Carmike Cinemas this morning joined the parade of exhibition companies that attributed lousy 1Q earnings to the fact that Hollywood didn’t serve up 3D hits that could match last year’s standouts: Fox’s Avatar and Disney’s Alice in Wonderland. The chain’s net loss grew to $18.4 million from $3.5 million in the same period last year on revenues of $96.2 million, down 22%. The loss, at $1.44 a share, far exceeds the average estimate among analysts of a 49 cent loss. ”Despite the slow start, we are optimistic about the balance of 2011,” CEO David Passman said.
By DAVID LIEBERMAN, Financial Editor | Tuesday May 10, 2011 @ 8:19am EDTTags: Alice in Wonderland 3D, Avatar 3D, Carmike Cinemas
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This article was printed from http://www.deadline.com/2011/05/carmike-cinemas-says-studios-to-blame-for-1q-loss-that-exceeds-analyst-expectations/