Deal Includes the First Commercial IMAX® Theatres in Montana
NEW YORK and COLUMBUS, Ga., July 7, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Carmike Cinemas Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture presenter, today announced an expansion of the parties' revenue-sharing arrangement with the addition of three new IMAX® theatre systems. One theatre will be added to the Carmike 12 multiplex in Missoula and another to the Carmike Shiloh 14 multiplex in Billings, marking the first commercial IMAX theatres in Montana. The third will be added to a new construction project in Manhattan, Kansas. Today's agreement brings to 24 theatres Carmike Cinemas' total IMAX commitment.
"With the strong recent domestic box office performance and a powerful IMAX slate for 2015 and beyond, we are pleased to grow our IMAX footprint, which is also a direct result of our IMAX success to date," said Carmike CEO, David Passman. "IMAX is a key part of our growth and brand strategy, delivering an unparalleled, immersive experience that helps to drive incremental revenue. We look forward to future collaborations with IMAX in support of our mutual growth."
"The small to mid-size domestic market continues to present growth opportunities for IMAX. As both a leading U.S. exhibitor and a world-class cinema operator, Carmike is a strategically important partner in helping us to further penetrate these markets," said IMAX CEO, Richard L. Gelfond. "Organically and through acquisition, Carmike has grown its IMAX network to 24 theatres in less than three years - a testament to the confidence our exhibitors have in IMAX to strengthen their businesses."
About Carmike Cinemas
Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema deployments and one of the nation's largest motion picture exhibitors. Carmike has 273 theatres with 2,906 screens in 41 states. The circuit includes 47 premium large format (PLF) auditoriums featuring state-of-the-art technology and luxurious seating, including 29 "BigDs," 16 IMAX auditoriums with an additional eight under contract, and two MuviXL screens. As "America's Hometown Theatre Chain" Carmike's primary focus is midsized communities. Visit www.carmike.com for exact show-times and to purchase tickets.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2015, there were 943 IMAX theatres (820 commercial multiplexes, 18 commercial destinations and 105 institutions) in 63 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.