NEW YORK — Carmike Cinemas Inc.’s screen-expansion program helped the exhibitor lift net profit 21.3% to $5.9 million, but Carmike execs said the earnings growth would have been much greater if film product had been stronger.
Carmike CEO Michael Patrick said, “We are disappointed with the quarter’s results even though it was a record quarter for the company.” He said April was “very strong” but business turned down after May 9.
“The available product did not perform up to expectations and did not hold well,” Patrick added.
Carmike VP of finance John Barwick said Carmike’s screen attendance, adjusted for new theater openings, fell 8.5% in the quarter. Revenue rose 5.1% to $110 million.
Carmike is hoping the summer box office performance improves with this week’s opening of “Air Force One” and the upcoming “Conspiracy Theory,” Patrick said.