Carmike Cinemas To Buy Digital Cinema Destinations

(RTTNews) - Carmike Cinemas, Inc. (CKEC) said Thursday that it has agreed to buy Digital Cinema Destinations Corp. (DCIN) in an all stock deal.

Under the deal, Carmike will acquire 100% of Digiplex's 7.93 million shares outstanding. Each Digiplex share will be exchanged for 0.1775 shares of Carmike common stock.

Digiplex currently operates in 21 locations with 206 screens, and has agreements to acquire another 5 theatres with 53 screens.

The Boards of Directors of both the companies have approved the deal.

Digital Cinema Destinations also announced its third quarter results. The company reported a net loss for the third quarter of $0.8 million or $0.10 per share, compared to a net loss of $1.5 million or $0.25 per share for the year-ago quarter.

Revenue for the third quarter rose to $10.05 million from $8.77 million a year earlier.

Analyst polled by Thomson Reuters expected the company to report a loss of $0.16 per share on revenue of $10.05 million for the third quarter.