Profits rise for Carmike

Revenue rose 2% to $130.4 million in latest quarter

HOLLYWOOD — Carmike Cinemas, which recently filed for a bankruptcy reorg plan, Wednesday reported a third-quarter profit of $11.1 million.

That compares with a loss of $2.1 million in the same period last year. Revenue rose 2% to $130.4 million in the latest quarter.

The Columbus, Ga.-based circuit revealed its financial results in a regulatory filing. Carmike also disclosed that it has rejected 130 theater leases since filing for Chapter 11 bankruptcy on Aug. 8.

Exhib proposes to restructure $263.3 million in bank loans. Objections to the plan must be filed by Dec. 1, with a voting deadline set for Dec. 20 and a confirmation hearing skedded Jan. 3.

At the time of its Chapter 11 filing, Carmike listed $841.2 million in assets and $652.9 million in liabilities.

(Dow Jones contributed to this report.)

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading