The
Marcus Corporation (NYSE: MCS) today announced that its Board of
Directors has approved a change in the company’s fiscal year end from
the last Thursday in May to the last Thursday in December. The Board of
Directors also indicated it plans to continue quarterly cash dividend
payments based on the new fiscal year calendar. The change will result
in a stub transition period from May 29, 2015 to December 31, 2015.
“The change in the fiscal year end is being made to better align our
financial reporting schedule with the peer groups in our industries. It
will also move our year-end closing activities outside of our busy
summer season and enable our associates to better manage their
workload,” said Stephen H. Marcus, chairman of The Marcus Corporation.
The transition period from May 29 to December 31, 2015 will consist of
31 weeks, compared to 30 weeks for the comparable May 30 to December 25,
2014 period last year. The company expects to provide information in
conjunction with its regularly scheduled fiscal second quarter earnings
announcement in December that will assist investors in evaluating the
impact the change in fiscal year may have on its future reported
quarterly operating results.
About The Marcus Corporation
Celebrating its 80th anniversary in 2015, 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®, currently owns or manages 675 screens at 54
locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North
Dakota and Ohio. The company’s lodging division, Marcus®
Hotels & Resorts, owns and/or manages 20 hotels, resorts and
other properties in 11 states. The company is headquartered in
Milwaukee, Wis. 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 availability, in terms of both quantity and audience
appeal, of motion pictures for our theatre division, as well as other
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; (2) the effects of adverse
economic conditions in our markets, particularly with respect to our
hotels and resorts division; (3) the effects on our occupancy and room
rates of the relative industry supply of available rooms at comparable
lodging facilities in our markets; (4) the effects of competitive
conditions in our markets; (5) our ability to achieve expected benefits
and performance from our strategic initiatives and acquisitions; (6) 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 businesses;
(7) the effects of adverse weather conditions, particularly during the
winter in the Midwest and in our other markets; (8) our ability to
identify properties to acquire, develop and/or manage and the continuing
availability of funds for such development; and (9) 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.
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.
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