A day after reporting a $3.85 million profit on record revenue of nearly $172 million, shares of Carmike Cinemas leaped to a 52-week high Wednesday on the Nasdaq exchange.
The Columbus-based movie theater chain’s stock price surged out of the gate, eventually reaching $32.60 per share around the lunch hour, an increase of more than 10 percent from its $29.50 per share close a day earlier.
The price settled slightly in the afternoon, still closing up nearly 8 percent. The final result: A gain of $2.31 per share to $31.81 amid an overall market showing little traction Wednesday.
Carmike President and Chief Executive Officer David Passman reported the profit and record revenue Tuesday after the Nasdaq exchange’s closing. He pointed out his company ouperformed the industry as a whole in the fourth quarter of 2013, with revenue from admission tickets and refreshment sales at concession stands continuing to grow.
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Naturally, Carmike’s revenue is growing as it strategically purchases movie theaters and opens new ones of its own in key markets across the U.S. The company has added more than 500 screens in the past two years, with an ultimate goal of reaching a total of 3,000 (and 300 theaters). It operated 251 theaters and 2,654 screens as of Dec. 31.
The company’s 52-week trading low is $15.27 per share, meaning some investors have more than doubled their money.