A three-dimensional Hannah Montana performed well for Carmike Cinemas in the first quarter. But the Disney star (aka Miley Cyrus) wasn't enough to keep the movie theater chain from posting a $4.3 million loss.
Columbus-based Carmike Cinemas Inc. reported today after the stock market's close that it lost 34 cents per share on total revenue of $118 million during the three-month period ended March 31.
That compares to a $3.7 million loss, or 30 cents per share, for the same period a year ago. Total revenue in the first quarter of 2007 was $109 million.
"Our leading position in 3-D enabled us to capitalize on the success of the Hannah Montana concert event and illustrates the growth opportunity that our 3-D and digital network provides," said Michael Patrick, Carmike chairman, president and chief executive officer. "While the other films released during the first quarter were not as robust, we still generated solid growth in revenues."
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Hannah Montana aside, the growth in revenue and operating income came partly because of ticket and concession price increases in November entering the holiday movie season.
Average ticket price climbed from $5.76 to $6.45 in the first quarter, up 12 percent, while the cost of enjoying popcorn and a soft drink rose 6 percent from $3 to $3.18 per person.
This summer's movie menu looks to be solid and spread out more evenly through the summer, Patrick said.
Films expected to draw large audiences include Disney's "Chronicles of Narnia 2," "Indiana Jones and the Kingdom of the Crystal Skull," "Sex and the City," "Kung-Fu Panda," "Incredible Hulk," "The Happening," "Get Smart," "Wanted," "Wally," "Hancock" and the Batman sequel, "The Dark Knight."
Read more about Carmike's first-quarter earnings in Tuesday's Ledger-Enquirer.