Carmike Cinemas Reports a Strong Third Quarter
Admissions revenue rises despite a 2 percent decline in the price of movie tickets.
Carmike Cinemas on Monday reported healthy quarterly financials that included rising revenue from the sale of movie tickets and concessions.
The theater chain said profit soared 480 percent to $3.1 million in the third quarter. Excluding certain items, net income was up 56 percent to $23.3 million on revenue that rose 9 percent to $134 million.
The company, which operated 235 theaters during the third quarter, said admissions revenue rose 6% to $86.4 million while concessions revenue was up 14 percent to $47.6 million.
Admissions revenue rose despite a 12-cent drop in the average price per ticket that was a function of increased discounts and promotions.
The average amount each moviegoer spent on concessions rose 21 cents to $3.57.
Shares of Carmike rose 5 percent on Monday to $6.83 and were flat after the closing bell when the company disclosed third-quarter earnings.