-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RxPMhffARPee8pwy+Lbx5umi491C7H3zb2sdzqQ+K/UvicsI4Nr6OZEw6Pir7Rmc Tm6SxKi0Nq4WPlK24WedXg== 0000950144-99-010053.txt : 19990816 0000950144-99-010053.hdr.sgml : 19990816 ACCESSION NUMBER: 0000950144-99-010053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990810 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARMIKE CINEMAS INC CENTRAL INDEX KEY: 0000799088 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE THEATERS [7830] IRS NUMBER: 581469127 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11604 FILM NUMBER: 99686871 BUSINESS ADDRESS: STREET 1: 1301 FIRST AVE CITY: COLUMBUS STATE: GA ZIP: 31901 BUSINESS PHONE: 4045763400 MAIL ADDRESS: STREET 1: P O BOX 391 CITY: COLUMBUS STATE: GA ZIP: 31994 8-K 1 CARMIKE CINEMAS, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 10, 1999 ----------------------------- CARMIKE CINEMAS, INC - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-14993 58-1469127 - ----------------------------------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation)
1301 First Avenue, Columbus, Georgia 31901 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (706) 576-3400 --------------------------- - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5 Other Events On August 10, 1999, Carmike Cinemas, Inc. (the "Company") issued a press release announcing results for the second quarter ended June 30, 1999 and the authorization by the Company's Board of Directors of a stock repurchase program for shares of the Company's Class A Common Stock. The information contained in such press release is hereby incorporated by reference into this Report. ITEM 7 Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits 99 Press Release of the Company dated August 10, 1999. -2- 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CARMIKE CINEMAS, INC. Registrant /s/ Martin A. Durant ------------------------------- Martin A. Durant Senior Vice President-Finance Dated: August 13, 1999 -3- 4 EXHIBIT INDEX
Exhibit Number Description 99 Press release of Carmike Cinemas, Inc. (the "Company") dated August 10, 1999.
-4- EX-99 2 PRESS RELEASE OF CARMIKE CINEMAS INCORPORATED 1 EXHIBIT 99 FOR IMMEDIATE RELEASE August 10, 1999 CONTACT: Martin A. Durant Chief Financial Officer (706) 576-3416 Janice J. Kuntz Fleishman-Hillard (404) 659-4446 CARMIKE CINEMAS, INC. REPORTS POSITIVE SECOND QUARTER EARNINGS BOARD APPROVES STOCK REPURCHASE PLAN COLUMBUS, Georgia - Carmike Cinemas, Inc. (NYSE: CKE) today announced results for the second quarter ended June 30, 1999. Revenues for the second quarter were $125.3 million, an increase of 13.2 percent over revenues of $110.7 million for the second quarter a year ago. Net income available for common shares for the quarter was $3.1 million, or $.28 per share, compared with net income of $.4 million, or $.03 per share, in the same quarter last year. Earnings for the second quarter of 1999 include a credit from a change in estimated restructuring costs of $2.7 million before applicable taxes. Excluding this credit, earnings were $1.5 million, or $.13 per share, an increase of over 300 percent on a per share basis over the second quarter of 1998. Revenues for the six months ended June 30, 1999 were $223.0 million, compared with revenues of $227.8 million reported for the same period in 1998. Excluding the extraordinary item and restructuring credit, the company reported a net loss of $1.6 million, or $.14 per share for the six months ended June 30, 1999, compared to net income of $4.2 million, or $.36 per share for the six months ended June 30, 1998. Including the extraordinary item incurred in connection with the February, 1999 debt restructuring and the restructuring credit, the net loss for the six months ended June 30, 1999 was $6.2 million, or $.55 per share. The credit related to a change in the estimated restructuring expenses reported for the fourth quarter of 1998. This change was due to a landlord initiated early lease buyout on one of the properties included in the restructuring plan. Martin A. Durant, Chief Financial Officer, stated, "Similar transactions may occur in future periods as we continue to review our ability to reduce lease commitments on properties included in our restructuring plan." 2 Michael W. Patrick, President and Chief Executive Officer of Carmike, commented, "We are inspired by the results in our newer theatres which contributed significantly to the over 41 percent increase in EBITDA for the second quarter compared to the same quarter in 1998. The increase in attendance per average screen of 8.6 percent over 1998 levels demonstrates the public's positive acceptance of the product (movies out of Hollywood) and our newer facilities. We are still looking for this to be a strong summer with great product available for everyone in the family. In regards to our real estate activities, we are on track with our expansion program to achieve our goal of 348 new screens opened by the end of the year. We also have 23 acres of surplus property which we are reviewing for possible sale opportunities." The Company also announced that its Board of Directors has authorized a stock repurchase program for shares of the Company's Class A Common Stock. The program authorized the Company to make repurchases from time to time, in the open market or through privately negotiated transactions, of the Class A Common Stock, depending upon market conditions and other factors. At June 30, 1999, the Company had 9.968,287 shares of its Class A Common Stock outstanding. Regarding the repurchase plan, Mr. Durant stated, "We believe the repurchase plan will allow the Company to take advantage of the current market position of our stock, and the Board's approval of the stock repurchase plan demonstrates our belief in the long-term value of our operations." Carmike Cinemas, Inc. is the nation's third largest motion picture exhibitor in terms of the number of screens operated. As of July 31, 1999, the Company operates 2,743 screens at 461 locations in 36 states. # # # This press release includes forward-looking statements in addition to historical information. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements; however, this press release also contains other forward-looking statements in addition to historical information. The Company cautions that there are various important factors that could cause actual results to differ materially from those indicated in the forward-looking statements; accordingly, there can be no assurance that such indicated results will be realized. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are competitive pressures in the Company's secondary market niche, dependence upon motion picture production and performance, seasonality, business conditions in the movie industry and other complementary markets, general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 1998. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the Federal securities laws. 3 CARMIKE CINEMAS, INC. For quarter and six months ended June 30, 1999 - Unaudited (000's omitted)
Quarter Ended June 30 Six Months Ended June 30 ------------------------------------------------------------ 1999 1998 1999 1998 ------------------------------------------------------------ Admissions $ 87,046 $ 76,026 $ 154,068 $ 156,651 Concession & Other 38,227 34,672 68,921 71,189 ---------- ---------- ---------- ---------- Total Revenue $ 125,273 $ 110,698 $ 222,989 $ 227,840 Film Exhibition Costs 48,897 42,435 84,115 85,101 Concession Costs 4,984 4,937 8,703 9,611 Cost of Operations 46,736 45,407 90,619 92,057 General & Administrative 1,788 1,768 3,653 3,499 Depreciation and Amortization 10,046 9,088 19,552 18,074 Decrease in estimated Restructuring Costs (2,671) 0 (2,671) 0 ---------- ---------- ---------- ---------- Total Cost of Sales $ 109,780 $ 103,635 $ 203,971 $ 208,342 ---------- ---------- ---------- ---------- Operating Income $ 15,493 $ 7,063 $ 19,018 $ 19,498 Interest Expense 9,195 6,477 16,501 12,794 ---------- ---------- ---------- ---------- Income before Income Taxes and Extraordinary Item $ 6,298 $ 586 $ 2,517 $ 6,704 Income Taxes 2,393 224 956 2,548 ---------- ---------- ---------- ---------- Net Income before Extraordinary item $ 3,905 $ 362 $ 1,561 $ 4,156 Extraordinary Item (net of income taxes) 0 0 (6,291) 0 ========== ========== ========== ========== Net Income (Loss) $ 3,905 $ 362 $ (4,730) $ 4,156 ========== ========== ========== ========== Preferred Stock Dividends 756 0 1,512 0 ========== ========== ========== ========== Net Income (Loss) available for Common Stock $ 3,149 $ 362 $ (6,242) $ 4,156 ========== ========== ========== ========== Weighted average shares outstanding: - Basic 11,382 11,360 11,373 11,350 - Diluted 11,416 11,434 11,405 11,429 Earnings (loss) per common share before extraordinary item - Basic $ 0.28 $ 0.03 $ -- $ 0.37 - Diluted $ 0.28 $ 0.03 $ -- $ 0.36 Earnings (loss) per common share - Basic $ 0.28 $ 0.03 $ (0.55) $ 0.37 - Diluted $ 0.28 $ 0.03 $ (0.55) $ 0.36
-----END PRIVACY-ENHANCED MESSAGE-----