‘Captain America’ Successfully Kicks Off Early Summer Action
Carmike Cinemas (NASDAQ:CKEC) will report Q1:14 results after the market close on Monday, May 5, and will host a conference call at 2 p.m. PT (dial-in: 800-920-2977, webcast: www.carmikeinvestors.com.)
We expect Q1:13 results in line with our estimate for revenue of $152 million and for EPS of $0.08 versus consensus of $150 million and $0.02. We expect concessions revenues to exceed our estimates during the quarter driven by higher-than-expected attendance and higher average concessions per patron.
The release slate this quarter was dominated by family friendly movies, which tend to drive a higher attach rate for concessions sales and to drive outperformance for Carmike’s theatres due to the demographic of its theatre base. The Lego Movie, Frozen, and Mr. Peabody & Sherman had box office results of $479 million during the quarter while Oz The Great and Powerful and The Croods had $287 million of box office, a roughly 67 percent increase in family friendly results within the top 10 films during the quarter.
The year 2014 is off to a strong start for domestic box office results and IMAX films. Captain America: The Winter Soldier is producing summer blockbuster results in April, with $225 million since opening April 4. The highest grossing film quarter-to-date in Q2:13 was The Croods at roughly $72 million.