Movie theater chain Carmike Cinemas Inc. pointed Monday to "weak" Hollywood offerings in late 2007 as the reason for its losses of $68 million loss in the fourth quarter and $127 million for the full year.
The Columbus-based motion picture exhibitor also said it has completed its digital upgrade and is banking heavily on the technology — which includes three-dimensional viewing — as well as another ticket and concession price increase this spring to improve its financial picture.
Looking at the numbers, Carmike reported a $68 million net loss, or $5.40 per share, in the three-month period ended Dec. 31. That compares to a $5.7 million loss, or 46 cents per share, during the same period in 2006. Total revenues were $117 million, down from $121 million the year before.
For 2007 as a whole, the company posted its net loss of $127 million, or $10.07 per share, on total revenues of $489 million. That compares to a loss of $19 milion, or $1.57 per share, on revenues of $486 million the prior year.
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Read more on Carmike's financial performance and 2008 outlook in Tuesday's Ledger-Enquirer.