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Carmike Cinemas’ First Quarter Revenue Rises 22.9% To $158.9 Million

Carmike Cinemas, Inc. (NASDAQ: CKEC):
 
Webcast/Conference Call TODAY, Monday, May 5 at 5:00 p.m. ET
 
WEBCAST LINK:

www.carmikeinvestors.com (archived for 30 days)
 
CALL DIAL-IN: 800/920-2977 or 212/231-2920 (international callers)
 
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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-month period ended March 31, 2014, as summarized below.
           

SUMMARY FINANCIAL DATA

(unaudited)
 

Three Months Ended March 31
(in millions) 2014     2013
Total operating revenues $ 158.9     $ 129.3
Operating income 8.1 3.4
Interest expense 13.1 12.3
Theatre level cash flow (1) 27.5 22.7
Net loss (3.2 ) (5.8 )
Adjusted net loss (1) (2.6 ) (3.6 )
Adjusted EBITDA (1) 20.7 17.2
 
(in millions) Mar. 31, 2014 Dec. 31, 2013
Total debt (1) $ 453.7 $ 455.3
Net debt (1) $ 319.8 $ 311.4
(1)   Theatre level cash flow, adjusted net 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 and adjusted net income to net income for the three months ended March 31, 2014 and 2013, as well as a schedule of total debt and net debt as of March 31, 2014 and December 31, 2013, are included in the supplementary tables accompanying this news announcement.
 

“Carmike’s theatre circuit outperformed box office and attendance gains in Q1, as well as our 17th straight quarter of higher year-over-year concessions and other per patron spending,” stated David Passman, Carmike Cinemas’ President and Chief Executive Officer. “The Company’s per screen admissions revenue and attendance grew approximately 12% and 9%, respectively, versus the prior-year period. This compares to reported domestic industry box office revenue and attendance growth of approximately 6% and 5%, respectively, during the quarter.

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