.0
6,062
5,896
5,736
11
9.4x
8.4x
7.4x
6.9x
12E
6.3x
7.8x 7.5x
9.3x 7.6x
BMO Capital Markets
April 2012
BMO Capital Markets
Simplified Free Cash Flow Analysis
(Millions, except per share amounts)
F2012E
F2013E
F2014E
Net Income
$3,304
$4,690
$4,427
$3,307
$4,313
$4,807
$5,456
$6,050
$6,723
Plus: D&A
1,459
1,491
1,582
1,631
1,713
1,841
1,955
2,020
2,250
4,763
6,181
6,009
4,938
6,026
6,648
7,411
8,070
8,973
(1,299)
(1,566)
(1,578)
(1,753)
(2,110)
(3,559)
(4,000)
(2,300)
(2,100)
84
(159)
(549)
(531)
(266)
(1,139)
(100)
(100)
(100)
1,164
(349)
241
912
818
1,485
0
0
0
After-Tax Cash Flow
Less: CAPEX
Change in Net Working Capital
Other (Loss)
F2006
F2007
F2008
F2009
F2010
F2011
After-Tax Free Cash Flow
4,712
4,107
4,123
3,566
4,468
3,435
3,311
5,670
6,773
Fully diluted shares out
Free Cash Flow Per Share
2,076
$2.27
2,092
$1.95
1,948
$2.12
1,875
$1.90
1,948
$2.29
1,909
$1.80
1,789
$1.85
1,740
$3.26
1,680
$4.03
Dividends
$0.27
$0.30
$0.35
$0.35
$0.35
$0.40
$0.60
$0.70
$0.80
Source: BMO Capital Markets estimates, corporate reports.
Operating Segments
Broadcasting Network (ABC)
Television Stations
TV Production
Cable Networks (Includes Equity Stakes)
Parks & Resorts
Consumer Products
Total Operating Segments
F2012E
EBITDA
F2013E
EBITDA
F2014E
EBITDA
$370
$310
6,050
750
2,440
770
$10,690
$400
$330
7,000
775
2,490
950
$11,945
$365
$350
7,500
800
2,650
960
$12,625
Multiple
F2012E
Valuation
F2013E
F2014E
Valuation Valuation
$2,500
2,590
2,790
72,600
6,750
17,080
3,850
$108,160
$2,500
2,800
2,970
84,000
6,975
17,430
4,750
$116,125
$2,500
2,555
3,150
90,000
7,200
18,550
4,800
$123,700
17,781
8,310
600
5,500
32,191
23,451
8,310
750
6,000
38,511
26,000
8,310
1,200
6,500
42,010
140,351
154,636
165,710
Less Debt & Liabilities (includes HK & EDL)
Less Minority Interests (principally ESPN)
(34,454)
(15,000)
(30,000)
(17,000)
(28,000)
(18,400)
$90,897
$107,636
$119,310
1,789
1,740
1,680
$50.82
$61.86
$71.02
Other Assets
Eurodisney (39%) & Hong Kong Disney (43%)
Other Assets (Interactive Media, Raw Land, India assets, etc.)
Total Other Assets
Estimated Shares Outstanding (Fully Diluted)
7.0x
9.0x
12.0x
9.0x
7.0x
5.0x
Source: BMO Capital Markets estimates and Disney corporate reports.
A member of BMO
Financial Group
372
April 2012
BMO Capital Markets
Debt Schedule
Commerical paper
US medium term notes
Other foreign debt
Other
Euro Disney borrowings**
Hong Kong Disneyland
As of
Stated
Effective
12/31/11 Interest Rate Interest Rate*
$607.0
1.0%
1.0%
$9,991.0
5.2%
3.7%
$1,017.0
0.8%
0.7%
$626.0
5.0%
5.0%
$1,861.0
4.4%
5.0%
$284.0
3.3%
2.9%
$14,386.0
Cash
Net Debt
$3,766.0
$10,620.0
(Millions)
Weighting
4.2%
69.4%
7.1%
4.4%
12.9%
1.97%
100.0%
Weighted
Average
Rate
0.04%
2.55%
0.05%
0.22%
0.65%
0.06%
3.56%
0.5%
Interest
$6.1
$366.7
$7.1
$31.3
$93.0
$8.3
$512.5
($18.8)
$493.7
*Effective interest rate includes the impact of interest rate, currency swaps, etc.
**Estimated interest rates
$ in millions
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
$626.0
$7,536.0
$2,017.0
$750.0
$1,000.0
$450.0
$750.0
$650.0
$607.0
2012
2013
2014
2015
2016
2017
Bank debt/commercial paper
2018
Corporate debt
2019
2020
Beyond
Other
A member of BMO
Financial Group
373
April 2012
BMO Capital Markets
$ in Millions
DIS: Historical Debt Composition
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
$2,686
$839
$1,985
$754
$3,139
$1,415
$12,686
$11,713
FY2005
FY2006
$12,486
$12,654
FY2007
FY2008
$12,701
FY2009
$11,065
$10,838
FY2010
FY2011
DIS: Net Debt and Leverage
$ in Billions
12.9
14.0
13.0
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
11.5
11.4
10.7
11.1
11.5
11.6
10.8
9.3
9.2
9.8
4.0x
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
0.5x
0.0x
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011
Net Debt
Net Debt-to-EBITDA
A member of BMO
Financial Group
374
April 2012
BMO Capital Markets
Other companies mentioned (priced at the close on April 12, 2012):
Apple Inc. (AAPL, $622.77, Outperform by Keith Bachman)
Amazon (AMZN, $190.69, Not Rated)
AOL (AOL, $25.60, Not Rated)
AT&T (T, $30.84, Outperform), by Peter Rhamey*
Ballantyne Strong Inc. (BTN, $5.79, Not Rated)
Best Buy (BBY, $22.24, Not Rated)
Cablevision (CVC, $13.42, Not Rated)
CBS Corporation (CBS, $32.18, Not Rated)
Central European Media Enterprises (CETV, $7.29, Not Rated)
Cinedigm (CIDM, $1.65, Not Rated)
Coinstar (CSTR, $61.31, Not Rated)
Comcast (CMCSA, $29.68, Not Rated)
Digital Theater Systems (DTSI, $30.52, Not Rated)
Discovery Holdings (DISCA, $51.29, Not Rated)
Dolby Laboratories (DLB, $37.47, Not Rated)
General Electric (GE, $19.30, Not Rated)
Genius Products (GNPR, $0.145, Not Rated)
Google (GOOG, $651.01, Outperform by Daniel Salmon)
IMAX (IMAX, $23.04, Not Rated)
Marcus Corp (MCS, $12.77, Not Rated)
Microsoft Corporation (MSFT, $31.00, Not Rated)
National CineMedia (NCMI, $14.29, Not Rated)
NCR (NCR, $21.65, Not Rated)
Netflix (NFLX, $104.26, Market Perform by Edward Williams)
Onex (OCX.TO, $37.01, Not Rated)
Reading International (RDI, $4.70, Not Rated)
Sony (SNE, $18.73, Not Rated)
Target Corporation (TGT, $57.93, Outperform by Wayne Hood)
Time Warner Cable (TWC, $80.22, Not Rated)
Verizon (VZ, $37.55, Outperform), by Peter Rhamey*
Walmart (WMT, $60.14, Market Perform by Wayne Hood)
Yahoo (YHOO, $15.06, Market Perform by Dan Salmon)
*At our Canadian Affiliate, BMO Nesbitt Burns Inc. For disclosures, go to http://research-ca.bmocapitalmarkets.com/Company_Disclosure_Public.asp.
A member of BMO
Financial Group
375
April 2012
BMO Capital Markets
Important Disclosures
Analyst's Certification
I, Jeffrey B. Logsdon, hereby certify that the views expressed in this report accurately reflect my personal views about the subject
securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets
and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on
effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings
estimates, and service to clients.
Company Specific Disclosures
For Important Disclosures on the stocks discussed in this report, please go to
http://researchglobal.bmocapitalmarkets.com/Public/Company_Disclosure_Public.aspx.
Distribution of Ratings (March 31, 2012)
Rating
BMOCM US
BMOCM US
BMOCM US
BMOCM
BMOCM
Starmine
Category
BMO Rating
Universe*
IB Clients**
IB Clients***
Universe****
IB Clients*****
Universe
Buy
Outperform
37.7%
12.1%
52.1%
39.2%
48.3%
54.6%
Hold
Market Perform
60.0%
7.0%
47.9%
57.6%
51.0%
40.1%
Sell
Underperform
2.4%
0.0%
0.0%
3.2%
0.7%
5.3%
*
Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
**
Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment
Banking services as percentage within ratings category.
***
Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment
Banking services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking
services as percentage of Investment Banking clients.
Ratings and Sector Key
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the market;
Mkt = Market Perform - Forecast to perform roughly in line with the market;
Und = Underperform - Forecast to underperform the market;
(S) = speculative investment;
NR = No rating at this time;
R = Restricted – Dissemination of research is currently restricted.
Market performance is measured by a benchmark index such as the S&P/TSX Composite Index, S&P 500, Nasdaq Composite, as
appropriate for each company. BMO Capital Markets eight Top 15 lists guide investors to our best ideas according to different objectives
(Canadian large, small, growth, value, income, quantitative; and US large, US small) have replaced the Top Pick rating.
Other Important Disclosures
For Other Important Disclosures on the stocks discussed in this report, please go to
http://researchglobal.bmocapitalmarkets.com/Public/Company_Disclosure_Public.aspx or write to Editorial Department, BMO Capital
Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto,
Ontario, M5X 1H3.
Prior BMO Capital Markets Ratings Systems
http://researchglobal.bmocapitalmarkets.com/documents/2009/prior_rating_systems.pdf
Dissemination of Research
Our research publications are available via our web site http://www.bmocm.com/research/. Institutional clients may also receive our
research via FIRST CALL, FIRST CALL Research Direct, Reuters, Bloomberg, FactSet, Capital IQ, and TheMarkets.com. All of our
research is made widely available at the same time to all BMO Capital Markets client groups entitled to our research. Additional
dissemination may occur via email or regular mail. Please contact your investment advisor or institutional salesperson for more
information.
Conflict Statement
A general description of how BMO Financial Group identifies and manages conflicts of interest is contained in our public facing policy for
managing conflicts of interest in connection with investment research which is available at
http://researchglobal.bmocapitalmarkets.com/Public/Conflict_Statement_Public.aspx.
A member of BMO
Financial Group
376
April 2012
BMO Capital Markets
General Disclaimer
“BMO Capital Markets” is a trade name used by the BMO Investment Banking Group, which includes the wholesale arm of Bank of
Montreal and its subsidiaries BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée./Ltd., BMO Capital Markets Ltd. in the U.K. and
BMO Capital Markets Corp. in the U.S. BMO Nesbitt Burns Inc., BMO Capital Markets Ltd. and BMO Capital Markets Corp are
affiliates. Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated
services to, many issuers covered by BMO Capital Markets. The opinions, estimates and projections contained in this report are those of
BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital Markets endeavours to ensure
that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are
accurate and complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes
no responsibility for any errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or
reliance on, this report or its contents. Information may be available to BMO Capital Markets or its affiliates that is not reflected in this
report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual
client objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for
information purposes only and is not an offer to sell or the solicitation of an offer to buy any security. BMO Capital Markets or its
affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. BMO Capital Markets or
its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or
in options, futures or other derivative instruments based thereon. The reader should assume that BMO Capital Markets or its affiliates may
have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or sell securities of issuers discussed
herein.
Additional Matters
To Canadian Residents: BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltee/Ltd., affiliates of BMO Capital Markets Corp., furnish
this report to Canadian residents and accept responsibility for the contents herein subject to the terms set out above. Any Canadian person
wishing to effect transactions in any of the securities included in this report should do so through BMO Nesbitt Burns Inc. and/or BMO
Nesbitt Burns Ltee/Ltd.
To U.S. Residents: BMO Capital Markets Corp. and/or BMO Nesbitt Burns Securities Ltd., affiliates of BMO NB, furnish this report to
U.S. residents and accept responsibility for the contents herein, except to the extent that it refers to securities of Bank of Montreal. Any
U.S. person wishing to effect transactions in any security discussed herein should do so through BMO Capital Markets Corp. and/or BMO
Nesbitt Burns Securities Ltd.
To U.K. Residents: In the UK this document is published by BMO Capital Markets Limited which is authorised and regulated by the
Financial Services Authority. The contents hereof are intended solely for the use of, and may only be issued or passed on to, (I) persons
who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the “Order”) or (II) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all
such persons together referred to as “relevant persons”). The contents hereof are not intended for the use of and may not be issued or
passed on to, retail clients.
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST
BMO Financial Group (NYSE, TSX: BMO) is an integrated financial services provider offering a range of retail banking, wealth management, and
investment and corporate banking products. BMO serves Canadian retail clients through BMO Bank of Montreal and BMO Nesbitt Burns. In the United
States, personal and commercial banking clients are served by BMO Harris Bank N.A., Member FDIC. Investment and corporate banking services are
provided in Canada and the US through BMO Capital Markets.
BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris
Bank N.A, BMO Ireland Plc, and Bank of Montreal (China) Co. Ltd. and the institutional broker dealer businesses of BMO Capital Markets
Corp. (Member SIPC), BMO Nesbitt Burns Trading Corp. S.A., BMO Nesbitt Burns Securities Limited (Member SIPC) and BMO Capital
Markets GKST Inc. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc. (Member Canadian Investor Protection Fund) in Canada, Europe and
Asia, BMO Nesbitt Burns Ltée/Ltd. (Member Canadian Investor Protection Fund) in Canada, BMO Capital Markets Limited in Europe, Asia
and Australia and BMO Advisors Private Limited in India.
“Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Corporation Limited, used under license. “BMO Capital Markets” is a
trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under
license.
® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.
TM Trademark Bank of Montreal
©COPYRIGHT 2012 BMO CAPITAL MARKETS CORP.
A member of BMO
A member of BMO
Financial Group
Financial Group
377
April 2012
BMO Capital Markets
NOTES
A member of BMO
Financial Group
378
April 2012
Equity Research
Global Head of Research
Ian de Verteuil
416-359-4478
Financials____________________
Canadian Banks
John Reucassel, CFA
US Banks
Lana Chan
Peter Winter
416-359-4379
212-885-4109
212-885-4108
Insurance
Tom MacKinnon, FSA, FCIA 416-359-4629
Diversified Financials
John Reucassel, CFA
Atul Shah
David Chiaverini, CFA
416-359-4379
416-359-4691
212-885-4115
Exchanges
Jillian Miller
404-926-1581
Real Estate Investment Trusts
Paul E. Adornato, CFA
212-885-4170
Richard Anderson
212-885-4180
Karine MacIndoe
416-359-4269
Consumer____________________
Co-Heads of Equity Research
R. Jackson Blackstock, CFA
212-885-4113
Materials____________________
Metals & Mining
Tony Robson
416-359-4034
Stephen Bonnyman, CFA
416-359-8456
Edward Sterck
+44 (0)20 7246 5421
Meredith Bandy, CFA
303-436-1113
Johannes Faul, CFA
416-359-7732
Paul Campbell
416-359-5424
Energy & Utilities____________
Integrated Oils
Randy Ollenberger
403-515-1502
Precious Metals
David Haughton
416-359-4052
Andrew Breichmanas, P.Eng. 416-359-8387
Oil & Gas: North American E&P
Randy Ollenberger
403-515-1502
Jim Byrne, P. Eng.
403-515-1557
Phillip Jungwirth, CFA 303-436-1127
Dan McSpirit
303-436-1117
Gordon Tait, CFA
403-515-1501
Jared Dziuba, CFA
403-515-3672
Mining Exploration & Development
John Hayes, P. Geo.
416-359-6189
Andrew Kaip, P. Geo.
416-359-7224
Oil & Gas: Services & Equipment
Alan Laws, CFA
303-436-1125
Mike Mazar, CA, CFA
403-515-1538
Paper & Forest Products
Stephen Atkinson
514-286-7309
Electric Utilities & Independent Power
Michael S. Worms
212-885-4031
Fertilizers
Joel Jackson, P.Eng., CFA
416-359-4250
Pipelines
Carl Kirst, CFA
CAPITAL GOODS & SERVICES_ ___
713-546-9756
Healthcare_ _________________
Services - Equipment Distribution
Bert Powell, CFA
416-359-5301
Biotechnology
Jim Birchenough, M.D.
415-591-2129
212-883-5115
Retail - Broadlines/Hardlines
Wayne Hood
404-926-1590
Retail - Apparel & Specialty
John D. Morris
Services - Engineering & Construction
Avram Fisher
212-885-4094
Medical Technology
Joanne K. Wuensch
212-885-4016
Managed Care/Benefit Managers
Retail - Food & Drug
Peter Sklar, CA
Karen Short
Transport - Rails
Fadi Chamoun, CFA
416-359-5188
212-885-4123
Transport - Trucking & Logistics
Jason Granger, CA, CFA
416-359-4293
Food & Ag Products
Kenneth Zaslow, CFA
212-885-4017
Food & Beverage
Amit Sharma, CFA
Diversified Industrials
Charles D. Brady
Bert Powell, CFA
212-885-4132
Restaurants
Phillip Juhan, CFA
404-926-1599
Household & Personal Care Products
Connie M. Maneaty
212-885-4004
416-359-6775
617-960-2363
416-359-5301
Tech/Telecom/media__________
Tech - Enterprise Hardware, Imaging & Services
Keith Bachman, CFA 212-885-4010
Tech - Communications Equipment
Tim Long
212-885-4101
Toys & Leisure
Gerrick L. Johnson
212-883-5192
Gaming
Jeffrey B. Logsdon
Tech - Software/Specialty Hardware
Thanos Moschopoulos, CFA 416-359-5428
213-228-2234
Auto Parts
Peter Sklar, CA
Tech - Software/China Software & Services
Karl Keirstead
212-885-4192
416-359-5188
Tech - Semiconductors
Ambrish Srivastava, Ph.D
415-591-2116
416-359-8069
Telecom Services
Peter Rhamey, CFA 416-359-6191
Diversified Consumer
Stephen MacLeod, CFA
Services - Education & Staffing
Jeffrey M. Silber
212-885-4063
Services - Marketing & Advertising
Daniel Salmon 212-885-4029
Dave Shove
212-885-4146
Macro________________________
Portfolio Strategy
Jack A. Ablin, CFA
Don Coxe
312-461-7756
Coxe Advisors LLC
Economics
Dr. Sherry Cooper
Douglas Porter, CFA
Michael Gregory, CFA
Sal Guatieri
416-359-4112
416-359-4887
416-359-4747
416-359-5295
Quantitative/Technical
Mark Steele
Ke

Perspectives on the Filmed Entertainment

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