COLUMBUS, Ga. (AP) — Carmike Cinemas Inc. said Thursday that it expects its first-quarter revenue from ticket sales rose more than 30 percent on a healthy rise in attendance.
The movie theater operator said it expects revenue from ticket sales to total between $82 million and $84 million for the quarter ended March 31, an increase of at least 34 percent from about $61.3 million a year ago.
The Columbus, Ga.-based company said it expects its movie attendance was between 12.1 million and 12.3 million, up from 9.4 million a year ago. That would be at least a 28 percent increase.
While ticket sales account for the bulk of the company's revenue, it also derives a significant part of its revenue from concessions sales.
Separately, Carmike said late Wednesday that it priced its underwritten public offering of 4 million shares of its common stock at $13 per share. The price represents an 11 percent discount to the company's Wednesday closing stock price of $14.53.
Carmike shares dropped 97 cents, or 6.7 percent, to $13.56 in late morning trading Thursday after tumbling as low as $12.85 shortly after the stock market opened.
The stock offering's underwriters have a 30-day option to buy up to an additional 600,000 shares to cover possible over allotments.
Carmike said it expects the net proceeds from the offering to total about $48.8 million, or $56.2 million if the over-allotment option is exercised in full. The company plans to use the proceeds for general corporate purposes.
As of Dec. 31, Carmike operated 237 theatres with 2,254 screens in 35 states. Its theaters target small- to mid-sized communities with populations of fewer than 100,000.