Mark Cuban disclosed in a 13-D filed this morning that he has a 9.4% stake in Carmike Cinemas (NASDAQ: CKEC).Unlike Mr. Cuban's personal blog, the 13-D lacks much in the way of color: There is the standard disclosure that he acquired the stake for investment purposes and may buy more or sell some or all depending on his mood.
According to the company, "Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation's largest motion picture exhibitors. As of September 30, 2008, Carmike had 250 theatres with 2,276 screens in 36 states. Carmike's digital cinema footprint reaches 2,147 screens, of which 430 are also equipped with 3-D capability. Carmike's focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000."
The company has been reporting huge losses as it sinks under the weight of a crippling debt load and economic malaise. But Cuban's one of the smartest people in business, so maybe there's some upside to be had. The shares have lost about 90% of their value since the beginning of 2007.
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