Carmike Cinemas Acquires Sundance Cinemas

Carmike Cinemas, Inc. (CKEC) ("Carmike"), a leading digital cinema, alternative programming and 3-D motion picture presenter, today announced that it has entered into a definitive purchase agreement under which Carmike acquired all of Sundance Cinemas, LLC ("Sundance") for $36.0 million in cash, subject to customary working capital and other adjustments. The transaction simultaneously closed upon signing of the purchase agreement. Upon completion of this transaction, Carmike operates 274 theatres with 2,909 screens in 41 states.

The acquisition is expected to be immediately accretive (net of one-time transaction costs), on an EPS, EBITDA, and cash flow basis and is projected to add incremental revenue of $24 million and, after general and administrative synergies, pro forma EBITDA of $5.6 million to Carmike's financials for the trailing twelve month period ended June 30, 2015. A reconciliation of net income to pro forma EBITDA (a non-GAAP measure) is included below.