Investments in non-consolidated affiliates and certain other investments accounted for following the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50% voting control. Investments in non-consolidated affiliates as of June 28, 2012, include a 15.47% interest in National CineMedia, LLC ("NCM"), a 50% interest in two U.S. theatres and one IMAX screen, a 26.22% equity interest in Movietickets.com ("MTC"), a 29% interest in Digital Cinema Implementation Partners, LLC ("DCIP"), and a 50% interest in Open Road Releasing, LLC, operator of Open Road Films, LLC ("ORF"). The Company sold its 50% interest in Midland Empire Partners, LLC in June 2012. Indebtedness held by equity method investees is non-recourse to the Company.

RealD Inc. Common Stock. The Company holds an investment in RealD Inc. common stock, which is accounted for as an equity security, available for sale, and is recorded in the Consolidated Balance Sheets in other long-term assets at fair value (Level 1).

Condensed financial information of our non-consolidated equity method investments is shown below. Amounts are presented under U.S. GAAP for the periods of ownership by the Company.

	Thirteen Weeks Ended June 28, 2012

(In thousands)	NCM		DCIP		ORF		Other			Total
Revenues	$	110,100	$	42,175	$	32,900	$	8,449		$	193,624
Operating costs and expenses		108,300		32,973		24,500		9,215			174,988

Net earnings (loss)	$	1,800	$	9,202	$	8,400	$	(766	)	$	18,636

	Thirteen Weeks Ended June 30, 2011

(In thousands)	NCM		DCIP			ORF			Other			Total
Revenues	$	113,963	$	29,150		$	—		$	4,572		$	147,685
Operating costs and expenses		76,401		33,842			2,264			4,824			117,331

Net earnings (loss)	$	37,562	$	(4,692	)	$	(2,264	)	$	(252	)	$	30,354

The components of the Company's recorded equity in earnings (loss) of non-consolidated entities are as follows:

	Thirteen Weeks Ended

(In thousands)	June 28, 2012		June 30, 2011
National CineMedia, LLC	$	446	$	3,239
Digital Cinema Implementation Partners, LLC		2,809		(1,498	)
Open Road Releasing, LLC		4,200		(1,132	)
Other		1,298		(113	)

The Company's recorded equity in earnings	$	8,753	$	496

DCIP Transactions. As of June 28, 2012 and March 29, 2012, the Company had recorded $1,698,000 and $1,437,000 respectively, of amounts due from DCIP related to equipment purchases made on behalf of DCIP for the installation of digital projection systems. After the projectors are installed and the Company is reimbursed for its installation costs, the Company will make capital contributions to DCIP for projector and installation costs in excess of the cap ($68,000 per system for digital conversions). The Company pays equipment rent monthly and records the equipment rental expense on a straight-line basis over 12 years, including scheduled escalations of rent to commence after six and one-half years from the inception of the agreement. The difference between the cash rent and straight-line rent is recorded to deferred rent, a long-term liability account. As of June 28, 2012 and March 29, 2012, the Company had recorded $6,068,000 and $5,003,000 of deferred rent liability, respectively. The Company recorded digital equipment rental expense for continuing operations of $2,141,000 and $1,504,000 during the thirteen weeks ended June 28, 2012 and June 30, 2011, respectively.

Open Road Films Transactions. As of June 28, 2012 and March 29, 2012, the Company had recorded $1,069,000 and $597,000 of amounts due from Open Road Films for promoted content and has recorded $91,000 and $1,843,000 of amounts payable for film rentals, respectively. The Company earns a percentage of the gross profits of certain films distributed by Open Road Films for promoted content by providing marketing services (including trailer coverage, website advertising and other promotional materials). The Company receives a distribution for promoted content annually and records the earned amount of promoted content monthly as a credit to film exhibition costs. The Company has incurred approximately $1,100,000 in gross film exhibition costs on titles distributed by Open Road Films during the thirteen weeks ended June 28, 2012.

NCM Transactions. As of June 28, 2012, the Company owns 17,323,782 units, or a 15.47% interest, in NCM. As a founding member, the Company has the ability to exercise significant influence over the governance of NCM, and, accordingly accounts for its investment following the equity method. The estimated fair market value of the units in NCM was approximately $250,675,000, based on the publically quoted price per share of NCM, Inc. on June 28, 2012 of $14.47 per share.

As of June 28, 2012 and March 29, 2012, the Company had recorded $2,053,000 and $1,909,000 respectively, of amounts due from NCM related to on-screen advertising revenue and theatre rent. As of June 28, 2012 and March 29, 2012, the Company had recorded $1,584,000 and $1,823,000 respectively, of amounts due to NCM related to the Exhibitor Services Agreement. The Company recorded revenues for advertising from NCM of $6,643,000 and $6,220,000 during the thirteen weeks ended June 28, 2012 and June 30, 2011, respectively. The Company recorded NCM advertising expenses related to beverage advertising of $3,483,000 and $3,630,000 during the thirteen weeks ended June 28, 2012 and June 30, 2011.

The Company recorded the following changes in the carrying amount of its investment in NCM and equity in earnings of NCM during the thirteen weeks ended June 28, 2012:

(In thousands)	Investment in NCM(1)			Deferred Revenue(2)			Cash Received		Equity in (Earnings)			Advertising (Revenue)

Ending balance March 29, 2012	$	71,517		$	(328,442	)
Receipt of excess cash distributions		(130	)		—		$	509	$	(379	)	$	—
Change in interest loss		(16	)		—			—		16			—
Amortization of deferred revenue		—			1,399			—		—			(1,399	)
Equity in earnings(3)		83			—			—		(83	)		—

For the period ended or balance as of June 28, 2012	$	71,454		$	(327,043	)	$	509	$	(446	)	$	(1,399	)

(1): Represents AMC's investment in 519,979 common membership units originally valued at March 27, 2008, 224,828 common membership units originally valued at March 17, 2009, 70,424 common membership units originally valued at March 17, 2010, and 3,601,811 common membership units originally valued at June 14, 2010 received under the Common Unit Adjustment Agreement dated as of February 13, 2007 (Tranche 2 Investments). AMC's investment in 12,906,740 common membership units (Tranche 1 Investment) is carried at zero cost.
(2): Represents the unamortized portion of the Exhibitor Services Agreement (ESA) modifications payment received from NCM. Such amounts are being amortized to revenues over the remainder of the 30 year term of the ESA ending in 2036, using a units-of-revenue method, as described in ASC 470-10-35 (formerly EITF 88-18, Sales of Future Revenues).
(3): Represents equity in earnings on the Tranche 2 Investments only.