The Marcus Corporation Reports Third Quarter Results
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The Marcus Corporation Reports Third Quarter Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2012-03-15
Strong quarter for Marcus Theatres® drives increased revenues and earnings; Marcus® Hotels & Resorts continues to improve
-The Marcus Corporation (NYSE: MCS) today reported results for the third quarter ended February 23, 2012. Marcus Theatres® benefited from a solid slate of popular films, and the results of Marcus® Hotels & Resorts continued to improve.
“Our fourth quarter ends in May with several anticipated hits including The Avengers (3D), Dark Shadows, Battleship and Men in Black 3 (3D). Fiscal 2012 is a 53-week year for us and the additional week will include the traditionally strong Memorial Day weekend”
Third Quarter Fiscal 2012 Highlights
Total revenues for the third quarter of fiscal 2012 were $92,077,000, a 9.6% increase from revenues of $83,997,000 for the third quarter of fiscal 2011.
Operating income was $4,075,000 for the third quarter of fiscal 2012, a significant increase from operating income of $91,000 for the same period in the prior year.
Net earnings were $734,000, or $0.03 per diluted common share, for the third quarter of fiscal 2012, compared to a loss of $2,029,000, or $0.07 per diluted common share, for the third quarter of fiscal 2011.
Results for the third quarter of fiscal 2011 were unfavorably impacted by unusual items totaling approximately $1.8 million before tax, or $0.04 per diluted common share.
First Three Quarters Fiscal 2012 Highlights
Total revenues for the first three quarters of fiscal 2012 were $306,053,000, a 7.5% increase from revenues of $284,688,000 for the same period in fiscal 2011.
Operating income was $33,684,000 for the first three quarters of fiscal 2012, a 35.2% increase from operating income of $24,921,000 for the first three quarters of fiscal 2011.
Net earnings were $16,035,000, or $0.55 per diluted common share, for the first three quarters of fiscal 2012, a 59.2% increase from net earnings of $10,075,000, or $0.34 per diluted common share, for the same period in fiscal 2011.
“We continued our momentum in the third quarter, with improved revenues, operating income and net earnings. Marcus Theatres benefited from a steady stream of hit movies throughout the quarter. The results of Marcus Hotels & Resorts continued to improve, even though our third quarter is historically the weakest quarter for this division due to reduced travel during the winter season in our predominantly Midwestern locations,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation.
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