Carmike Cinemas Falls After Quarterly Results Miss Estimates
ByCarmike Cinemas Inc., one of the largest U.S. theater chains, fell as much as 19 percent in extended trading after second-quarter results missed analysts’ estimates.
The company recorded refinancing costs of $17.6 million, Chief Financial Officer Richard B. Hare said Monday in a statement. Excluding those and some other items, Carmike reported profit of 36 cents a share. Analysts were projecting 54 cents.
Higher film costs were a factor, according to Eric Wold, a B. Riley & Co. analyst, who said a large number of hits and licensing fees for 3-D and Imax screens squeezed margins. Film exhibition expense as a share of admissions rose to 58.7 percent from 56 percent a year earlier, Carmike said…
Carmike Cinemas Falls After Quarterly Results Miss Estimates
