carmike cinemas inc (CKEC) Snapshot

Carmike Cinemas Inc. Presents at Gabelli & Company Movie & Entertainment Conference, Jun-11-2013 12:40 PM. Venue: Grand Hyatt Hotel, The Yale Club of New York, New York, New York, United States. Speakers: Richard B. Hare, Chief Financial Officer, Principal Accounting Officer, Senior Vice President of Finance and Treasurer, S. David Passman, Chief Executive Officer, President, Director and Chairman of Executive Committee.

Carmike Cinemas Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total operating revenues of $130,093,000 against $129,966,000 a year ago. Operating income was $3,305,000 against $14,524,000 a year ago. Loss from before income tax and loss from unconsolidated affiliates was $8,993,000 against income from before income tax and income from unconsolidated affiliates of $6,261,000 a year ago. Loss from continuing operations was $5,711,000 or $0.33 basic and diluted per share against income from continuing operations of $3,311,000 or $0.26 basic and diluted per share a year ago. Net loss was $5,783,000 or $0.33 basic and diluted per share against net income of $3,232,000 or $0.25 basic and diluted per share a year ago. EBITDA was $12,452,000 against $21,669,000 a year ago. Adjusted EBITDA was $17,417,000 against $24,025,000 a year ago. Theatre level cash flow was $22,901,000 against $29,025,000 a year ago. Net debt as on March 31, 2013 was $370,216,000 against $366,164,000 as of March 31, 2012. Adjusted net loss was $3,569,000 or $0.20 basic and diluted per share against adjusted net income of $4,281,000 or $0.33 basic and diluted per share a year ago. The decline in operating income was related to a combination of lower attendance and higher fixed operating costs due to the expanded circuit. Capital expenditure was $8.5 million. For the quarter, the company reported impairment of long-lived assets of $204,000 against $1,486,000 a year ago. Going forward, the company anticipates that quarterly interest expense will approximate the first quarter 2013 levels. The company anticipate full-year 2013 capital expenditure in the range of $25 million to $30 million, of which, approximately $8 million to $9 million will be maintenance expenditures.

Carmike Cinemas Inc., Q1 2013 Earnings Call, May 06, 2013