CARMIKE CINEMAS, INC. (Mark One)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-QQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2016 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 000-14993
CARMIKE CINEMAS, INC.(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 58-1469127
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
1301 First Avenue, Columbus, Georgia 31901-2109
(Address of Principal Executive Offices) (Zip Code)
(706) 576-3400
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of the issuer's common stock, as of the latest practicable date.
Common Stock, par value $0.03 per share - 24,552,476 shares outstanding as of April 22, 2016.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ITEM 4. CONTROLS AND PROCEDURES
PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS ITEM 1A. RISK FACTORS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS ITEM 3. DEFAULTS UPON SENIOR SECURITIES
ITEM 4. MINE SAFETY DISCLOSURES ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS EXHIBIT INDEX SIGNATURES
EX-31.1 SECTION 302 CERTIFICATION OF CEO EX-31.2 SECTION 302 CERTIFICATION OF CFO EX-32.1 SECTION 906 CERTIFICATION OF CEO EX-32.2 SECTION 906 CERTIFICATION OF CFO
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PART I. FINANCIAL INFORMATION | ||
ITEM 1. FINANCIAL STATEMENTS | ||
CARMIKE CINEMAS, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share data) | ||
March 31, | December 31, | |
2016 | 2015 | |
(Unaudited) | ||
Assets: | ||
Current assets: | ||
Cash and cash equivalents $ 95,723 | $ 102,511 | |
Restricted cash435 | 593 | |
Accounts receivable15,388 | 16,207 | |
Inventories4,730 | 5,115 | |
Prepaid expenses and other current assets20,756 | 20,082 | |
Total current assets137,032 | 144,508 | |
Property and equipment: | ||
Land | 44,786 | 45,265 |
Buildings and building improvements | 356,372 | 345,451 |
Leasehold improvements | 209,753 | 204,064 |
Assets under capital leases | 49,173 | 49,173 |
Equipment | 303,812 | 300,518 |
Construction in progress | 7,318 | 10,617 |
Total property and equipment | 971,214 | 955,088 |
Accumulated depreciation and amortization | (482,127) | (470,482) |
Property and equipment, net of accumulated depreciation | 489,087 | 484,606 |
Goodwill | 153,549 | 151,716 |
Intangible assets, net of accumulated amortization | 2,465 | 2,596 |
Investments in unconsolidated affiliates (Note 10) | 7,816 | 8,033 |
Deferred income tax asset | 105,421 | 106,300 |
Other | 14,825 | 14,899 |
Total assets | $ 910,195 | $ 912,658 |
Liabilities and stockholders' equity: | ||
Current liabilities: | ||
Accounts payable | $ 42,829 | $ 50,527 |
Accrued expenses | 30,871 | 32,099 |
Deferred revenue | 20,724 | 23,995 |
Current maturities of capital leases and long-term financing obligations | 10,455 | 9,978 |
Total current liabilities | 104,879 | 116,599 |
Long-term liabilities: | ||
Long-term debt | 223,626 | 223,406 |
Capital leases and long-term financing obligations, less current maturities | 229,263 | 221,315 |
Deferred revenue | 29,223 | 29,512 |
Other | 32,508 | 32,055 |
Total long-term liabilities | 514,620 | 506,288 |
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred Stock, $1.00 par value per share: 1,000,000 shares authorized, no shares issued - -
Common Stock, $0.03 par value per share: 52,500,000 shares authorized, 25,501,618 shares issued and 24,552,476 shares outstanding at March 31, 2016, and 25,410,153 shares issued and 24,598,206 shares outstanding at December 31, 2015 | 760 | 754 |
Treasury stock, 949,142 and 811,947 shares at cost at March 31, 2016 and December 31, 2015, respectively | (24,349) | (21,289) |
Paid-in capital | 504,729 | 502,975 |
Accumulated deficit | (190,444) | (192,669) |
Total stockholders' equity | 290,696 | 289,771 |
Total liabilities and stockholders' equity | $ 910,195 | $ 912,658 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Carmike Cinemas Inc. issued this content on 02 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 May 2016 21:43:00 UTC. Original document available at http://c272342.r42.cf1.rackcdn.com/CKEC 3.31.2016 10-Q DOCUMENT.pdf |
