Key Developments: Carmike Cinemas Inc (CKEC.O)
17.50USD
1:24pm EDT
$0.25 (+1.45%)
$17.25
$17.15
$17.50
$16.92
48,682
185,028
$18.90
$11.04
Latest Key Developments (Source: Significant Developments)
Carmike Cinemas Inc Signs Build Suit Agreement With Anthony Properties To Open New 13-Plex Theatre In Montgomery, Alabama
Carmike Cinemas Inc announced the signing of a agreement and long-term lease with Anthony Properties (Anthony), a real estate development and investment firm. Anthony is constructing a new 13-screen digital cinema entertainment complex that Carmike will operate. The new facility is projected to open during the first half of 2014 and will be centrally located off Chantilly Parkway (Route 110) in Montgomery, AL next to the Home Depot. Full Article
Carmike Cinemas Inc Acquires Two Theatres From Phoenix Big Cinemas
Carmike Cinemas Inc announced the completed acquisition of two movie theatres with a total of 16 screens from Phoenix Big Cinemas (Phoenix Big),theatre circuit in North America. The Phoenix Big facilities have 8 analog screens each and are located in Madisonville, KY and Greeneville, TN. Carmike plans to immediately begin converting the screens to digital cinema, utilizing Christie digital projectors from its own surplus inventory, as well as installing four 3-D screens at each respective location, in conjunction with 3-D technology partner RealD. Full Article
Carmike Cinemas Inc To Acquire 16 Theatres With 251 Screens From Rave Reviews Cinemas, LLC
Carmike Cinemas Inc announced the signing of a definitive agreement to purchase 16 entertainment complexes with an aggregate of 251 screens based in seven states and 13 individual markets from Rave Reviews Cinemas, LLC, a portfolio company of BV Investment Partners (Rave). The purchase price consists of $19 million in cash. Carmike expects to complete the acquisition in the fourth quarter. Macquarie Capital acted as financial advisor and King & Spalding LLP acted as legal counsel to Carmike Cinemas in this transaction. Foros acted as financial advisor and Ropes & Gray LLP acted as legal counsel to Rave Reviews Cinemas in this transaction. Full Article
Carmike Cinemas, Inc. Announces Pricing Of $210 Million Of Senior Secured Notes Due 2019
Carmike Cinemas, Inc. announced the pricing of its previously announced unregistered offering of $210 million aggregate principal amount of 7.375% Senior Secured Notes Due 2019, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The notes were priced at par and will bear an interest rate of 7.375% per annum payable semi-annually on May 15 and November 15, beginning on November 15, 2012. Carmike expects to close the offering of the notes on or about April 27, 2012, subject to the satisfaction of customary closing conditions. Carmike also expects to enter into a new $25 million senior secured revolving credit facility to replace its existing revolving credit facility. Carmike expects the new credit facility to remain undrawn at closing. The net proceeds from the offering will be used to retire Carmike's existing term loan and to pay related fees and expenses, and any remaining net proceeds will be used for working capital and other general corporate purposes. Full Article
Carmike Cinemas, Inc. Announces Pricing of Public Offering of Common Stock
Carmike Cinemas, Inc. announced the pricing of its previously announced underwritten public offering of 4,000,000 shares of its common stock at $13.00 per share. The underwriters have a 30-day option to purchase up to an additional 600,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any. Carmike expects that the net proceeds from the offering will be approximately $48.8 million ($56.2 million if the underwriters exercise their over-allotment option in full), after deducting underwriting discounts and estimated offering expenses. Carmike plans to use the net proceeds from this offering for general corporate purposes. Macquarie Capital is acting as the sole book-running manager for the offering. Full Article
Carmike Cinemas, Inc. Announces Public Offering Of Common Stock
Carmike Cinemas, Inc. announced it has commenced an underwritten public offering of 4,000,000 shares of its common stock. In addition, Carmike expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any. Carmike plans to use the net proceeds from this offering for general corporate purposes. Macquarie Capital is acting as the sole book-running manager for the offering. Full Article
Carmike Cinemas, Inc. Forges Commercial Real Estate Development Relationship With Entertainment Properties Trust For New Build To Suit Entertainment Complexes
Carmike Cinemas, Inc. announced that it has launched a new relationship with Entertainment Properties Trust, real estate investment trust (REIT), with specialties in the entertainment, education and recreation markets. Carmike and Entertainment Properties Trust recently entered into a build-to-suit arrangement to construct a new 13-plex theatre in the Champaign, IL market. Full Article
Carmike Cinemas, Inc. Completes Acquisition Of Three Atlanta-Area MNM Movie Theatres With Aggregate Of 40 Screens
Carmike Cinemas, Inc. announced the closing of its purchase of three Atlanta-area movie theatres with a total of 40 auditoriums from MNM Theatres. The agreement was first announced earlier as a Letter of Intent. The three theatres are based in Atlanta, Hiram and Cumming, GA. Full Article
Carmike Cinemas, Inc. Signs Letter Of Intent To Acquire Three Atlanta-Area Movie Theatres With An Aggregate Of 40 Screens From MNM Theatres
Carmike Cinemas, Inc. announced that it has signed a letter of intent to acquire three Atlanta-area movie theatres with a total of 40 screens from MNM Theatres. The three MNM facilities are located in Atlanta, Hiram and Cumming, GA. Presently, six of the circuit’s 40 screens are digitized and 3-D capable. Carmike plans to immediately begin converting the remaining 34 screens to digital cinema as well as installing additional 3-D screens. Following completion of this transaction, Carmike will have 25 Georgia-based entertainment complexes. Carmike expects to close on the transaction in late third quarter or early fourth quarter. The acquisition is contingent upon Carmike’s completion of due diligence. MNM CEO Norman Shindler will continue to be involved in the operations of these theatres for a period of at least three years following the acquisition. The terms of the transaction were not disclosed. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
