Carmike Cinemas Provides Update on Status of Financial Results

COLUMBUS, GA -- 11/22/2004 -- Carmike Cinemas, Inc. (NASDAQ: CKEC) announced today that it will not file its Form 10-Q for the third quarter ended September 30, 2004 within the 5 day extension period provided under its previously filed Notification of Late Filing. Carmike is continuing its ongoing evaluation of lease accounting issues arising in prior years. Carmike is working with its current independent auditors as well as its independent auditors for years prior to fiscal 2003 to resolve these issues as quickly as possible. The other transactions mentioned in the company’s previous press release have been satisfactorily resolved.

Carmike is a premiere motion picture exhibitor in the United States with 282 theatres and 2,175 screens in 36 states, as of September 30, 2004. Carmike’s focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000. Carmike’s common stock is traded on the Nasdaq National Market under the ticker symbol “CKEC.” For more information visit Carmike’s website, www.carmike.com.

This press release may contain forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes” or “intends” or similar expressions. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of our management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Such factors include, but are not limited to the timely resolution of the lease accounting issues discussed above. The risk factors discussed in our Form 10-K under the heading “Risk Factors” are specifically incorporated by reference in this press release.

We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Contact Information

Judy Russell

Director of Investor and Public Relations

Carmike Cinemas, Inc.

Contact via E-mail