Carmike Cinemas Reports Record Q1 2012 Results Featuring 30% Attendance Increase And 37% Total Revenue Rise

Carmike Cinemas, Inc. (NASDAQ: CKEC):
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(through May 14)

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today reported results for the three months ended March 31, 2012, as summarized below.

SUMMARY FINANCIAL DATA

(unaudited)
 

 
Three Months Ended

March 31,
(in millions)

2012
 

2011
Total revenue $ 130.8 $ 95.8
Operating income (loss) 14.5 (1.9 )
Interest expense 8.3 9.2
Theater level cash flow (1) 28.9 10.7
Net income (loss) 3.2 (18.4 )
Adjusted net income (loss) (1) 4.7 (18.2 )
Adjusted EBITDA (1) 23.9 6.0
 
(in millions)

March 31, 2012

December 31, 2011
Total debt (1) $ 314.7 $ 315.4
Net debt (1) $ 298.4 $ 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 months ended March 31, 2012 and 2011, as well as a schedule of total debt and net debt as of March 31, 2012 and December 31, 2011, are included in the supplementary tables accompanying this news announcement.

Carmike Cinema’s President and Chief Executive Officer David Passman stated, “Carmike posted record first quarter financial results in many key metrics, including admissions revenue, concessions and other revenue, Adjusted EBITDA and net income. These accomplishments were driven by another period of very strong attendance gains. Carmike’s Q1 2012 attendance increased approximately 30% over the prior year, which was well ahead of the industry increase of 24%. This marked the fourth straight quarter that we outpaced domestic industry attendance averages. Over the past four quarters, Carmike’s attendance has bested the industry by an average of 400 basis points. In addition, Carmike set a new quarterly high for concessions and other revenue per patron at $3.91. Carmike’s concessions and other revenue increased for the ninth consecutive quarter, versus prior-year performance. On a per patron basis, concessions and other revenue was up more than 5%, compared to the 2011 first quarter level.

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