Macquarie Capital acted as financial advisor and King & Spalding LLP acted as legal counsel to Carmike Cinemas in this transaction. Foros acted as financial advisor and Ropes & Gray LLP acted as legal counsel to Rave Reviews Cinemas in this transaction.
|RAVE REVIEWS HOLDINGS, LLC 1|
|SUPPLEMENTARY NON-GAAP RECONCILIATION|
|ADJUSTED EBITDA (Unaudited)|
|($ in thousands)|
|Twelve Months Ended|
|Net loss (2)||$||(1,742||)|
|Income tax expense (2)||122|
|Interest expense (2)(3)||21,252|
|Depreciation and amortization (2)(3)||10,033|
|General and administrative (2)||5,293|
|Adjusted EBITDA (2)||$||34,958|
|Adjusted EBITDA for theatres not purchased||(11,334||)|
|Adjusted EBITDA for purchased theatres||$||23,624|
|(1)||"Rave Reviews Holdings, LLC", a wholly-owned subsidiary of Rave Reviews Cinemas, LLC, owns 100% of the membership interests of the 16 theatres to be acquired.|
|(2)||Represents consolidated amount for Rave Reviews Cinemas, LLC (21 theatres).|
|(3)||Includes $17,685 and $7,416, of interest expense and depreciation and amortization expense, respectively, for the 16 theatres to be acquired.|
EBITDA is defined as net loss plus income tax expense, interest expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA, as defined above, plus general and administrative expenses.
About Carmike Cinemas ( www.carmike.com )
Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation’s largest motion picture exhibitors. As of June 30, 2012, Carmike had 233 theatres with 2,245 screens in 35 states. Carmike’s digital cinema footprint reached 2,122 screens, including 209 theatres with 750 screens that are also equipped for 3-D. The circuit also includes 14 “Big D” large format digital experience auditoriums, featuring state-of-the-art equipment and luxurious seating. As “America’s Hometown Theatre Chain,” Carmike’s primary focus for its locations is small to mid-sized communities.
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