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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) December 3, 1999
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CARMIKE CINEMAS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11604 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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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On December 3, 1999, Carmike Cinemas, Inc. (the "Company") issued
a press release with respect to expected financial results for the fiscal
quarter ending December 31, 1999. The information contained in such press
release (filed as Exhibit 99 hereto) is being incorporated by reference into
this Report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99 -- Press Release dated December 3, 1999.
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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 thereunto duly authorized.
CARMIKE CINEMAS, INC.
By: /s/ Martin A. Durant
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Martin A. Durant
Senior Vice President-Finance
DATED: December 3, 1999
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
99 Press Release dated December 3, 1999.
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EXHIBIT 99
FOR IMMEDIATE RELEASE
December 3, 1999
Contact: Martin A. Durant
Chief Financial Officer
Carmike Cinemas, Inc.
(706) 576-3416
Janice J. Kuntz
Fleishman-Hillard
(404) 659-4446
CARMIKE CINEMAS, INC. COMMENTS ON ANTICIPATED
FOURTH QUARTER RESULTS
COLUMBUS, GEORGIA - Carmike Cinemas, Inc. (NYSE: CKE) announced today that
results for the fourth quarter ending December 31, 1999, are expected to be
below analysts' current estimates. The company anticipates that revenue for the
fourth quarter 1999 will be slightly higher than fourth quarter revenues for
1998; however, theatre operating costs are expected to be up significantly,
reducing the company's EBITDA (earnings before interest, taxes, depreciation
and amortization). Additionally, depreciation and interest are expected to be
higher related to the new theatres opened throughout the year. Based on these
estimates, the company currently expects to report a loss for the quarter.
Commenting on the announcement, Martin A. Durant, Carmike's chief financial
officer, stated, "The relatively low increase in projected total revenues is
attributed to a slow start at the beginning of the fourth quarter that
continued through the first seven weeks of the quarter. Based on the slow start
and increases in expenses, financial results will be negatively impacted and
the company will not meet analysts' consensus estimates for the fourth
quarter." Durant continued, "The results posted for the Thanksgiving holiday
weekend were very positive, but are expected to bring quarter-to-date revenues
to only a modest increase relative to the comparable period for 1998."
Durant also noted, "Theatre level expense increases have been driven by costs
associated with the opening of new theatres. Depreciation and interest expense
increases are directly associated with the new theatres constructed over the
past two years. We are, however, very encouraged by the results posted by
Carmike's new theatres over the Thanksgiving weekend and believe they will
continue to perform at increasing levels as they mature."
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Carmike Cinemas, Inc. is the nation's third largest motion picture exhibitor in
terms of the number of screens operated. As of October 31, 1999, the Company
operated 2,716 screens at 451 locations in 36 states.
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This press release includes forward-looking statements in addition to
historical information, including projections of revenue, theatre level
operating costs, depreciation and interest. The words "expect," "anticipate,"
"intend," "plan," "believe," "seek," "estimate" and similar expressions are
intended to identify such forward-looking statements; however, this press
release also contains other forward-looking statements. The Company cautions
that there are various important factors that could cause actual results to
differ materially from those indicated in the forward-looking statements;
accordingly, there can be no assurance that such indicated results will be
realized. Among the important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements are
competitive pressures in the Company's secondary market niche, dependence upon
motion picture production and performance, seasonality, business conditions in
the movie industry and other complementary markets, competition from
alternative forms of entertainment, general economic conditions and the risk
factors detailed from time to time in the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year ended December
31, 1998. By making these forward-looking statements, the Company does not
undertake to update them in any manner except as may be required by the
Company's disclosure obligations in filings it makes with the Securities and
Exchange Commission under the Federal securities laws.
