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Carmike Cinemas Reports 2012 Q2 Adjusted EBITDA Of $24.4 Million

Disclosure Regarding Forward-Looking Statements

This press release and other written or oral statements made by or on behalf of Carmike contain forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, “believes,” “expects,” “anticipates,” “plans,” “estimates” or similar expressions. Examples of forward-looking statements in this press release include the Company’s expectations regarding growth and the Company’s strategies and operating goals. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include, but are not limited to: general economic conditions in our regional and national markets; our ability to comply with covenants contained in our senior secured credit agreement and the indenture governing our 7.375% Senior Secured Notes due 2019; our ability to operate at expected levels of cash flow; financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital; our ability to meet our contractual obligations, including all outstanding financing commitments; the availability of suitable motion pictures for exhibition in our markets; competition in our markets; competition with other forms of entertainment; and other factors, including the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, under the caption “Risk Factors.” We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

CARMIKE CINEMAS, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
     
Three Months Ended Six Months Ended
June 30, June 30,
2012     2011   2012     2011
Revenues: (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Admissions $ 86,936 $84,680 $170,126 $ 145,720
Concessions and other   49,355   46,794   96,872     81,467  
 
Total operating revenues 136,291 131,474 266,998 227,187
 
Operating costs and expenses:
Film exhibition costs 48,533 46,623 92,040 78,699
Concession costs 5,510 5,329 11,102 9,195
Other theatre operating costs 52,707 49,448 105,254 98,461
General and administrative expenses 5,174 4,496 10,174 9,229
Depreciation and amortization 7,756 7,874 15,542 15,662
Severance agreement charges 493 845 493 845
Loss on sale of property and equipment - 80 248 60
Write-off of note receivable - 750 - 750
Impairment of long-lived assets   50   1,164   1,536     1,325  
 
Total operating costs and expenses   120,223   116,609   236,389     214,226  
 
Operating income 16,068 14,865 30,609 12,961
Interest expense 8,611 8,631 16,874 17,784
Loss on extinguishment of debt   4,961   -   4,961     -  
 
Income (loss) from before income tax and earnings from unconsolidated affiliates 2,496 6,234 8,774 (4,823 )
Income tax expense 918 794 3,332 7,289
(Loss) income from unconsolidated affiliates   (448 ) 497   (992 )   (304 )
 
Income (loss) from continuing operations 1,130 5,937 4,450 (12,416 )
Income (loss) from discontinued operations   68   (54 ) (21 )   (99 )
 
Net income (loss) $ 1,198   $5,883   $4,429   $ (12,515 )
 
Weighted average shares outstanding:
Basic 16,963 12,796 14,894 12,790
Diluted 17,364 12,827 15,147 12,790
 
Net income (loss) per common share (Basic):
Income (loss) from continuing operations $ 0.07 $0.46 $0.30 $ (0.97 )
Loss from discontinued operations, net of tax   -   -   -     (0.01 )
 
Net income (loss) per common share $ 0.07 $0.46 $0.30 $ (0.98 )
 
Net income (loss) per common share (Diluted):
Income (loss) from continuing operations $ 0.07 $0.46 $0.29 $ (0.97 )
Loss from discontinued operations, net of tax   -   -   -     (0.01 )
 
Net income (loss) per common share $ 0.07 $0.46 $0.29 $ (0.98 )
CARMIKE CINEMAS, INC. and SUBSIDIARIES
SUPPLEMENTARY NON-GAAP RECONCILIATIONS
 
THEATRE LEVEL CASH FLOW AND ADJUSTED EBITDA (Unaudited)
($ in thousands)
   
Three Months Ended Six Months Ended
June 30, June 30,
2012     2011   2012     2011
Net income (loss) $ 1,198 $ 5,883 $4,429 $ (12,515 )
Income tax expense 918 794 3,332 7,289
Interest expense 8,611 8,631 16,874 17,784
Depreciation and amortization   7,756     7,874   15,542   15,662  
 
EBITDA $ 18,483 $ 23,182 $40,177 $ 28,220
Loss (income) from unconsolidated affiliates 448 (497 ) 992 304
(Income) loss from discontinued operations (68 ) 54 21 99
Loss on extinguishment of debt 4,961 - 4,961 -
Severance agreement charges 493 845 493 845
Loss on sale of property and equipment - 80 248 60
Write-off of note receivable - 750 - 750
Impairment of long-lived assets   50     1,164   1,536   1,325  
 
Adjusted EBITDA $ 24,367   $ 25,578   $48,428 $ 31,603  
 
General and administrative expenses   5,174     4,496   10,174   9,229  
 
Theatre level cash flow $ 29,541   $ 30,074   $58,602 $ 40,832  
TOTAL DEBT AND NET DEBT (Unaudited)
($ in thousands)
       
June 30, Dec. 31,
2012 2011
Current maturities of long-term debt, capital leases and long-term financing obligations $ 2,122 $ 3,959
Long-term debt, less current maturities 209,512 196,880
Capital leases and long-term financing obligations, less current maturities   113,720     114,608  
 
Total debt $ 325,354 $ 315,447
Less cash and cash equivalents   (85,779 )   (13,616 )
 
Net debt $ 239,575   $ 301,831  
ADJUSTED NET INCOME (LOSS) (Unaudited)
($ in thousands)
               
Three Months Six Months
Ended June 30, Ended June 30,
2012 2011 2012 2011
Net income (loss) $ 1,198 $ 5,883 $ 4,429 $ (12,515 )
Impairment of long-lived assets 50 1,164 1,536 1,325
Write-off of note receivable - 750 - 750
Loss on extinguishment of debt 4,961 - 4,961 -
Severance agreement charges   493   845   493   845  
 
Adjusted net income (loss) $ 6,702 $ 8,642 $ 11,419 $ (9,595 )
 
 
Weighted average shares outstanding (basic) 16,963 12,796 14,894 12,790
Weighted average shares outstanding (diluted) 17,364 12,827 15,147 12,790
Adjusted net income (loss) per share (basic) $ 0.40 $ 0.68 $ 0.77 $ (0.75 )
Adjusted net income (loss) per shares (diluted) $ 0.39 $ 0.67 $ 0.75 $ (0.75 )




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