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TOPIC: CARMIKE CLOSING LOTS OF THEATERS!

CARMIKE CLOSING LOTS OF THEATERS! 11 Sep 2008 23:30 #29935

  • slapintheface
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Will start the list ....every few days it seems a few more are added..
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Re:CARMIKE CLOSING LOTS OF THEATERS! 11 Sep 2008 23:31 #29936

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Re:CARMIKE CLOSING LOTS OF THEATERS! 11 Sep 2008 23:34 #29937

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Re:CARMIKE CLOSING LOTS OF THEATERS! 11 Sep 2008 23:47 #29938

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This strategy enables the company to expand our footprint with minimal capital requirements. We can use the excess cash to further pay down debt. We anticipate opening two theaters during 2008 and closing an additional nine theaters by the end of the year.

At the end of the quarter, Carmike’s cash and cash equivalent balance was $15.3 million and the company had total debt outstanding, which includes long-term debt and capital lease of long-term financing obligations of $415.1 million. The company prepaid an additional $5 million of term debt during the quarter, which brought our bank debt balance down to $295 million.
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Re:CARMIKE CLOSING LOTS OF THEATERS! 11 Sep 2008 23:52 #29939

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So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com.

JUST KEEPING IT LEGAL.....9 MORE THEATERS TO CLOSE
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Re:CARMIKE CLOSING LOTS OF THEATERS! 12 Sep 2008 17:41 #29944

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I can see where Carmike could not see the value of a 2 screen in a small town. They have to hire it all. No sweat equity there. But owner operators can very well in the same site. I will bet that many get picked up.
Michael Hurley
Impresario
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Re:CARMIKE CLOSING LOTS OF THEATERS! 25 Sep 2008 00:39 #30007

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Re:CARMIKE CLOSING LOTS OF THEATERS! 10 Oct 2008 21:18 #30093

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Re:CARMIKE CLOSING LOTS OF THEATERS! 10 Oct 2008 22:29 #30095

We are a former Carmike theater. They closed down about a year ago this past May. As I mentioned in another response tonight we are a 6 screen. Carmike also had an 8-plex across the street from us which closed about two months after we opened. Although we'd like to take credit, this was all brought about by the opening of a brand new 14-plex, about 4 years ago by a regional company. Worth noting; we were matching the 8's business 1 month after we opened, playing only indies!( since we were so close studios would not let us play mainstream)

When the new guys showed up, Carmike made a big deal about rennovating and going digital, never happened. Instead they let these places get run into the ground. Our place had 2 out of 8 HVACs working and more holes in the ceiling than I care to remember. Here's a little more back story. About 4 years before the new guys showed up, Carmike hired one of my partner's to run the very theater we now own. What he did not know is that they were planning on closing then! He was just a babysitter to get through the holidays. By the time the new year hit, about 4 months time, my partner had the place making money again. How you ask? He actually cared about the place and his clientele. So they kept him on and stayed open.

What's my point? Don't think just because a Carmike house was doing poorly before it closed that it won't do well reopened.
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Re:CARMIKE CLOSING LOTS OF THEATERS! 11 Oct 2008 09:49 #30096

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You are so correct ....there will be lots of solid opportunities forpeople to get Carmike theaters .They are closing faster than one came imagine.
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