Carmike Q4 Revenues Beat Expectations As Admissions Top Industry Averages

DAVID LIEBERMAN, Executive Editor
Carmike Pays $31.8M For Nine Theaters From Muvico Entertainment

This is becoming a familiar theme in exhibition, although Carmike‘s Q4 numbers are complicated by its acquisition in November of 251 screens from Rave Reviews Cinemas as well as an $86.5M year-end tax benefit. With those factored in, Carmike had net income of $91.6M in Q4, up from $1.7M at the end of 2011, on revenues of $146.6M, +23.2%. The revenue number beats forecasts for $144.25M. The company reported EPS of $5.19; without one-time items, that comes to 43 cents vs an adjusted number for last year of 24 cents. Analysts expected the company to generate unadjusted EPS of 24 cents in Q4 vs last year’s 13 cents. Accounting complications aside, the basic numbers look solid: Admissions revenues rose 22.6% to $93.7M as the chain sold 13.2M tickets (+16.1%) at an average price of $7.10 a ticket (+5%). Concessions revenues were up 24.3% to $52.9M, with average sales per patron of $3.99. It was the 12th straight quarter of concessions growth. “The Company’s growing footprint expanded to approximately 2,500 screens as we took another step along our way to achieving Carmike’s next corporate milestone of 3,000 screens and 300 locations across ‘Hometown America’,” CEO David Passman says. “We will continue to actively target acquisitions and attractive build-to-suit opportunities.”

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