The exhibition company had a lot on its plate in Q3 as it grappled with the industry-wide decline in box office sales and its agreement in late September to buy 13 theaters from Rave Reviews Cinemas. Net income came in at $233,000, down from $3.1M in the period last year, on revenues of $127.5M, -4.4%. That’s still short of the $130.5M that analysts expected. And even after factoring out extraordinary expenses — including a $1.8M impairment charge — adjusted earnings per share only came in at 13 cents, below forecasts for 16 cents. Sales from admissions fell 6.6% to $80.4M, even though the average ticket price was up three cents to $6.52. Concessions declined 3.9% to $47.1M despite a 6.7% increase in the average purchases per patron to $3.81. “We think it’s important to note that the 2012 domestic third quarter box office competed with the all-time strongest like quarter on record in 2011, somewhat mitigating the year over year decline,” CEO David Passman says. He adds that the “year to date numbers bode well for both Carmike and the industry at large.”
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