Summary of REGAL ENTERTAINMENT GROUP

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2009, Regal Entertainment Group ("Regal") announced its financial results for its third fiscal quarter ended October 1, 2009. A copy of the earnings release is furnished to the United States Securities and Exchange Commission (the "Commission") with this current report on Form 8-K as Exhibit 99.1. The earnings release contains certain non-GAAP financial measures for the periods set forth therein, including adjusted EBITDA and adjusted diluted earnings per share.

Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization expense, net loss on disposal and impairment of operating assets, share-based compensation expense, joint venture employee compensation, loss on debt extinguishment, noncontrolling interest, net of tax and other, net. The most directly comparable GAAP financial measure to adjusted EBITDA is net cash provided by (used in) operating activities, which is set forth in the earnings release and in the table below this paragraph for the relevant periods set forth in the earnings release. Adjusted diluted earnings per share is diluted earnings (loss) per share excluding loss on debt extinguishment, net of related tax effects, and net loss on disposal and impairment of operating assets, net of related tax effects. The most directly comparable GAAP financial measure to adjusted diluted earnings per share is diluted earnings (loss) per share, which is set forth in the earnings release and the table below this paragraph for the relevant periods set forth in the earnings release.

                                                Quarter Ended                           Three Quarters Ended
                                    October 1, 2009      Sept. 25, 2008(1)     October 1, 2009      Sept. 25, 2008(1)
Net cash provided by (used in)
operating activities (in
millions)                          $           (16.8 )  $             (29.4 )  $          220.0    $             127.1

Diluted earnings (loss) per
share                              $           (0.01 )  $             $0.20    $           0.39    $              0.53

(1) Effective January 2, 2009, Regal retrospectively adopted certain provisions of FASB Accounting Standards Codification Subtopic 470-20, Debt-Debt with Conversion and Other Options ("ASC Subtopic 470-20"). Our 6¼% Convertible Senior Notes and the 3¾% Convertible Senior Notes are within the scope of ASC Subtopic 470-20; therefore, we were required to retrospectively record the debt portions of the 6¼% Convertible Senior Notes and the 3¾% Convertible Senior Notes at their fair values as of the respective dates of issuance and amortize the related debt discount into interest expense over the life of each debt instrument during the periods in which the debt instruments are outstanding.

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the earnings release.

Regal is also furnishing to the Commission as Exhibit 99.2 to this current report on Form 8-K certain other financial information for its last four completed fiscal quarters, including reconciliations to the most directly comparable GAAP financial measures of the non-GAAP financial measures included therein.