Carmike Cinemas Stock Plunges After Earnings Miss Mark

Shares of Carmike Cinemas plunged more than 11% in after-hours trading after the movie theater chain reported a net loss of $1.5 million for its most recent financial quarter. It had logged a profit of $3.2 million in the year-ago period.

Shares of the company were trading at $23 as of 5 p.m. ET on Monday, down from $26.04 when markets closed. The losses were related to debt refinancing that cost the exhibitor $17.6 million. Excluding those costs, Carmike would have made a profit.

The country’s fourth largest exhibitor missed Wall Street’s projections in a number of key areas, with adjusted EBITDA coming in at $40.8 million compared to an estimated $44.5 million. The company’s loss of 6 cents per share also disappointed investors who were expecting to see earnings of 46 cents per share. In the year-ago period, Carmike reported EBITDA of $30.8 million and earnings of 17 cents a share.

Revenues of $219.1 million bested projections of $218.3 million and represented a nearly 20% bump from the $183 million that Carmike reported in the year-ago quarter.

“We are pleased with our record operating performance for the first half of 2015, our ability to execute against our theatre-level initiatives and the continued success of the box office environment and remain optimistic that the positive operating environment will continue for the remainder of 2015 and beyond,” Carmike CEO David Passman said in a statement.

Summer hits like “Avengers: Age of Ultron” and “Jurassic World” did boost attendance at Carmike’s locations, with admissions revenue increasing 17% to $135 million and concessions revenue rising 23.9% to $84.1 million.

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