Carmike Cinemas Reports 2012 Q3 Results

Carmike Cinemas, Inc. (NASDAQ: CKEC):

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Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today reported results for the three and nine month periods ended September 30, 2012, as summarized below.

SUMMARY FINANCIAL DATA
(unaudited)
		Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)		2012			2011			2012			2011
Total operating revenue		$	127.5		$	133.3		$	394.3		$	360.3
Operating income			7.4			13.8			38.1			26.8
Interest expense			8.6			8.1			25.5			25.8
Theatre level cash flow, excluding acquisition-related expenses (1)(2)			24.2			26.6			82.9			67.5
Net income (loss)			0.2			3.1			4.7			(9.4	)
Adjusted net income (loss), excluding acquisition-related expenses (1)(2)			2.3			3.1			11.3			(7.6	)
Adjusted EBITDA, excluding acquisition-related expenses (1)(2)			19.4			22.1			68.1			53.8
(in millions)					Sept. 30, 2012			Dec. 31, 2011
Total debt (1)					$	325.0		$	315.4
Net debt (1)					$	242.9		$	301.8

(1)		Theatre level cash flow, adjusted net income (loss), adjusted EBITDA, total debt and net debt are supplemental non-GAAP financial measures. Reconciliations of theatre level cash flow and adjusted EBITDA to net income (loss) and adjusted net income (loss) to net income (loss) for the three and nine months ended September 30, 2012 and 2011, as well as a schedule of total debt and net debt as of September 30, 2012 and December 31, 2011, are included in the supplementary tables accompanying this news announcement.
(2)		Theatre level cash flow, adjusted net income (loss) and adjusted EBITDA exclude merger and acquisition-related expenses, primarily related to the Rave transaction, during the three and nine months ended September 30, 2012.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “While only slightly outperforming the industry box office, we are nevertheless pleased that Carmike’s quarterly box office results were ahead of the overall U.S. industry for the fifth consecutive quarter. The Company’s Q3 admissions revenue bettered the reported national 6.7% year-over-year quarterly decline by about 10 basis points. We think it’s important to note that the 2012 domestic third quarter box office competed with the all-time strongest like quarter on record in 2011, somewhat mitigating the year over year decline. The nine month US total box office is up 3.6% compared to 2011, and Carmike is up 8.1%. We think the year to date numbers bode well for both Carmike and the industry at large.

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