carmikecinemas.pngCOLUMBUS, Ga.--(BUSINESS WIRE)-- Carmike Cinemas, Inc. (NASDAQ: CKEC) ("Carmike"), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the closing of its stock-for-stock acquisition of Digital Cinema Destinations Corp. (NASDAQ: DCIN) ("Digiplex"), including its 21 theatres with 206 screens and four location pipeline of 33 screens. Each outstanding Digiplex share was converted into the right to receive 0.1765 shares of Carmike common stock, or approximately 1.4 million Carmike shares in the aggregate.

Carmike expects to immediately integrate the 21 acquired theatres onto its national footprint and complete the pipeline theatre acquisitions, during Q3 or early Q4. The acquisition further expands Carmike's domestic entertainment complex circuit to 2,900+ screens and 276 locations across 41 states.

Carmike's President and Chief Executive Officer David Passman stated, "In addition to continuing our successful execution of Carmike's strategic M&A plan and adding complementary, well-managed theatres to our circuit, we also expect to gain valuable insight from Digiplex's dedicated alternative programming team, led by CEO/Founder Bud Mayo. Their organization has consistently outperformed its exhibition industry peers by averaging approximately 5% of quarterly box office receipts from alternative content, boosting capacity utilization during less busy Monday through Thursday periods."

Bud Mayo commented, "I am very excited about the many opportunities that lie ahead as we join forces with a ‘best-in-class' exhibitor with a national footprint. Carmike's senior executive group, led by David, has guided the Company through an impressive multi-year transformation and our alternative programming team looks forward to helping the organization build on its recent success and achieve additional growth."

Mr. Passman continued, "We are delighted to welcome Digiplex's executives and theatre-level associates to the Carmike family and look forward to their contributions. In the interim, we will also continue with our plans to actively pursue additional movie theatre acquisition opportunities that we expect will generate attractive levels of theatre level cash flow and drive shareholder value."

About Carmike Cinemas (www.carmike.com )

Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema deployments and one of the nation's largest motion picture exhibitors. Inclusive of the Digiplex acquisition, Carmike has 276 theatres with 2,901 screens in 41 states. The circuit includes 42 premium large format (PLF) auditoriums featuring state-of-the-art technology and luxurious seating, including 25 "BigDs," 15 IMAX auditoriums and two MuviXL screens. As "America's Hometown Theatre Chain" Carmike's primary focus is mid-sized communities.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, "believes," "expects," "anticipates," "plans," "estimates," "seeks" or similar expressions. Examples of forward-looking statements in this press release include the Company's expectations regarding the benefits of the acquisition, the closing of the pipeline transactions, future growth, future acquisitions, future cash flows and future shareholder value. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include, but are not limited to: the ability of National CineMedia to secure approvals and satisfy conditions necessary to complete the acquisition of Screenvision; Carmike's ability to achieve expected results from strategic acquisitions; general economic conditions in Carmike's regional and national markets; Carmike's ability to comply with covenants contained in its senior secured credit agreement and the indenture governing its 7.375% Senior Secured Notes due 2019; Carmike's ability to operate at expected levels of cash flow; financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital; Carmike's ability to meet its contractual obligations, including all outstanding financing commitments; the availability of suitable motion pictures for exhibition in Carmike's markets; competition in Carmike's markets; competition with other forms of entertainment; and other factors, including the risk factors disclosed in Carmike's Annual Report on Form 10-K for the year ended December 31, 2013, under the caption "Risk Factors." We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

 

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By Daniel Garris

After falling to second on Wednesday, Teenage Mutant Ninja Turtles moved back into first place on Thursday with $4.32 million. Paramount's high-profile franchise re-launch fell 16 percent from Wednesday. It should be noted that daily percentage declines were sharp in general on Thursday, in part from Lionsgate's The Expendables 3 and The Weinstein Company's The Giver both entering the marketplace on Thursday evening and in part from more and more schools now going back into session. Teenage Mutant Ninja Turtles exceeded expectations in a big way this week with a first place seven-day start of $89.24 million. That was an impressive 17 percent ahead of the $76.25 million seven-day take of 2009's G.I. Joe: The Rise of Cobra.

Disney's Guardians of the Galaxy was also up one spot over Wednesday to finish in a very close second on Thursday with $4.23 million. The blockbuster sci-fi superhero adaptation was down 13 percent from Wednesday and down 45 percent from last Thursday. The film trailed Teenage Mutant Ninja Turtles by just $96,190 for the day. Guardians of the Galaxy placed in second for the week with $63.15 million. That was down 53 percent from the film's opening week performance and brings the film's two-week total to $197.55 million. Guardians of the Galaxy is currently running 13 percent ahead of the $174.91 million two-week take of Captain America: The Winter Soldier earlier this year.

On the heels on Wednesday's first place debut, Let's Be Cops was down two spots and a reasonable 39 percent to place in third on Thursday with $3.20 million. The low-budget comedy from Fox has grossed a very solid $8.41 million in its first two days of release. That is in line with pre-release expectations and places the film 27 percent behind the $11.49 million two-day take of last year's We're the Millers. Let's Be Cops will hope to experience a big uptick in business over the weekend, in part from being a non-sequel.

The Hundred-Foot Journey held steady in fourth place with $1.165 million. The modestly budgeted drama from Disney and DreamWorks was down 16 percent from Wednesday. The Hundred-Foot Journey finished in fourth place for the week with a seven-day start of $16.51 million. The film is performing in line with its modest expectations and is running 22 percent ahead of the $13.53 million seven-day take of Million Dollar Arm earlier this year.

Warner's Into the Storm rounded out Thursday's top five with $1.163 million. The modestly budgeted disaster film trailed The Hundred-Foot Journey by a very slim $1,497 for the day. Into the Storm was down 14 percent from Wednesday's performance. Into the Storm performed in line with expectations this week with a third place start of $23.62 million over the seven-day frame.

Universal's Lucy placed in sixth with $0.87 million. The sci-fi action film starring Scarlett Johansson finished in fifth for the week with $14.19 million. Lucy was down 47 percent from the previous weekly frame and continues to exceed expectations with a three-week take of $102.22 million.

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cops.pngFox's Let's Be Cops claimed first place on Wednesday as it earned a solid $5.2 million on opening day Wednesday, lining up with pre-release expectations of a 5-day bow close to $30 million. Cops' first day take was 20 percent behind that of Tropic Thunder and 23 percent behind We're the Millers.

Paramount reports that Teenage Mutant Ninja Turtles added $5.1 million on Wednesday, down 33 percent from the day prior. With a 6-day haul of $84.9 million, the successful franchise reboot is pacing 18 percent ahead of G.I. Joe: The Rise of Cobra through the same point. Turtles also surpassed the inflation-adjusted lifetime domestic gross of 1993's Teenage Mutant Ninja Turtles III ($83.2 million, $42.3 million non-adjusted).

Disney/Marvel's Guardians of the Galaxy took in another $4.85 million yesterday for a healthy 45 percent week-to-week Wednesday decline. Strong word of mouth continues to propel the flick, having now reached $193.3 million domestically. The pic surpassed 22 Jump Street yesterday to become the ninth highest grossing film of 2014 so far, and will leap past Dawn of the Planet of the Apes, Godzilla, and The Amazing Spider-Man 2 over the coming weekend. Guardians is running 13 percent ahead of the pace of Captain America: The Winter Soldier and 2 percent ahead of Transformers: Age of Extinction.

The Hundred-Foot Journey brought in $1.38 million on Wednesday for a 20 percent day-to-day drop. With a 6-day cume of $15.4 million, the film is running 19 percent ahead of Million Dollar Arm.

Into the Storm added $1.35 million yesterday for a 34 percent day-to-day slide in fifth place. The special effects thriller has totaled $22.5 million in its first six days, 75 percent more than Pompeii.

Meanwhile, Step Up All In took sixth place and posted $0.61 million as it slid 33 percent from Tuesday. The fifth entry in the dance franchise has accumulated $8.7 million in six days, or 47 percent less than 2012's Step Up Revolution.

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By Daniel Garris

Teenage Mutant Ninja Turtles grossed $7.57 million on Tuesday to lead the daily box office for a fifth consecutive day. Paramount's high-profile franchise re-launch increased 13 percent over Monday. That represented one of the day's weaker daily percentage holds among wide releases. Teenage Mutant Ninja Turtles continues to exceed expectations in a big way with a five-day start of $79.82 million. That places the film an impressive 19 percent ahead of the $67.08 million five-day start of 2009's G.I. Joe: The Rise of Cobra.

Disney's Guardians of the Galaxy held steady in second with $6.61 million. The blockbuster sci-fi superhero adaptation was up 24 percent over Monday and down a very solid 45 percent from last Tuesday. Guardians of the Galaxy continues to exceed its lofty expectations with a very strong twelve-day take of $188.47 million. That places the film 13 percent ahead of the $167.07 million twelve-day take of Captain America: The Winter Soldier earlier this year.

Warner's Into the Storm took in $2.06 million to remain in third place. The modestly budgeted disaster film fell was up 21 percent over Monday. Into the Storm continues to perform in line with expectations with a five-day take of $21.11 million. The film is currently running 74 percent ahead of the $12.11 million five-day take of fellow disaster film Pompeii earlier this year.

The Hundred-Foot Journey continued to claim fourth with $1.72 million. The modestly budgeted drama from Disney and DreamWorks was up a healthy 35 percent over Monday. The Hundred-Foot Journey has grossed $13.97 million in five days. That is in line with the film's modest expectations and places the film 15 percent ahead of the $12.19 million five-day start of Million Dollar Arm earlier this year.

Universal's Lucy rounded out the day's top five with $1.51 million. In the process, the sci-fi action film starring Scarlett Johansson surpassed the $100 million domestic mark on Tuesday. Lucy was up 23 percent over Monday and down 41 percent from last Tuesday. The 19-day domestic total for the film stands at $100.25 million.

Lionsgate's Step Up All In finished in sixth with $0.91 million. The fifth installment of the dance film franchise increased 34 percent over Monday. Step Up All In has grossed a disappointing $8.06 million in five days, which places the film 47 percent behind the $15.09 million five-day start of 2012's Step Up Revolution.

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By Alex Edghill

Wednesday Morning Update: Let's Be Cops had 9,224 tweets on Tuesday, up a further 78% from Monday's 5,171 tweets. Facebook continued to struggle as it had less than 1,000 new likes to end up just over 55,000. Though the Facebook numbers are a bit of a downer the stellar Twitter overall numbers and increases point to a strong beginning. It has blown away both Tammy and Sex Tape handily so far but its important to remember that they had very generic names and had restrictive tweet strings which worked against them. This is the type of explosion I was looking for for it to lead the new films and as of now I think this might be the film to beat on the weekend amongst the freshman.

The Expendables 3 maintained second place on Tuesday as it rose 33% to 7,086 tweets, up from 5,300 tweets on Monday. By comparison, The Expandables had 4,072 tweets its Tuesday before release while The Expendables 2 had 11,016. A decent increase on the day but nothing to write home about, especially when holding it up to the last installment and considering how much Twitter levels have increased in general over the last two years. I'm guessing at this rate that this might be the last Expendables unless its worldwide gross can manage to make up for the decline in North American grosses that this is apparently destined for.

The Giver went from first to last on Tuesday, dropping 11% to 6,777 tweets, down from 7,627 tweets on Monday. This fall just reaffirms my concerns I echoed yesterday about it not generating enough noise considering its genre. Today so far it is less than half the other two openers and as such teen millions might even be a stretch. The young adult novel adaptation genre has been filled with massive hits such as Twilight and Hunger Games but for every hit seems to be two to three duds. Unfortunately this has dud written all over it.

Twitter Top 15 Movies for Wednesday August 13th

Rk Film Mon Tue Week Mon-Tue %
1 (-) If I Stay 35,412 40,373 75,785 14.01%
2 (-) Guardians of the Galaxy 47,344 38,579 85,923 -18.51%
3 (-) Teenage Mutant Ninja Turtles (2014) 15,133 19,237 34,370 27.12%
4 (-) The Hunger Games: Mockingjay Part 1 5,275 15,789 21,064 199.32%
5 (+12) Let's Be Cops 5,171 9,224 14,395 78.38%
6 (+7) The Expendables 3 5,300 7,086 12,386 33.70%
7 (+20) Into the Woods 960 6,829 7,789 611.35%
8 (-3) The Giver 7,627 6,777 14,404 -11.14%
9 (+1) Transformers: Age of Extinction 4,823 4,752 9,575 -1.47%
10 (+61) Night at the Museum: Secret of the Tomb 9,881 4,342 14,223 -56.06%
11 (-5) 22 Jump Street 4,726 3,852 8,578 -18.49%
12 (+87) Mortdecai 52 3,810 3,862 7226.92%
13 (-5) Into the Storm 3,489 3,495 6,984 0.17%
14 (+2) Before I Go to Sleep 3,253 2,954 6,207 -9.19%
15 (+35) Star Wars: Episode VII 824 2,889 3,713 250.61%

 

Please check the methodology page for information about our Twitter project or here for historic data.

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