Carmike Cinemas is a movie theatre corporation which has its headquarters in Columbus, Georgia in the United States. It is currently operating 250 theatres in 36 states. So, it became the fourth largest theatre company in United States.
This was founded by Michael W. Patrick and his father Carl L. Patrick, Sr. in the year 1982. The theatre name is kept with the combination of their both names. These theatres are located in rural and suburban areas whose population is under 200,000. The older theatres are six or eight auditoriums deep.
The company was $650 million in debt. Due to this many theatres were closed down and some were relocated in to the areas with high market potential. The number of theatres of the company has decreased to 300 from 448. One such theatre which closed was Indian Hills theatre in Omaha, Nebraska. It was the largest screen theatre in the United States.
After investing in the construction of new megaplex theatres, he exited bankruptcy in early 2002. The company got a loss of $127 million and $203,000 in their third quarter earnings in 2008. Due to this the board of directors removed Michael Patrick as its chief executive in January 2009, because the earnings of the company were less than $3 a share stock price. They added 3-D capability to some theatres.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.