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EXHIBIT 99
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FOR IMMEDIATE RELEASE
August 8, 2000
CONTACT: Martin A. Durant
Chief Financial Officer
Carmike Cinemas, Inc.
(706) 576-3416
Suzanne D. Brown
Investor/Public Relations
(706) 576-2737
CARMIKE CINEMAS TO RESTRUCTURE
UNDER CHAPTER 11
Columbus, Georgia, August 8, 2000--Carmike Cinemas, Inc. (NYSE: CKE)
announced today that the Company and its subsidiaries have filed voluntary
petitions to reorganize their business under chapter 11 of the U.S. Bankruptcy
Code. The filings were made in the United States Bankruptcy Court for the
District of Delaware.
Michael W. Patrick, Carmike's President and Chief Executive Officer,
stated, "After careful consideration and analysis of our current circumstances
and the state of our industry, we determined that chapter 11 provides the most
expeditious means to achieve a successful financial and operational
restructuring of our business. Our focus is on preserving our assets and
improving our operational strength during this difficult period for our
industry, so that we can emerge as a stronger and healthier company."
Mr. Patrick said he expects that the Company will receive the support
of its customers, employees, suppliers and vendors during the reorganization
process and that business should continue as usual. "While a dramatic step,
chapter 11 should allow us to develop and implement a comprehensive business
plan in a timely and orderly manner, without the uncertainties and
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delays we have faced in dealing with creditors," he noted. The Company has been
taking a number of actions to ensure its financial viability during the economic
downturn in the exhibition industry, including the elimination of new movie
theatre development, curtailment of renovation and expansion of existing
theatres, increased management control over expenditures, aggressive marketing
of surplus assets and evaluations of capital sources and debt restructurings.
Carmike Cinemas, Inc. is the nation's third largest motion picture
exhibitor in terms of the number of screens operated. Carmike currently operates
2,802 screens at 436 locations in 36 states. Carmike focuses on small to
mid-sized communities across the United States with populations ranging from
7,000 to 500,000.
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this press release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. 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. Carmike 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: the overall viability of the
Company's long-term operational reorganization and financial restructuring plan;
competitive pressures in Carmike's secondary market niche; dependence upon
motion picture production and performance; the ability to achieve planned
openings or closings of theatres and screens; seasonality; business conditions
in the movie industry and other complementary markets; general economic
conditions and the risk factors detailed from time to time in Carmike's periodic
reports and registration statements filed with the Securities and Exchange
Commission, including Carmike's Annual Report on Form 10 K for the year ended
December 31, 1999. By making these forward-looking statements, Carmike does not
undertake to update them in any manner except as may be required by Carmike's
disclosure obligations in filings it makes with the Securities and Exchange
Commission under Federal securities laws.
