Saturday, August 5, 2006
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Gwinnett Daily Post
COLUMBUS - Movie theater operator Carmike Cinemas Inc. said Friday it filed restated financial results from past periods to fix improper accounting for leases.
The company filed its 2005 annual report, which includes restated results for 2003 and 2004, as well as reports for the quarters ended June 30 and Sept. 30, 2005.
In the restated 2005 report, net income totaled $200,000, or a penny per share, versus 2004 net income of $27.9 million, or $2.24 per share.
Revenue declined to $468.9 million from $495.3 million in 2004.
The lease accounting adjustments reduced previously reported 2004 net income by $500,000, or 4 cents per share, and boosted previously reported 2003 net income by $3.7 million, or 39 cents per share.
Carmike said lower box office receipts across the industry hurt its 2005 revenue. But, it said attendance and admissions trends were better during the second
quarter of 2006, due to a favorable slate of summer releases.