First quarter earnings and attendance rose at Carmike Cinemas, as the country’s fourth largest theater chain was buoyed by movies such as “American Sniper” and “Fifty Shades of Grey.”
Thanks to those box office successes, revenue at the company climbed 16% to a record $184.3 million, up from $158.9 million in the prior-year period. Net income crawled back into positive terrain, hitting $391,000 — an improvement from the $3.1 million in red ink it posted in the year-ago quarter. Earnings for the period were two cents a share, and adjusted earnings were 12 cents.
The results topped Wall Street’s projections. Analysts expected Carmike Cinemas to post earnings of seven cents per share and revenue of $184 million for the quarter.
First-quarter admissions revenues grew approximately 5% on a per-screen basis, the Columbus, Georgia-based company said, while concessions spending per patron reached a new high of $4.72. Like many major exhibitors, Carmike is experimenting with expanding its food and beverage offerings, opening two casual dining locations in Virginia and Illinois during the period.
Carmike boasts 272 theaters, comprising 2,894 screens, and is primarily clustered in mid-size markets. Shares of the company closed Monday down 2.43% at $30.07.