COLUMBUS, Ga.--(BUSINESS WIRE)--Carmike Cinemas, Inc. (NASDAQ: CKEC) (“Carmike”), a leading digital cinema, alternative programming and 3-D motion picture presenter, today announced that it has entered into definitive purchase agreements under which Carmike acquired two movie theatres from a subsidiary of AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC")" for a total of $5.4 million in cash. The transactions simultaneously closed upon signing of the purchase agreements. AMC recently acquired these theatres from Starplex Cinemas (“Starplex”) and sold them to Carmike pursuant to a Consent Order with the Department of Justice in connection with its review and approval of the AMC/Starplex transaction. Upon completion of these two transactions, Carmike now operates 275 theatres with 2,942 screens across 41 states.
Starplex/AMC Theatres Acquired
|East Windsor Town Center 10||East Windsor, NJ||10||4|
|Berlin 12 Theatre||Berlin, CT||12||5|
Carmike’s President and Chief Executive Officer David Passman stated, “We are pleased to welcome these two outstanding theatres to the Carmike family. Both the East Windsor Town Center 10 and the Berlin 12 Theatre have been successful in creating a compelling movie-going experience for the residents of East Windsor and Berlin, incorporating the latest technology in picture, sound quality and seating.”
“The two theatres are located in markets with limited geographic overlap with our existing theatre circuit, and are a perfect complement to our growing presence in the Northeast. We look forward to providing a world-class guest experience to movie-goers in East Windsor and Berlin by creating a premier movie-going experience and family destination with great amenities and outstanding customer service.”
Both locations have undergone recent renovations with new seating. Town Center Plaza Multiplex incorporated 100% digital projection and new spacious recliner seating in 2015, while the Berlin 12 incorporated plush-rocker luxury seating in 2014.
About Carmike Cinemas
Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema deployments and alternative programming and is one of the nation's largest motion picture exhibitors. Carmike has 275 theatres with 2,942 screens in 41 states. The circuit includes 54 premium large format (PLF) auditoriums featuring state-of-the-art technology and luxurious seating, including 31 "BigDs," 21 IMAX auditoriums and two MuviXL screens. As "America's Hometown Theatre Chain" Carmike's primary focus is mid-sized communities. Visit www.carmike.com for exact show-times and to purchase tickets.
Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, “believes,” “expects,” “anticipates,” “plans,” “estimates,” “seeks” or similar expressions. Examples of forward-looking statements in this press release include the Company’s expectations regarding the operating impact of this acquisition. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include, but are not limited to: our ability to achieve expected results from our strategic acquisitions, general economic conditions in our regional and national markets; our ability to comply with covenants contained in our senior secured credit agreement and the indenture governing our 6.00% Senior Secured Notes due 2023; our ability to operate at expected levels of cash flow; financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital; our ability to meet our contractual obligations, including all outstanding financing commitments; the availability of suitable motion pictures for exhibition in our markets; competition in our markets; competition with other forms of entertainment; and other factors, including the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014, under the caption “Risk Factors.” We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.