Carmike Cinemas Acquires Two Theatres With An Aggregate Of 16 Screens From Phoenix Big Cinemas In Accretive Transaction
Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital
cinema and 3-D motion picture exhibitor, today announced the completed
acquisition of two movie theatres with a total of 16 screens from
Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the completed acquisition of two movie theatres with a total of 16 screens from Phoenix Big Cinemas (“Phoenix Big”), the 20th largest theatre circuit in North America. The Phoenix Big facilities have 8 analog screens each and are located in Madisonville, KY and Greeneville, TN. Carmike plans to immediately begin converting the screens to digital cinema, utilizing Christie digital projectors from its own surplus inventory, as well as installing four 3-D screens at each respective location, in conjunction with 3-D technology partner RealD. Carmike Cinemas President and Chief Executive Officer David Passman stated, “The two Phoenix Big theatres represent an ideal complement to our existing footprint in terms of geographic fit, market size and asset quality. The digital conversion of all 16 auditoriums and the addition of cutting-edge RealD 3-D technology will further enhance the movie-going experience for all customers that frequent the Greeneville, TN and Madisonville, KY theatres. We also look forward to enthusiastically welcoming the Phoenix Big associates at both locations to the growing Carmike family. “Importantly, the transaction announced today highlights Carmike’s position as an industry-leading consolidator of theatres in small to mid-sized, non-urban markets through accretive transactions. In the current environment we believe there are further opportunities to optimize our portfolio through selective acquisitions, as we continue on the path toward achieving the Company’s strategic goal of expanding our footprint to 300 theatres and 3,000 screens.” Carmike now has 21 Tennessee-based and 6 Kentucky-based entertainment complexes. About Carmike Cinemas (www.carmike.com) Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation’s largest motion picture exhibitors. As of September 30, 2012, Carmike had 232 theatres with 2,242 screens in 35 states. Carmike’s digital cinema footprint reached 2,119 screens, including 208 theatres with 748 screens that are also equipped for 3-D. The circuit also includes 14 “Big D” large format digital experience auditoriums, featuring state-of-the-art equipment and luxurious seating. As “America’s Hometown Theatre Chain,” Carmike’s primary focus for its locations is small to mid-sized communities.