Carmike features 1Q gain

Circuit posts $4.6 mil in net income for the quarter

By CARL DIORIO

Carmike Cinemas returned to the black in the first quarter, as the No. 4 U.S. exhib emerged from a period marked by big restructuring costs.

Columbus, Ga.-based circuit posted $4.6 million in net income for the latest quarter, compared with a $56 million loss a year earlier.

Quarterly revenue slipped 11% to $103.2 million.

"The industry faced difficult comparisons in the first quarter," Carmike chief Michael Patrick said. "The box office for the industry decreased approximately 7% due to weaker film product and the Easter holiday falling in the second quarter of 2003."

Film releases in the quarter included "Daredevil," "How to Lose a Guy in 10 Days" and "Bringing Down the House." The year-earlier period was highlighted by "Panic Room," "Blade 2" and "Ice Age."

Carmike operates 304 theaters with 2,251 screens in 35 states.