Carmike Cinemas Provides Updated Non-GAAP Financial Information

  Carmike Cinemas Provides Updated Non-GAAP Financial Information

Business Wire

COLUMBUS, Ga. -- August 02, 2012

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema
and 3-D motion picture exhibitor, today provided an update to its non-GAAP
financial information for the three and six month periods ended June30, 2012
and 2011.

In the table below, Carmike has updated its presentation of adjusted net
income (loss) to present adjustments to net income (loss) net of tax effect.
This update has no effect on Carmike’s previously reported revenue, theatre
level cash flow, adjusted EBITDA, total debt and net debt for the three and
six month periods ended June30, 2012 and 2011. Going forward, Carmike intends
to present adjusted net income (loss) on this basis.

  
                                                                                    
      ADJUSTED NET INCOME (LOSS) (Unaudited)

      (in thousands, except per share data)
                                                              
                           Three Months                  Six Months

                           Ended June 30,                Ended June 30,
                           2012           2011           2012           2011
      Net income           $ 1,198        $ 5,883        $ 4,429        $ (12,515 )
      (loss)
      Impairment of
      long-lived             50             1,164          1,536          1,325
      assets
      Write-off of
      note                   -              750            -              750
      receivable
      Loss on
      extinguishment         4,961          -              4,961          -
      of debt
      Severance
      agreement              493            845            493            845
      charges
      Tax effect of
      adjustments to        (2,174 )      (1,090 )      (2,761 )      (1,153  )
      net income
      (loss) (1)
                                                                                    
      Adjusted net         $ 4,528       $ 7,552       $ 8,658       $ (10,748 )
      income (loss)
                                                                                    
      Weighted
      average shares         16,963         12,796         14,894         12,790
      outstanding
      (basic)
      Weighted
      average shares         17,364         12,827         15,147         12,790
      outstanding
      (diluted)
      Adjusted net
      income (loss)        $ 0.27         $ 0.59         $ 0.58         $ (0.84   )
      per share
      (basic)
      Adjusted net
      income (loss)        $ 0.26         $ 0.59         $ 0.57         $ (0.84   )
      per share
      (diluted)

                Adjustments to net income (loss) for the three and six months
     (1)  ended June 30, 2012 and 2011 are shown net of tax effect of
                39.5%, which represents the estimated combined federal and
                state tax rates.
                

Supplemental Financial Measures

Adjusted net income (loss) is defined as net income (loss) plus impairment of
long-lived assets, write-off of note receivable, loss on extinguishment of
debt, and severance agreement charges, net of tax effect. Carmike believes
adjusted net income (loss) is an important supplemental measure of operating
performance for a motion picture exhibitor because it provides a measure of
core operations.

About Carmike Cinemas (www.carmike.com)

Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema
deployments and one of the nation’s largest motion picture exhibitors. As of
June30, 2012, Carmike had 233 theatres with 2,245 screens in 35 states.
Carmike’s digital cinema footprint reached 2,122 screens, including 209
theatres with 750 screens that are also equipped for 3-D. The circuit also
includes 13 Big D large format digital experience auditoriums, featuring
state-of-the-art equipment and luxurious seating. As ‘America’s Hometown
Theatre chain,’ Carmike’s primary focus for its locations is small to
mid-sized communities.

Contact:

J C I R
Robert Rinderman / Jennifer Neuman, 212-835-8500
Investor Relations/Corporate Communications
ckec@jcir.com
or
Carmike Cinemas, Inc.
Richard B. Hare, 706-576-3416
Chief Financial Officer
 
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