Carmike Cinemas Reports 2012 Q2 Adjusted EBITDA Of $24.4 Million

Carmike Cinemas, Inc. (NASDAQ: CKEC):
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(through August 8)

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 periods ended June 30, 2012, as summarized below.
SUMMARY FINANCIAL DATA
(unaudited)
               
Three Months Ended Six Months Ended
June 30, June 30,
(in millions)   2012   2011   2012   2011  
Total operating revenue $ 136.3 $ 131.5 $ 267.0 $ 227.2
Operating income 16.1 14.9 30.6 13.0
Interest expense 8.6 8.6 16.9 17.8
Theatre level cash flow (1) 29.5 30.1 58.6 40.8
Net income (loss) 1.2 5.9 4.4 (12.5 )
Adjusted net income (loss) (1) 6.7 8.6 11.4 (9.6 )
Adjusted EBITDA (1) 24.4 25.6 48.4 31.6
 
June 30, Dec. 31,
(in millions) 2012 2011
Total debt (1) $ 325.4 $ 315.4
Net debt (1) $ 239.6 $ 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 six months ended June 30, 2012 and 2011, as well as a schedule of total debt and net debt as of June 30, 2012 and December 31, 2011, are included in the supplementary tables accompanying this news announcement.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “We are very pleased with our second quarter financial results, with Carmike for the fifth consecutive quarter generating above industry performance metrics compared to the same period in 2011. An increase in aggregate admissions revenues of 2.7%, along with an increase of 5.5% in concessions and other revenues, combined for an increase of 3.7% in total revenues. This compares quite favorably to a reported industry box office revenue decline of over 1%.

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