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Carmike posts $3.8 million profit on record revenue

Special to SEGAZINE

An acquisition-fueled year in which Carmike Cinemas continued to gobble up movie theaters helped propel the company’s revenue to a record $171.8 million in the fourth quarter of 2013.

That filtered down to net income of $3.8 million in the October-December period, which was far off the $91.6 million posted in the same quarter a year ago, the Columbus-based firm reported Tuesday. The fourth quarter 2012 numbers were inflated, or skewed, by the company’s use of an $86.5 million deferred tax asset — accrued through past financial losses — to offset its 2012 income tax bite.

The fourth-quarter figures translated to net income, or earnings, per common share of 17 cents, which was lower than the 26 cents per share expected by Wall Street analysts surveyed by research firm Thomson Financial.

via Carmike posts $3.8 million profit on record revenue | Business | Columbus Ledger Enquirer.

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