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SECURITY: CKEC (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Carmike Cinemas, Inc. is
a premiere motion picture exhibitor in the United States with 297 theatres
and 2,455 screens in 37 states, as of June 30, 2006. Carmike's focus for
its theatre locations is small to mid-sized communities with populations
of fewer than 100,000
CARMIKE
CINEMAS AMENDS SENIOR SECURED CREDIT FACILITY
COLUMBUS, GA – October 2,
2006 – Carmike Cinemas, Inc. (NASDAQ: CKEC) today announced that it has
entered into a sixth amendment to its existing senior secured credit facility
to amend certain financial covenants.
The sixth amendment:
• amends Carmike’s consolidated
leverage ratio such that as of the last day of any period of four consecutive
fiscal quarters this ratio may not exceed: (a) 4.35 to 1.00 for any four
quarter period ended December 31, 2005 through March 31, 2006; (b) 5.00
to 1.00 for the
four quarter period ended
June 30, 2006; (c) 4.75 to 1.00 for any four quarter period ending September
30, 2006 through December 31, 2007; and (d) 4.50 to 1.00 for any four quarter
period ending March 31, 2008 or thereafter;
• amends Carmike’s consolidated
interest coverage ratio such that for any period of four consecutive fiscal
quarters this ratio may not be less than: (a) 2.00 to 1.00 for the four
quarter period ending prior to September 30, 2006; (b) 1.75 to 1.00 for
any four quarter period ending during the period beginning on September
30, 2006 and ending on December 31, 2007; and (c) 2.00 to 1.00 thereafter;
and
• limits the aggregate capital
expenditures that Carmike may make, or commit to make, to $30 million for
any consecutive 12-month period ending during the period from September
30, 2006 to December 31, 2007 |
