Carmike Cinemas Reports 2016 Third Quarter Revenue Of $209.7 Million

Carmike Cinemas, Inc. (NASDAQ: CKEC) ("Carmike"), a leading entertainment, digital cinema, alternative content and 3-D motion picture exhibitor, today reported results for the three and nine-month periods ended September 30, 2016, as summarized below.

Three Months Ended

September 30
Nine Months Ended

September 30
(in millions) 2016   2015 2016   2015
Total revenue $ 209.7   $ 180.2 $ 620.6   $ 583.7
Operating income 8.0 2.8 32.5 41.7
Interest expense 12.4 12.3 37.1 37.6
Theatre level cash flow (1) 38.2 25.6 119.1 108.1
Net loss (1.4) (6.3) (0.8) (7.3)
Adjusted net income (loss) (1) 4.1 (4.6) 11.9 7.3
Adjusted EBITDA (1) 32.7 20.1 100.0 90.7
(in millions) Sept. 30, 2016 Dec. 31, 2015
Total debt (1) $ 462.4 $ 454.7
Net debt (1) $ 367.1 $ 352.2


Theatre level cash flow, adjusted net income (loss), adjusted EBITDA, total debt and net debt is supplemental non-GAAP financial measures. The most comparable GAAP measures are net loss and long-term debt. Reconciliations of theatre level cash flow and adjusted EBITDA to net loss and adjusted net income(loss) to net loss for the three and nine months ended September 30, 2016 and 2015, as well as a schedule of total debt and net debt as of September 30, 2016 and December 31, 2015, are included in the supplementary tables accompanying this news announcement.

"Carmike's third quarter operating revenue growth reflects the ongoing success of our theatre-level initiatives and strategies from both theatre acquisitions and organic growth, combined with the support of a favorable U.S. box office environment. While average ticket prices increased modestly versus the prior year period, third quarter 2016 attendance growth of 13% generated a 16% rise in operating revenues, as well as a 187% increase in operating income, resulting in adjusted EBITDA and theatre level cash flow growth of approximately 63% and 49%, respectively," stated David Passman, Carmike Cinemas' President and Chief Executive Officer.

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