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TheStreet Open House

Carmike Cinemas Reports 2012 Q2 Adjusted EBITDA Of $24.4 Million

Stocks in this article: CKEC

“We once again achieved demonstrable progress with our Company-wide focus on enhancing concessions/other revenues. On a per patron basis, this key metric rose nearly 9%, also topping last quarter’s previous best-ever per cap number. Also of note, this marks our tenth successive quarterly reporting period of higher year-over-year concessions/other per cap results.

“Having successfully completed our de-levering goal of significantly reducing the Company’s bank term debt to a more manageable and appropriate level, followed by a mid-April equity raise of approximately $56 million and a subsequent late April sale of $210 million 7.375% Senior Secured Notes due 2019, Carmike has now entered a new phase focused on increasing our circuit footprint, which we expect to achieve through a combination of acquisitive and organic growth.

“As a final note, Carmike Cinemas extends its deepest sympathy to those affected by the tragedy in Aurora, Colorado. Our thoughts and prayers are with everyone impacted by this senseless, random act of violence. We regularly monitor and review our safety procedures to ensure that our patrons continue to have a safe and enjoyable experience,” Mr. Passman concluded.

THEATRE PERFORMANCE STATISTICS
(Unaudited)
    Three Months Ended

June 30,

    Six Months Ended

June 30,

2012     2011 2012     2011
Average theatres 234     235 235     236
Average screens 2, 253 2, 215 2, 256 2, 223
Average attendance per screen (1) 5, 583 5, 890 10, 975 10, 096
Average admissions per patron (1) $ 6. 91 $ 6. 52 $ 6. 88 $ 6. 52
Average concessions/other revenue per patron (1) $ 3. 92 $ 3. 61 $ 3. 92 $ 3. 66
Total attendance (in thousands) (1) 12, 580 13, 045 24, 764 22, 444
Total operating revenue (in thousands) $ 136, 291 $ 131, 474 $ 266, 998 $ 227, 187
(1)   Includes activity from theatres designated as discontinued operations and reported as such in the consolidated statements of operations.

Carmike’s average Q2 admissions per patron rose approximately 6.0% to $6.91, primarily due to an increase in premium tickets sold, versus the corresponding 2011 second quarter. Average concession and other revenue per patron rose 8.6% to $3.92. In aggregate, per patron spending increased 6.9% in the three-month period to $10.83.

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