CARMIKE
CINEMAS
Stifel Nicolaus
Internet, Media & Publishing
Conference
June 2012
DISCLAIMER
This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts,
including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by,
followed by or that include the words, “believes,” “expects,” “anticipates,” “plans,” “estimates” or similar expressions. Examples of forward-looking
statements in this presentation include our ticket and concession price increases, our cost control measures, our strategies and operating goals, our
plans regarding debt reduction, our film slate for 2012 and future years, and our capital expenditure and theater expansion/closing plans. These
statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking
statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking
statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from
those contained in any forward-looking statement include, but are not limited to:
 The inability to consummate the transactions described in this presentation on terms favorable to us;
 The inability to satisfy any conditions to closing or to complete any related financing in connection with the transactions described in this
presentation;
 Our ability to comply with covenants contained in our senior secured credit agreement;
 Our ability to operate at expected levels of cash flow;
 Our ability to meet our contractual obligations, including all outstanding financing commitments;
 Financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital;
 The availability of suitable motion pictures for exhibition in our markets;
 Competition in our markets;
 Competition with other forms of entertainment;
 The effect of our leverage on our financial condition; and
 Other factors, including the risk factors disclosed in our annual report on form 10-K for the year ended December 31, 2011 and our quarterly reports
on form 10-Q under the caption “risk factors.”
We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which
are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to
update publicly any of these in light of new information or future events.
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COMPANY OVERVIEW
1
STRICTLY CONFIDENTIAL
3
CARMIKE OVERVIEW
 4th largest U.S. exhibitor
— 236 theatres / 2,264 screens
 Diversified portfolio with theatres in 35 states
WA
1
OR
1
MT
6
ID
2
CO
6
 Leading digital and 3D platform poised for
growth in 3D-driven film slate
States with 1 – 9 Theatres
— 753 3-D screens
States with 10 – 19 Theatres
— 13 Big D large format auditoriums
States with 20+ Theatres
 Strengthened Balance Sheet through operating
and financial discipline
OK
10
MO
1
IL
9
AR
7
OH
4
IN
3
KY
5
PA
19
WV
VA
2
5
DE
1
NC
23
TN
20
AL
13
TX
9
NY
1
MI
13
IA
5
KS
1
NM
1
— 2,135 digital screens
 New growth initiatives include 30-year
agreement with Screenvision, alternative
content, Big D theatre format and VIP Ovation
Club offering
WI
3
NE
2
UT
3
 Favorable recent attendance trends vs. industry
 Improving operating metrics driven by
concessions and cost-cutting measures
undertaken
MN
6
SD
5
WY
1
 America’s Hometown Theatre
— Target small to mid-size non-urban markets
ND
4
GA
25
SC
10
FL
9
SUMMARY OF SITES
Shared, 4
Owned
Owned, 59
Leased
Leased, 173
Shared
Ownership
4
SMALL MARKET BENEFITS
 10-12 screens ideal
SMALLER FOOTPRINT
 Offer entertainment in a family-friendly setting
 Small town America’s favorite theatre
LIMITED LOCAL
ENTERTAINMENT
OPTIONS & COMPETITION
 Presence in locations with minimal entertainment alternatives
 3-D / digital strategy
SIMPLE EFFICIENT
STRATEGY
 High concession margins
 Enhanced cash flow per screen
 Connectivity with audience base
UNIQUE HOLLYWOOD
FOCUS
 Focus on event films, family animation, sequels ideal for hometown
audiences
5
DIGITAL AND 3-D EXHIBITION PIONEER
CARMIKE IS A LEADER IN THE DEPLOYMENT OF DIGITAL AND 3-D CINEMA
Digital Overview
 2,135 screens converted to digital including 100% of first-run screens and 94% of total
 New Big D DIGITAL Entertainment Experience
 Carmike’s digital large screen format debuted in Columbus, GA - Q3 ’10
– Current footprint includes:
– Columbus, GA
– St. Clairsville, OH
– Franklin, TN
– Missoula, MT
– Canton, GA
– Pottstown, PA
– Savannah, GA
– Winder, GA
– Tyler, TX
– Maryville, TN
– Billings, MT
– Apple Valley, MN
– Chattanooga, TN
 National 3-D footprint:
– 753 3-D capable screens (at 3/31/12)
3-D Overview
– 35% penetration of digital footprint
 3-D is an important revenue driver for Carmike
– Over 20% of box receipts from 3-D titles in some quarters
– 3-D genre is well-suited for Carmike’s markets (animation, family, action)
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SIGNIFICANT DIGITAL UPSIDE
FOCUS ON DIGITAL FORMAT HAS POSITIONED CARMIKE TO
CAPITALIZE ON GROWING DIGITAL OPPORTUNITIES
HISTORICAL AND UPCOMING RELEASES
 Superior picture quality, brightness and color – no
degradation over time
 Revenue drivers:
— Improved programming flexibility
— Limit “sell outs”
— Increases revenue and customer satisfaction
— 3-D content
— Alternative content
— Concerts (U2 3-D, Kenny Chesney, Dave Matthews,
Foo Fighters)
RECENT AND UPCOMING 3-D RELEASES
— Opera and ballet (Emerging Pictures relationship)
— Pay-per-view events
— Live sports (BCS Championship, NCAA Final Four,
NBA Skills, FIFA World Cup)
— Religious (Fox Faith)
 On-screen advertising (Screenvision) – 3-D format, lobby ads,
mobile, etc.
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MOVIE-GOING…MOST POPULAR AND BEST VALUE
Most Popular Out-of-Home
Entertainment Experience
Most Attractive Value Proposition
Annual attendance (mm)
1,364
Ticket Price per Patron
$71
$49
$50
Basketball
(NBA)
Hockey
(NHL)
$36
$24
347
$7
80
Cinemas
Theme
Parks
Baseball
(MLB)
22
21
18
Basketball
(NBA)
Hockey
(NHL)
Football
(NFL)
Cinemas
Baseball
(MLB)
Theme
Parks
Football
(NFL)
Source: 2008 MPAA, Pricewaterhouse Coopers
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NEW BUILD-TO-SUIT THEATRES
 Three new build-to-suit theatres opened since December
2011
— West Pottstown, PA
— Winder, GA
— Maryville, TN
 All new build-to-suit theatres contain one BIG D auditorium
West Pottstown, PA
 Feature single point-of-sale for tickets and concessions
 Third party ‘build-to-suit’ theatres require less upfront
investment for Carmike
 Entered into agreement with Entertainment Properties Trust
in Q1 2012 to identify and develop future theatre sites
 Digital entertainment complexes featuring stadium seating
 More new build-to-suit theatres announced
Winder, GA
— Jacksonville, NC
— Cleveland, TN
— Decatur, AL
— Champaign, IL
— Sandestin, FL
— Winchester, VA
Maryville, TN
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ACQUISITIONS
Recent Acquisitions:
 Davis Theatres
 July 2011
 Dothan, AL
 MNM Theatres
 October 2011
 Atlanta, GA area
 Destinta Theatres
 March 2012
 Clarion, PA
Opportunities:
 Current overhead structure can support 300
theatres and 3,000 screens
 Take advantage of exhibitors unable to finance
digital expansion
 Company is currently positioned to take
advantage of accretive acquisitions after
completion of equity offering and debt refinancing
in April 2012
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THEATRE MANAGEMENT STRATEGY
 Focus on details “through the eyes of our patrons”
— Refreshing our circuit
— Clean facilities
— Friendly and well-trained associates
— Appropriate number of employees per theatre to achieve
better customer experience
 Performing general maintenance on older theatres
— Helps compete with other entertainment attractions in
Carmike markets
 Theatre utilization
— Alternative content – leveraging digital platform
— Staggered show times
 Opening larger, state-of-the art theatres averaging ~12
screens
— Third party ‘build-to-suit’ theatres require less upfront
investment for Carmike
— Digital entertainment complexes featuring stadium
seating
 Closing under-performing theatres, exiting expired leases
— Most are smaller theatres with fewer/non-digital screens
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CONCESSIONS SUCCESS
 Excellent, industry-leading margins
—Nine straight quarter-over-quarter per cap increases
 Streamlined concession offerings
—Focus on highest margin products such as:
— Coca-Cola/fountain drinks, popcorn (including flavored), nachos, cotton candy and select candy
offerings (M&M products)
 Driving more revenue
—Up-selling patrons with combo / value pricing
— Reusable/refillable popcorn buckets – leads to repeat visits/loyalty
—Stimulus Tuesdays (still going strong after 3 years)
— Special Stimulus Tuesday discounted concession offerings
—Single point-of-sale for tickets and concessions – pilot program
—Promotions – including specialized tie-ins, bounce-backs, etc.
—Ovation Room (VIP Auditorium in Chattanooga, TN – nation’s first ‘Green’ theatre)
1
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SCREENVISION AGREEMENT
30 YEAR AGREEMENT WITH ADVERTISING PARTNER SCREENVISION PROVIDES FURTHER GROWTH OPPORTUNITIES
 Extended long-term on-screen exclusive exhibition agreement with cinema advertising leader for additional 30 years
— Carmike has been Screenvision customer for ~20 years
— Current deal enhances partnership and provides Carmike with equity upside
 Carmike received $30 million pre-tax cash payment on 1/4/11
— Prepaid bank debt with $15 million of proceeds, further deleveraging balance sheet
 Carmike received 20% ownership interest in Screenvision profits and growth; which can go as high as 25% or as low as 15%
depending on screen count, while also giving Carmike rights to distributions upon a monetization event of Screenvision
 Perfectly aligned partnership
— Screenvision has similar small-town footprint to Carmike
— Local advertiser focus yields synergies
 New relationship forged with respected media investor Shamrock Capital
 Cinema advertising regarded as one of the fastest growing media segments in the United States
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FINANCIAL SUMMARY
2
STRICTLY CONFIDENTIAL
14
THEATRE OPERATIONS – YTD 2012
REVENUE MIX1
COSTS AND EXPENSES
G&A, 4%
Depreciation
and
amortization,
7%
Film Exhibition,
37%
Concessions
and Other
36%
Admissions
64%
Other Theatre
Operating2 ,
47%
2
Concession,
5%
Notes:
1 As percentage of total revenue for YTD 3/31/2012
2 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses
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Q1 2012 AND YTD 2011 FINANCIAL UPDATE
Three Months Ended
March 31,
2012
2011
($ in millions)
Financial Summary
Total Revenue
Theatre Level Cash Flow
Adjusted EBITDA
Adjusted Net (Loss) Income
Operating Statistics
Average Theatres
Average Screens
Average Attendance Per Screen
Average Admissions Per Patron
Average Concessions / other Per Patron
Total Attendance (in thousands)
Debt Summary
Total Debt
Net Debt
$
$
$
130.8 $
28.9
23.9
4.7
95.8
10.7
6.0
(18.2)
236
2,259
5,394
6.84 $
3.91 $
12,183
238
2,229
4,216
6.53
3.72
9,399
Twelve Months Ended
December 31,
2011
2010
$
482.2 $
91.9
72.8
(2.6)
488.0
82.0
64.4
(1.0)
236
2,230
21,155
6.57 $
3.65 $
47,177
242
2,266
21,140
6.85
3.43
47,909
March 31,
2012
$
314.7 $
298.4
December
31,
2011
315.4
301.8
$
$
Q1 Variance
($)
(%)
$35.0
$18.2
$17.9
$22.9
36.5%
170.1%
298.3%
NM
(2) (0.8%)
30 1.3%
1,178 27.9%
0.31 4.7%
0.19 5.1%
2,784 29.6%
2011
YTD Variance
($)
(%)
$ (5.8) (1.2%)
$ 9.9 12.1%
$ 8.4 13.0%
$ (1.6) NM
(6)
(36)
15
(0.28)
0.22
(732)
(2.5%)
(1.6%)
0.1%
(4.1%)
6.4%
(1.5%)
$ (0.7) (0.2%)
$ (3.4) (1.1%)
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TOTAL DEBT AND BANK DEBT (unaudited)
Mar. 31,
Dec. 31,
Dec. 31,
2012
2011
2010
$4,062
$3,959
$4,240
Long-Term Debt Less Current Maturities
196,459
196,880
233,092
Capital Leases and Long-Term Financing Obligations1
114,179
114,608
116,036
$314,700
$315,447
$353,368
(16,289)
(13,616)
(13,066)
$298,411
$301,831
$340,302
$34,113
$35,985
(in thousands)
Current Maturities of Long-Term Debt, Capital Leases
and Long-Term Financing Obligations
Total Debt2
Less Cash and Cash Equivalents
Net Debt
Interest Expense
1
2
Financing obligations are not included as debt under the terms of the Company’s debt agreement.
The Company has prepaid $120 million of debt in the last four years.
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Q2 FINANCING TRANSACTIONS
Public Equity Offering
Debt Refinancing
 The Company completed a public equity
offering under its current shelf registration on
April 11, 2012.
 The Company issued $210 million bonds on
April 27, 2012 to replace its existing term loan
($199.7 million at 3/31/12)
 Issued 4.6 million shares, including the
underwriters’ overallotment at $13/share
 Net proceeds of $202.8 million after bond
issuance costs
 Net proceeds totaled $56.2 million
 Fewer covenant restrictions with notes resulting
in increased flexibility to pursue capital
expenditures, acquisitions, dividends, etc.
 The Company also entered into a new $25
million revolving credit facility to replace its
existing $30 million revolving credit facility.
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KEY FINANCIAL TAKEAWAYS
 Strengthened balance sheet to continue to pursue growth opportunities (upgrade equipment, new builds, acquisitions, etc.)
vs. paying dividends or repurchasing stock
— Raised $56 million through public offering in April 2012
— Achieved goal of $200 million bank debt at year-end; Refinanced debt in April 2012 to provide more flexibility
— Want to take advantage of the expiring window of opportunity to go digital that some smaller circuits are either unwilling or
unable to do
 Concessions success with industry-leading margins
— Nine straight quarters of higher per caps
— Creative experimentation with promotions and merchandising strategies to up-sell patrons and foster loyalty/repeat visits
 Continue focus on ‘details matter’ strategy
— Improving attendance metrics and encouraging repeat business with customer-centric attitude
 High margins and free cash flow conversion to serve as catalysts to strengthen balance sheet and pre-pay existing debt
 Screenvision partnership, strategic new builds / closures and improved pricing
 Further capitalize upon digital/3-D circuit advantages
— Admission premiums, programming flexibility, high-quality image/sound, alternative content, etc.
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Q&A SESSION
Thank You!
Investor Relations contacts:
Richard Hare, CFO
Carmike Cinemas
(706)576-3415
rhare@carmike.com
Robert Rinderman
JCIR
212/835-8500
CKEC@jcir.com
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