Market Overview

Carmike Cinemas Signs Build-to-Suit Agreement with Anthony Properties to Open New State-of-the-Art 13-Plex Theatre in Montgomery, Alabama

COLUMBUS, Ga. & MONTGOMERY, Ala.--(BUSINESS WIRE)--

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the signing of a build-to-suit agreement and long-term lease with Anthony Properties (Anthony), a leading real estate development and investment firm. Anthony is constructing a new 13-screen digital cinema entertainment complex that Carmike will operate. The new facility is projected to open during the first half of 2014 and will be centrally located off Chantilly Parkway (Route 110) in Montgomery, AL next to the Home Depot.

Jay Anthony, Principal of Dallas, TX-based Anthony Properties, developers of the project, stated, “The top-tier retail, restaurant and commercial tenants in the area and proximity to Auburn University's Montgomery Campus make this an ideal site for another Carmike Cinemas state-of-the-art theatre. Over the past 25 years we have developed 40-plus properties for Carmike and are delighted to work with them on what we believe is another exceptional location in their growing footprint.”

The new 13-plex theatre will feature luxurious stadium seating for up to 2,800 guests in aggregate. The theatre will also showcase a cutting-edge “BIGD” large format auditorium, Carmike's critically acclaimed premium theatre experience with a wall-to-wall and floor-to-ceiling 81-foot wide screen, comfortable high back rocking luxury seats, retractable armrests, convenient cup holders and seating for 600 patrons. The other 12 auditoriums will be equipped with large, wall-to-wall screens, as well as high-quality DLP DIGITAL projection and surround sound. Other components of the new theatre will include an upscale lobby, multiple concession areas featuring Coca-Cola Freestyle drink centers, and one-stop ticketing and concessions stations for the convenience of all guests.

Carmike Cinemas President and Chief Executive Officer David Passman stated, “Carmike continues actively expanding our growing circuit, on our way to 300 theatres and 3,000 screens through opportunistic, accretive acquisitions and the addition of multiple new-build theatres in promising locations across ‘Hometown America.' Alabama has become of one of our top-five states, with 13 theatres at year-end, including six properties we recently acquired from Rave Review Cinemas last November. In addition to the Montgomery entertainment complex, we have another theatre under construction in the Decatur, AL market and will soon begin construction in Opelika, AL.”

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 2,119 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 December 31, 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.

JCIR – Investor Relations/Corporate Communications
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

 

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