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."