Carmike Cinemas’ Chief Financial Officer Richard B. Hare stated, “On the expense side, the majority of our key costs were generally in-line with our expectations during the quarter, leading to solidly profitable bottom-line results, after accounting for a one-time $5.0 million non-cash loss on debt extinguishment, in conjunction with our term debt pay-down and notes offering in April. Film exhibition costs increased 70 basis points compared to the year-earlier quarter due primarily to the concentration of blockbuster feature films in 2012. Other theatre operating costs were $52.7 million, an increase of 6.6% over the same period last year. A combination of higher salaries and wages expense, occupancy costs and repairs and maintenance accounted for the modest increase. General and administrative expenses rose to $5.2 million from $4.5 million, primarily due to higher salaries and wages, professional fees. Q2 interest expense was unchanged at $8.6 million. Our income tax expense for the quarter was 44.8%, or $0.9 million.“Carmike ended Q2 with $239.6 million in net debt, a 20.6% reduction from our 2011 year-end level. We finished the recent quarter with a cash balance of $85.8 million and we are looking to deploy a significant portion of that balance for future growth as we believe that the Company’s present level of infrastructure can support a larger theatrical circuit,” Mr. Hare concluded.
Carmike Cinemas Reports 2012 Q2 Adjusted EBITDA Of $24.4 Million
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