Carmike Cinemas Reports First Quarter 2008 Results

on May 13, 2008
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Total revenue for the quarter ended March 31, 2008 was $117.8 million compared to $109.3 million for the quarter ended March 31, 2007. Admissions revenue was $78.9 million for the quarter ended March 31, 2008 versus $72.0 million for the quarter ended March 31, 2007. Concessions and other revenue was $38.9 million for the first quarter of 2008 versus $37.4 million for the first quarter of 2007.

Operating income was $6.3 million for the first quarter of 2008 compared to operating income of $5.8 million in the same period in the prior year.

Theatre level cash flow was $21.2 million for the first quarter of 2008 versus $21.1 million for the same period in 2007. General and administrative costs were $5.6 million in the first quarter of 2008 versus $6.0 million in the prior year period. Interest expense was $11.1 million for the first quarter of 2008 versus $11.8 million in the prior year period.

"Carmike got off to a strong start to the year as we outperformed the industry in box office growth. Our leading position in 3-D enabled us to capitalize on the success of the Hannah Montana concert event and illustrates the growth opportunity that our 3-D and digital network provides. While the other films released during the first quarter were not as robust, we still generated solid growth in revenues," said Michael W. Patrick, Carmike's Chairman, President and Chief Executive Officer. "We are excited to see the real potential of our digital theatre network start to unfold and we will continue to implement initiatives to improve our cost-controls at the theatre level. We also remain committed to executing our operating performance improvement plan to drive increased cash flow over time."

Net loss was approximately $4.3 million, or $0.34 per diluted share, for the quarter ended March 31, 2008, compared to net loss of $3.7 million, or $0.30 per diluted share, for the quarter ended March 31, 2007.

 

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