Carmike Cinemas Second-Quarter Financials Improve
Attendance and concessions revenue rose, but average admission revenue per patron fell 5.4 percent to $6.52 as the company cited "fewer 3D premium tickets."
NEW YORK - Carmike Cinemas on Monday said it swung to a second-quarter profit as revenue rose amid stronger concessions and box office results.
The movie theater operator posted earnings of $8.6 million, compared to a loss of $2.4 million in the year-ago period.
Revenue rose 4.7 from 126.3 million to $132.2 million as admissions revenue climbed 1.2 percent from $84.0 million to $85.0 million and consessions and other revenue rose 11.3 percent from $42.3 million to $47.1 million.
Carmike Cinemas president and CEO David Passman said: “The 2011 second quarter was a solid period in which Carmike, along with the entire exhibition industry, experienced a significant rebound from the doldrums of the previous several months."
Average attendance per screen rose 8 percent to 5,890, and concessions and other revenue per patron rose for the sixth straight quarter to $3.61, up 4 percent from $3.47 in the year-ago period.
However, average admission revenue per patron fell 5.4 percent to $6.52. The company cited "fewer 3D premium tickets."