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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.
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