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Carmike Records Q1 Loss Due To Acquisition And Lease Termination Charges

By DAVID LIEBERMAN, Executive Editor | Monday May 6, 2013 @ 1:19pm PDTTags: Carmike, Carmike Cinemas

All exhibition chains struggled with the weak box office in early 2012. But Carmike suffered from a triple whammy in Q1 as it recorded $12.3M in interest expenses — due in part to the additional leverage to finance its acquisition of Rave’s theaters at the end of 2012 — as well as about $3.1M in charges to cancel leases for underperforming theaters. The company ended up with a net loss of $5.8M, down from a $3.2M profit in the period a year ago, on revenues of $130.1M, +0.1%. The top line was right about where analysts expected. But the net loss of 33 cents a share contrasts with forecasts for a seven cent profit. Revenues from admissions fell 1.4% to $81.5M as the rise in the price of the average ticket — to $7.02 from $6.68 — was offset by the 4.6% drop in attendance to 11.6M. Even so, concessions revenues rose 2.7% to $48.6M, as the average concessions sales per patron rose 27 cents to $4.18. The company says that the increase reflects the success of its experiments and efforts to promote high-margin goodies. “Last year’s first quarter box office benefited from a strong and well-balanced film slate, creating a challenging year-over-year comparison for the industry,” CEO Dave Passman says. But Q2 “is off to a strong start,” he adds, and “we expect the positive momentum to continue throughout the summer as the upcoming release calendar features a strong movie slate with several highly anticipated titles.”

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Carmike Q4 Revenues Beat Expectations As Admissions Top Industry Averages

By DAVID LIEBERMAN, Executive Editor | Thursday March 14, 2013 @ 1:15pm PDTTags: Carmike, Carmike Cinemas

Carmike CinemasThis is becoming a familiar theme in exhibition, although Carmike‘s Q4 numbers are complicated by its acquisition in November of 251 screens from Rave Reviews Cinemas as well as an $86.5M year-end tax benefit. With those factored … Read More »

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Carmike Agrees To Buy 16 Theaters From Rave Reviews Cinemas

By DAVID LIEBERMAN, Executive Editor | Monday October 1, 2012 @ 8:05am PDTTags: Carmike Cinemas, Rave

Carmike shares are up more than 9% in early trading after it announced its agreement to pay $19M — and assume $100.4M in lease obligations — for Rave’s 16 theaters with 251 screens in the south and mid-west. Carmike signaled its interest in acquisitions early this year when it launched a refinancing effort that included a $56.5M stock sale and $210M sale of senior secured notes. CEO David Passman calls today’s deal a “key, opportunistic development for Carmike as we recently embarked on a corporate mission of expanding our footprint to 300 theatres and 3,000 screens through attractive acquisitions.” Rave is controlled by private equity firm BV Investment Partners. The companies expect the deal to close by year end.

Here’s the release: Read More »

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Police Probed Bomb Threats To Carmike Cinemas Showing ‘The Expendables 2′; “Nothing Found”; FBI On The Case

By NIKKI FINKE, Editor in Chief | Friday August 17, 2012 @ 3:19pm PDTTags: Carmike Cinemas, The Expendables 2

3RD UPDATE, 3:15 PM: The FBI just made this statement:

“The FBI’s Atlanta Field office is aware of the telephonic threats received by Carmike Cinemas and has initiated a criminal investigation into the matter. While

… Read More »

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Carmike Q2 Earnings Hit By Debt Repayment Costs

By DAVID LIEBERMAN, Executive Editor | Wednesday August 1, 2012 @ 1:13pm PDTTags: Carmike Cinemas

The operations side looks solid at first glance, although a one-time $5M expense to extinguish some debt may startle investors who focus on the bottom line. The exhibition chain generated net income of $1.2M, -79.7% vs last year’s Q2, on … Read More »

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Theater Stocks Hammered After Colorado Shooting

By DAVID LIEBERMAN, Executive Editor | Friday July 20, 2012 @ 7:32am PDTTags: Carmike Cinemas, Cinemark, IMAX, RealD, Regal

Cinmark Stock Theater ShootingCinemark, which owns the theater where this morning’s shooting took place, is -3.2% in early trading. And others are down as well: The largest chain, Regal, is -3.3%, and IMAX is -1.8%. … Read More »

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Carmike Cinemas Says It’s Ready To Grow After Strong Q1 And Refinancing

By DAVID LIEBERMAN, Executive Editor | Monday May 7, 2012 @ 1:27pm PDTTags: Carmike Cinemas

Rising attendance and costs controls did the trick once again for a major exhibition chain. Carmike generated $3.2M in net income in Q1, up from an $18.2M loss in the period last year, on revenues of $130.8M, up 36.5%.The revenue number … Read More »

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Fandango Reups Partnership With Carmike Cinemas

By THE DEADLINE TEAM | Tuesday April 24, 2012 @ 9:40am PDTTags: Carmike Cinemas, CinemaCon, Fandango

LAS VEGAS/CINEMACON – April 24, 2012 – Fandango, the nation’s leading moviegoer destination, has extended its multi-year strategic agreement with founding partner Carmike Cinemas, Inc. (NASDAQ: CKEC), the nation’s premier “home town” motion picture exhibitor with 2,254 screens, just in time for the summer moviegoing season.

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Carmike To Sell 4M Shares As It Weighs Refinancing Plans

By DAVID LIEBERMAN, Executive Editor | Wednesday April 4, 2012 @ 1:47pm PDTTags: Carmike Cinemas

The exhibition company’s stock is down about 6.7% in initial after-market trading following its announcement that it will boost its outstanding shares by nearly 31%. Carmike will issue 4M shares — diluting the value of current stock holdings. The company says … Read More »

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Carmike Q4 Earnings Far Exceed Estimates

By DAVID LIEBERMAN, Executive Editor | Monday March 12, 2012 @ 1:09pm PDTTags: Carmike Cinemas

Shares in the exhibition company are up more than 13% in after hours trading following a Q4 report that handily beat Wall Street forecasts. Carmike generated $1.7M in net income, up from a $3.1M loss in the same period in 2010, … Read More »

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Will Sequels And 3-D Films Propel A Box Office Rebound In 2012?

By DAVID LIEBERMAN, Executive Editor | Tuesday January 3, 2012 @ 11:46am PSTTags: Box Office, Carmike Cinemas, Cinemark, Regal Entertainment

B. Riley analyst Eric Wold says it will in a major look-forward report today for the film business. He predicts 4% growth in box office sales this year — the result of a 1% uptick in attendance and a 3% rise in average ticket prices. What makes him so confident, especially following the 3.9% drop in 2011? Wold says that more consumers would have gone to the movies last year if Hollywood hadn’t released so many dogs. He dismisses another theory: that tickets are becoming too expensive. If that were the case, he says, then we would have seen soft numbers throughout the year — instead box offices set records in Q2 and Q3. He’s also optimistic about 2012 because there’ll be at least 25 sequels of films that collectively generated $3.64B at box offices. Sequels typically deliver about 6% less in ticket sales than the originals. But even if 2012′s films slip 20%, consumers will spend 12% more than they did for sequels in 2010. That could “set up 2012 for a potential rebound,” Wold says. He’s also encouraged to see that there’ll be at least 40 wide-release 3D Read More »

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Exhibition Company Shares Fall As Investors Prepare For Anemic 4Q Results

By DAVID LIEBERMAN, Executive Editor | Monday December 19, 2011 @ 3:11pm PSTTags: Box Office, Carmike Cinemas, Cinemark, National CineMedia, RealD, Regal Entertainment

The weak box office sales this past weekend made it clear that the year is going to end with a whimper. Regal’s shares fell 8.7%, making it the biggest loser among the theater chains followed by Carmike (-4.9%) and Cinemark (-2.9%). Companies closely aligned with theaters also suffered: 3-D technology provider RealD fell 6.2% while ad seller National Cinemedia was off nearly 3%. “The hoped-for 4Q11 box office pop is slipping away,” says Lazard Capital Markets analyst Barton Crockett. Ticket sales so far this quarter are down about 6.9% vs the same period last year, he says. He predicts the quarter will end down 1.9% following an expected surge of Christmas weekend turnout for Paramount’s Mission: Impossible Ghost Protocol as it goes into wide release, Warner Bros’ Sherlock Holmes: A Game Of Shadows, Sony’s The Girl With The Dragon Tatoo, Fox’s Alvin And The Chipmunks: Chipwrecked, and Paramount’s The Adventures Of Tintin. Read More »

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Carmike Reports 3Q Profit Boost As Increased Attendance And Pop Corn Sales Outweigh Ticket Discounts

By DAVID LIEBERMAN, Executive Editor | Monday November 7, 2011 @ 2:03pm PSTTags: Carmike Cinemas

The mostly rural theater chain reported net income of $3.1M, up from $530,000 in the period last year, on revenues of $134M, up 8.5%. The revenue figure nearly matched the $134.43M that analysts expected, while profits, at 24 cents a … Read More »

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Kagan: ‘Rio’ And ‘Fast Five’ Only Clearly Profitable Films In April With Summer Movie Profits Poised To Fall

By DAVID LIEBERMAN, Executive Editor | Friday May 13, 2011 @ 5:23am PDTTags: Carmike Cinemas, Cinemark Entertainment, Fast Five, Film Finance, Fox Rio, Hop, Insidious, Regal Entertainment, SNL Kagan, Source Code

Don’t be fooled by the headlines this summer that likely will focus on how strong movie ticket sales look compared to last year. Researchers at SNL Kagan predict that domestic box office for the period from late April to the … Read More »

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Carmike Cinemas Says Studios To Blame For 1Q Loss That Exceeds Analyst Expectations

By DAVID LIEBERMAN, Executive Editor | Tuesday May 10, 2011 @ 5:19am PDTTags: Alice in Wonderland 3D, Avatar 3D, Carmike Cinemas

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 … Read More »

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