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    The Marcus Corporation Reports Record Third Quarter Fiscal 2024 Results

    10/31/24 7:45:00 AM ET
    $MCS
    Movies/Entertainment
    Consumer Discretionary
    Get the next $MCS alert in real time by email

    Marcus Hotels & Resorts and Marcus Theatres Significantly Outperformed Their Respective Industries; Record Third Quarter for Company and Both Divisions; Company Completes $10 Million in Share Repurchases

    The Marcus Corporation (NYSE:MCS) today reported record results for the third quarter fiscal 2024 ended September 26, 2024.

    "Results for the third quarter of fiscal 2024 were driven by strong contributions from both divisions, with Marcus Hotels & Resorts and Marcus Theatres each significantly outperforming their respective industries," said Gregory S. Marcus, chief executive officer of The Marcus Corporation. "We delivered record third quarter revenue and earnings in both of our divisions and as a company. Marcus Hotels & Resorts benefited from strong room rates during the Republican National Convention in Milwaukee, and Marcus Theatres achieved growth with a markedly improved film slate that played particularly well with audiences in our markets. As we look ahead to the remainder of the year and into 2025, we are encouraged by trends within both businesses, including an impressive array of high-quality films headed for the big screen this holiday season and into 2025 and continued improvements in group bookings in our hotel division. Turning to our balance sheet, we completed the retirement of our convertible debt to eliminate any future dilution, and our confidence in the future was also highlighted by our decision to repurchase nearly $10 million of our shares during the quarter."

    Third Quarter Fiscal 2024 Highlights

    • Total revenues for the third quarter of fiscal 2024 were a record $232.7 million, an 11.4% increase from total revenues of $208.8 million for the third quarter of fiscal 2023.
    • Operating income was a record $32.8 million for the third quarter of fiscal 2024, a 56.6% increase compared to operating income of $20.9 million for the prior year quarter.
    • Net earnings was a record $23.3 million for the third quarter of fiscal 2024, a 90.6% increase compared to net earnings of $12.2 million for the same period in fiscal 2023. Net earnings for the third quarter of fiscal 2024 was negatively impacted by $1.5 million, or $0.05 per share, of debt conversion expense and related tax impacts of the previously announced convertible senior notes repurchases. Excluding the impacts of the convertible senior notes repurchases, net earnings was $24.8 million for the third quarter of fiscal 2024.
    • Net earnings per diluted common share was $0.73 for the third quarter of fiscal 2024, a 128.1% increase compared to net earnings per diluted common share of $0.32 for the third quarter of fiscal 2023. Excluding the impacts of the convertible senior notes repurchases, net earnings per diluted common share was $0.78 for the third quarter of fiscal 2024.
    • Adjusted EBITDA was a record $52.3 million for the third quarter of fiscal 2024, a 23.5% increase compared to Adjusted EBITDA of $42.3 million for the prior year quarter.

    First Three Quarters Fiscal 2024 Highlights

    • Total revenues for the first three quarters of fiscal 2024 were $547.2 million, a 3.7% decrease from total revenues of $568.0 million for the first three quarters of fiscal 2023.
    • Operating income was $18.4 million for the first three quarters of fiscal 2024, compared to operating income of $32.8 million for the first three quarters of fiscal 2023.
    • Net loss was $8.8 million for the first three quarters of fiscal 2024, compared to net income of $16.2 million for the for the first three quarters of fiscal 2023. Net loss for the first three quarters of fiscal 2024 was negatively impacted by $16.5 million, or $0.52 per share, of debt conversion expense and related tax impacts of the previously announced convertible senior notes repurchases. Excluding the impacts of the convertible senior notes repurchases, net earnings was $7.7 million for the first three quarters of fiscal 2024.
    • Net loss per diluted common share was $0.28 for the first three quarters of fiscal 2024, compared to net earnings per diluted common share of $0.46 for the first three quarters of fiscal 2023. Excluding the impacts of the convertible senior notes repurchases, net earnings per diluted common share was $0.24 for the first three quarters of fiscal 2024.
    • Adjusted EBITDA was $76.5 million for the first three quarters of fiscal 2024, compared to Adjusted EBITDA of $90.5 million for the first three quarters of fiscal 2023.

    Marcus Theatres®

    For the third quarter of fiscal 2024, Marcus Theatres reported total revenues of $143.8 million, a 13.6% increase compared to the third quarter of fiscal 2023. Division operating income of $21.8 million increased 91.3% in the third quarter of fiscal 2024 and Adjusted EBITDA of $33.2 million increased 24.3% during the same period compared to the prior year quarter. Division total revenue, operating income, and Adjusted EBITDA were records for the fiscal third quarter.

    Marcus Theatres' attendance grew 7.1% at same store theatres during the third quarter of fiscal 2024 compared to the same period the prior year. As a result, the division outperformed the industry by 5.7 percentage points during the third quarter of fiscal 2024. An improved film slate featuring record-breaking films that played well with audiences in our markets drove growth and outperformance. The division's Everyday Matinee, which offers a $7 ticket for children and seniors for all shows starting before 4 p.m., as well as Marcus Theatres' enhanced Value Tuesday promotion, which brought back a free complimentary size popcorn for members of the Magical Movie Rewards loyalty program, also positively contributed to Marcus Theatres' outperformance.

    During the third quarter fiscal 2024, average ticket price increased 2.6% with an increased percentage of ticket sales coming from Premium Large Format (PLF) screens and evening showings, partially offset by attendance associated with Value Tuesday and other promotional offerings. Average concession revenues per person increased 7.9% during the third quarter compared to the prior year quarter.

    "While the WGA and SAG-AFTRA strikes impacted results for the first half of the year, we are pleased that the lingering effects seem to be further in the rearview mirror as demonstrated by the significant improvements in our third quarter fiscal 2024 results," said Mark A. Gramz, president of Marcus Theatres. "A larger number of exciting blockbuster films performed particularly well in our Midwestern markets during the quarter, including record-breaking Inside Out 2 and Deadpool & Wolverine, as well as Despicable Me 4, Twisters and It Ends With Us. The remainder of the fourth quarter of fiscal 2024 includes an exciting slate of diverse films, including the highly anticipated debuts of Gladiator II, Wicked, and Moana 2. Throughout this holiday season, moviegoers will be treated to a full slate of great movies that appeal to a wide range of audiences, ending the year on a much higher note than it started."

    Marcus Theatres' top five highest-performing films in the third quarter of fiscal 2024 were Deadpool & Wolverine, Despicable Me 4, Twisters, Inside Out 2 and Beetlejuice Beetlejuice.

    While film schedule changes may occur, new films planned to be released during the remainder of fiscal 2024 that have the potential to perform very well include: Gladiator II, Wicked, Moana 2, Lord of The Rings: The War of the Rohirrim, Mufasa: The Lion King, and Sonic the Hedgehog 3.

    Marcus® Hotels & Resorts

    Marcus Hotels & Resorts reported total revenues before cost reimbursements of $79.0 million in the third quarter of fiscal 2024, a 9.6% increase over the prior year period. Division operating income of $17.0 million increased 18.5% in the third quarter of fiscal 2024 and Adjusted EBITDA of $23.1 million increased 18.7% over the same prior year period. Division total revenue, operating income, and Adjusted EBITDA were records for the fiscal third quarter.

    Revenue per available room, or RevPAR, increased 9.8% at comparable company-owned hotels during the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023. As a result, the division outperformed the industry by 8.4 percentage points.

    "Our record third quarter fiscal 2024 results were favorably impacted by the Republican National Convention in Milwaukee, continued improvements in our group business, and the summer leisure travel season," said Michael R. Evans, president of Marcus Hotels & Results. "While we anticipate some softening of our leisure business as we head into the traditionally slower winter travel months, our team is continuing to capitalize on the growth of group business, especially midweek. Our high-quality hotels and resorts - including the newly renovated Pfister Hotel in Milwaukee and Grand Geneva Resort & Spa in Lake Geneva, Wisconsin – are well positioned to continue capturing accelerating group demand with our outstanding team delivering memorable moments for every guest who walks through our doors."

    Group booking pace for the remainder of fiscal 2024 is running ahead of the same period in fiscal 2023. Fiscal 2025 booking pace is running significantly ahead compared to the same period last year, excluding bookings related to the Republican National Convention in July 2024, with banquet and catering booking pace running similarly ahead.

    In October, four Marcus Hotels & Resorts properties earned high honors in Condé Nast Traveler's Readers' Choice Awards. The Pfister Hotel and Saint Kate – The Arts Hotel, both in Milwaukee, were named among the Top Hotels in the Midwest. Grand Geneva Resort & Spa in Lake Geneva, Wisconsin was named the #2 Top Resort in the Midwest, and the Kimpton Hotel Monaco Pittsburgh was recognized as the #2 Top Hotel in the Mid-Atlantic. The Condé Nast Traveler Readers' Choice Awards are the longest-running and most prestigious recognition of excellence in the travel industry and are commonly known as "the best of the best of travel."

    Return of Capital to Shareholders

    During the third quarter of fiscal 2024, the Company repurchased approximately 693,000 shares of common stock for $9.7 million in cash. During the first three quarters of fiscal 2024, the Company has returned $16.5 million in capital to shareholders through share repurchases and dividends paid.

    "Our strong balance sheet gives us the ability to return capital to shareholders, while at the same time continuing to invest in our two businesses and pursue potential growth opportunities," said Chad M. Paris, chief financial officer and treasurer of The Marcus Corporation.

    Balance Sheet and Liquidity

    The Marcus Corporation's financial position remains strong with $248.6 million in cash and revolving credit availability at the end of the third quarter of fiscal 2024.

    During the second and third quarters of fiscal 2024, the Company completed the previously announced repurchases of $86.4 million aggregate principal amount of its 5.00% Convertible Senior Notes due 2025 (the "Convertible Senior Notes"). On September 19, 2024, the Company entered into an agreement to repurchase and retire an additional $13.5 million aggregate principal amount of Convertible Senior Notes, and entered into unwind agreements to terminate a corresponding portion of the existing capped call transactions. The additional repurchase and unwind transactions closed on October 11, 2024. The final cash cost of the $99.9 million aggregate principal amount of Convertible Senior Notes repurchases, net of the cash received from the unwind of the capped call transactions, was $103.3 million. Following the completion of the repurchases, the Company has retired substantially all of the $100 million of Convertible Senior Notes, with $0.1 million remaining outstanding.

    In connection with the repurchases, the required accounting for the transactions resulted in the Company recognizing $1.4 million and $15.3 million of debt conversion expense during the third quarter and first three quarters of fiscal 2024, respectively, while the unwind of the capped call transactions resulted in a $4.7 and $17.6 million increase in shareholders equity during the third quarter and first three quarters of fiscal 2024, respectively. In addition, income tax expense (benefit) during the first three quarters of fiscal 2024 was negatively impacted by $1.2 million for the related noncash tax impacts of the capped call unwind.

    In addition, during the third quarter of fiscal 2024 the Company completed a private placement offering of $100 million aggregate principal amount of senior notes in two tranches: $60 million aggregate principal amount of 6.89% senior notes due 2031 and $40 million aggregate principal amount of 7.02% senior notes due 2034. The net proceeds of the offering were used to refinance the repurchases and for general corporate purposes.

    These refinancing transactions significantly simplified the Company's capital structure and extended debt maturities.

    Conference Call and Webcast

    The Marcus Corporation management will hold a conference call today, Thursday, October 31, 2024, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com, or by dialing 1-404-975-4839 and entering the passcode 935227. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

    A telephone replay of the conference call will be available through Thursday, November 14, 2024, by dialing 1-866-813-9403 and entering passcode 167289. The webcast will be archived on the company's website until its next earnings release.

    Non-GAAP Financial Measure

    Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

    Adjusted EBITDA is a key measure used by management and the company's board of directors to assess the company's financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company's core operating performance and facilitates a comparison of the company's core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

    Adjusted EBITDA is a non-GAAP measure of the company's financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company's future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management's discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company's results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company's presentation of Adjusted EBITDA should not be construed to imply that the company's future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

    About The Marcus Corporation

    Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation's theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 995 screens at 79 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company's lodging division, Marcus® Hotels & Resorts, owns and/or manages 16 hotels, resorts and other properties in eight states. For more information, please visit the company's website at www.marcuscorp.com.

    Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (12) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (13) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (14) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

     

    THE MARCUS CORPORATION

     

    Consolidated Statements of Earnings (Loss)

    (Unaudited)

    (in thousands, except per share data)

     

     

    13 Weeks Ended

     

    39 Weeks Ended

     

    September 26,

    2024

     

    September 28,

    2023

     

    September 26,

    2024

     

    September 28,

    2023

    Revenues:

     

     

     

     

     

     

     

    Theatre admissions

    $

    68,980

     

     

    $

    63,652

     

     

    $

    158,156

     

     

    $

    180,274

     

    Rooms

     

    40,019

     

     

     

    36,456

     

     

     

    88,728

     

     

     

    82,959

     

    Theatre concessions

     

    62,118

     

     

     

    54,551

     

     

     

    141,230

     

     

     

    156,633

     

    Food and beverage

     

    22,283

     

     

     

    20,214

     

     

     

    57,718

     

     

     

    53,980

     

    Other revenues

     

    28,876

     

     

     

    23,908

     

     

     

    71,112

     

     

     

    65,024

     

     

     

    222,276

     

     

     

    198,781

     

     

     

    516,944

     

     

     

    538,870

     

    Cost reimbursements

     

    10,392

     

     

     

    9,985

     

     

     

    30,303

     

     

     

    29,179

     

    Total revenues

     

    232,668

     

     

     

    208,766

     

     

     

    547,247

     

     

     

    568,049

     

     

     

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

     

     

    Theatre operations

     

    68,460

     

     

     

    62,742

     

     

     

    165,563

     

     

     

    180,716

     

    Rooms

     

    12,300

     

     

     

    11,594

     

     

     

    32,875

     

     

     

    31,232

     

    Theatre concessions

     

    24,062

     

     

     

    20,738

     

     

     

    57,463

     

     

     

    59,069

     

    Food and beverage

     

    16,084

     

     

     

    15,266

     

     

     

    45,027

     

     

     

    43,285

     

    Advertising and marketing

     

    6,645

     

     

     

    6,025

     

     

     

    18,448

     

     

     

    16,703

     

    Administrative

     

    23,202

     

     

     

    19,854

     

     

     

    67,234

     

     

     

    59,171

     

    Depreciation and amortization

     

    17,274

     

     

     

    19,158

     

     

     

    49,988

     

     

     

    51,028

     

    Rent

     

    6,631

     

     

     

    6,592

     

     

     

    19,474

     

     

     

    19,679

     

    Property taxes

     

    4,442

     

     

     

    4,663

     

     

     

    12,061

     

     

     

    13,952

     

    Other operating expenses

     

    10,279

     

     

     

    10,290

     

     

     

    29,890

     

     

     

    29,577

     

    Loss on disposition of property, equipment and other assets

     

    115

     

     

     

    242

     

     

     

    95

     

     

     

    1,019

     

    Impairment charges

     

    —

     

     

     

    684

     

     

     

    472

     

     

     

    684

     

    Reimbursed costs

     

    10,392

     

     

     

    9,985

     

     

     

    30,303

     

     

     

    29,179

     

    Total costs and expenses

     

    199,886

     

     

     

    187,833

     

     

     

    528,893

     

     

     

    535,294

     

     

     

     

     

     

     

     

     

    Operating income

     

    32,782

     

     

     

    20,933

     

     

     

    18,354

     

     

     

    32,755

     

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

    Investment income

     

    809

     

     

     

    445

     

     

     

    1,674

     

     

     

    1,064

     

    Interest expense

     

    (3,062

    )

     

     

    (2,869

    )

     

     

    (8,160

    )

     

     

    (8,970

    )

    Other income (expense)

     

    (390

    )

     

     

    (477

    )

     

     

    (1,121

    )

     

     

    (1,355

    )

    Debt conversion expense

     

    (1,410

    )

     

     

    —

     

     

     

    (15,318

    )

     

     

    —

     

    Equity earnings (losses) from unconsolidated joint ventures

     

    (9

    )

     

     

    75

     

     

     

    (446

    )

     

     

    (127

    )

     

     

    (4,062

    )

     

     

    (2,826

    )

     

     

    (23,371

    )

     

     

    (9,388

    )

     

     

     

     

     

     

     

     

    Earnings (loss) before income taxes

     

    28,720

     

     

     

    18,107

     

     

     

    (5,017

    )

     

     

    23,367

     

    Income tax expense

     

    5,406

     

     

     

    5,873

     

     

     

    3,756

     

     

     

    7,133

     

    Net earnings (loss)

    $

    23,314

     

     

    $

    12,234

     

     

     

    (8,773

    )

     

     

    16,234

     

     

     

     

     

     

     

     

     

    Net earnings (loss) per common share - diluted

    $

    0.73

     

     

    $

    0.32

     

     

    $

    (0.28

    )

     

    $

    0.46

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding - diluted

     

    32,031

     

     

     

    40,974

     

     

     

    32,002

     

     

     

    40,935

     

    THE MARCUS CORPORATION

     

    Condensed Consolidated Balance Sheets

    (Unaudited)

    (In thousands)

     

     

     

     

     

    September 26,

    2024

     

    December 28,

    2023

     

     

     

     

    Assets:

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    28,415

     

    $

    55,589

    Restricted cash

     

    4,630

     

     

    4,249

    Accounts receivable

     

    28,309

     

     

    19,703

    Assets held for sale

     

    —

     

     

    —

    Other current assets

     

    26,391

     

     

    22,175

    Property and equipment, net

     

    686,993

     

     

    682,262

    Operating lease right-of-use assets

     

    168,404

     

     

    179,788

    Other assets

     

    103,817

     

     

    101,337

     

     

     

     

    Total Assets

    $

    1,046,959

     

    $

    1,065,103

     

     

     

     

    Liabilities and Shareholders' Equity:

     

     

     

     

     

     

     

    Accounts payable

    $

    39,284

     

    $

    37,384

    Income taxes

     

    847

     

     

    —

    Taxes other than income taxes

     

    17,730

     

     

    18,585

    Other current liabilities

     

    76,317

     

     

    80,283

    Current portion of finance lease obligations

     

    2,546

     

     

    2,579

    Current portion of operating lease obligations

     

    14,315

     

     

    15,290

    Current maturities of long-term debt

     

    10,460

     

     

    10,303

    Finance lease obligations

     

    10,989

     

     

    12,753

    Operating lease obligations

     

    167,384

     

     

    178,582

    Long-term debt

     

    162,633

     

     

    159,548

    Deferred income taxes

     

    34,719

     

     

    32,235

    Other long-term obligations

     

    47,443

     

     

    46,389

    Equity

     

    462,292

     

     

    471,172

     

     

     

     

    Total Liabilities and Shareholders' Equity

    $

    1,046,959

     

    $

    1,065,103

    THE MARCUS CORPORATION

     

    Business Segment Information

    (Unaudited)

    (In thousands)

     

     

    Theatres

     

    Hotels/

    Resorts

     

    Corporate

    Items

     

    Total

    13 Weeks Ended September 26, 2024

     

     

     

     

     

     

     

    Revenues

    $

    143,843

     

    $

    88,738

     

    $

    87

     

     

    $

    232,668

    Operating income (loss)

     

    21,761

     

     

    17,041

     

     

    (6,020

    )

     

     

    32,782

    Depreciation and amortization

     

    11,347

     

     

    5,789

     

     

    138

     

     

     

    17,274

    Adjusted EBITDA

     

    33,187

     

     

    23,074

     

     

    (3,986

    )

     

     

    52,275

     

     

     

     

     

     

     

     

    13 Weeks Ended September 28, 2023

     

     

     

     

     

     

     

    Revenues

    $

    126,585

     

    $

    82,098

     

    $

    83

     

     

    $

    208,766

    Operating income (loss)

     

    11,377

     

     

    14,377

     

     

    (4,821

    )

     

     

    20,933

    Depreciation and amortization

     

    14,258

     

     

    4,817

     

     

    83

     

     

     

    19,158

    Adjusted EBITDA

     

    26,695

     

     

    19,446

     

     

    (3,811

    )

     

     

    42,330

     

     

     

     

     

     

     

     

    39 Weeks Ended September 26, 2024

     

     

     

     

     

     

     

    Revenues

    $

    326,565

     

    $

    220,432

     

    $

    250

     

     

    $

    547,247

    Operating income (loss)

     

    18,803

     

     

    17,996

     

     

    (18,445

    )

     

     

    18,354

    Depreciation and amortization

     

    33,900

     

     

    15,701

     

     

    387

     

     

     

    49,988

    Adjusted EBITDA

     

    54,412

     

     

    34,489

     

     

    (12,375

    )

     

     

    76,526

     

     

     

     

     

     

     

     

    39 Weeks Ended September 28, 2023

     

     

     

     

     

     

     

    Revenues

    $

    359,811

     

    $

    207,975

     

    $

    263

     

     

    $

    568,049

    Operating income (loss)

     

    32,707

     

     

    15,450

     

     

    (15,402

    )

     

     

    32,755

    Depreciation and amortization

     

    37,063

     

     

    13,706

     

     

    259

     

     

     

    51,028

    Adjusted EBITDA

     

    71,749

     

     

    30,372

     

     

    (11,635

    )

     

     

    90,486

     

    Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

    Supplemental Data

    (Unaudited)

    (In thousands)

     

     

     

    13 Weeks Ended

     

    39 Weeks Ended

    Consolidated

     

    September 26,

    2024

     

    September 28,

    2023

     

    September 26,

    2024

     

    September 28,

    2023

    Net cash flow provided by (used in) operating activities

     

    $

    30,497

     

     

    $

    21,316

     

     

    $

    51,374

     

     

    $

    68,642

     

    Net cash flow provided by (used in) investing activities

     

     

    (17,757

    )

     

     

    (10,240

    )

     

     

    (58,397

    )

     

     

    (26,882

    )

    Net cash flow provided by (used in) financing activities

     

     

    (17,480

    )

     

     

    (19,848

    )

     

     

    (19,770

    )

     

     

    (26,184

    )

    Capital expenditures

     

     

    (18,487

    )

     

     

    (9,940

    )

     

     

    (53,770

    )

     

     

    (25,836

    )

    THE MARCUS CORPORATION

     

    Reconciliation of Net earnings (loss) to Adjusted EBITDA

    (Unaudited)

    (In thousands)

     

     

     

     

     

    13 Weeks Ended

     

    39 Weeks Ended

     

    September 26,

    2024

     

    September 28,

    2023

     

    September 26,

    2024

     

    September 28,

    2023

    Net earnings (loss)

    $

    23,314

     

     

    $

    12,234

     

     

    $

    (8,773

    )

     

    $

    16,234

     

    Add (deduct):

     

     

     

     

     

     

     

    Investment income

     

    (809

    )

     

     

    (445

    )

     

     

    (1,674

    )

     

     

    (1,064

    )

    Interest expense

     

    3,062

     

     

     

    2,869

     

     

     

    8,160

     

     

     

    8,970

     

    Other expense (income)

     

    390

     

     

     

    477

     

     

     

    1,121

     

     

     

    1,355

     

    (Gain) Loss on disposition of property, equipment and other assets

     

    115

     

     

     

    242

     

     

     

    95

     

     

     

    1,019

     

    Equity (earnings) losses from unconsolidated joint ventures

     

    9

     

     

     

    (75

    )

     

     

    446

     

     

     

    127

     

    Income tax expense (benefit)

     

    5,406

     

     

     

    5,873

     

     

     

    3,756

     

     

     

    7,133

     

    Depreciation and amortization

     

    17,274

     

     

     

    19,158

     

     

     

    49,988

     

     

     

    51,028

     

    Share-based compensation (a)

     

    2,225

     

     

     

    1,313

     

     

     

    7,157

     

     

     

    5,000

     

    Impairment charges (b)

     

    —

     

     

     

    684

     

     

     

    472

     

     

     

    684

     

    Theatre exit costs (c)

     

    —

     

     

     

    —

     

     

     

    136

     

     

     

    —

     

    Insured losses (recoveries) (d)

     

    (206

    )

     

     

    —

     

     

     

    239

     

     

     

    —

     

    Debt conversion expense (e)

     

    1,410

     

     

     

    —

     

     

     

    15,318

     

     

     

    —

     

    Other non-recurring (f)

     

    85

     

     

     

    —

     

     

     

    85

     

     

     

    —

     

    Adjusted EBITDA

    $

    52,275

     

     

    $

    42,330

     

     

    $

    76,526

     

     

    $

    90,486

     

    Reconciliation of Operating income (loss) to Adjusted EBITDA by Reportable Segment

    (Unaudited)

    (In thousands)

     

     

    13 Weeks Ended September 26, 2024

     

    39 Weeks Ended September 26, 2024

     

    Theatres

     

    Hotels &

    Resorts

     

    Corp.

    Items

     

    Total

     

    Theatres

     

    Hotels &

    Resorts

     

    Corp.

    Items

     

    Total

    Operating income (loss)

    $

    21,761

     

     

    $

    17,041

     

     

    $

    (6,020

    )

     

    $

    32,782

     

     

    $

    18,803

     

    $

    17,996

     

     

    $

    (18,445

    )

     

    $

    18,354

    Depreciation and amortization

     

    11,347

     

     

     

    5,789

     

     

     

    138

     

     

     

    17,274

     

     

     

    33,900

     

     

    15,701

     

     

     

    387

     

     

     

    49,988

    (Gain) loss on disposition of property, equipment and other assets

     

    126

     

     

     

    (11

    )

     

     

    —

     

     

     

    115

     

     

     

    99

     

     

    (4

    )

     

     

    —

     

     

     

    95

    Share-based compensation (a)

     

    159

     

     

     

    255

     

     

     

    1,811

     

     

     

    2,225

     

     

     

    763

     

     

    796

     

     

     

    5,598

     

     

     

    7,157

    Impairment charges (b)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    472

     

     

    —

     

     

     

    —

     

     

     

    472

    Theatre exit costs (c)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    136

     

     

    —

     

     

     

    —

     

     

     

    136

    Insured losses (recoveries) (d)

     

    (206

    )

     

     

    —

     

     

     

    —

     

     

     

    (206

    )

     

     

    239

     

     

    —

     

     

     

    —

     

     

     

    239

    Other non-recurring (f)

     

    —

     

     

     

    —

     

     

     

    85

     

     

     

    85

     

     

     

    —

     

     

    —

     

     

     

    85

     

     

     

    85

    Adjusted EBITDA

    $

    33,187

     

     

    $

    23,074

     

     

    $

    (3,986

    )

     

    $

    52,275

     

     

    $

    54,412

     

    $

    34,489

     

     

    $

    (12,375

    )

     

    $

    76,526

     

     

    13 Weeks Ended September 28, 2023

     

    39 Weeks Ended September 28, 2023

     

    Theatres

     

    Hotels &

    Resorts

     

    Corp.

    Items

     

    Total

     

    Theatres

     

    Hotels &

    Resorts

     

    Corp.

    Items

     

    Total

    Operating income (loss)

    $

    11,377

     

    $

    14,377

     

    $

    (4,821

    )

     

    $

    20,933

     

    $

    32,707

     

    $

    15,450

     

    $

    (15,402

    )

     

    $

    32,755

    Depreciation and amortization

     

    14,258

     

     

    4,817

     

     

    83

     

     

     

    19,158

     

     

    37,063

     

     

    13,706

     

     

    259

     

     

     

    51,028

    (Gain) loss on disposition of property, equipment and other assets

     

    233

     

     

    9

     

     

    —

     

     

     

    242

     

     

    537

     

     

    482

     

     

    —

     

     

     

    1,019

    Share-based compensation (a)

     

    143

     

     

    243

     

     

    927

     

     

     

    1,313

     

     

    758

     

     

    734

     

     

    3,508

     

     

     

    5,000

    Impairment charges (b)

     

    684

     

     

    —

     

     

    —

     

     

     

    684

     

     

    684

     

     

    —

     

     

    —

     

     

     

    684

    Adjusted EBITDA

    $

    26,695

     

    $

    19,446

     

    $

    (3,811

    )

     

    $

    42,330

     

    $

    71,749

     

    $

    30,372

     

    $

    (11,635

    )

     

    $

    90,486

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (a)

    Non-cash expense related to share-based compensation programs.

    (b)

    Non-cash impairment charges related to one permanently closed theatre location in the second quarter of fiscal 2024 and one permanently closed theatre location in fiscal 2023.

    (c)

    Non-recurring costs related to the closure and exit of one theatre location in the second quarter of fiscal 2024.

    (d)

    Repair costs and insurance recoveries that are non-operating in nature related to insured property damage at one theatre location.

    (e)

    Debt conversion expense for repurchases of $99.9 million aggregate principal amount of Convertible Notes. See Convertible Senior Notes Repurchases in the "Liquidity and Capital Resources" section of MD&A included in the fiscal 2024 third quarter Form 10-Q for further discussion.

    (f)

    Other non-recurring includes professional fees related to convertible debt repurchase transactions.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241031770635/en/

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      Showplace ICON Theatre & Kitchen will be renamed Marcus West End Cinema Marcus Theatres®, a division of The Marcus Corporation® (NYSE:MCS), announced today that it will take over the operations of the Showplace ICON Theatre & Kitchen at the Shops at West End in St. Louis Park, Minn., after doors closed June 30, 2024. Through an agreement to assume operations with the property's owner, Marcus will reopen the theatre to customers on July 8, 2024, as the Marcus West End Cinema. "We're thrilled to extend the Marcus Theatres experience to the Shops at West End," said Mark Gramz, president of Marcus Theatres. "It's an opportunity to continue to engage Marcus movie fans as well as gain new one

      7/1/24 9:00:00 AM ET
      $MCS
      Movies/Entertainment
      Consumer Discretionary
    • KKR, CrowdStrike Holdings and GoDaddy Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, June 7, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, June 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from the S

      6/7/24 6:09:00 PM ET
      $ADTN
      $ALTR
      $ATNI
      $BMRN
      Telecommunications Equipment
      Utilities
      Computer Software: Prepackaged Software
      Technology
    • Marcus Hotels & Resorts Appoints Tiffany Leadbetter Donato as Chief Investment Officer

      Marcus® Hotels & Resorts, a nationally recognized hotel owner and management company and division of The Marcus Corporation (NYSE:MCS), today announced the appointment of Tiffany Leadbetter Donato as its first chief investment officer. A proven hotel investment and asset management executive, Donato will oversee all transactional activities designed to fuel growth, including acquisitions, co-investments, and new third-party management contracts. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230901476167/en/Tiffany Leadbetter Donato, chief investment officer at Marcus Hotels & Resorts (Photo: Business Wire) Donato brings over 25

      9/5/23 7:45:00 AM ET
      $MCS
      Movies/Entertainment
      Consumer Discretionary