Carmike Cinemas
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| Type | Public (NASDAQ: CKEC) |
|---|---|
| Founded | 1982 |
| Founder(s) | Michael and Carl Patrick |
| Headquarters | Columbus, GA, United States |
| Number of locations | 250 |
| Area served | Rural and suburban areas |
| Key people | S. David Passman (Non-Executive Chairman) |
| Industry | Motion Picture Exhibition |
| Revenue | ▲ US$489.3 million (2007) |
| Operating income | ▼ US$-25.2 million (2007) |
| Net income | ▼ US$-126.9 million (2007) |
| Total assets | ▼ US$568 million (2007) |
| Total equity | ▼ US$69 million (2007) |
| Employees | 6,838 |
| Website | http://www.carmike.com |
Carmike Cinemas Inc. is a movie theatre corporation headquartered in Columbus, Georgia in the United States of America. It currently operates 250 theaters in 36 states, making it the fourth largest theatre company in the United States.
Carmike was founded when Michael W. Patrick, and his father, Carl L. Patrick, Sr. acquired Martin Theatres from Fuqua Industries in 1982.[1] The theater name comes from a combination of Carl L. Patrick, Sr.'s two sons, Carl Jr. and Michael, hence Carmike.
Carmike theaters are largely positioned in rural or suburban areas with populations under 200,000.[2] Most of its older theaters are six or eight auditoriums deep. Carmike sought Chapter 11 bankruptcy protection in 2000 after failing to make $9 million in interest payments. The company was about $650 million in debt. Since declaring bankruptcy, many theaters in dead markets were closed down, and some were renovated or relocated in areas with desirable market potential. Most of these newer theaters are 10 screens or larger. The number of theaters owned by the company dropped from 448 to just over 300. One such theater which closed as a result of the bankruptcy was the historic Indian Hills Theater in Omaha, Nebraska, which contained a 70-foot (21 m) wide Cinerama screen, the largest in the United States. Indian Hills was later demolished in August 2001. Actress Patricia Neal called the destruction of the theater "a crime."[3]
Carmike exited bankruptcy in early 2002, after having invested in the construction of new megaplex theater complexes.[4]
In 2005 the company purchased 30 GKC Theaters from the heirs of George Kerasotes. His George Kerasotes Corporation was the result of a split with other family members who jointly owned Kerasotes Theatres[5]
The company posted a $127 million loss in 2007 and posted a $203,000 loss in their third quarter earnings report in 2008.[4]
Carmike Cinemas Inc.'s board of directors removed Michael Patrick as its chief executive in January 2009, citing struggles with earnings and the company's less than $3 a share stock price, down from $26 a share in January 2007. S. David Passman III was selected as a temporary non-executive chairman until a new chief executive is found.[4]
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[edit] New technology
In 2006, Carmike Cinemas launched a contract with Christie Digital Systems to convert all its auditoriums to Texas Instruments DLP projection technology over the course of the next few years. They have also added 3-D capability to some theaters.[4]
[edit] Notes
- ^ "Fuqua to Sell Theater Unit". The New York Times. February 26, 1982. http://query.nytimes.com/gst/fullpage.html?res=9F04E1DC133BF935A15751C0A964948260.
- ^ Porter, Michael E. (November-December 1996), "What Is Strategy?", Harvard Business Review
- ^ Thiessen (2001).
- ^ a b c d Adams, Tony (January 21, 2009). "Carmike Cinemas board removes CEO Michael Patrick". Columbus Ledger-Enquirer. Retrieved on January 26, 2009.
- ^ Kerasotes ShowPlace Theaters LLC Answers.com; retrieved August 2008
[edit] References
- "Company News; Judge Approves Chapter 11 Plan For Carmike Cinemas". (January 4, 2002). The New York Times. Retrieved on August 23, 2007.
- Thiessen, Mark (July 18, 2001). "Historic Theater Threatened". CBS News. Retrieved on August 23, 2007.
