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Carmike Cinemas Inc (CKEC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Carmike Cinemas Inc

CIK: 799088 Ticker: CKEC

Exhibit 99.1

LOGO

CARMIKE CINEMAS REPORTS FOURTH QUARTER

AND FULL YEAR 2007 RESULTS

COLUMBUS, GA – March 17, 2008 — Carmike Cinemas, Inc. (NASDAQ: CKEC) today reported results for its fourth quarter and full year ended December 31, 2007.

Fourth Quarter 2007 Operating Results

Total revenue for the quarter ended December 31, 2007 was $116.8 million compared to $121.1 million for the quarter ended December 31, 2006. Admissions revenue was $78.2 million for the quarter ended December 31, 2007 versus $80.3 million for the quarter ended December 31, 2006. Concessions and other revenue was $38.6 million for the fourth quarter of 2007 versus $40.8 million for the fourth quarter of 2006.

Operating loss was $56.3 million for the fourth quarter of 2007 compared to operating income of $3.5 million in the same period in the prior year. As described below, Carmike recorded non-cash impairment charges during the fourth quarter of 2007 consisting of $26.2 million related to theatre assets and $38.2 million related to goodwill.

Theatre level cash flow was $22.4 million for the fourth quarter of 2007 versus $26.3 million for the same period in 2006. General and administrative costs were $5.0 million in the fourth quarter of 2007 versus $6.5 million in the prior year period. Interest expense was $12.3 million for the fourth quarter of 2007 versus $12.7 million in the prior year period. Carmike also prepaid $15 million of debt outstanding in the fourth quarter of 2007.

“A weaker than expected fourth quarter box office resulted in disappointing fourth quarter results for Carmike. While the movie slate in mid-December was strong, it was not enough to offset weakness in October and November,” said Michael W. Patrick, Carmike’s Chairman, President and Chief Executive Officer. “We are focused on improving our financial performance and have implemented a number of initiatives to help. During the quarter we instituted an aggressive price increase in both tickets and concessions, and we continued our diligence around operating costs in order to maximize cash flows from existing screens. Additionally, we made progress in optimizing our portfolio of theatres as we closed six underperforming theatres, sold one theatre and continue to be in discussions for the sale of several more.”

Mr. Patrick continued, “During 2007, we completed the conversion of our circuit to a digital-based platform and installed an industry-leading 429 3-D screens. We are excited to be a leader in implementing digital technology as we expect the industry will start to generate more 3-D product beginning in 2008. We are particularly pleased with the performance of the Hannah Montana 3-D film event in the first quarter of 2008, where not only did we have record 3-D attendance and advance ticket sales, but we were able to charge a premium for tickets. The Hannah Montana success illustrates the opportunity that our digital network provides, allowing us to capitalize on exciting film and event product. Looking ahead, the positive momentum in


The following information was filed by Carmike Cinemas Inc (CKEC) on Monday, March 17, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: CKEC
CIK: 799088
Form Type: 10-K Annual Report
Accession Number: 0001193125-08-058824
Submitted to the SEC: Mon Mar 17 2008 4:05:55 PM EST
Accepted by the SEC: Mon Mar 17 2008
Period: Monday, December 31, 2007
Industry: Motion Picture Theaters

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