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Carmike reports $2.3 million in income, falls short of expectations

Columbus-based theater chain Carmike fell short of Wall Street expectations reported an adjusted net third-quarter income of more than $2.3 million this morning when it released its earnings prior to the stock market opening.

The earnings are 13 cents per share, short of the estimates of 16 cents per share.

Carmike generated more more than $ 127.5 million in revenue compared to $133.3 million during the same period a year ago.

For the first nine months of the year, Carmike has produced $394.3 in revenue and an adjusted net income of $11.3 million, according to the news release.

“While only slightly outperforming the industry box office, we are nevertheless pleased that Carmike’s quarterly box office results were ahead of the overall U.S. industry for the fifth consecutive quarter," Carmike President and CEO David Passman stated in the release. "... We think it’s important to note that the 2012 domestic third quarter box office competed with the all-time strongest like quarter on record in 2011, somewhat mitigating the year over year decline."

The earnings come on the heels of Carmike's agreement in late September to buy 13 theaters from Rave Reviews Cinemas.

In mid-morning trading on the Nasdaq, Carmike shares were down about 1.7 percent or 24 cents per share at $13.38.

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