logo
  Join        Login             Stock Quote

Carmike Cinemas (CKEC) Closes Purchase Of Two Movie Theatres From Phoenix Big Cinemas

 December 14, 2012 12:27 PM
 


(By Balaseshan) Carmike Cinemas Inc. (NASDAQ: CKEC), a motion picture exhibitor, said it has completed acquisition of two movie theatres with a total of 16 screens from Phoenix Big Cinemas, the 20th largest theatre circuit in North America.

The Phoenix Big facilities have 8 analog screens each and are located in Madisonville, Kentucky and Greeneville, Tennessee.

Carmike intends 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.

[Related -A Blockbuster Summer Awaits Movie Theater Chains]

Carmike said the digital conversion of all 16 auditoriums and the addition of cutting-edge RealD 3-D technology will further enhance the movie-going experience for all customers that frequent the Greeneville, Tennessee and Madisonville, Kentucky theatres.

"In the current environment we believe there are further opportunities to optimize our portfolio through selective acquisitions, as we continue on the path toward achieving the company's strategic goal of expanding our footprint to 300 theatres and 3,000 screens," said David Passman, President and Chief Executive Officer of Carmike.

Carmike now has 21 Tennessee-based and 6 Kentucky-based entertainment complexes. As of September 30, 2012, Carmike had 232 theatres with 2,242 screens in 35 states. Carmike's digital cinema footprint reached 2,119 screens, including 208 theatres with 748 screens that are also equipped for 3-D.

[Related -How To Make Money In Stocks Even If The Market Tanks]

CKEC is trading down 0.94% at $13.65 on Friday. The stock has been trading between $5.98 and $15.80 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Apple Edges Indices Higher



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.