Carmike Cinemas Third-Quarter Financials Decline Amid Lower Box Office
The movie exhibitor saw a decline in admissions revenue, but concessions revenue was virtually unchanged.
Carmike Cinemas on Thursday reported weaker third-quarter financials amid industry-wide box office weakness in the July-September period.
The movie exhibitor posted a profit of $200,000 for the third quarter, down from year-ago earnings of $3.1 million. The latest period included costs for a planned acquisition. The firm also reported $127.5 million in revenue, a slight decline from the $133.3 million recorded in the year-ago period.
Admissions revenue declined from $86.1 million to $80.4 million. However, revenue from concessions declined only minimally. Per patron spending increased to $10.33 from $10.06 in the year-ago period.
"While only slightly outperforming the industry box office, we are nevertheless pleased that Carmike’s quarterly box office results were ahead of the overall U.S. industry for the fifth consecutive quarter," Carmike president and CEO David Passman said. "The company’s third-quarter admissions revenue bettered the reported national 6.7 percent year-over-year quarterly decline by about 10 basis points."
He highlighted that the year-ago quarter was a record box office period. "The nine-month U.S. total box office is up 3.6 percent, compared to 2011, and Carmike is up 8.1 percent," Passman said. "We think the year to date numbers bode well for both Carmike and the industry at large."