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Carmike Cinemas Second Quarter Revenue Rises 25.8% To A Record $170.5 Million

Carmike Cinemas, Inc. (NASDAQ: CKEC):
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(through July 29)

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today reported results for the three and six months period ended June 30, 2013, as summarized below.

Summary Financial Data (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,
(in millions) 2013   2012 2013   2012
Total revenue $ 170.5   $ 135.5 $ 300.6   $ 265.5
Operating income 23.4 16.1 26.7 30.6
Interest expense 12.3 8.6 24.6 16.9
Theatre level cash flow, excluding acquisition-related expenses (1)(2) 39.8 29.5 62.7 58.5
Net income 6.7 1.2 0.9 4.4
Adjusted net income, excluding acquisition-related expenses (1)(2) 6.9 3.7 3.4 8.0
Adjusted EBITDA, excluding acquisition-related expenses (1)(2) 34.0 24.3 51.4 48.4
(in millions) June 30, 2013 Dec. 31, 2012
Total debt (1) $ 433.0 $ 434.7
Net debt (1) $ 349.3 $ 366.2
(1)     Theatre level cash flow, adjusted net income, 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 and adjusted net income to net income for the three and six months ended June 30, 2013 and 2012, as well as a schedule of total debt and net debt as of June 30, 2013 and December 31, 2012, are included in the supplementary tables accompanying this news announcement.
(2) Theatre level cash flow, adjusted net income and adjusted EBITDA exclude merger and acquisition-related expenses during the three and six months ended June 30, 2013.



Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “The benefits of our expanded geographic scale combined with the ongoing execution of our strategies to deliver exceptional service at an attractive value to Carmike’s movie-going patrons helped us achieve impressive year-over-year growth during the second quarter in total revenue, adjusted EBITDA and theatre level cash flow. Second quarter admissions revenues grew 24.7% year-over-year and 13.9% on a per screen basis, significantly outperforming the domestic cinema industry increase of 7.8%. Beyond the strong gains we generated in admissions receipts, second quarter concessions and other revenue per patron increased 6.9% to a new all-time record, extending Carmike’s year-over-year per patron spending growth to 14 consecutive quarters.

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