Carmike Cinemas’ 4Q profit soars past analysts estimates as audiences flock to movie theaters

Carmike Cinemas’ 4Q profit tops analyst views

COLUMBUS, Ga. — Theater operator Carmike Cinemas Inc.’s fourth-quarter profit soared past analyst estimates as moviegoers flocked to see blockbusters such as the 3-D epic “Avatar.”

The company, based in Columbus, Ga., said Monday that it earned $6.1 million, or 48 cents per share, for the final three months of 2009. That compares with a loss of $34.6 million, or $2.73 per share, a year earlier.

Revenue rose 17 percent to $137.4 million for the quarter.

The performance blew past the analysts’ expectations. Analysts surveyed by Thomson Reuters, on average, had forecast earnings of 9 cents per share on revenue of $126 million.

Carmike shares gained 46 cents, or nearly 5 percent, in extended trading Monday after finishing the regular session at $9.50, up 40 cents.

Carmike attributed its strong showing to the quarter’s lineup of crowd-pleasing movies, led by Avatar’s science fiction story about a species of blue-hued aliens.

The company operates 244 theaters in 35 states and sells digital and 3-D equipment that is becoming more popular as studios increasingly amp up visual and acoustic effects to lure people out of their homes for movie viewing.

Those extras also enable theater owners to charge higher ticket prices. Carmike’s average theater ticket sold for $6.91 in the fourth quarter, 7 percent more than a year earlier.

For the full year, Carmike cut its loss to $15.4 million, or $1.22 per share, from a setback of $41.4 million, or $3.27 per share, in 2008.

Carmike’s revenue for the full year climbed 9 percent to $515 million.