Company History:
Carmike Cinemas, Inc., evolved when Carl L. Patrick, Sr. and his son, Michael W. Patrick, acquired Martin Theatres from Fuqua Industries in a 1982 LBO. Headquartered in Columbus, Georgia, Michael W. Patrick is President, Chief Executive Officer and Chairman of the Board of Directors.
The dedication and determination exhibited by Michael W. Patrick is evident in Carmike Cinemas' status as a premiere motion picture exhibitor in the industry. As of March 31, 2002, Carmike operates 2,275 screens, 312 theatres in 35 states. Carmike Cinemas growth was through acquisitions in the 1980's and early 1990's. Stadium seating was introduced to the industry in the mid 1990's and as a result Carmike began constructing theatres to include stadium seating and digital sound
Carmike Cinemas targets small to mid-sized communities with populations ranging from 50,000 to 250,000. Our mission is to focus on small to mid-sized communities and to be the sole or premiere exhibitor in those niche markets. Capital expenditures for Carmike Cinemas are viewed as investments for the long-term. For example, in Albany, Georgia a new complex was built that has allowed us to continue in a marketplace where we have experienced years of success. Our newest theatre design is referred to as the "econoplex", which is 100% stadium seating and 100% digital sound, and can be found in towns such as Dyersburg, TN. The "econoplex" is intended for markets with a population of 50,000 to 100,000 and the advantage is that other circuits are not targeting these markets because it would be impossible to put a megaplex in a town this size.
I.Q. 2000 and I.Q. Zero are the information technology systems responsible for much of our success. Designed and built by Carmike, I.Q. 2000 and I.Q. Zero capture all point of sale information relating to ticket and concession sales and processes payroll information. The cost effective information systems allow the home office to manage day to day operations, allowing theatre managers more time to manage since less time is spent preparing numbers for the home office in Columbus, Georgia. Carmike Cinemas' operating expenses are the lowest in the industry due to I.Q. 2000 and I.Q. Zero, which instantly transmit all information to the Corporate headquarters where executive management coordinates the administrative functions, maximizes efficiency, and control costs.
From August 8, 2000 to January 31, 2002, Carmike operated its business and managed its properties under the protection of the reorganization provisions of chapter 11 of title 11 of the U.S. Code (the "Bankruptcy Code"). On August 8, 2000,Carmike and its subsidiaries Eastwynn Theatres, Inc., Wooden Nickel Pub, Inc. and Military Services, Inc. filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code. On January 4, 2002, the United States Bankruptcy Court for the District of Delaware entered an order confirming the Debtors' Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, dated as of November 14, 2001 (the "Plan"). The Plan became effective on January 31, 2002 and, on the Effective Date, Carmike filed with the Secretary of State for the State of Delaware the Amended and Restated Certificate of Incorporation. During the reorganization process, the Company closed unprofitable theatres, renegotiated rents, realigned its capital structure and identified its core group of theatres that would be the nucleus of the Company's operations and growth for the future.
Carmike Cinemas' Common Stock, effective upon the commencement of trading on Thursday, May 23, 2002, trades on The Nasdaq National Market under the ticker symbol "CKEC". Previously, the Common Stock traded on the over-the-counter Bulletin Board.
Carmike Cinemas, Inc. has enjoyed continued success and growth in the 20th century and looks forward to the prospects the 21st century has to offer. Carmike Cinemas is proud to bring America's "hometowns" today and tomorrows movies.
Park your Sub at the iHub - Bub; ....the experience may just float your boat.
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
