Carmike Cinemas (CKEC)

TOP CONTRIBUTORS

Laura Gourley

Carmike Cinemas, Inc. (NASDAQ: CKEC) is a U.S. leader in digital cinema and 3D cinema deployments and one of the nation’s largest motion picture exhibitors. As of December 31, 2010, Carmike had 239 theatres and 2,236 screens in 36 states. Carmike’s digital cinema footprint reaches 2,103 screens, of which 596 are also equipped with 3D capability.

Company Overview

Carmike Cinemas, Inc. was founded in 1982 when Carl L. Patrick, Sr. acquired Martin Theatres from Fuqua Industries for $25 million.^[1] The theater name comes from a combination of Carl L. Patrick, Sr.'s two sons, Carl Jr. and Michael, hence Carmike.^[2]

Carmike’s focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000. They target these markets with the belief that they provide a number of operating benefits, including lower operating costs and fewer alternative forms of entertainment.

From time to time, Carmike converts weaker performing theatres to discount theatres for the exhibition of films that have previously been shown on a first-run basis. At December 31, 2010, they operated 18 theatres with 128 screens as discount theatres.^[3][4]

Executive Officers

On January 20, 2009, Carmike's board of directors removed Michael Patrick as the company's chief executive due to struggles with earnings and the company's $1 a share stock price, down from $26 a share in January 2007. S. David Passman III was named temporary non-executive chairman until June of 2009 when he was appointed President and CEO.^[2] Michael Patrick, along with his father Carl Patrick, was one of the original founders of the company back in 1982.^[6]

The following table lists the current composition of Executive Officers at Carmike Cinemas (based on their Investor Relations website dated 2009 and their 2010 10-K SEC filing). Compensations are current as of 2010, unless noted otherwise.^[7][3][8]

S. David Passman III saw a 3% decrease in overall compensation from 2009 to 2010, despite an increase in base salary from $360,634 to $630,000. Fred Van Noy, Richard Hare, and Lee Champion all saw increases in their overall compensation from 2009 to 2010 at 13.6%, 16.4%, and .66%, respectively.^[8]

Board of Directors

The board of directors for Carmike Cinemas consists of seven members, presided over by Roland C. Smith who has been on the Board since April of 2002. Board members S. David Passman III and Fred W. Van Noy are also act as key executive officers for the company. They have both served on the Board since 2003 and 2004, respectively. Jeffrey W. Berkman is the newest member of the Board, having joined in November of 2009.

Financial Performance

Initial First Quarter 2011 Results

Carmike Cinemas will host its 2011 first quarter results conference call and webcast on Tuesday, May 10, 2011 at 8:30 a.m. ET.^[9] However, there has been disappointing initial attendance results for the first quarter of 2011. There has been a 20% decrease in the industry box office through February compared with the previous year.

Carmike anticipates 2011 to be filled primarily with sequels than 3-D movies.

2010 Quarter Four Earnings

Carmike Cinemas experienced a difficult fourth quarter in 2010 due to severe weather conditions and a number of movies that turned out to be less than expectation. The same quarter in 2009, on the other hand set all time record box office results. Comparing the two quarters, therefore, results in decreased revenues and earnings for 4Q 2010. This result, however, is somewhat similar across the U.S. exhibition industry.

Several "per patron metrics" were up from the previous year's quarter. These include concessions and admissions per patron. The company attributes an increased spending by their patrons to this increase, particularly because of a higher ratio of premium tickets sold in 2010 versus 2009.

There was a reduction in theatre operating costs for 4Q 2010 versus 4Q 2009, despite significant increases in weather-related maintenance and utilities costs in December. Film exhibition costs, which include advertising, were down nearly 20% year over year, outpacing the reduction in admissions revenue. The reduction in cost reflects a weaker box office, more normalized film costs, and a continuing reduction in print advertising.^[10]

Refinancing Senior Secured Debt Facilities, 2010

On January 7, 2010 Carmike Cinemas announced that that it was pursuing a refinancing of its senior secured term loan facility that matures in May 2012. The existing term loan facility had a balance of $250.8 million outstanding at December 31, 2009. The term loan facility is being launched with an interest rate of LIBOR plus 400 basis points, with a LIBOR floor of 2.0%. The potential refinancing is being led by J.P. Morgan Securities Inc., Citigroup Global Markets and Macquarie Capital (USA) as joint lead arrangers and joint bookrunners.

Carmike also announced plans to replace its $50 million revolving credit facility maturing in May 2010 with a new, $30 million revolving credit facility expected to bear interest at a rate of LIBOR plus 400 basis points, with a LIBOR floor of 2.0%, and to mature in January 2013. The existing revolving credit facility was undrawn as of December 31, 2009. Expected participants in the new revolving credit facility include JPMorgan Chase Bank, N.A., Citibank, N.A., and Macquarie Capital.

Carmike Cinemas Chief Financial Officer, Richard B. Hare, stated, "With the nearing expiration of our revolving line of credit and the potential for rising interest rates over the next two years, it made sense to address the revolver and term loan at this time. We believe the refinancing would provide Carmike with flexibility to fund our long-term growth and success.”^[11]

Dividends Suspended, 2008

Carmike Cinemas does not currently pay a quarterly dividend on its common stock. In September of 2008, the Company's Board of Directors suspended dividend payments in light of challenging conditions in the credit markets and the overall economy. Going forward Carmike plans to allocate its capital primarily to reducing its overall debt levels.^[12]

Bankruptcy in 2000

In August of 2000, Carmike Cinemas filed for Chapter 11 bankruptcy after failing to make $9 million in interest payments to Wachovia Corp. The lender declared Carmike in default of its credit agreements because the company fell out of technical compliance with terms of its loans and, therefore, blocked the payment that was supposed to take place on August 1, 2000.^[2][13] Carmike's bankruptcy filing was later approved in 2002.^[14] The company was forced to close many theaters (mostly smaller single, twin, and triple theatres) in dead markets; some were renovated or relocated in areas with desirable market potential.

Business & Financial Metrics

^[3]

Motion Picture Exhibition Industry

The motion picture exhibition industry is fragmented and highly competitive. In markets where Carmike Cinemas is not the sole exhibitor, they compete against regional and independent operators as well as the larger theatre circuit operators.

Their operations are subject to varying degrees of competition with respect to film licensing, attracting customers, obtaining new theatre sites or acquiring theatre circuits. In those areas where real estate is readily available, there are few barriers preventing competing companies from opening theatres near one of Carmike's existing theatres. Competitors have built or are planning to build theatres in certain areas in which Carmike operates, which has resulted and may continue to result in excess capacity in such areas which adversely affects attendance and pricing at their theatres in such areas. In 2010 competitors opened, announced plans or started construction on new theatres in markets where Carmike has 11 theatres with 125 screens, representing 6.4% of their total attendance for the year ended December 31, 2010.

The opening of large multiplexes and theatres with stadium seating by Carmike Cinemas and certain of their competitors has tended to, and is expected to continue to, draw audiences away from certain older and smaller theatres, including theatres operated by Carmike. Demographic changes and competitive pressures can also lead to a theatre location becoming impaired.

In addition to competition with other motion picture exhibitors, Carmike's theatres face competition from a number of alternative motion picture exhibition delivery systems, such as cable television, satellite and pay-per-view services and home video systems. The expansion of such delivery systems could have a material adverse effect upon their business and results of operations. The company must also compete for the public’s leisure time and disposable income with all forms of entertainment, including sporting events, concerts, live theatre and restaurants.^[3]

Competitors

Of the publicly traded companies Carmike Cinemas competes with, it is by far the smallest with a market cap of $96.92 million.

• Cinemark Holdings, Inc. is a motion picture exhibitor, with theatres in the United States, Canada, Brazil, Mexico, Chile, Colombia, Argentina, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala. The Company also managed theatres in the United States, Brazil and Colombia during the year ended December 31, 2009. As of December 31, 2009, Cinemark managed its business under two segments: U.S. markets and international markets. As of December 31, 2009, the Company operated 424 theatres and 4,896 screens in 39 states, one Canadian province and 13 Latin American countries. Its theatres in the United States are primarily located in mid-sized United States markets, including suburbs of metropolitan areas. During 2009, the Company acquired four theatres with 82 screens, built four theatres with 54 screens, and closed seven theatres with 48 screens.^[15]
• Regal Entertainment Group is the parent company of Regal Entertainment Holdings, Inc. (REH), which is the parent company of Regal Cinemas Corporation (Regal Cinemas) and its subsidiaries. The Company operates theatre circuit in the United States, consisting of 6,768 screens in 548 theatres in 39 states and the District of Columbia as of December 31, 2009, with over 244 million annual attendees for the year ended December 31, 2009. Regal operates multi-screen theatres and has an average of 12.4 screens per location. The Company also maintains an investment in National CineMedia, LLC (National CineMedia or NCM). National CineMedia concentrates on in-theatre advertising and creating complementary business lines that leverage the operating personnel, asset and customer bases of its theatrical exhibition partners.^[16]
• The Marcus Corporation is engaged in two segments: movie theatres and resorts. As of May 27, 2010, the Company’s theatre operations included 54 movie theatres with 668 screens throughout Wisconsin, Ohio, Illinois, Minnesota, North Dakota, Nebraska and Iowa, including two movie theatres with 11 screens in Wisconsin and Nebraska owned by third parties but managed by the Company.^[17] Their oldest and most profitable division is their theatre division, which contributed 59.1% of their consolidated revenues and 96.9% of their consolidated operating income in 2010.^[18]
• Reading International, Inc. is an internationally diversified company principally focused on the development, ownership and operation of entertainment and real property assets in the United States, Australia, and New Zealand. It operates in two business segments: Cinema Exhibition, through its 59 multiplex theaters, and Real Estate, including real estate development and the rental of retail, commercial and live theater assets. As of December 31, 2009, RDI’s principal assets included interests in 57 cinemas comprising some 457 screens; interests in four live theaters (the Union Square, the Orpheum and Minetta Lane in Manhattan and the Royal George in Chicago), and ownership of approximately 1.2 million square feet of developed commercial real estate, and approximately 15.3 million square feet of land.^[19] Cinema exhibitions are its largest source of revenue constituting about 92% of the total in 2010.^[20]
• ITEC Attractions, Inc. owns and operates a major screen entertainment facility in Branson, Missouri, known as the IMAX Entertainment Complex. The Branson facility was constructed by the Company and commenced operations on October 8, 1993. The IMAX Entertainment Complex consists of the Ozarks Discovery IMAX Theater, a giant screen motion picture theater; the Elite Cinema III Theaters consisting of three 35 millimeter (mm) motion picture theaters, which were opened in August 2001; The Little Opry Theater, which features live performances; McFarlain's, a full-service restaurant, and the IMAX Food Court, which operates franchises for Quizno's Subs Breadeaux Pizza and Baskin Robbins. The Company also operates several retail shops, various food concessions and related amenities.^[21]
• Marquee Holdings Inc., through its subsidiaries is engaged in the theatrical exhibition operations. The wholly owned subsidiary of the Company is AMC Entertainment Inc. (AMCE). AMCE's principal directly owned subsidiaries are American Multi-Cinema, Inc. (AMC), and AMC Entertainment International, Inc. (AMCEI). As of April 1, 2010, the Company owned, operated or held interests in 297 theatres with a total of 4,513 screens, approximately 99% of which were located in the United States and Canada. As of April 1, 2010, Holdings operated 81 IMAX screens and operated 594 digital screens, 475 of which were equipped with RealD 3D capabilities. On May 24, 2010, the Company completed the acquisition of Kerasotes ShowPlace Theatres, LLC (Kerasotes).^[22]

Carmike's SWOT

Strengths

• 3-D Capabilities - As of December 31, 2010 Carmike had 200 theatres (84% of their theatres) with 596 screens (27% of their screens) equipped for 3-D.^[3] This year has almost three dozen 3-D titles in the movie slate versus two dozen in 2010. With its large current number of screens 3-D capable and several more planned to be 3-D by the summer, Carmike is poised to take advantage of the increase in 3-D movies.
• Screenvision - Screenvision is the second largest provider of cinema advertising, offering on-screen advertising, in-lobby promotions and integrated marketing programs to national, regional and local advertisers and providing comprehensive cinema advertising representation services for its theatrical exhibitor partners. The Screenvision cinema advertising network is comprised of over 15,000 screens in 2,500 theater locations across all 50 states and 93% of DMAs nationwide, delivering through more than 150 theatrical circuits, including 10 of the top 15 exhibitor companies. Carmike is part of the Screenvision network and in October 2010 CKEC extended its existing agreement with Screenvision, which had been set to expire in July 2012. The term is now set for an additional 30 years and Carmike receives a profit interest in Screenvision of between 15% and 25%. This resulted in an earnings boost of $900,000 for Carmike in its Q4 2010.^[23]

Weaknesses

• Substantial Debt Obligations - As of December 31, 2010, Carmike Cinemas had about $233 million in long-term debt. If Carmike is unable to meet any of these obligations they may face restructuring, refinancing, increased equity, or the possibility of a second bankruptcy filing.
• Small Market Cap - Because of its small size, Carmike sees more volatility in is operations and stock. It also, given its competitors much larger size, it may not always have enough the financing and equity to grow its business and cushion against slow attendance and/or increases in exhibition costs.

Opportunities

• Increasing 3-D Capabilities - There are currently 9 3-D movies scheduled for release in 2011 (through July).^[24] In 2010, only four 3-D movies were released in that time period followed by 8 more in the subsequent six month. If this increase is any indication, there is good reason to believe that the number of 3-D movies going to be released in 2011 will be larger than 2010. As such, Carmike should continue to increase its number of 3-D capable screens so as to keep its competitive advantage.
• Luxury Cinemas - At luxury cinemas patrons pay more than the usual ticket price, sometimes twice or three times as much. In exchange for that higher price, the patron obtains better amenities like special food or drink, special seats, reserved seating, valet parking, etc.^[25] Decreases in revenues from the downward trend in attendance in recent years have been mitigated by

Threats

• Early Home Viewing - Recently, four movie studies (Sony Corp. (SNE), Universal Pictures, Warner Brothers, and Twentieth Century Fox) announced they were going to make select movies available for home viewing early, thereby shrinking the exclusive window to only two months.^[26] This is a clear threat to the entire movie theatre exhibition industry. However, Carmike may be insulated from this threat because in the majority of their locations (small to mid-size non-urban markets), going to the movies is still a key part of the social fabric of society and a popular entertainment option. Also, with 3-D capabilities in 84% of their theatres and 27% of their screens (set to increase by summer 2011) CKEC can offer premium viewing experiences not available in most homes.^[27]
• Industry Attendance - Industry attendance has trended downward in recent years due to poor economic conditions, high unemployment, rising gas prices, sup-par movie releases, and online movie piracy. The ultimate decline in revenue has been mitigated by price increases and the price premium for 3-D movies. However, if this trend continues, Carmike Cinemas, and its competitors for that matter, will be impacted. Aside from its concessions, Carmike does not have any influence over the quality of its products (i.e. movies).^[23]

Risk Factors

Decline in Motion Pictures Available

Carmike Cinema's business depends to a substantial degree on the availability of suitable motion pictures for screening in their theatres and the appeal of such motion pictures to patrons in their specific theatre markets. Their results of operations will vary from period to period based upon the number and popularity of the motion pictures they show in their theatres. A disruption in the production of motion pictures by, or a reduction in the marketing efforts of, the major studios and/or independent producers, a lack of motion pictures, the poor performance of motion pictures in general or the failure of motion pictures to attract the patrons in their theatre markets will likely adversely affect their business and results of operations.^[3]

Substantial Lease & Debt Obligations

Carmike Cinema's has significant debt obligations. Their long-term debt obligations currently include:

• a term loan in the aggregate amount of $237.5 million outstanding as of December 31, 2010;
• a revolving credit facility providing for borrowings of up to $30.0 million, of which no amounts were outstanding as of December 31, 2010; and
• financing obligations of $175.1 million as of December 31, 2010 inclusive of interest but net of $62.8 million which is expected to be settled through non-cash consideration consisting of property subject to financing obligations.

The Company also has significant lease obligations totaling $642.5 million for terms over one year as of December 31, 2010.

These obligations have important consequences for Carmike Cinemas, including:

• limiting their ability to obtain necessary financing in the future and making it more difficult for them to satisfy their lease and debt obligations;
• requiring them to dedicate a substantial portion of their cash flow to payments on their lease and debt obligations, thereby reducing the availability of their cash flow to fund working capital, capital expenditures and other corporate requirements;
• making them more vulnerable to a downturn in their business and limiting their flexibility to plan for, or react to, changes in their business; and
• placing them at a competitive disadvantage compared to competitors that might have stronger balance sheets or better access to capital by, for example, limiting their ability to enter into new markets or renovate their theatres.

If they are unable to meet their lease and debt obligations, they could be forced to restructure or refinance their obligations, to seek additional equity financing or to sell assets, which they may not be able to do on satisfactory terms or at all. In particular, the current global financial crisis affecting the banking system and financial markets and the possibility that financial institutions may consolidate or go out of business have resulted in a tightening in the credit markets, a low level of liquidity in many financial markets, and extreme volatility in credit and equity markets, which could affect Carmike's ability to refinance their existing obligations, obtain additional financing, or raise additional capital. As a result, they could default on their lease or debt obligations.^[3]

Inability to Generate Sufficient Cash Flow

Carmike Cinema's ability to service their indebtedness and to fund potential acquisitions and capital expenditures for theatre construction, expansion or renovation requires a significant amount of cash, which depends on many factors beyond their control. Their ability to make scheduled payments of principal, to pay the interest on or to refinance their indebtedness is subject to general industry economic, financial, competitive, legislative, regulatory and other factors that are beyond their control, and may be limited because of their current leverage.

In addition, they may have difficulty obtaining financing for new development on terms that they find attractive. Traditional sources of financing new theatres through landlords may be unavailable.

The opening of large multiplexes by their competitors and the opening of newer theatres with stadium seating in certain of their markets have led them to reassess a number of their theatre locations to determine whether to renovate or to dispose of underperforming locations. Further advances in theatre design may also require them to make substantial capital expenditures in the future or to close older theatres that cannot be economically renovated in order to compete with new developments in theatre design.

Because of these obstacles, there is no guarantee that their business will generate sufficient cash flow from operations, that currently anticipated revenue growth will be realized or that future capital will be available for them to fund their capital expenditure needs.^[3]

Significant Competitive Pressures

Competition from New Theatres

Large multiplex theatres, which Carmike and some of their competitors built, have tended to and are expected to continue to draw audiences away from certain older theatres, including some of the Company's theatres. In addition, demographic changes and competitive pressures can lead to the impairment of a theatre. Over the last several years, Carmike and many of their competitors have closed a number of theatres. Carmike's competitors or smaller entrepreneurial developers may purchase or lease these abandoned buildings and reopen them as theatres in competition with the Company.

Direct Competitors

In those areas where real estate is readily available, there are few barriers preventing competing companies from opening theatres near one of their existing theatres. Competitors have built and are planning to build theatres in certain areas in which Vue operates. In the past, these developments have resulted and may continue to result in excess capacity in those areas, adversely affecting attendance and pricing at their theatres in those areas. Even where they are the only exhibitor in a film licensing zone (and therefore do not compete for films), they still may experience competition for patrons from theatres in neighboring zones. There have also been a number of consolidations in the film exhibition industry, and the impact of these consolidations could have an adverse effect on their business if greater size would give larger operators an advantage in negotiating licensing terms.

Competition from Other Delivery Systems

Carmike's theatres also compete with a number of other motion picture delivery systems including network, cable and satellite television, DVD’s, as well as video-on-demand, pay-per-view services and downloads via the Internet. While the impact of these alternative types of motion picture delivery systems on the motion picture exhibition industry is difficult to determine precisely, there is a risk that they could adversely affect attendance at motion pictures shown in theatres.

Release Windows

Their ability to attract patrons is also affected by (1) the DVD release window, which is the time between the release of a film for play in theatres and when the film is available on DVD for general public sale or rental and (2) the video-on-demand release window, which is the time between the release of a film for play in theatres and when the film is available on video-on-demand services for public viewing. Each of these release windows has been narrowing over the past several years. For example, the DVD and video-on-demand release windows currently average approximately four months. It is also possible that these release windows could shorten in the near future. If these release windows continue to shorten, it might impact Carmike's ability to attract patrons to their theatres. Future release windows may also shorten with the introduction of premium video-on-demand (―premium VOD‖). Premium VOD would allow movie studios to make movies available to customers at an increased price as soon as 30-60 days after release to the theatres. To date, few titles have been released through premium VOD. However, if movie studios increase the number of titles released with premium VOD, it might decrease Carmike's ability to draw patrons to their theatres.

Competition from Substitute Entertainment

Theatres also face competition from a variety of other forms of entertainment competing for the public’s leisure time and disposable income, including sporting events, concerts, live theatre and restaurants.^[3]

Seasonal Revenue

Carmike's revenues depend highly upon the timing of the motion picture releases by distributors. As a result, their business is seasonal, with a disproportionate amount of revenues generated during the summer months and year-end holiday season. While motion picture distributors have begun to release major motion pictures more evenly throughout the year, the most marketable motion pictures are usually released during the summer months and the year-end holiday season, and Carmike usually generates more revenue and cash flows during those periods than in other periods during the year. As a result, the timing of motion picture releases affects their results of operations, which may vary significantly from quarter to quarter and year to year. If they do not adequately manage their theatre costs of operations, it could significantly affect their cash flow and potential for future growth.^[3]

Limited Window to Maintain 3-D Competitive Edge

Carmike Cinemas has invested a significant amount of resources into becoming a leading motion picture exhibitor in 3-D. Other exhibitors, which have experienced delays in upgrading their screens to digital and 3-D capability, continue to upgrade their screens with digital and 3-D capability. Therefore, Carmike has a limited window to maintain their position as a leader in digital and 3-D screen count. This may adversely affect their ability to generate additional revenue from the digital and 3-D movie experience in the future.^[3]

Negative Economic Conditions

Carmike's business depends on consumers voluntarily spending discretionary funds on leisure activities. Movie theatre attendance and concessions sales may be affected by prolonged negative trends in the general economy that adversely affect consumer spending. Their customers may have less money for discretionary purchases because of negative economic conditions such as job losses, foreclosures, bankruptcies, sharply falling home prices, reduced availability of credit and other matters, resulting in a decrease in consumer spending or causing consumers to shift their spending to alternative forms of entertainment. This may affect the demand for movies or severely impact the motion picture production industry such that the Company's business and operations could be adversely affected.^[3]

Relations with Primary Concession Suppliers

Carmike purchases a substantial amount of their concession supplies, except for beverage supplies, as well as janitorial supplies from Showtime Concession, and Carmike is by far its largest customer. In return for their concession supplies, Carmike pays Showtime Concession at contractual prices that are based on the type of concession supplied. Their current agreement with Showtime Concession will expire on December 31, 2012. If this relationship were disrupted, Carmike could be forced to negotiate a number of substitute arrangements with alternative vendors which are likely to be, in the aggregate, less favorable to them than the current arrangement.

They purchase most of their beverage supplies from The Coca-Cola Company. Their current agreement with The Coca-Cola Company expires on December 31, 2013. Under the agreement, The Coca-Cola Company may raise beverage supply costs up to 10% annually through the term of the agreement. Carmike's margins on concessions revenue may decline to the extent that they are unable to pass on increases in their concession costs to their customers in a rate at or near the rate of cost increases.^[3]

Development of New Theatres

Carmike plans to continue to expand their operations through the development of new theatres and the expansion of existing theatres. However, they anticipate their development activities in 2011 will be limited to two theatres. Developing new theatres requires a significant amount of time and resources and poses a number of risks. Construction of new theatres may result in cost overruns, delays or unanticipated expenses related to zoning or tax laws. Contractors may have difficulty in obtaining financing for construction. Desirable sites for new theatres may be unavailable or expensive, and the markets in which new theatres are located may deteriorate over time. Additionally, the market potential of new theatre sites cannot be precisely determined, and their theatres may face competition in new markets from unexpected sources. Newly constructed theatres may not perform up to their expectations.

They face significant competition for potential theatre locations and for opportunities to acquire existing theatres and theatre circuits. Consequently, they may be unable to add to their theatre circuit on terms they consider acceptable.^[3]

References

1. ↑ "Fuqua to Sell Theater Unit" The New York Times February 26, 1982
2. ↑ ^{2.0 2.1 2.2} "Carmike Cinemas" - Wikipedia
3. ↑ ^{3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 3.13 3.14} Carmike Cinemas 2010 10-K
4. ↑ Carmike Investor Relations - Corporate Information
5. ↑ Carmike Fact Sheet
6. ↑ "Carmike Cinemas" - Remington Steelers Wikia
7. ↑ "Carmike Cinemas: Executive Compensation" - Morningstar
8. ↑ ^{8.0 8.1} Carmike Cinemas 2010 Proxy
9. ↑ "Carmike Cinemas to Host 2011 First Quarter Results" - News Announcement April 26, 2011
10. ↑ Carmike Cinemas 2010 Q4 Earnings Release
11. ↑ Carmike Cinemas Pursues Debt Refinancing
12. ↑ Carmike Investor Relations - Investor FAQs
13. ↑ "Carmike Cinemas files for bankruptcy protection" Pittsburgh Post Gazette August 09, 2000
14. ↑ "Company News; Judge Approves Chapter 11 Plan For Carmike Cinemas" The New York Times January 04, 2002
15. ↑ "Cinemark Holdings" - Google Finance
16. ↑ "Regal Entertainment Group" - Google Finance
17. ↑ "The Marcus Corporation" - Google Finance
18. ↑ The Marcus Corporation 2010 10-K
19. ↑ "Reading International, Inc." - Google Finance
20. ↑ Reading International, Inc. 2010 10-K
21. ↑ "ITEC Attractions, Inc." - Google Finance
22. ↑ "Marquee Holdings Inc." - Google Finance
23. ↑ ^{23.0 23.1} "Carmike Cinemas: A Deleveraging Story With an Unappreciated Imbedded Asset" April 4, 2011
24. ↑ "Upcoming 3-D Movies"
25. ↑ "Survey of Exhibition Industry Practices" John Fithian, NATO (National Association of Theatre Owners) President. December 2002
26. ↑ "Top Directors Lead Opposition to Premium Video-on-Demand Plan" - The New York Times April 20, 2011
27. ↑ "Carmike Cinemas: Issues Facing the Cinema Industry Don't Change the Investment Thesis" April 21, 2010