Carmike Cinemas Exceeds Revenue Expectations
The theater chain posted $184.3 million in the first quarter while analysts expected $180.8 million.
Carmike Cinemas earned 2 cents per share in the first quarter on $184.3 million in revenue. On an adjusted basis, the exhibition company earned 12 cents per share.
Analysts were expecting 7 cents per-share in earnings on revenue of $180.8 million in the first quarter. Revenue was 16 percent higher than a year ago and the company's adjusted net income of $3.1 million reversed a loss of $2.2 million.
The movie-theater chain said that ticket prices remained flat but attendance grew 14 percent and the average patron spend $4.72 at the concession stand, a 4 percent rise over the same frame a year ago.
The company said it operated an average of 273 theaters in the quarter with 2,893 screens, an increase over the year-ago quarter.
Richard Hare, the CFO, said that Carmike has $90 million in cash and lots of untapped borrowing capacity that the company will use "to expand our theater circuit through accretive acquisitions and new locations through build-to-suit arrangments."
Shares of Carmike fell 2.4 percent on Monday to $30.07 and were unchanged after the closing bell.