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Carmike Cinemas’ Third Quarter Revenue Rises 30.2% To $165 Million

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, 2013, as summarized below.

 
Summary Financial Data

(unaudited)

      Three Months Ended

September 30,

  Nine Months Ended

September 30,

(in millions)   2013     2012   2013     2012
Total operating revenues $ 165.0   $ 126.7 $ 465.2   $ 391.8
Operating income 13.5 7.4 40.3 38.1
Interest expense 12.4 8.6 37.0 25.5
Theatre level cash flow, excluding acquisition-related expenses (1)(2) 33.9 24.2 96.6 82.8
Net income 1.0 0.2 1.9 4.7
Adjusted net income, excluding acquisition-related expenses (1)(2) 3.5 2.3 6.9 11.2
Adjusted EBITDA, excluding acquisition-related expenses (1)(2) 28.4 19.4 79.9 67.8
 
(in millions) Sept. 30, 2013 Dec. 31, 2012
Total debt (1) $ 437.5 $ 434.7
Net debt (1) $ 286.9 $ 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 nine months ended September 30, 2013 and 2012, as well as a schedule of total debt and net debt as of September 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 nine months ended September 30, 2013.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “The third quarter was another strong reporting period for Carmike as we posted growth in box office receipts and attendance that exceeded those of the overall domestic exhibition industry. The Company achieved solid increases in key per cap metrics, adjusted EBITDA and theatre level cash flow. We also extended Carmike’s streak of increases in year-over-year per patron spending on concessions and other items to 15 consecutive quarters. Carmike’s solid third quarter operating performance underscores our Company-wide focus on customer service excellence and patrons are clearly responding.

Stock quotes in this article: CKEC 

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