Carmike Cinemas (CKEC) reports 2004 earnings

On March 18, 2005, Carmike Cinemas (CKEC) reported results for
the fourth quarter and full year 2004.  Below are some highlights.

Results 4Q04 vs. 4Q03:

• EPS: $0.78 vs. $8.2 (-90%)
• Consensus EPS was $0.36
• Revenue: $127.5M vs. $131.2M (-3%)
• Operating Income: $18.6M vs. $16.4M (+13%)
• Operating margin: 14.6% vs. 12.5% (+210bps)
• Net income: $9.9M vs. $78.7M (-87%)
• Net margin: 7.8% vs. 60% (-5,220bps)
• Cash: $56.9M vs. $41.2M (+38%)
• Debt: $323.4M vs. $393.1M (-18%)
• Free cash flow: $27.4M vs. $34.4M (-20%)

Revenue breakdown 4Q04 vs. 4Q03:

• Admissions: $85.8 vs. $89.3 (-4%)
• Concessions: $39.5 vs. $38.9 (+2%)

Operating data 4Q04 vs. 4Q03:

• Theaters: 282 vs. 299 (-6%)
• Screens: 2188 vs. 2253 (-3%)
• Screens/theater: 7.8 vs. 7.5 (+4%)
• Attendance: 15506 vs. 17669 (-12%)

Quick comments:

• CKEC expects to open 141 screens and close 35 screens in 2005
• 2005 capex expenditure forecast is $50M
• G&A expenses up due to Sarbanes-Oxley regulations
• Raised ticket prices $0.25 in February 2005
• All bankruptcy related issues are now resolved; paid about $1M in bankruptcy claims in 1Q05