Carmike Cinemas Completes Acquisition of Nine State-of-the-Art Theatres and 147 Screens from Muvico Theatres

  Carmike Cinemas Completes Acquisition of Nine State-of-the-Art Theatres and
  147 Screens from Muvico Theatres

Business Wire

COLUMBUS, Ga. -- November 21, 2013

Carmike Cinemas, Inc. (NASDAQ:CKEC), a leading entertainment, digital cinema
and 3-D motion picture exhibitor, today announced the completion of its
previously announced purchase from Muvico Entertainment, L.L.C. (d/b/a Muvico
Theatres) of nine entertainment complexes with an aggregate of 147 screens in
Florida, California, and Illinois.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated,
“This completed transaction is an important step along our path to achieving
Carmike’s current goal of further growing our theatrical circuit to 300
entertainment complexes and 3,000 screens. We believe the expanded scale this
acquisition brings to our operations positions Carmike to continue building
long-term value for all stakeholders. In the current industry environment,
which is favorable for further consolidation, we believe we have ample
additional financial capacity to further optimize our theatre portfolio
through attractive acquisition opportunities. We enthusiastically welcome our
new Muvico associates to the growing Carmike family.”

Of the nine theatres purchased, seven are located in Florida, with one each in
Illinois and California. Ninety seven percent of the acquired auditoriums are
digital and feature stadium seating. Approximately 24 percent of the screen
count is 3-D-capable and four theatres have premium large format screens – two
IMAX^® and two MuviXL. Every location features select auditoriums that contain
D-BOX motion-code action seats, and a majority of the theatres offer beer and
wine service. Each of the Thousand Oaks, Calif., and Rosemont, Ill., locations
contains within the theatre complex a Bogart’s Bar & Grill full-service
restaurant. All 147 screens are participants in the Screenvision Cinema
Network, which includes more than 14,000 screens throughout the US. Inclusive
of the Muvico screens, Carmike’s theatre portfolio now consists of 257
theatres with an aggregate of 2,681 screens in 37 states.

Macquarie Capital acted as financial advisor, and King & Spalding LLP acted as
legal counsel, to Carmike Cinemas in this transaction. Dresner Partners acted
as financial advisor, and Seyfarth Shaw LLP acted as legal counsel, to Muvico
Entertainment, L.L.C., in this transaction.

About Carmike Cinemas (www.carmike.com)

Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema
deployments and one of the nation’s largest motion picture exhibitors. As of
September 30, 2013, the Company had 247 theatres with 2,521 screens in 36
states, with a digital footprint of 2,418 screens, including 229 locations
with 954 screens also equipped for 3-D. The circuit includes 32 premium large
format auditoriums featuring state-of-the-art technology and luxurious
seating, including 20 “BigDs,” 10 IMAX^® auditoriums and two MuviXL screens.
As “America’s Hometown Theatre Chain,” Carmike’s primary focus is small to
mid-sized community locations.

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 future operating efficiencies, box office performance,
circuit expansion, additional acquisition opportunities and the operating
impact of the Muvico transaction. 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: our ability to
achieve expected results from our strategic acquisitions, 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, 2012, 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
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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