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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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Deadline Big Media With David Lieberman, Episode 27

By DAVID LIEBERMAN, Executive Editor | Friday March 15, 2013 @ 3:06pm PDTTags: AMC Entertainment, Carmike, Deadline Big Media, DreamWorks Animation, The Croods

Listen to (and share) Episode 27 of our audio podcast Deadline Big Media With David Lieberman as our Executive Editor and host David Bloom look at Crood attempts to revive the sagging shares of DreamWorks Animation; brightening numbers for two of the biggest exhibition chains; and what it might mean for Los Angeles and the entertainment business as a whole now that live-entertainment and sports giant AEG is off the market, and its long-time CEO has departed.

Deadline Big Media, Episode 27 (MP3 format)
Deadline Big Media, Episode 27 (MP4a format)
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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 Falls Short Of Q3 Expectations As It Juggles Acquisition Expenses

By DAVID LIEBERMAN, Executive Editor | Thursday November 1, 2012 @ 4:52am PDTTags: Carmike

The exhibition company had a lot on its plate in Q3 as it grappled with the industry-wide decline in box office sales and its agreement in late September to buy 13 theaters from Rave Reviews Cinemas. Net income … Read More »

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Carmike Licenses Cinedigm System For Theater Booking And Management

By THE DEADLINE TEAM | Wednesday September 12, 2012 @ 5:40am PDTTags: Carmike, Cinedigm

Los Angeles, CA; September 12, 2012 – Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) announced today that Carmike Cinemas, Inc. (NASDAQ: CKEC) has licensed Cinedigm’s Exhibitor Management System (EMS) to run back office operations including release planning, booking, “holdovers,” contract terms management, box office auditing, film rental accruals, payments, remittance processing and reporting. Carmike is the fourth largest motion picture exhibitor in the United States, operating 233 theatres with 2,245 screens in 35 states. Cinedigm’s EMS will streamline content booking and payments circuit-wide and will integrate directly with Carmike’s theatre-based point of sale system, as well as corporate and accounting systems.

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Movie Theaters Face Turbulence On Wall Street After Weaker Than Expected Q2

By DAVID LIEBERMAN, Executive Editor | Monday July 9, 2012 @ 7:08am PDTTags: Carmike, Cinemark, Hollywood box office, Regal Cinemas

Box Office Stock PriceAt least three analysts have already reduced their earnings forecasts for the top publicly traded exhibition chains after Q2 ended with industrywide box office sales -2.9% compared with the same period last year. “We had originally built in flat- to modestly-higher trends in overall second quarter Box Office results,” Barrington Research’s James Goss says this morning. As a result, he cut his earnings-per-share projection for Regal by 40% to 15 cents, with Cinemark -30% to 33 cents, and Carmike -27% to 33 cents. He says the current quarter might also fall short of last year, which included Paramount’s Transformers: Dark Of The Moon, Warner Bros’ Harry Potter And The Deathly Hallows Part 2, Paramount’s Captain America: The First Avenger, and Sony’s The Smurfs. But he’s impressed with the opening performance for Sony’s The Amazing Spider-Man and Universal’s Ted, and seems optimistic about Warner Bros’ The Dark Knight Rises, Sony’s Total Recall, and Universal’s Bourne Legacy. That could result in “an upside surprise” in Q3 leading into Read More »

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