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Carmike net jumps in 1st qtr.

Carmike Cinemas Tuesday reported first-quarter net income of $ 1.26 million, or 16 cents per share, a 71% increase from a year earlier.

But the company noted that net-income figures reflect the cumulative effect of a change in the method of accounting for income taxes.

Net income before the accounting change was $ 869,000, or 11 cents per share, up 18% from last year.

Revenues for the quarter ended March 31 rose 22% to $ 42.97 million vs. the first quarter last year.

“The first quarter is traditionally our slowest period of the year and our financial results are in line with expectations,” Carmike president and CEO Michael Patrick said. He added that the company is excited by summer motion pictures “Cliffhanger,””The Last Action Hero” and “Jurassic Park.”

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