Carmike Cinemas Provides Updated Non-GAAP Financial Information

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today provided an update to its non-GAAP financial information for the three and six month periods ended June 30, 2012 and 2011.

In the table below, Carmike has updated its presentation of adjusted net income (loss) to present adjustments to net income (loss) net of tax effect. This update has no effect on Carmike’s previously reported revenue, theatre level cash flow, adjusted EBITDA, total debt and net debt for the three and six month periods ended June 30, 2012 and 2011. Going forward, Carmike intends to present adjusted net income (loss) on this basis.

			ADJUSTED NET INCOME (LOSS) (Unaudited) (in thousands, except per share data)
							Three Months Ended June 30,										Six Months 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
			Tax effect of adjustments to net income (loss) (1)					(2,174	)				(1,090	)				(2,761	)				(1,153	)
			Adjusted net income (loss)				$	4,528				$	7,552				$	8,658				$	(10,748	)
			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)				$	0.27				$	0.59				$	0.58				$	(0.84	)
			Adjusted net income (loss) per share (diluted)				$	0.26				$	0.59				$	0.57				$	(0.84	)

					(1)		Adjustments to net income (loss) for the three and six months ended June 30, 2012 and 2011 are shown net of tax effect of 39.5%, which represents the estimated combined federal and state tax rates.

Supplemental Financial Measures

Adjusted net income (loss) is defined as net income (loss) plus impairment of long-lived assets, write-off of note receivable, loss on extinguishment of debt, and severance agreement charges, net of tax effect. Carmike believes adjusted net income (loss) is an important supplemental measure of operating performance for a motion picture exhibitor because it provides a measure of core operations.

1 2 Next › Last »