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Carmike Cinemas
built 657 days ago
Shares of Carmike Cinemas fell 5 cents to end Tuesday's trading at $15.34, after setting a new 52-week low of $14.85 earlier in the day. In aftermarket trading, shares lost 24 cents to $15.10. The stock has ranged from $14.89 to $27 over the past year.
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Carmike Cinemas, Inc. (CKEC) today announced that its Board of Directors has declared a quarterly dividend payable for the fourth quarter of 2007. The dividend of $0.175 per share is payable on February 1, 2008 to all stockholders of record as of the close of business on January 2, 2008.
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Carmike had now posted two consecutive years of annual losses, and the added strain of weak summer ticket sales caused problems in managing its massive debt load. As a result, the company filed for bankruptcy protection on August 8, 2000. Observers noted that Carmike was in much better shape than several other cinema chains that had recently filed for bankruptcy, and in fact the company listed nearly $200 million more in assets than it did liabilities. It had previously announced cutbacks in expansion, with only 88 new screens planned for the year.
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Built at a cost of $5 million by Carmike Cinemas, the megaplex offers a variety of features, giving it a clear edge over the competition found within the region. The �amenities� include a dozen screens, stadium seating in every auditorium, and digital sound stand out, the latter of which features amplification, processing, and monitoring technologies supplied by QSC Audio Products, Inc.
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Total debt, net debt and theatre level cash flows are supplemental non-GAAP financial measures used by Carmike to evaluate its operating performance. Total debt is defined as the sum of current maturities of long-term debt, capital leases and long-term financing obligations, long-term debt (less current maturities) and capital leases and long-term financing obligations (less current maturities). Net debt is defined as total debt less cash and cash equivalents. Carmike defines theatre level cash flow as operating income plus general and administrative expenses, depreciation and amortization and loss on sale of property and equipment, less gains on sale of property and equipment. Carmike believes that theatre level cash flow is an important supplemental measure of operating performance for a motion picture exhibitor
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"The synergy that Screenvision is able to bring to our pre-show through both rolling stock and slides is highly advantageous as we strive to enhance the pre-show experience for our patrons," said Fred Van Noy, COO, Carmike Cinemas. "A one-stop, turn-key pre-show solution is vital to our success."
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