oct31weekend.jpg

By Daniel Garris

Open Road's Nightcrawler led the daily box office on Tuesday with $1.24 million. The critically acclaimed crime thriller starring Jake Gyllenhaal has now topped the daily box office for two consecutive days. Nightcrawler was up a healthy 30 percent over Monday, as holdovers in general saw significant daily increases on Tuesday thanks in part to Election Day. Nightcrawler has grossed $12.63 million in five days. That is in line with pre-release expectations and places the film 21 percent behind the $15.91 million five-day start of Open Road's End of Watch back in September of 2012.

Sony's Fury took in $1.10 million to remain in second. The David Ayer directed World War II film starring Brad Pitt was up 32 percent from Monday's performance and down a healthy 27 percent from last Tuesday. Fury has grossed $62.09 million in 19 days. That is towards the lower end of expectations and is 5 percent stronger than the $59.27 million 19-day take of Sony's The Monuments Men earlier this year.

John Wick held steady in third place with $0.997 million. The Keanu Reeves led action thriller from Lionsgate increased 30 percent over Monday and was down 39 percent from last Tuesday. John Wick continues to perform on the high end of expectations with $29.29 million in twelve days. That leaves the film just $9.07 million away from the $38.36 million final gross of last year's 47 Ronin.

Disney's Alexander and the Terrible, Horrible, No Good, Very Bad Day surged 121 percent and 4 spots over Monday's performance to move into fourth place on Tuesday with $0.944 million. Election Day is traditionally a strong day for family films and that was certainly the case yesterday for Alexander. The 26-day total for Alexander stands at a very solid $55.09 million.

Fox's Gone Girl held steady in fifth with $0.893 million. The critically acclaimed David Fincher directed film starring Ben Affleck was up 28 percent over Monday and down a slim 19 percent from last Tuesday. Gone Girl has grossed a very impressive $137.87 million in 33 days, which leaves the film $12.13 million away from reaching the $150 million domestic mark.

Universal's Ouija, Fox's The Book of Life and The Weinstein Company's St. Vincent followed closely behind in places sixth through eighth with respective daily grosses of $0.871 million, $0.865 million and $0.851 million. Fifth place and eighth place were separated by just $41,984 yesterday, as daily grosses among the top 8 were very much bunched together. Respective total grosses stand at $36.44 million for Ouija in twelve days, at $41.76 million for The Book of Life in 19 days and at $20.42 million for St. Vincent in 26 days.

Read more

interstellar.png"Interstellar" is Outperforming "Gravity," "Prometheus" and Christopher Nolan's "Inception,"
While "Big Hero 6" is Outselling "Wreck-It Ralph" and "Tangled" at Same Point in Fandango Sales Cycle

LOS ANGELES - November 5, 2014 - According to Fandango, the nation's leading moviegoer destination, two new releases, "Interstellar" and Disney's "Big Hero 6," are topping Fandango's weekend ticket sales and scoring a strong 92 and 91 out of 100 points, respectively, on the company's Fanticipation movie buzz indicator.

Christopher Nolan's "Interstellar" ranks as Fandango's top advance ticket-seller among all 2014 films based on original screenplays. It is outselling Nolan's 2010 thriller "Inception" and previous space-based adventures, "Gravity" and "Prometheus," at the same point in the sales cycle on Fandango. Disney's "Big Hero 6" is outselling previous Disney hits, "Tangled" and "Wreck-It Ralph," at the same point in the Fandango sales cycle.

Based on a survey of more than 1,000 "Interstellar" advance ticket-buyers on Fandango:
· 95% are attracted to epic, large-scale productions best seen on the big screen;

· 94% are science fiction fans;

· 82% will see "Interstellar" with a group of friends;

· 78% are Christopher Nolan fans.

"Two truly original films hit theaters this weekend: the epic and mind-bending ‘Interstellar' and the clever and action-packed ‘Big Hero 6,'" says Fandango Chief Correspondent Dave Karger. "Both movies arrive with great buzz, so it makes perfect sense that moviegoers are scooping up tickets for each film."

About Fandango's Fanticipation
Known for having its finger on the pulse of moviegoers, Fandango's movie buzz indicator, Fanticipation, provides statistical insight into the movies fans are planning to see in a given weekend. Fanticipation scores (based on a 1 to 100-point scale) are calculated via an algorithm of Fandango's advance ticket sales, website and mobile traffic, and social media engagement. Fanticipation is not intended as a forecast of the weekend box office; it is a snapshot of movie fan sentiment.

Press Contacts:
Dana Benson
dbenson@fandango.com
310-954-0278, ext. 300

Harry Medved
hmedved@fandango.com
310-954-0461

 

Read more

oct31weekend.jpg

By Daniel Garris

Open Road's Nightcrawler moved into first place on Monday with $0.951 million. After three consecutive second place performances; yesterday represented the first time that Nightcrawler has led the daily box office. The critically acclaimed crime thriller starring Jake Gyllenhaal was down 63 percent from Sunday, which was one of the day's stronger daily holds among wide reelases. Nightcrawler has grossed $11.39 million in four days. That is in line with expectations and places the film 21 percent behind the $14.42 million four-day start of Open Road's End of Watch back in September of 2012.

Sony's Fury placed in a close second with $0.835 million. The David Ayer directed World War II film starring Brad Pitt continues to display very solid holding power this week, as it was down 67 percent from Sunday and down just 30 percent from last Monday. Fury has grossed $60.99 million in 18 days. That is towards the lower end of expectations and is 4 percent stronger than the $58.47 million 18-day take of Sony's The Monuments Men earlier this year.

John Wick claimed third place with $0.7674 million. The Keanu Reeves led action thriller from Lionsgate fell 67 percent from Sunday and 41 percent from last Monday. John Wick continues to perform on the high end of expectations with $28.30 million in eleven days. That leaves the film just $10.06 million away from the $38.36 million final gross of last year's 47 Ronin.

Ouija followed very closely behind in fourth with $0.7667 million. The low-budget PG-13 horror film from Universal and Platinum Dunes trailed John Wick by an extremely slim $751 for the day, as the two films were essentially tied. Ouija was down 67 percent from Sunday and down a very healthy 27 percent from last Monday. With $35.57 million in eleven days, Ouija continues to run in line with expectations and has now surpassed the $35.27 million final gross of last year's Carrie.

Fox's Gone Girl rounded out Monday's top five with $0.696 million. The critically acclaimed David Fincher directed film starring Ben Affleck fell 68 percent from Sunday and a slim 21 percent from last Monday. Gone Girl has grossed a very impressive $136.98 million in 32 days, which leaves the film $13.02 million away from reaching the $150 million domestic mark.

The Weinstein Company's St. Vincent took sixth place for the day with $0.568 million. The low-budget comedy starring Bill Murray and Melissa McCarthy was down 69 percent from Sunday and down only 9 percent from last Monday. With $19.57 million to date and very strong holding power thus far, St. Vincent appears to be turning into a word of mouth hit.

Read more

carmikecinemas.pngAdmissions, Concessions and Other Revenues Hold Steady amid Industry-Wide Box Office Headwinds

Carmike Cinemas, Inc. (NASDAQ:CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today reported results for the three and nine-month periods ended September 30, 2014, as summarized below.

"Aided by the impact of recent acquisitions, Carmike's 2014 third quarter admissions receipts outperformed the U.S. exhibition industry by 1,000 basis points," stated David Passman, Carmike Cinemas' President and Chief Executive Officer. "On a per screen basis, Carmike's admissions revenue decrease of approximately 13% was in-line with the reported industry box office decline of 13%. Despite lower attendance, Carmike's Q3 concessions and other revenue rose and on a per cap basis increased over 6% versus the prior year period, marking our 19th consecutive quarterly increase for that key metric.

"The weaker than expected domestic box office and resulting attendance decline negatively impacted Carmike's bottom line results and adjusted EBITDA due to our proportionately higher fixed cost structure. Our most recent acquisition - Digital Cinema Destinations Corp. (Digiplex) - closed in mid-August and as a result, Carmike's Q3 operating and overhead costs rose due to the additional locations in our circuit. However, this came without a corresponding box office benefit as the second half of the third quarter typically generates lower box office receipts with the absence of high-profile movie releases.

"Nevertheless, Carmike continues to effectively execute its strategy of making attractive acquisitions and new-builds that expand our operating platform into complementary markets that we believe will further enhance long-term value. In this regard, over the past three years we have successfully acquired and integrated 740 screens onto Carmike's growing platform, inclusive of our stock-for-stock purchase of Digiplex.

"As I stated on last quarter's call, our board, management team and I all believe the prudent course of action is for Carmike to continue its active role as a major industry consolidator as we see a number of potential opportunities to acquire additional regional exhibitors. Our top priority is targeting transactions that we believe will add high quality assets to our footprint and also generate attractive levels of theatre level cash flow, providing for the optimal return on investment for all of Carmike's stakeholders.

"Finally, as stated in yesterday's press release, we are disappointed that the Department of Justice is seeking to block the proposed sale of Screenvision. Notwithstanding the outcome of this decision, we remain very pleased with our relationship with Screenvision," concluded Mr. Passman.

"Film exhibition costs as a percentage of admissions revenues decreased by approximately 40 basis points to 54.6%. Concession costs as a percentage of concessions and other revenues decreased by approximately 170 basis points to 11.7% as a result of lower concession costs and higher rebates, versus the year-ago period.

"Although salaries and benefits rose 4.9% to $22.9 million due to our circuit growth, this increase was proportionally lower than the 13% rise in the number of average screens we operated during the quarter. Theatre occupancy costs rose $4.8 million to $21.8 million and other theatre operating costs rose $4.3 million to $31.4 million due primarily to our expanded circuit. General and administrative expenses were $8.4 million, versus $6.6 million in the 2013 period, due to legal and professional fees related to our acquisition and expansion initiatives. Quarterly interest expense was $12.8 million, due principally to the assumption of additional long-term lease obligations associated with the acquired Muvico screens.

"Adjusted EBITDA in Q3 2014 was $18.4 million and theatre level cash flow was $24.5 million. The aforementioned unfavorable box office environment and resulting lower attendance impacted Carmike's financial results for the quarter. We will continue to exercise sensible cost management, especially on controllable expenses, to maximize our future organizational operating performance.

"At quarter-end we had $355.0 million of net debt, versus $311.4 million at December 31, 2013, reflecting an aggregate of capital leases and long-term financing obligations, plus senior notes. Carmike's quarter-ending balance sheet included cash of $96.2 million," concluded Mr. Hare.

Supplemental Financial Measures

Theatre level cash flow, EBITDA, adjusted EBITDA, adjusted net (loss) income, total debt and net debt are supplemental non-GAAP financial measures used by Carmike to evaluate its operating performance. Carmike defines theatre level cash flow as adjusted EBITDA, as defined below, plus general and administrative expenses. Carmike believes that theatre level cash flow is an important supplemental measure of operating performance for a motion picture exhibitor's operations because it provides a measure of the core operations, rather than factoring in items such as general and administrative expenses and depreciation and amortization, among others. In addition, Carmike believes that theatre level cash flow, as defined, is a widely accepted measure of comparative operating performance in the motion picture exhibition industry. Adjusted net (loss) income is defined as net (loss) income plus impairment of long-lived assets, merger and acquisition-related expenses, lease termination charges, severance agreement charges and loss on sale of property and equipment, net of tax. Carmike believes adjusted net (loss) income is an important supplemental measure of operating performance for a motion picture exhibitor because it provides a measure of core operations. Total debt is defined as the sum of current maturities of capital leases and long-term financing obligations, long-term debt and capital leases and long-term financing obligations (less current maturities). Net debt is defined as total debt less cash and cash equivalents. EBITDA is defined as net (loss) income plus income tax (benefit) expense, interest expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus income from unconsolidated affiliates, loss from discontinued operations, merger and acquisition-related expenses, lease termination charges, severance agreement charges, loss on sale of property and equipment, and impairment of long-lived assets. Carmike believes that EBITDA and adjusted EBITDA are important supplemental measures of operating performance for a motion picture exhibitor's operations because they provide measures of core operations.

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. Carmike has 278 theatres with 2,917 screens in 41 states. The circuit includes 42 premium large format (PLF) auditoriums featuring state-of-the-art technology and luxurious seating, including 25 "BigDs," 15 IMAX auditoriums and two MuviXL screens. As "America's Hometown Theatre Chain" Carmike's primary focus is 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 and strategic expansion and additional acquisition opportunities. 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 December 31, 2013, 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.

(1) Includes activity from theatres designated as discontinued operations and reported as such in the consolidated statements of operations.
Carmike Cinemas' Chief Financial Officer Richard B. Hare stated, "Carmike's total operating revenues for the quarter ended September 30, 2014 decreased minimally from the comparable 2013 period, reflecting a 2.1% reduction in admissions revenue, partially offset by a 1.0% increase in concessions and other revenues. Although our average screen count rose 13%, total attendance declined 5.8%, reflective of the challenging box office period. Average admissions per patron rose 3.4% to $6.98, partially offsetting the attendance decline impact and concessions and other revenues per patron also increased, from $4.09 to $4.35. Overall, combined Q3 2014 average per patron spending rose 4.5% to $11.33 per visit to our entertainment complexes.

(1) Theatre level cash flow, adjusted net (loss) income, adjusted EBITDA, total debt and net debt are supplemental non-GAAP financial measures. Reconciliations of theatre level cash flow and adjusted EBITDA to net (loss) income and adjusted net (loss) income to net (loss) income for the three and nine months ended September 30, 2014 and 2013, as well as a schedule of total debt and net debt as of September 30, 2014 and December 31, 2013, are included in the supplementary tables accompanying this news announcement.(1) Adjustments to net income for the three and nine months ended September 30, 2014 and 2013 are shown net of tax effect of 42.0% and 41.5%, respectively, which represents the estimated combined federal and state tax rates.

Contacts:

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

table1.png

 

table2.png

 

table3.png

 

table4.png

 

table5.png

 

table6.png

 

table7.png

Read more

Subscribe to Articles Feed