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Carmike Cinemas: Companies
built 655 days ago
Carmike Cinemas, Inc. is one of the largest movie theater chains in the United States, with 2,850 screens in 36 states. Carmike's theaters are located mainly in smaller cities, where they are frequently the only movie venues in town. By operating primarily in these secondary markets, Carmike has avoided, in large part, the rugged competition for city and suburban viewers engaged in by most other big movie exhibitors. Nearly all of the company's theaters are multi-screen facilities, and their highest concentration is in the South and the Midwest, although expansion has been taking place in just about every part of the country. Declining revenues caused by industrywide overbuilding, as well as a weak season for films, caused the company financial problems in the summer of 2000. That August, Carmike filed for Chapter 11 bankruptcy protection.
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With the bankruptcy behind it, Carmike cautiously moved forward with its growth plans. During 2004, the company opened three new theaters. It made a $66 million play for the George Kerasotes Corporation (GKC Theatres) in 2005. The deal added 30 theaters and 263 screens to its arsenal.
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Buoyed by its five new acquisitions between the beginning of 1994 and the middle of 1995, Carmike narrowed the size gap between itself and industry leader United Artists considerably. By July 1995, the company had 2,223 screens in its empire, less than 100 screens fewer than the number operated by United Artists, and by the end of the year it had added enough more to take the number one position for itself. Many movie industry analysts considered Carmike the best-managed theater chain in the country during the early 1990s. The company's ability to churn out profits year after year while its competitors struggled to streamline and stem their losses seemed to support this opinion.
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Carmike will hold its third quarter 2007 earnings conference call on Tuesday, November 6, 2007, at 5:00 p.m. (ET) to discuss the information contained in this release. The conference call can be accessed by dialing (888) 820-9421 or for international participants (913) 312-0836. The replay of the conference call will be available until midnight ET, November 13, 2007, by dialing (888) 203-1112 or for international participants (719) 457-0820 and entering passcode 3826488. The call will ... be webcast live over the Internet from the Company
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Carmike's success in getting middle America to come to the movies made Patrick something of a guru among Hollywood executives. Top managers at entertainment companies such as Disney, Twentieth Century Fox, and Time Warner frequently turned to Patrick for projections about how certain films would do at the box office. Mogul Ted Turner consulted Patrick before his Turner Broadcasting System bought production companies New Line Cinema and Castle Rock Entertainment. By knowing the tastes of his small-town audience, Patrick was occasionally even able to make hits out of movies that were poorly received in big cities.
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The Carmike 14 Theater in Tyler, Texas, is typical of the company's implementation strategy. The lobby is outfitted with 17 Samsung SyncMaster 403T 40in. LCD monitors, each connected to the network via a dedicated Minicom 0VS23004 Cat-5 display remote.
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