Carmike Sails Forward With 12 Percent Rise in Q1 Revenue

Shares of movie exhibitor perk up slightly in after-hours trading as profits fall just shy of predictions

carmike
Carmike

Carmike Cinemas enjoyed a solid boost in the last three months of this year, reporting profit and revenue that met Wall Street expectations.

Revenue rose 11.9 percent to $206.2 million — meeting the average expectations exactly.

The Georgia-based company reported a profit of $2.2 million, or 9 cents a share, rising from a year-earlier profit of $391,000, or 2 cents a share.

On an adjusted basis, which strips out unusual items like costs from mergers and acquisitions, the company reported a 22 cent profit per share, just shy of the average expectation of 23 cents based on a survey of analysts.

One reason for the uptick in earnings: Ticket prices rose more than 8 percent to an average of $7.80. Attendance dropped .09 percent.

“Our first quarter results reflect a favorable U.S. box office environment that included blockbuster releases, as well as the successful execution of our theatre-level initiatives and the effective integration of recent acquisitions,” said CEO David Passman in a statement on Monday.

Shares rose .07 percent to $29.93 in after hours trading. Carmike’s stock has risen more than 30 percent this year so far, largely due to a dramatic uptick in early March when the company announced its merger with AMC Theaters.

Comments