Spread-out release sked cited in Carmike's jump
The exhib's net income for the quarter was $4 million (35¢ a share), compared with $2.3 million (20¢) in the year-ago quarter before an accounting change. Following the adoption of FASB 21, the Columbus, Ga.-based circuit reported a net loss of $25.9 million ($2.30) in the 1996 quarter.
Revenues for the latest quarter were $108.5 million, compared with $92.2 million.
Commenting on the earnings report, Carmike president-CEO Michael W. Patrick said, "We believe that these results reflect a trend in the motion picture industry of releasing new pictures over a 52-week period. This enables exhibitors to benefit from blockbuster films throughout the year rather than just in the traditional summer and holiday release seasons. This also assists our industry in achieving greater profitability in a competitive environment."
