Carmike Cinemas Inc. (CKEC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Carmike Cinemas Inc. has a market cap of $215.84 million; its shares were traded at around $16.78 with a P/E ratio of 93.22 and P/S ratio of 0.42. CKEC is in the portfolios of John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
Concessions and other revenue increased approximately 3.3% to $41.9 million for the three months ended March 31, 2010 compared to $40.6 million for the same period in 2009, due to an increase in average concessions and other sales per patron from $3.19 for the first quarter of 2009 to $3.49 for the first quarter of 2010, offset by a decrease in total attendance from 12.8 million for the first quarter of 2009 to 12.0 million for the first quarter of 2010.
Interest expense, net. Interest expense, net for the three months ended March 31, 2010 decreased to $8.9 million from $9.0 million for the three months ended March 31, 2009. The decrease is primarily related to a combination of lower average outstanding debt and a reduction in interest rates. Interest income, included in interest expense net, was $22,593 for the three months ended March 31, 2010 as compared to $23,494 for the same period in 2009.
The accompanying condensed consolidated statements of operations separately show the results of operations from discontinued operations through the respective dates of the theatre closings. Assets and liabilities associated with the discontinued operations have not been segregated from assets and liabilities from continuing operations as they are not material. We recorded a loss from discontinued operations, net of tax benefit, for the three months ended March 31, 2010 of $35,000 as compared to a loss of $310,000 for the three months ended March 31, 2009. The results from discontinued operations include a gain of $73,000 on disposal of assets, net of tax benefit, for the three months ended March 31, 2009. There was no gain or loss on disposal of assets for the three months ended March 31, 2010.
At March 31, 2010, we had available borrowing capacity of $30 million under our revolving credit facility and approximately $13.3 million in cash and cash equivalents on hand as compared to $25.7 million in cash and cash equivalents at December 31, 2009. On January 27, 2010, we terminated our prior $50.0 million revolving credit facility and entered into our existing $30.0 million three year revolving credit facility. The material terms of our new revolving credit facility (including limitations on our ability to freely use all the available borrowing capacity) are described below in Credit Agreement and Covenant Compliance.
Net cash provided by operating activities was $2.5 million for the three months ended March 31, 2010 compared to cash provided by operating activities of $8.8 million for the three months ended March 31, 2009. This decrease in our cash provided by operating activities was due primarily to a reduction in accrued expenses and other liabilities as compared to the prior period, an increase in stock-based compensation and the write-off of unamortized debt issuance costs related to the extinguishment of debt. Net cash used in investing activities was $1.6 million for the three months ended March 31, 2010 compared to $2.9 million for the three months ended March 31, 2009. The decrease in our net cash used in investing activities is primarily due to a decrease in cash used for the purchases of property and equipment and a decrease in proceeds from sales of property and equipment. Capital expenditures were $2.0 million for the three months ended March 31, 2010 and $3.5 million for the three months ended March 31, 2009 primarily due to no theatres being under development in 2010. Net cash used in financing activities was $13.3 million for the three months ended March 31, 2010 compared to $6.1 million for the three months ended March 31, 2009. The increase in our net cash used in financing activities is primarily due to $15.0 million of unscheduled prepayments of long-term debt in the first quarter of 2010 as compared to $5.0 million of unscheduled prepayments of long-term debt in the first quarter of 2009 and the incurrence of $8.8 million of debt issuance costs in January 2010.
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Carmike Cinemas Inc. has a market cap of $215.84 million; its shares were traded at around $16.78 with a P/E ratio of 93.22 and P/S ratio of 0.42. CKEC is in the portfolios of John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Admissions revenue increase approximately 1.3% to $82.3 million for the three months ended March 31, 2010 from $81.2 million for the same period in 2009, due to an increase in average admissions per patron from $6.38 in the first quarter of 2009 to $6.85 for the first quarter of 2010 offset by a decrease in total attendance from 12.8 million for the first quarter of 2009 to 12.0 million for the first quarter of 2010.Concessions and other revenue increased approximately 3.3% to $41.9 million for the three months ended March 31, 2010 compared to $40.6 million for the same period in 2009, due to an increase in average concessions and other sales per patron from $3.19 for the first quarter of 2009 to $3.49 for the first quarter of 2010, offset by a decrease in total attendance from 12.8 million for the first quarter of 2009 to 12.0 million for the first quarter of 2010.
Interest expense, net. Interest expense, net for the three months ended March 31, 2010 decreased to $8.9 million from $9.0 million for the three months ended March 31, 2009. The decrease is primarily related to a combination of lower average outstanding debt and a reduction in interest rates. Interest income, included in interest expense net, was $22,593 for the three months ended March 31, 2010 as compared to $23,494 for the same period in 2009.
The accompanying condensed consolidated statements of operations separately show the results of operations from discontinued operations through the respective dates of the theatre closings. Assets and liabilities associated with the discontinued operations have not been segregated from assets and liabilities from continuing operations as they are not material. We recorded a loss from discontinued operations, net of tax benefit, for the three months ended March 31, 2010 of $35,000 as compared to a loss of $310,000 for the three months ended March 31, 2009. The results from discontinued operations include a gain of $73,000 on disposal of assets, net of tax benefit, for the three months ended March 31, 2009. There was no gain or loss on disposal of assets for the three months ended March 31, 2010.
At March 31, 2010, we had available borrowing capacity of $30 million under our revolving credit facility and approximately $13.3 million in cash and cash equivalents on hand as compared to $25.7 million in cash and cash equivalents at December 31, 2009. On January 27, 2010, we terminated our prior $50.0 million revolving credit facility and entered into our existing $30.0 million three year revolving credit facility. The material terms of our new revolving credit facility (including limitations on our ability to freely use all the available borrowing capacity) are described below in Credit Agreement and Covenant Compliance.
Net cash provided by operating activities was $2.5 million for the three months ended March 31, 2010 compared to cash provided by operating activities of $8.8 million for the three months ended March 31, 2009. This decrease in our cash provided by operating activities was due primarily to a reduction in accrued expenses and other liabilities as compared to the prior period, an increase in stock-based compensation and the write-off of unamortized debt issuance costs related to the extinguishment of debt. Net cash used in investing activities was $1.6 million for the three months ended March 31, 2010 compared to $2.9 million for the three months ended March 31, 2009. The decrease in our net cash used in investing activities is primarily due to a decrease in cash used for the purchases of property and equipment and a decrease in proceeds from sales of property and equipment. Capital expenditures were $2.0 million for the three months ended March 31, 2010 and $3.5 million for the three months ended March 31, 2009 primarily due to no theatres being under development in 2010. Net cash used in financing activities was $13.3 million for the three months ended March 31, 2010 compared to $6.1 million for the three months ended March 31, 2009. The increase in our net cash used in financing activities is primarily due to $15.0 million of unscheduled prepayments of long-term debt in the first quarter of 2010 as compared to $5.0 million of unscheduled prepayments of long-term debt in the first quarter of 2009 and the incurrence of $8.8 million of debt issuance costs in January 2010.
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