iPic Entertainment Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net loss of $8,561,000 against $12,595,000 a year ago. LBITDA was $364,000 against $3,703,000 a year ago. Adjusted EBITDA was $187,000 against $275,000 a year ago. Total revenue was $37,519,000 against $33,801,000 a year ago. Operating loss was $4,642,000 against $8,562,000 a year ago. Net loss before income tax expense was $8,539,000 against $12,573,000 a year ago. Net loss attributable to iPic Entertainment Inc. was $1,027,000 against $12,595,000 a year ago. Diluted loss per share was $0.59.

For the six months, the company reported net loss of $30,324,000 against $22,426,000 a year ago. LBITDA was $12,651,000 against $5,023,000 a year ago. Adjusted LBITDA was $1,041,000 against adjusted EBITDA of $314,000 a year ago. Total revenue was $74,780,000 against $69,374,000 a year ago. Operating loss was $21,769,000 against $14,600,000 a year ago. Net loss before income tax expense was $30,281,000 against $22,383,000 a year ago. Net loss attributable to iPic Entertainment Inc. was $7,462,000 against $22,426,000 a year ago. Diluted loss per share was $2.10. Cash used in operating activities was $14,412,000 against $13,333,000 a year ago. Purchases of property and equipment were $6,078,000 against $11,395,000 a year ago.

For the year ending December 31, 2018, the Company is reiterating its annual outlook but now projects to be at the lower end of the following guided ranges. This is a consequence of its performance through the first half of 2018 along with lowered expectations for the remainder of the year, including an estimated 100 to 150 basis points of potential negative impact on total revenue and comparable-store sales for the year as a result of later timing for three additional remodels. Total revenue growth of 3% to 7%; comparable-store sales growth of 0% to 5%, with an estimated 500 basis points of negative impact on screen capacity during the third quarter and an additional 100 basis points of negative impact on screen capacity during the fourth quarter due to three additional remodels under construction during these periods; store-level EBITDA, a non-GAAP measure, of $17.0 million to $18.0 million; adjusted EBITDA of $1.5 million to $0.5 million, reflecting a substantial improvement from full year 2017; and capital expenditures of $20 million to $25 million, net of tenant improvement dollars. The company now expects other operating cost to be higher in 2017 -- than in 2017 as a percentage of revenue. For the full year, the company remain on track to achieve its guidance range for G&A of between $18 million in $19 million.