Carmike Cinemas Completes Acquisition of 16 State-of-the-Art Theatres with 251 Screens from Rave Reviews Cinemas, LLC

  Carmike Cinemas Completes Acquisition of 16 State-of-the-Art Theatres with
  251 Screens from Rave Reviews Cinemas, LLC

Business Wire

COLUMBUS, Ga. -- November 15, 2012

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema
and 3-D motion picture exhibitor, today announced the closing of its
previously announced purchase of 16 entertainment complexes with an aggregate
of 251 screens based in seven states and 13 individual markets from Rave
Reviews Cinemas, LLC (Rave), a portfolio company of BV Investment Partners.

Carmike Cinemas President and Chief Executive Officer David Passman stated,
“This transaction is an important step along our path to achieving Carmike’s
current goal of expanding the Company’s theatrical circuit to 300
entertainment complexes and 3,000 screens. We believe that we have ample
liquidity and financial flexibility to facilitate our growth and will seek
additional acquisition opportunities that will further enhance long-term value
for our shareholders. We expect to quickly re-brand and integrate all 16
state-of-the-art theatres into the Carmike family and we enthusiastically
welcome our new associates.”

Of the 16 theatres purchased, six are located in Alabama, four in Florida, two
in Indiana, and one each in Illinois, Pennsylvania, Tennessee and Texas. All
251 auditoriums are fully digital and include stadium seating. Approximately
40% of the screens are 3-D-capable and seven theatres include IMAX® large
format screens. All 251 screens are participants in the Screenvision Cinema
Network.

Macquarie Capital acted as financial advisor and King & Spalding LLP acted as
legal counsel to Carmike Cinemas in this transaction. Foros acted as financial
advisor and Ropes & Gray LLP acted as legal counsel to Rave Reviews Cinemas.

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
September 30, 2012, Carmike had 232 theatres with 2,242 screens in 35 states.
Carmike’s digital cinema footprint reached 2,113 screens, including 208
theatres with 748 screens that are also equipped for 3-D. The circuit also
includes 14 “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.

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 circuit expansion, additional acquisition
opportunities, long-term stakeholder value, and additional operating gains,
and beliefs about liquidity and financial flexibility. 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:
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 7.375% Senior Secured Notes due 2019; 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 December31, 2011 and our Quarterly Report on Form 10-Q for the quarter
ended March 31, 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.

Contact:

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