Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading 3D motion picture exhibitor, today reported results for the fourth quarter and year ended December 31, 2008.

"We finished 2008 with a solid fourth quarter, highlighted by a 10 percent increase in theatre level cash flow, compared to the year-ago quarter," stated Carmike Cinemas Chairman David Passman. "Although the domestic economy continues to be challenged, Carmike and the exhibition industry as a whole have demonstrated our resilience.

Our adjusted net income improved by $6.4 million in the fourth quarter of 2008 as compared to the same period in 2007. Our adjusted net income for the three months ended December 31, 2008 was $1.7 million, excluding $36.3 million of impairment charges. Our adjusted net loss for the three months ended December 31, 2007 was $4.9 million, excluding impairment charges of $63.6 million. The impairments are non-cash charges to earnings and did not affect the Company's liquidity or cash flows from operating activities.

"We are pleased with the positive response throughout our circuit to 3D films. Over the past few years Carmike has converted 2,157 of our screens to digital cinema and built a leadership position in 3D installations. As a result, Carmike now has the largest installed base of 3D screens of any domestic exhibitor. We believe we are well positioned to benefit from a growing pipeline of high profile 3D content planned for 2009 and beyond."

Carmike's Chief Financial Officer Richard Hare stated, "Our per patron revenue rose year-over-year during the fourth quarter due to price increases implemented during the year and 3D premium pricing. In aggregate, theatre patrons spent an average of $9.72 per visit during the fourth quarter, up over five percent versus the prior year period. Our average per patron combined revenue for the full year rose to $9.56, with average admissions rising 7.3 percent to $6.32, and average concessions/other finishing the twelve-month period at $3.24, a 5.9 percent year-over-year increase. The per patron metric increases we achieved during the fourth quarter offset a modest 1.2 percent decline in average per screen attendance, with revenues rising 1.5 percent to $117.4 million, versus $115.7 million in the 2007 fourth quarter.

"On the expense side, we once again achieved a significant reduction in total general and administrative expenses, which fell 9.6 percent in the 2008 fourth quarter. For the full year, G&A declined 10.8 percent, compared to prior year levels. Our expense savings combined with a 14.8 percent drop in our annual interest expense, enabled us to reduce bank debt over 9 percent and make a voluntary $10 million bank debt pre-payment in December. We finished the year with $273.5 million in outstanding bank debt, and no borrowings on our $50 million revolving credit facility. We were in compliance with our debt covenant financial ratios at December 31, 2008 and importantly, during the fourth quarter of 2008, both of our debt covenant financial ratios improved compared to third quarter 2008 levels."

Read more

Los Angeles -- Fandango, the nation's leading moviegoer destination, today announced that its new iPhone and iPod touch application is available for free in the Apple App Store. The Fandango app enables fans to access movie and theater information ‘on the go', buy tickets in seconds for more than 16,000 screens across the U.S in seconds, watch trailers, view fan ratings and more.

"We are always seeking ways to make the moviegoing experience more convenient for fans," says Ted Hong, Fandango's chief marketing officer. "Each of the steps involved in making a great movie night - from choosing a film to finding a nearby theater to securing your tickets - can now be done quickly and easily from your iPhone or iPod touch without ever leaving the application or risking a sold out sign at the theater. That's the ultimate in convenience for moviegoers."

Movie fans can find their desired movie from a list of "In Theaters" or "Coming Soon", watch trailers, read synopses and view fan ratings. Additionally, fans can browse local theaters using the devices' location-based features, add theaters to a "favorites" list for faster searching, view showtimes and discover amenities such as Print at Home ticketing and stadium seating. Ticketing for more than 16,000 screens is available at the flick of a finger - simply select the desired date, time and ticket quantity - and guarantee tickets in seconds. For the ultimate in convenience, users have the ability to securely save their credit card for expedited purchasing.

At launch, movie fans will also be able to view an exclusive clip (available only on Fandango's app) from Earth, the first motion picture from the new film label Disneynature. Earth, narrated by James Earl Jones, tells the remarkable story of three animal families and their amazing journeys across the planet we call home. Earth opens on Earth Day, April 22, 2009.

The Fandango app is available for free from Apple's App Store on iPhone and iPod touch or here.

Read more

San Francisco - Dolby Laboratories, Inc. (NYSE: DLB) announced today that its latest generation cinema processor, the Dolby® CP750 Digital Cinema Processor, will be available for orders during ShoWest starting March 30, 2009.

The CP750 is designed to work within the new digital cinema environment, integrating easily with preshow servers, alternative content, and digital cinema servers.

The processor has an easy-to-use interface and powerful internal software that facilitates the setup process and can be easily programmed to manage audio settings and configurations. It can play back PCM digital, Dolby Digital, Dolby Pro Logic® Dolby Pro Logic II, Dolby Digital Surround EXTM, and analog audio. In addition, the CP750 can be monitored and controlled remotely from anywhere on the theatre's network.

"Dolby is committed to simplifying digital cinema for our customers, making it easy for exhibitors to upgrade or build a complete digital cinema environment," said Page Haun, Senior Director of Cinema Marketing, Dolby Laboratories. "The Dolby CP750 is the heart of a theatre's audio system. It provides the features and functionality that exhibitors need for all content played in digital cinema while also providing the reliability and fidelity that they expect from Dolby and the Dolby brand."

The CP750 accepts up to eight PCM channels from the digital cinema server. Three additional digital inputs accept PCM or up to 5.1-channel Dolby Digital from preshow and alternative content sources. An eight-channel analog input can accept audio from existing sound processors for hybrid film/d-cinema installations. In addition, the CP750 can process a narrative soundtrack for the hearing and/or visually impaired.

By allowing the theatre's integrator or network operation center to manage the system, the CP750 can be monitored, controlled, and upgraded from one centralized location. It also integrates easily with Dolby's Theatre Management Software (TMS). Other capabilities include the ability for the CP750 to respond to digital input selection and volume cues within a show, to enable real-time volume control, and to recognize ASCII commands from third-party TMS controllers.

In addition to being the ideal solution for new theatres, the CP750 is the ideal choice when existing theatres convert to digital cinema, as they will avoid the expenditure of an adapter and the cost to maintain their legacy cinema processor.

Dolby will begin taking orders for the CP750 at ShoWest from March 30 to April 2, 2009, and it will be on display in Dolby's booth, 1605.

Read more

Eindhoven, The Netherlands and Baldwin Park, California - Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced that the U.S. Patent Office has issued a patent to Philips for its innovative Helios® xenon lamp technology. Designed as direct replacements for standard xenon lamps in film cinema applications, Helios lamps can provide up to 30% more light on the screen with no reflector or lens changes and no lamp house modifications. Helios lamps are available in a wide range of wattages and configurations to fit all leading film projectors.

Helios lamps can be used in two ways to reduce an exhibitor's total cost of ownership:

- Provide equivalent light on the screen using a lower wattage Helios lamp. For example, a Helios 4.2 kw lamp running at 4.2 kW can achieve the same light output on the screen as a 5 kW or 6 kW standard lamp running at full power. This provides lower energy costs and cooling requirements and allows the use of a lower cost lamp.
- Provide more light on the screen at the same power consumption. For example, a standard 3 kW can be replaced with a Helios 3 kW lamp running at 3 kW and up to 30% more light will be available on screen. This provides an easy way to upgrade projection equipment without expensive modifications.

Helios lamps are already in wide use by major film exhibitors around the world.

The complete Philips Cinema Xenon lamp range will be displayed at ShoWest, Philips booth #1216-1218. ShoWest will be held from March 30th until April 2nd at Bally's & Paris in Las Vegas.

Read more

CYPRESS, CA - The conversion to digital cinema by theatre operators throughout the United States continues and is gaining momentum as the 2009 schedule of 3D movies are released. With the soon to be released Monsters vs. Aliens (Dreamworks/Paramount), independent theatre operators have recognized the benefits of converting to digital cinema. Sonic Equipment Company, an authorized Christie cinema reseller, is equipping dozens of independent theatres across the U.S. Midwest with the latest Christie DLP Cinema® projectors with Brilliant3DTM technology which enables 3D content to be projected in full 2K resolution with the industry's lowest operating costs.

Using Sonic's Complete Digital Package, which offers financing options and a low cost Preventative Maintenance Service Program, theatre owners have found a high quality solution. "Christie offers us the best choices in technology, performance and reliability for our customers while also keeping prices affordable. Independent theatres are looking for the best deal with the most ‘bang-for-the-buck' and have found it here with our package options," says Eric L. Olson, director of operations, Sonic Equipment Company.

"Our install and service teams have stepped up to meet the growing demands of customers ready to convert their 35mm booths to digital. The relationship we have with Christie has helped to make it easier to sell lots of digital projectors and present the most compelling offer to our customers through training, product availability and their ongoing commitment to their re-seller network," continues Olson.

Craig Sholder, vice-president of Entertainment Solutions at Christie, adds, "With exhibitors excited about bringing new movie experiences to audiences and more 3D Hollywood content slated for this year and next, we are excited to enable Sonic to bring the best digital experience to independent theatre operators throughout the U.S."

Introduced at ShowEast 2008, Christie's Brilliant3D technology, available on all Christie CP2000 DLP Cinema projectors, delivers 33% more brightness for 3D than the competition, costs less to operate and uses a single lens solution regardless of the 2D and 3D movie formats. Christie digital cinema projectors are found in more than 60% of 3D digital theatres in North America.

Over the past few months, Sonic Equipment Company has converted dozens of screens to digital, and more are on the way, including:

Sun Valley Cinema 6 - Mountain Home, AR

Blair Theatre - Belleville, KS
Derby Cinema, Derby, KS

B & B Theatres Festus 8 Cinema - Festus, MO
B & B Theatres Liberty Cinema 12 - Liberty, MO
Great Eight Cinemas - Union, MO
Sullivan Cinema 6 - Sullivan, MO

Athena Grand - Athens, OH

B & B Claremore Cinema 8 - Claremore, OK

Times Square Cinemas - Tyler, TX

Read more

Subscribe to Articles Feed