Business Is Good For Carmike Cinemas

The Yankton Carmike Cinema has never exactly been the belle of the ball.

I’ve loved it all the same.

It doesn’t have the best seating. It doesn’t have the coolest decor. It certainly doesn’t have the most reliable heating/cooling system.

Still, I’ve spent countless hours in its darkened auditoriums watching movies, chomping on popcorn and — long, long ago — even having a teenage makeout session. (And you haven’t?)

It’s practically a part of my family.

But I do wish Carmike had it in them to spruce the place up a little. And while they’re at it, they could maybe pay their employees some more, too. I may be out of the loop now, but last I knew, they weren’t getting paid what they are worth.

After some tough times, business for the company is looking up, according to The Hollywood Reporter. Perhaps it is good enough to fulfill some of the above wish list …

———

Carmike Cinemas reported a surge in quarterly profit on Monday, in part due to a 30 percent jump in attendance, following a similar report from movie exhibitor CInemark earlier in the day.

Carmike recorded net income of $3.2 million in the first quarter compared with an $18.4 million loss in the same quarter last year. Revenue leapt 37 percent to $130.8 million.

The company also said “concessions and other revenue” rose 5 percent to a record $3.91 per patron.

The 30 percent surge in attendance, Carmike executives noted on Monday, bested the industry’s average increase of 24 percent in the first quarter.

“Over the past few years, we have worked hard to divest underperforming locations and refresh our circuit,” CEO David Passman said.

Attendance during the quarter was 12.2 million at an average of 236 theaters, up from last year’s 9.4 million at 238 theaters. Average attendance per screen rose to 5,394 from 4,216 last year, and the average price of a ticket rose to $6.84 from $6.53 a year ago.

Carmike, which reported its financials after the closing bell, saw its shares rise 4 percent during the regular session to $14.70. The stock was little changed after the closing bell.

Read the rest of the story here.

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