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On March 18, 2005, Carmike Cinemas (NASDAQ: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

Ckec_1

Source: Carmike Cinemas (CKEC) reports 2004 earnings