Carmike Cinemas Amends Senior Secured Credit Facility.

COLUMBUS, Ga. -- 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.

In addition, the sixth amendment amends the calculation of Carmike's consolidated EBITDA for purposes of the consolidated leverage ratio and the interest coverage ratio. The amendment allows Carmike to exclude from the calculation of consolidated EBITDA up to $7.7 million of legal, accounting and consulting expenses and transaction fees incurred by Carmike between December 31, 2005 and December 31, 2006 related to Carmike's prior accounting restatements and credit facility amendments. Carmike may also exclude from the calculation of consolidated EBITDA up to $2.3 million of other unusual and nonrecurring expenses incurred by Carmike prior to March 31, 2007 related to the accounting restatements (to the extent such expenses are reasonably acceptable to the administrative agent). The sixth amendment also amends the definition of "capital expenditures" to exclude from this definition any portion of expenditures that are made with proceeds from long term financing obligations incurred by Carmike.

Carmike will pay amendment fees in the aggregate amount of approximately $453,550.

About Carmike Cinemas

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.

This press release contains 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, "will," "believes," "expects," "anticipates," "plans," "estimates" or similar expressions. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of 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. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include:

* our ability to comply with covenants contained in our senior secured credit agreement;

* our ability to maintain our Nasdaq listing;

* our ability to operate at expected levels of cash flow;

* the availability of suitable motion pictures for exhibition in our markets;

* competition in our markets;

* competition with other forms of entertainment;

* the effect of our leverage on our financial condition; and

* other factors, including the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2005 under the caption "Risk Factors."

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.