Maxim Group Reiterates a 'Buy' on Carmike Cinemas (CKEC); Forecasting Solid 3Q11 Box Office Results
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Price: $33.40 --0%
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Maxim Group reiterates a 'Buy' on Carmike Cinemas (NASDAQ: CKEC) price target of $13.00.
Maxim analyst said, "We anticipate another solid quarter for CKEC. The company’s numbers have fluctuated over the last few quarters due to dips in revenues which are magnified by small share base. A consecutive strong second quarter in a row would suggest that relatively new management is improving concession margins, has closed or refurbished unprofitable theaters, and is managing the business more tightly. Management believes that debt is under control and is now expanding via selected acquisitions and rolling out Big D, the company’s large screen IMAX (Nasdaq: IMAX) equivalent."
"We are estimating 3Q11 revenues of $136.8M, an increase of 9.6% y/y and slightly higher than the consensus estimate of $134.3M. We are estimating that EBITDA should increase 56% yr/yr to $22.5M, higher than the consensus estimate of $20.5M. We have slightly lowered our 2011 EBITDA estimate by about half a million dollars."
For more ratings news on Carmike Cinemas click here and for the rating history of Carmike Cinemas click here.
Shares of Carmike Cinemas closed at $6.30 yesterday.
Maxim analyst said, "We anticipate another solid quarter for CKEC. The company’s numbers have fluctuated over the last few quarters due to dips in revenues which are magnified by small share base. A consecutive strong second quarter in a row would suggest that relatively new management is improving concession margins, has closed or refurbished unprofitable theaters, and is managing the business more tightly. Management believes that debt is under control and is now expanding via selected acquisitions and rolling out Big D, the company’s large screen IMAX (Nasdaq: IMAX) equivalent."
"We are estimating 3Q11 revenues of $136.8M, an increase of 9.6% y/y and slightly higher than the consensus estimate of $134.3M. We are estimating that EBITDA should increase 56% yr/yr to $22.5M, higher than the consensus estimate of $20.5M. We have slightly lowered our 2011 EBITDA estimate by about half a million dollars."
For more ratings news on Carmike Cinemas click here and for the rating history of Carmike Cinemas click here.
Shares of Carmike Cinemas closed at $6.30 yesterday.
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