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Carmike Cinemas Inc (CKEC) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Carmike Cinemas Inc

CIK: 799088 Ticker: CKEC

Exhibit 99.1

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NEWS ANNOUNCEMENT

 

Webcast/Conference Call TODAY, Tuesday, March 8 at 5:00 p.m. ET
WEBCAST LINK:    www.carmikeinvestors.com (archived for 30 days)
CALL DIAL-IN:    800/949-8476 or 212/231-2900 (international callers)
CALL REPLAY:   

800/633-8284 or 402/977-9140; passcode: 21512087

(through March 15)

Carmike Cinemas Reports 2010 Q4 Adjusted Net Income Per Share of $0.09 and

Adjusted EBITDA of $18.1 Million

Receives $30 Million Payment from Screenvision

COLUMBUS, GA - March 8, 2011 - Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today reported results for the three months and year ended December 31, 2010, as summarized below.

SUMMARY FINANCIAL DATA

(unaudited)

 

     Three Months Ended
December 31,
     Twelve Months Ended
December 31,
 

(in millions)

   2010     2009      2010     2009  

Total revenue

   $ 115.9      $ 137.1       $ 491.3      $ 513.0   

Operating income

     5.9        18.2         24.1        22.3   

Interest expense

     8.5        7.7         36.0        33.1   

Theatre level cash flow (1) (2)

     22.0        31.0         82.2        95.2   

Net (loss) income

     (3.1 )      6.4         (12.6 )      (15.4

Adjusted net income (loss) (1) (2)

     1.1        6.7         (0.8 )      7.6   

Adjusted EBITDA (1) (2)

     18.1        26.6         64.6        79.1   

 

(in millions)

   Dec. 31,
2010
     Dec. 31,
2009
 

Total debt (1)

   $ 353.4       $ 369.1   

Net debt (1)

   $ 340.3       $ 343.4   

 

(1) Theatre level cash flow, adjusted net income (loss), adjusted EBITDA, total debt and net debt are supplemental non-GAAP financial measures. Reconciliations of theatre level cash flow and adjusted EBITDA to net income and adjusted net income (loss) to net income (loss) for the three and twelve months ended December 31, 2010 and 2009, as well as a schedule of total debt and net debt as of December 31, 2009 and 2010, are included in the supplementary tables accompanying this news announcement.
(2) Theatre level cash flow, adjusted net income (loss) and adjusted EBITDA exclude impairment of long lived-assets, loss on extinguishment of debt, separation agreement charges, discontinued operations, and with respect to theatre level cash flow, general and administrative expenses, as well as the impact of recording $1 million of sales and use taxes during the twelve month period ending December 31, 2010 identified as a result of an audit. The underpayment of such taxes occurred primarily in 2005 and 2006.


The following information was filed by Carmike Cinemas Inc (CKEC) on Tuesday, March 8, 2011 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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Carmike Cinemas Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2011 10-K Annual Report includes:

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SEC Filing Tools
Ticker: CKEC
CIK: 799088
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-059259
Submitted to the SEC: Tue Mar 08 2011 4:13:22 PM EST
Accepted by the SEC: Tue Mar 08 2011
Period: Friday, December 31, 2010
Industry: Motion Picture Theaters

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