Carmike Cinemas Reports Fourth-Quarter Loss

The chain has 273 theaters with 2,892 screens in 41 states.

Shares of Carmike Cinemas were falling 6 percent after the closing bell when the theater chain reported fourth-quarter financial results that missed expectations on the top and bottom lines.

Carmike said revenue was up 8 percent to $185.4 million though it lost $2.2 million, reversing a profit of $3.9 million in the same quarter a year earlier.

Shares of Carmike rose 2.4 percent Monday to $32.01, but lost $1.76 during the after-hours session.

Carmike CEO David Passman cited "a third consecutive quarter of year-over-year industry box office declines," though he also touted record high admissions revenue of $114.4 million, up 6 percent year-over-year. Concessions revenue rose 11 percent to $71 million.

The company said the average price for admission in the quarter was $7.35, up from $7.24, and the average amount each patron spent on food and drink was $4.57, up from $4.29.

Carmike has 273 theaters with 2,892 screens in 41 states primarily in midsize communities.

Email: Paul.Bond@THR.com

 

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