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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