Shares are down about 1.4% pre-market. The exhibition chain announced that it has launched an underwritten public offering of 4.5M shares of common stock, with an opportunity for underwriters to nab an additional 675,000 shares. The proceeds could be used for acquisitions, as well as general corporate purposes, the company says. “We are not seeing fixer-uppers or turnaround projects,” CEO David Passman told analysts this morning. The goal is to expand to 300 locations with 3,000 screens. Carmike made the announcement as it released Q2 earnings that looked great on the top line, but will disappoint some investors on the bottom — even though they’re substantially up. The company reported net income of $6.7M, vs $1.2M in the period last year, on revenues of $170.5M, +25.8%. Revenues handily beat the Street’s expectations for $162.5M. But earnings at 37 cents a share fell short of forecasts for 41 cents. Attendance was up 18.8% to 14.9M including acquisitions; on a per screen basis they were up 8.4% to 6,054. Average admission payments per patron rose 4.5% to $7.22 while average concessions per patron were up 6.9% to $4.19. “The second quarter was an active and productive period for the cinema exhibition industry and while we are only a little over three weeks into Q3, the industry has continued to generate positive results at the box office and we remain optimistic about the back half of 2013,” Passman says.
Carmike Announces Stock Offering As Q2 Earnings Miss Expectations
For all of Deadline’s headlines, follow us @Deadline on Twitter
Sign up for Newsletters
Trending Now on Deadline
UPDATE: 'Cops' Bryce Dion Killed By Friendly Fire In Omaha While Filming Response To Wendy's Robbery
About 1 Million Watch Chelsea Handler Say So Long To E! As Gwen Stefani Nearly Fumbles Another TV Appearance: Video
More From Lieberman
- Now That He's At Carmike, Can Bud Mayo Lead Theaters' Alternative Content Revolution?
- Cable Milestone: Operators Have More Broadband Subs Than TV Ones
- Look Out Gannett: Carl Icahn Buys 6.6% Stake
- Warren Buffett Sends A Mixed Message To John Malone As He Buys Into Charter But Unloads Starz
- Citing “Insulting” Criticism, Comcast And Time Warner Cable Withdraw Funding For Dinner Honoring FCC Commissioner
- Televisa Partners With MiTu To Develop Spanish-Language Digital Content