Boxoffice down; concessions up at Carmike
EmptyNEW YORK - Movie theater group Carmike Cinemas Inc. reported little-changed second-quarter revenue Tuesday, citing a weaker-than-expected boxoffice, but its loss ballooned due to a special charge.
Carmike recognized a non-cash charge of $55.9 million in the quarter for a valuation allowance for its deferred tax asset. That boosted its loss to $56.8 million, compared to a loss of $6.5 million in the year-go period.
Revenue of $130.1 million was down slightly from $130.2 million in the year-ago period. Admissions revenue edged down to $84.7 from $84.9 million, while concessions and other revenue rose about as much to $45.5 million.
"While the overall industry box office for the second quarter was not as robust as previously expected, Carmike's ability to participate in the strong blockbuster opening weekends was facilitated in part by our leading-edge digital deployment," said chairman, president and CEO Michael Patrick. "Since the majority of our screens have already been converted to digital, we were able to meet the audience demand in a way that we could not satisfy with 35 mm projectors."
He also said he is "optimistic" about the remainder of the year.