Carmike Cinemas (CKEC) Misses Q1 EPS by 1c

Carmike Cinemas (NASDAQ: CKEC) reported Q1 EPS of $0.22, $0.01 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $206.2 million versus the consensus estimate of $206.17 million.

“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,” stated David Passman, Carmike Cinemas’ President and Chief Executive Officer.

“Our focus on delivering differentiated food and beverage offerings and innovative dining concepts supported strong first quarter concessions and other spending per patron, marking 25 consecutive reporting periods of year-over-year concessions and other per patron spending growth. Carmike’s 14% increase in total concessions and other revenues and 12% rise in concessions and other spending per patron again highlight the value of our strategies to drive food, beverage and concession growth.

“First quarter total admissions revenue growth of 10% reflects strong performance from carry over titles as well as new releases. Carmike's first quarter admissions revenue growth was impacted by the tremendous performance of American Sniper in Carmike’s markets during the comparable period last year.

“In summary, we are pleased with the first quarter financial and operating performance, including healthy growth across adjusted EBITDA and theater-level cash flow, and remain optimistic that the positive consumer, economic and box office environments will continue for the remainder of 2016,” concluded Mr. Passman.

For earnings history and earnings-related data on Carmike Cinemas (CKEC) click here.

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