Carmike Cinemas (CKEC) Misses Q3 EPS by 25c, Sales Miss

Carmike Cinemas (NASDAQ: CKEC) reported Q3 EPS of ($0.19), $0.25 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $162.6 million versus the consensus estimate of $167.1 million.

“Aided by the impact of recent acquisitions, Carmike’s 2014 third quarter admissions receipts outperformed the U.S. exhibition industry by 1,000 basis points,” stated David Passman, Carmike Cinemas’ President and Chief Executive Officer. “On a per screen basis, Carmike’s admissions revenue decrease of approximately 13% was in-line with the reported industry box office decline of 13%. Despite lower attendance, Carmike’s Q3 concessions and other revenue rose and on a per cap basis increased over 6% versus the prior year period, marking our 19th consecutive quarterly increase for that key metric.

“The weaker than expected domestic box office and resulting attendance decline negatively impacted Carmike’s bottom line results and adjusted EBITDA due to our proportionately higher fixed cost structure. Our most recent acquisition – Digital Cinema Destinations Corp. (Digiplex) – closed in mid-August and as a result, Carmike’s Q3 operating and overhead costs rose due to the additional locations in our circuit. However, this came without a corresponding box office benefit as the second half of the third quarter typically generates lower box office receipts with the absence of high-profile movie releases.

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

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