Carmike Cinemas Q2 Profit Up; Begins Public Offering Of 4.50 Mln Shares

(RTTNews) - Carmike Cinemas Inc. (CKEC) reported that its second-quarter net income increased to $6.68 million or $0.37 per share, from $1.20 million or $0.07 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted net income was for the quarter $6.91 million or $0.38 per share, compared to $3.68 million or $0.21 per share in the same quarter last year.

Total operating revenues for the quarter rose to $170.47 million from $135.53 million in the prior year quarter. Eight analysts had consensus revenue estimate of $162.54 million for the quarter.

Carmike Cinemas also announced it has commenced an underwritten public offering of 4.50 million shares of its common stock. In addition, Carmike expects to grant the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any.

Carmike said it plans to use the net proceeds from this offering for potential acquisitions, working capital, capital expenditures or other general corporate purposes.