Carmike Cinemas, continuing its quest to reach 300 theaters and 3,000 screens, said Thursday it is buying three movie theaters from Cinemark USA. It will add 52 screens.
The theaters are the Stonybrook 20 in Louisville, Ky., the Ritz Center 16 in Voorhees, N.J., and the Hickory Creek 16 in Hickory Creek, Texas.Columbus-based Carmike said the deal is expected to close in the third quarter of this year (July-September). The purchase price was not disclosed.
Carmike President and Chief Executive Officer David Passman, in a statement, said the company will remain aggressive in growing its overall footprint. The motion-picture exhibitor operated 244 theaters and 2,464 screens in 35 states at the end of March.
“Following up Carmike’s successful 251-screen Rave acquisition late last year with an additional purchase of three cutting-edge theater locations from Cinemark is another important step for our organization as we move toward our 3,000 screen target,” he said.
Nearly all of Carmike’s screens are digital, with just over a third of them equipped for 3D viewing. The movie houses being acquired fit that mold, with the one in Louisville also having an IMAX screen. That will give Carmike eight IMAX screens in its circuit, with 27 large screens total when the company’s signature “Big D” auditoriums are included.
Shares of the firm’s stock were trading Thursday near the 52-week high of $20.89 on the Nasdaq Exchange. The stock’s low for the past year is $11.04 per share.
Carmike is scheduled to release its second-quarter earnings report on July 30.