Featured: An IMAX theater, similar to the one featured in this image by pocket-lint.com, will be coming to Carmike 20 Cinemas in Edinburg and is scheduled to open next year, the Edinburg Economic Development Corporation has announced. The news comes as the Texas Comptroller of Public Accounts released statewide data showing the retail economy in Edinburg for the month of March 2016 is more than eight percent better than the same month last year.
Edinburg’s retail economy during March 2016 was more than eight percent ahead of the same period last year, much better than the statewide average of all Texas cities for the same period, which came in with a 1.4 percent improvement, the Edinburg Economic Development Corporation has announced. This latest positive news about the Edinburg’s economy, which was prepared by the Texas Comptroller of Public Accounts and released on Wednesday, May 11, 2016, came as Carmike Cinemas’ corporate headquarters revealed they have begun large-scale renovations at its Carmike Cinemas 20 entertainment complex in Edinburg. The nearest IMAX to the Valley is located in Corpus Christi.
Deep South Texas’ first IMAX theater coming to Edinburg; city’s March 2016 retail economy shows 8.04 percent improvement over March 2015 figure
By DAVID A. DÍAZ
Edinburg’s retail economy during March 2016 was more than eight percent ahead of the same period last year, and better than the statewide average of all Texas cities for the same period, which came in with a 1.4 percent improvement, the Edinburg Economic Development Corporation has announced.
This latest positive news about the Edinburg’s economy, which was prepared by the Texas Comptroller of Public Accounts and released on Wednesday, May 11, 2016, came as Carmike Cinemas’ corporate headquarters revealed they have begun large-scale renovations at its Carmike Cinemas 20 entertainment complex in Edinburg, featuring the construction of the first IMAX theater in deep South Texas.
The nearest IMAX to the Valley is located in Corpus Christi.
Carmike Cinemas 20 in Edinburg will remain open for business during the construction period, which is scheduled to be completed in early 2017, according to a news release issued from Carmike Cinemas’ main office in Columbus, Georgia.
In addition, the upgraded venue will have luxury, plush electric recliners that offer reserved seating in all of the auditoriums.
The lobby area at Carmike Cinemas 20 in Edinburg also will be renovated to include new concession stands, serving hot foods. In addition, the concession area will include full bar service, pending license approval.
IMAX is the world’s most immersive movie going experience with awe-inspiring images, heart-pounding audio and a floor-to-ceiling, wall-to-wall IMAX screen designed to make the movie feel so real, movie goers forget they are in a theatre, according the the Carmine Cinemas news release.
According to Wikipedia, IMAX (an acronym for Image MAXimum) is a motion picture film format and a set of cinema projection standards created by Canadian company IMAX Corporation and developed by Graeme Ferguson, Roman Kroitor, Robert Kerr, and William C. Shaw.
IMAX has the capacity to record and display images of far greater size and resolution than conventional film systems. Since 2002, some feature films have been converted (or upgraded) into IMAX format for displaying in IMAX theatres and some have also been partially shot in IMAX.
IMAX is the most widely used system for special-venue film presentations. As of January 1, 2016, there were 1061 IMAX theatres in 67 countries.
More details about IMAX are available at the company’s website, IMAX.com.
The EEDC, of which Agustín García, Jr. is Executive Director, is the jobs-creation arm of the Edinburg Mayor and Edinburg City Council.
The EEDC Board of Directors is comprised of Mark Iglesias as President, Harvey Rodríguez as Vice President, Ellie M. Torres as Secretary/Treasurer, and Mayor Richard García and Richard Ruppert as Members.
For the month of March 2016, the city’s retail economy registered an 8.04 percent rate of improvement over the same month last year, the EEDC added.
These figures are based on sales made in March 2016 by businesses that report tax monthly, and sales made in January, February and March by quarterly filers.
Among its many duties, the Texas Comptroller’s office is the state’s chief tax collector, accountant, revenue estimator and treasurer.
Pharr led the way in March 2016 in the rate of improvement over the same period in 2015.
Among the Valley’s largest cities, Pharr’s retail numbers during the March 2016 period were 11.55 percent better than during the March 2015 period, followed by Brownsville (10.22 percent improvement), then Edinburg (8.04 percent improvement).
Based on local sales taxes generated, McAllen had the best showing for the March 2016 reporting period ($5,841,746.98), followed by Brownsville ($3,755,064.17), Harlingen ($2,220,927.47) and Edinburg ($2,081,109.95).
During the first three months of 2016, Edinburg’s retail economy produced $8,926,240.75 in local sales taxes, compared with $8,603,397.65 for January through March 2015, representing an improvement of 3.75 percent.
For the March 2016 reporting period, the Edinburg’s retail economy generated $2,081,109.95 in local sales taxes, compared with $1,926,165.61 during the same time in 2015, representing the improvement of 8.04 percent, also according to the Texas Comptroller of Public Accounts.
The local sales tax is used in Edinburg to help pay for many city services, while the EEDC uses its one-half cent local sales tax to help generate economic development in the city.
The amount of local sales taxes collected also helps reflect the strength of an economy, along with construction activities, per capita income, education, historical performances, and related trends.
The sales tax, formally known as the State Sales and Use Tax, is imposed on all retail sales, leases and rentals of most goods, as well as taxable services. Texas cities, counties, transit authorities and special purpose districts have the option of imposing an additional local sales tax for a combined total of state and local taxes of 8 1/4% (.0825).
HOW OTHER VALLEY CITIES, COUNTIES PERFORMED FOR THE MARCH 2016 REPORTING PERIOD
Based on the amount of sales taxes generated, according to the state comptroller’s office, the Valley’s major cities ranked accordingly in the following local sales tax figures, both for the March 2016 reporting period and for January through March 2016:
March 2016 compared with March 2015
McAllen: $5,841,746.98, down 3.54 percent compared with March 2015 ($6,056,190.24);
Brownsville: $3,755,064.17, up 10.22 percent compared with March 2015 ($3,406,856.19);
Harlingen: $2,220,927.47, up 3.71 percent compared with March 2015 ($2,141,338.13);
Edinburg: $2,081,109.95, up 8.04 percent compared with March 2015 ($1,926,165.61);
Pharr: $1,625,842.86, up 11.55 percent compared with March 2015 ($1,457,420.80);
Mission: $1,466,847.33, up 2.22 percent compared with March 2015 ($1,434,944.47); and
Weslaco: $1,218,748.78, up 2.23 percent compared with March 2015 ($1,192,157.86).
January through March 2016
McAllen: $27,107,404.55, down 3.82 percent compared with January through March 2015 ($28,186,205.86);
Brownsville: $16,352,749.32, up 4.47 percent compared with January through March 2015 ($15,651,905.87);
Harlingen: $9,795,592.16, up 3.35 percent compared with January through March 2015 ($9,477,259.46);
Edinburg: $8,926,240.75, up 3.75 percent compared with January through March 2015 ($8,603,397.65);
Pharr: $6,994,127.48, up 7.06 percent compared with January through March 2015 ($6,532,835.80);
Mission: $6,493,590.96, down 0.33 percent compared with January through March 2015 ($6,515,414.80); and
Weslaco: $5,116,908.62, down 4.14 percent compared with January through March 2015 ($5,338,024.95).
All cities in Hidalgo County reported a total of $14,808,391.41 in local sales taxes during the March 2016 period, compared with $14,545,004.21 during the March 2015 period, an increase of 1.81 percent. Year-to-date (January through March 2016), all cities in Hidalgo County registered $66,314,933.36 in local sales taxes, compared with $66,386,492.58 for the same three months in 2015, a decrease of 0.10 percent.
Hidalgo County government does not collect a local sales tax.
All cities in Cameron County generated $7,302,007.46 in local sales taxes during the March 2016 period, compared with $6,790,380.07 during the March 2015 period, an increase of 7.53 percent. Year-to-date (January through March 2016), all cities in Cameron County registered $31,335,173.82 in local sales taxes, compared with $29,814,287.85 for the same period in 2015, an improvement of 5.10 percent.
Cameron County government does not collect a local sales tax.
All cities in Starr County produced $566,282.02 in local sales taxes during the March 2016 period, compared with $523,948.15 during the March 2015 period, an increase of 8.07 percent. Year-to-date (January through March 2016), all cities in Starr County registered $2,415,880.52 in local sales taxes, compared with $2,346,562.56 for the same period in 2015, an increase of 2.95 percent.
Starr County government does not collect a local sales tax.
All cities in Willacy County produced $138,227.32 in local sales taxes during the March 2016 period, compared with $147,447.80 during the same month in 2015, a decrease of 6.25 percent. Year-to-date (January through March 2016), all cities in Willacy County registered $698,618.07 in local sales taxes, compared with $647,890.93 for the same period in 2015, an increase of 7.82 percent.
Willacy County government does not collect a local sales tax.
For details of the March 2016 local sales tax figures for all cities, counties, transit systems, and special purpose taxing districts, locate the Monthly Sales Tax Allocation Comparison Summary Reports at the comptroller’s website:
AMC THEATRES TO ACQUIRE CARMIKE CINEMAS, CREATING LARGEST CHAIN OF MOVIE THEATRES IN THE WORLD
On Thursday, March 3, 2016, AMC Theatres (AMC Entertainment Holdings, Inc.) (NYSE: AMC) (“AMC”) and Carmike Cinemas, Inc. (NASDAQ: CKEC) (“Carmike”) announced they have entered into a definitive merger agreement pursuant to which AMC will acquire all of the outstanding shares of Carmike for $30 per share in cash.
The transaction is valued at approximately $1.1 billion, including the assumption of Carmike net indebtedness. The purchase price per screen is approximately $376,000, and the per share purchase price represents an approximate 19.47% premium to Carmike’s March 3, 2016 closing stock price.
View the full release here: http://www.businesswire.com/news/home/20160303006740/en/
AMC is one of the nation’s premier entertainment companies with 5,426 screens and the most productive theatres in the country’s top markets.
Carmike, America’s hometown theatre circuit, has 2,954 screens, primarily located in mid-size, non-urban communities.
Together AMC and Carmike would have well over 600 theatre locations in 45 states across the country, including the District of Columbia. The transaction is expected to provide significant growth for AMC and will allow it to bring its innovative amenities and best-in-class customer experience to enhance the movie-going experience for more customers in more areas.
“This is a compelling transaction that brings together two great companies with complementary strengths to create substantial value for our guests and shareholders. Through this transaction we expect to unlock synergies, sufficient we believe to make this transaction accretive in 2017,” said Adam Aron, AMC CEO and President. “AMC also gets to extend the reach of our innovative, guest-experience strategies to further transform the movie-going experience for millions of new guests. We also look forward to welcoming so many talented Carmike employees to the AMC team.”
David Passman, Carmike President and Chief Executive Officer, offered his perspectives.
“Our combination with AMC is a transformative milestone for Carmike and one that provides significant value to Carmike shareholders,” stated Passman. “By joining with AMC, we are bringing together two highly complementary theatre footprints and a shared commitment to service and innovation, positioning the combined company to deliver an even more compelling movie-going experience in many more locations across the country.”
Persimmon emphasized he is “proud of the Carmike employees whose dedication and hard work have made this combination and its many benefits possible. We look forward to working together with the AMC team to complete the transaction and to ensure a seamless transition.”
Aron added, “By broadening AMC’s geographic and demographic base for delivering our groundbreaking guest experience innovations in comfort and convenience – such as plush power-recliners, enhanced food and beverage, premium sight and sound, greater guest engagement and targeted programming – AMC is poised to deliver the best possible movie experience to more movie-goers than ever before.”
The transaction was approved by both Boards of Directors of AMC and Carmike, respectively.
The transaction is expected to be completed by the end of 2016, subject to customary closing conditions, including regulatory approval and approval by Carmike’s shareholders.
AMC (NYSE: AMC) is the guest experience leader with 387 locations and 5,426 screens located primarily in the United States. AMC has propelled innovation in the theatrical exhibition industry and continues today by delivering more comfort and convenience, enhanced food & beverage, greater engagement and loyalty, premium sight & sound, and targeted programming.
AMC operates the most productive theatres in the country’s top markets, including No. 1 market share in the top three markets (NY, LA, Chicago) http://www.amctheatres.com.
Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema deployments and alternative programming and is one of the nation’s largest motion picture exhibitors. Carmike has 276 theatres with 2,954 screens in 41 states.
The circuit includes 55 premium large format (PLF) auditoriums featuring state-of-the-art technology and luxurious seating, including 32 “BigDs,” 21 IMAX auditoriums and two MuviXL screens. As “America’s Hometown Theatre Chain” Carmike’s primary focus is mid-sized communities. Visit http://www.carmike.com for more information.
This press release about AMC’s purchase of Carmike includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such as “forecast,” “plan,” “estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,” “anticipate,” “strategy,” “future,” “likely,” “may,” “should,” “believe,” “continue,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters.
Similarly, statements made herein and elsewhere regarding the pending acquisition of Carmike are also forward-looking statements, including statements regarding the anticipated closing date of the acquisition, the source and structure of financing, management’s statements about effect of the acquisition on AMC’s future business, operations and financial performance and AMC’s ability to successfully integrate Carmike into its operations.
These forward-looking statements are based on information available at the time the statements are made and/or managements’ good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
For a detailed discussion of risks, trends and uncertainties facing AMC and Carmike, see the section entitled “Risk Factors” in AMC’s Annual Report on Form 10-K, filed with the SEC on March 10, 2015, the section entitled “Risk Factors” in Carmike’s Annual Report on Form 10-K filed with the SEC on February 29, 2016, and the risks, trends and uncertainties identified in their other public filings.
Neither AMC nor Carmike intends, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.