- Carmike Cinemas
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Carmike Cinemas, Inc. Type Public (NASDAQ: CKEC) Industry Motion Picture Exhibition Predecessor Martin Theatres Founded 1982 Founder(s) Carl Patrick, Sr. Headquarters Columbus, GA, United States Number of locations 239 (as of 12/2010) Area served Rural and suburban areas Key people Roland C. Smith
Chairman of the Board
S. David Passman
President & CEO
Fred Van Noy
COO
Richard Hare
CFOSubsidiaries Eastwynn Theatres, Inc.
George G. Kerasotes Corporation
GKC Indiana Theatres, Inc.
GKC Michigan Theatres, Inc.
GKC Theatres, Inc.
Military Services, Inc.Website http://www.carmike.com 
Carmike movie theater in Statesboro, Georgia
Carmike Cinemas Inc. is a motion picture exhibitor headquartered in Columbus, Georgia in the United States of America. As of December 31, 2010 it operates or has an interest in 239 theaters with 2,236 screens in 35 states, making it the fourth largest theatre company in the United States.
Carmike was founded when Carl L. Patrick, Sr. acquired Martin Theatres from Fuqua Industries in 1982.[1] The theater name comes from a combination of Carl L. Patrick, Sr.'s two sons, Carl Jr. and Michael, hence Carmike.Carmike theaters are largely positioned in rural or suburban areas with populations under 200,000.[2] The company bills itself as "America's Hometown Theatre".
The Company's theatres are operated under various names and will generally have a name followed by the number of auditoriums at that location, for example "Carmike 15". Names currently in use include Carmike, Wynnsong, GKC, Cine, Cinema, Movies, Stadium, and other local variants such as "Fleming Island 12" in Fleming Island, FL.
Contents
Bankruptcy proceedings
Carmike sought Chapter 11 bankruptcy protection in 2000 after failing to make $9 million in interest payments. The company had about $650 million in debt. Since declaring bankruptcy, many theaters (mostly smaller single, twin, and triple theatres) in dead markets were closed down, and some were renovated or relocated in areas with desirable market potential. Most of these newer theaters are 10 screens or larger. The number of theaters owned or operated by the company dropped from 448 to just over 300.
During Bankruptcy, the company was forced to sell or close several historic theaters, including the Villa Theatre in Salt Lake City, Utah and The Indian Hills Theater in Omaha, Nebraska, the latter of which contained a 70-foot (21 m) wide Cinerama screen, the largest in the United States. The Indian Hills was later demolished in August 2001. Actress Patricia Neal called the destruction of the theater "a crime."[3]
Carmike exited bankruptcy in early 2002, having successfully restructured its debts and operations.[4]
Recent Acquisitions
In 2005 Carmike purchased 30 GKC Theaters (263 screens) from the heirs of George Kerasotes for US$66 million. His George Kerasotes Corporation was the result of a split with other family members who jointly owned Kerasotes Theatres.[5]
Change in management
Carmike Cinemas Inc.'s board of directors removed Michael Patrick as its chief executive on January 20, 2009, citing struggles with earnings and the company's $1 a share stock price, down from $26 a share in January 2007. S. David Passman III was selected as a temporary non-executive chairman.[4]
On June 4, 2009 the company announced that effective immediately, S. David Passman III, had been appointed President and Chief Executive Officer and that current Board member, Roland C. Smith, would succeed Mr. Passman as Carmike's Chairman of the Board. Fred Van Noy and Richard Hare remained with Carmike as Chief Operating Officer and as Chief Financial Officer.
Digital Projection & 3D
Carmike Cinemas headquarters in Columbus, GeorgiaIn 2005, Carmike Cinemas launched a contract with Christie Digital Systems to convert all its auditoriums to Texas Instruments DLP projection technology. This rollout was completed in 2007 and all of the company's first run theatres were converted to Digital Projection.
As of December 2009, the company remained a leader in Digital Projection with 2,141 digital screens of which 503 were capable of showing Real-D 3D movies.
References
- "Company News; Judge Approves Chapter 11 Plan For Carmike Cinemas". (January 4, 2002). The New York Times. Retrieved on August 23, 2007.
- Thiessen, Mark (July 18, 2001). "Historic Theater Threatened". CBS News. Retrieved on August 23, 2007.
- ^ "Fuqua to Sell Theater Unit". The New York Times. February 26, 1982. http://query.nytimes.com/gst/fullpage.html?res=9F04E1DC133BF935A15751C0A964948260.
- ^ Porter, Michael E. (November-December 1996). "What Is Strategy?". Harvard Business Review
- ^ Thiessen (2001).
- ^ a b Adams, Tony (January 21, 2009). "Carmike Cinemas board removes CEO Michael Patrick". Columbus Ledger-Enquirer. Retrieved on January 26, 2009.[dead link]
- ^ Kerasotes ShowPlace Theaters LLC Answers.com; retrieved August 2008
External links
Categories:- Companies listed on NASDAQ
- Movie theatre chains in the United States
- Companies based in Columbus, Georgia
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