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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 23, 1998
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CARMIKE CINEMAS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-14993 58-1469127
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1301 First Avenue, Columbus, Georgia 31901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (706) 576-3400
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(Former name or former address, if changed since last report)
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ITEM 5 Other Events
On November 23, 1998, Carmike Cinemas, Inc. (the "Company") issued a
press release with respect to a $55 million investment by GS Capital Partner
III, L.P. in shares of the Company's convertible preferred stock. The
information contained in such press release is hereby incorporated by reference
into this Report.
ITEM 7 Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99 Press Release of the Company dated November 23, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CARMIKE CINEMAS, INC.
Registrant
/s/ John O. Barwick, III
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John O. Barwick, III
Senior Vice President-Finance
Dated: November 23, 1998
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press release of Carmike Cinemas, Inc. (the "Company")
dated November 23, 1998.
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EXHIBIT 99
Contacts: John O. Barwick III
Senior Vice President and Chief Financial Officer
(706) 576-3416
Janice J. Kuntz
Fleishman-Hillard
(404) 659-4446
FOR IMMEDIATE RELEASE
CARMIKE CINEMAS ANNOUNCES $55 MILLION INVESTMENT
BY GOLDMAN SACHS AND AFFILIATES
COLUMBUS, GA, AND NEW YORK, NY, NOVEMBER 23, 1998 -- Carmike Cinemas, Inc.
(NYSE: CKE) today announced that GS Capital Partners III, L.P., an affiliate of
Goldman, Sachs & Co., will invest $55 million in Carmike Cinemas. The investment
will position Carmike Cinemas to pursue its growth strategy with greater
financial flexibility. Carmike Cinemas will issue to GS Capital Partners III
convertible preferred stock representing, upon conversion to common stock,
approximately 16 percent of Carmike Cinemas' outstanding shares.
Michael W. Patrick, president and chief executive officer of Carmike Cinemas,
stated, "We are very pleased with the transaction and the partnership we are
creating today. Goldman's investment will help us achieve our growth objectives
by strengthening our balance sheet and giving us increased financial flexibility
as we move forward with our expansion plans. We are also looking forward to
having Goldman Sachs as a partner. Goldman brings to Carmike Cinemas a wealth of
financial expertise and experience, plus substantial resources, and we look
forward to blending these strengths with our strong operations for the benefit
of all our shareholders."
Richard A. Friedman, head of the Principal Investment Area of Goldman Sachs,
stated, "The investment by GS Capital Partners III in Carmike Cinemas reflects
our enormous confidence in its management team, its operational strength, and
its growth strategy."
As previously announced, Carmike Cinemas plans to open approximately 82 new
screens in the fourth quarter of 1998 and over 350 screens next year. All of
Carmike Cinemas' new complexes will be state-of-the-art, stadium seating
complexes with Lucasfilm's THX (R) certified auditoriums, digital surround
sound, and high-back luxury seating with cup holders. Of the planned new
screens, approximately 48 percent will be in markets new to Carmike Cinemas,
shifting the focus of its construction from improving the company's current
markets to developing new sources of cash flow.
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Carmike Cinemas, Inc. is the largest motion picture exhibitor in the United
States in terms of the number of theaters operated. The Company currently
operates 2,731 screens in 496 theaters located in 36 states.
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Note regarding Private Securities Litigation Reform Act: Except for historical
information contained herein, this press release contains forward-looking
statements that involve a number of risks and uncertainties. Actual results
could differ materially from those indicated by such forward-looking statements
due to a number of factors, including the level of consumer spending, the
strength of the motion picture and entertainment industry and the risks detailed
from time to time in statements and reports which Carmike Cinemas, Inc. has
filed with the Securities and Exchange Commission.
