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This topic comprises 3 pages: 1 2 3
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Topic: Carmike Cinemas Announces Senior Management Changes
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Dustin Mitchell
Phenomenal Film Handler
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Posts: 1865
From: Mondovi, WI, USA
Registered: Mar 2000
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posted 01-20-2009 06:44 PM
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quote: CARMIKE CINEMAS ANNOUNCES SENIOR MANAGEMENT CHANGES Michael W. Patrick Departs Carmike – S. David Passman, Carmike’s Lead Independent Director, Named Non-Executive Chairman COLUMBUS, GA – January 20, 2009 – Carmike Cinemas, Inc. (NASDAQ: CKEC) announced today the departure of its chief executive officer and president, Michael W. Patrick, effective Monday, January 19, 2009. Mr. Patrick remains a member of Carmike’s board of directors. The board of directors has appointed S. David Passman III, currently Carmike’s lead independent director, as the non-executive chairman of the board of directors. In addition, the board of directors has established an Office of the Chairman. The Office of the Chairman will focus on the strategic direction of Carmike and transition Carmike to new chief executive leadership. The Office of the Chairman will include Mr. Passman, as non-executive chairman of the board, Fred W. Van Noy, Carmike’s chief operating officer, and Richard B. Hare, Carmike’s chief financial officer. “We thank Michael for his service to Carmike,” said Mr. Passman. “I am honored to have the opportunity to work closely with my fellow board members and Carmike’s senior management team as non-executive chairman to seek new opportunities to create shareholder value. I have confidence in our team at Carmike and believe the company is poised to take full advantage of the opportunity presented by digital cinema. We are optimistic about Carmike’s future.” Mr. Passman, 56, has been a member of Carmike’s board since June 2003 and currently serves as a member of the audit, executive and compensation and nominating committees. Mr. Passman recently retired from his position as the president and chief executive officer of IBS-STL, Inc., a book publishing and distribution company, where he has served since June 2005. Previously, Mr. Passman served as the president of the Harland Printed Products and Harland Checks divisions of John H. Harland Company, a provider of printed products and software and related services to the financial institution market, from 1999 to 2003. He served as Harland’s chief financial officer from 1996 to 1999. Mr. Passman is a former partner of Deloitte & Touche LLP where he served as the Managing Partner of the Atlanta office from 1993 to 1996. About Carmike Cinemas Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation’s largest motion picture exhibitors. As of September 30, 2008, Carmike had 250 theatres with 2,276 screens in 36 states. Carmike’s digital cinema footprint reaches 2,147 screens, of which 430 are also equipped with 3-D capability. Carmike’s focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000.
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Bobby Henderson
"Ask me about Trajan."
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Posts: 10973
From: Lawton, OK, USA
Registered: Apr 2001
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posted 01-23-2009 09:44 AM
Here's one idea: the company's senior management might want to try allowing the theaters to operate with more than an absolute minimal level of staff.
To me it seems like the company's main tool for increasing profit the past few years has been to carve all of it out of payroll numbers. At some point, that strategy backfires in the form of poor or absent customer service.
If the theater actually has enough employees in the building to move customers through the snack counter lines quickly and periodically check auditoriums for presentation problems or disruptions from the audience (and throw disruptive bastards out of the building) it would improve the customer's movie-going experience significantly. You would get more people coming back to the theater more often.
Carmike deserves at least some points for converting nearly all of its first run screens to digital cinema. The conversion may have been a bit of a visual downgrade for its best theaters, but overall it has been a big, positive improvement in most of its locations.
Unfortunately, Carmike still has many old theater locations, many of which it acquired when the company was strangely chasing after the idea of being the first company to have more than 5000 screens. They never reached that goal and instead wound up with lots of crappy little multiplex sites requiring lots of improvement but situated in little communities with not enough paying customers to properly support the theater.
And that gets to the worst factor facing Carmike: the company specializes at running theaters in cities and towns with under 100,000 people. Um, where's the money and enough paying movie-goers in that?
So many people are doing all of their movie watching at home that it's just going to get very difficult for most small towns to be able to continue operating movie theaters in the traditional sense. HDTV and Blu-ray will make that already bad situation dramatically worse.
A lot of small towns in which Carmike has locations don't have high income demographics and they're shedding population to bigger cities too. The shortened release windows for home video has ruined a lot of bargain/2nd run business. That makes it even more vital for a theater to succeed in the first run business, and you need a good customer base for that. There's just not enough of that in Carmike's traditional small town markets and that customer base is shrinking further.
Long term, I think Carmike will have to start competing directly with other theater companies in larger cities and consolidate its presence the bigger cities where it already operates, such as Raleigh, NC. They have to close down lots of little theaters with out-dated designs and build just a few really good, big theaters at "destination" sites.
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