Challenging film comparisons and nonrecurring expenses impact results
The
Marcus Corporation (NYSE: MCS) today reported results for the first
quarter of fiscal 2019 ended March 28, 2019.
First Quarter Fiscal 2019 Highlights
-
Total revenues for the first quarter of fiscal 2019 were $170,039,000,
a 1.1% increase from total revenues of $168,191,000 for the first
quarter of fiscal 2018.
-
Operating income was $4,950,000 for the first quarter of fiscal 2019,
compared to operating income of $17,016,000 for the prior year quarter.
-
Net earnings attributable to The Marcus Corporation were $1,860,000
for the first quarter of fiscal 2019, compared to net earnings
attributable to The Marcus Corporation of $9,821,000 for the same
period in fiscal 2018.
-
Net earnings per diluted common share attributable to The Marcus
Corporation were $0.06 for the first quarter of fiscal 2019, compared
to net earnings per diluted common share attributable to The Marcus
Corporation of $0.35 for the first quarter of fiscal 2018.
-
Adjusted net earnings attributable to The Marcus Corporation were
$4,085,000 for the first quarter of fiscal 2019, compared to Adjusted
net earnings attributable to The Marcus Corporation of $9,821,000 for
the first quarter of fiscal 2018.
-
Adjusted net earnings per diluted common share attributable to The
Marcus Corporation were $0.13 for the first quarter of fiscal 2019,
compared to Adjusted net earnings per diluted common share
attributable to The Marcus Corporation of $0.35 for the prior year
first quarter.
-
Adjusted EBITDA was $24,756,000 for the first quarter of fiscal 2019,
compared to Adjusted EBITDA of $31,516,000 for the comparable prior
period.
-
Adjusted net earnings attributable to The Marcus Corporation, Adjusted
net earnings per diluted common share attributable to The Marcus
Corporation and Adjusted EBITDA reflect adjustments made by the
company to eliminate the impact of certain nonrecurring acquisition
and preopening expenses related to the Movie Tavern acquisition, as
well as certain nonrecurring preopening expenses related to the
project currently underway to convert the former InterContinental
Milwaukee hotel into Saint Kate – The Arts Hotel.
“As expected, this was a challenging quarter for The Marcus Corporation.
Results for Marcus Theatres® were impacted by a weaker film
slate than in last year’s first quarter and by one-time acquisition and
preopening expenses related to the Movie Tavern acquisition in February.
Marcus® Hotels & Resorts’ results were reduced by
nonrecurring preopening expenses for the conversion of the
InterContinental Milwaukee into Saint Kate – The Arts Hotel,” said
Gregory S. Marcus, president and chief executive officer of The Marcus
Corporation.
“Both The Marcus Corporation and Marcus Theatres achieved record first
quarter revenues as a result of the Movie Tavern acquisition, and if not
for the one-time expenses related to the Saint Kate conversion, revenues
and operating loss for Marcus Hotels would have improved over last
year’s first quarter,” added Marcus.
Marcus
Theatres®
Revenues for Marcus Theatres increased in the first quarter of fiscal
2019 due to the acquisition of the Movie Tavern circuit on February 1,
2019, which added 208 screens at 22 locations to the division’s
footprint. The first quarter revenues and operating income were impacted
by a weaker film slate, including a lack of strong carryover movies from
the holiday season in January and a difficult comparison in February
against Black Panther, 2018’s number-one blockbuster hit. The
film slate improved in March, but it was not enough to offset the lower
January and February revenues.
Operating income for the first quarter of 2019 was also reduced by
acquisition and preopening expenses related to the Movie Tavern
acquisition.
“We are pleased with the Movie Tavern acquisition and the integration is
progressing on schedule. We immediately introduced our popular $5
Tuesday movie program at these locations, as well as other promotional
and marketing initiatives. Although the Movie Tavern theatres were
affected by the weaker film slate as were our other locations, these
theatres outperformed the national box office on a relative basis during
March – an indication that our programs are having an impact on their
performance. Building on that, we plan to launch our Magical Movie
Rewards® loyalty program at all Movie Tavern locations in the
second quarter,” said Marcus.
“The Movie Tavern acquisition further expands our focus on enhanced food
and beverage offerings in our theatres. With the addition of these
locations, we now offer in-theatre dining in approximately 36% of our
company-owned, first-run theatres. We were also excited to recently
announce that we will be introducing the Movie Tavern by Marcus brand to
our home market in October 2019, with the opening of a new theatre
currently under construction in Brookfield, Wis.,” said Rolando B.
Rodriguez, chairman, president and chief executive officer of Marcus
Theatres. “Despite the decreased attendance, we are pleased to report an
increase in average concession sales per person of 5.4% for comparable
theatres during the first quarter, compared to the prior year. This is
due to the increased number of signature food and beverage outlets in
our theatres.”
Early in the second quarter, the company completed the addition of its
signature DreamLoungerSM recliner seating to three Movie
Tavern locations and converted 10 Movie Tavern auditoriums to its SuperScreen
DLX® concept, just in time for the opening of the highly
anticipated Avengers: Endgame film. In addition, one new UltraScreen
DLX® opened at a Marcus Wehrenberg theatre during the first
quarter.
“Our continued investments in premium large format screens, including
our UltraScreen DLX and SuperScreen DLX auditoriums,
enable us to capitalize on the audience appeal of the biggest
blockbuster films. These films play exceptionally well on an immersive
screen with dramatic sound that provides the ultimate moviegoing
experience,” said Rodriguez.
The five top-performing films for Marcus Theatres in the first quarter
were Captain Marvel, How to Train Your Dragon: The Hidden World,
Aquaman, The Lego Movie 2: The Second Part and The Upside.
“Excitement is building for tonight’s kickoff to the busy summer season,
which includes highly anticipated movies such as Avenger: Endgame,
Pokémon: Detective Pikachu, Aladdin, Godzilla: King of the Monsters, The
Secret Life of Pets 2, X-Men: Dark Phoenix, Men in Black: International,
Toy Story 4, Spider-Man: Far From Home, The Lion King and Fast
and Furious Presents: Hobbs & Shaw,” said Rodriguez.
Marcus®
Hotels & Resorts
Marcus Hotels & Resorts’ revenue per available room (RevPAR) for
comparable company-owned properties decreased 1.9% in the first quarter
of fiscal 2019, due to the ongoing renovation of the Hilton Madison
Monona Terrace hotel in Madison, Wis. Excluding this hotel, both RevPAR
and room revenues increased 2.6% compared to the prior year quarter. The
first quarter revenue increase was also driven by higher food and
beverage revenues at comparable hotels and increased management fees in
what is typically the weakest quarter for the division due to the slower
winter season in the company’s Midwestern markets.
“The increased operating loss for the first quarter of fiscal 2019 was
due entirely to preopening expenses related to the transformation of the
InterContinental Milwaukee hotel into Saint Kate – The Arts Hotel.
Excluding this closed hotel, the operating loss for the division would
have decreased approximately 32% compared to the first quarter of last
year due to higher revenues and a continued focus on cost controls and
improving operating efficiency,” said Marcus.
“The transformation of the InterContinental Milwaukee into Saint Kate –
The Arts Hotel continues to move forward in anticipation of our June 1
targeted opening date. The hotel has been closed since early January. We
look forward to unveiling this new independent hotel focused on the arts
and welcoming local residents and guests alike,” said Marcus. He noted
that the company expects to incur additional preopening expenses for
this project in the second quarter of 2019.
On April 1, Marcus Hotels & Resorts assumed management of the Hyatt
Regency Schaumburg hotel in Schaumburg, Ill. This 468-room hotel is
located just 15 miles from Chicago O’Hare International Airport and
close to popular leisure attractions and business hubs. The hotel, which
recently completed a $15 million renovation, offers upscale
accommodations, robust amenities and more than 30,000 square feet of
indoor and outdoor meeting and event space including a 3,100 square foot
starlit terrace.
“We are excited to assume management of a very well-known Chicago area
hotel and to be affiliated with Hyatt, a leading global hospitality
company known for its distinctive guest experiences. This is our first
managed property with the Hyatt organization and we are pleased to add
this highly respected brand to our portfolio,” said Marcus.
With the addition of the Hyatt Regency Schaumburg, Marcus Hotels &
Resorts now owns and/or manages 22 hotels, resorts and other properties
in nine states.
Conference Call and Webcast
Marcus Corporation management will hold a conference call today,
Thursday, April 25, 2019, 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: www.marcuscorp.com,
or by dialing 1-574-990-3059 and entering the passcode 4354006.
A telephone replay of the conference call will be available through
Thursday, May 2, 2019, by dialing 1-855-859-2056 and entering passcode
4354006. The webcast will be archived on the company’s website until its
next earnings release.
Non-GAAP Financial Measures
Adjusted net earnings attributable to The Marcus Corporation, Adjusted
net earnings per diluted common share attributable to The Marcus
Corporation and Adjusted EBITDA have been presented in this press
release as supplemental measures of financial performance that are not
required by, or presented in accordance with, GAAP. The company defines
Adjusted net earnings attributable to The Marcus Corporation as net
earnings attributable to The Marcus Corporation adjusted to eliminate
the impact of certain items that the company does not consider
indicative of its core operating performance and the tax effect related
to those items. The company defines Adjusted net earnings per diluted
common share attributable to The Marcus Corporation as Adjusted net
earnings attributable to The Marcus Corporation divided by diluted
weighted average shares outstanding. The company defines Adjusted EBITDA
as net earnings attributable to The Marcus Corporation before investment
income, 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 and depreciation and
amortization, adjusted to eliminate the impact of certain items that the
company does not consider indicative of its core operating performance.
Reconciliations of these measures to the equivalent measures under GAAP
are set forth in the attached tables.
Adjusted net earnings attributable to The Marcus Corporation, Adjusted
net earnings per diluted common share attributable to The Marcus
Corporation and Adjusted EBITDA are key measures 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 net
earnings attributable to The Marcus Corporation, Adjusted net earnings
per diluted common share attributable to The Marcus Corporation and
Adjusted EBITDA are useful measures, as they eliminate certain expenses
that are not indicative of the company’s core operating performance and
facilitate 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 net earnings, Adjusted
diluted earnings per share and Adjusted EBITDA are also used by
analysts, investors and other interested parties as performance measures
to evaluate industry competitors.
Adjusted net earnings attributable to The Marcus Corporation, Adjusted
net earnings per diluted common share attributable to The Marcus
Corporation and Adjusted EBITDA are non-GAAP measures of the company’s
financial performance and should not be considered as alternatives to
net earnings or diluted earnings per share as a measure of financial
performance, or any other performance measure derived in accordance with
GAAP and they should not be construed as an inference that the company’s
future results will be unaffected by unusual or non-recurring items.
Additionally, Adjusted net earnings attributable to The Marcus
Corporation and Adjusted EBITDA are not intended to be measures of
liquidity or free cash flow for management’s discretionary use. In
addition, these non-GAAP measures exclude certain non-recurring and
other charges. Each of these non-GAAP measures has its limitations as an
analytical tool, and you should not consider them in isolation or as a
substitute for analysis of the company’s results as reported under GAAP.
In evaluating Adjusted net earnings attributable to The Marcus
Corporation, Adjusted net earnings per diluted common share attributable
to The Marcus Corporation and Adjusted EBITDA, you should be aware that
in the future we will incur expenses that are the same as or similar to
some of the items eliminated in the adjustments made to determine
Adjusted net earnings attributable to The Marcus Corporation, Adjusted
net earnings per diluted common share attributable to The Marcus
Corporation and Adjusted EBITDA, such as acquisition expenses,
preopening expenses, accelerated depreciation and other adjustments. The
company’s presentation of Adjusted net earnings attributable to The
Marcus Corporation, Adjusted net earnings per diluted common share
attributable to The Marcus Corporation and 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 net
earnings, Adjusted diluted earnings per share and Adjusted EBITDA differ
among companies in our industries, and therefore Adjusted net earnings,
Adjusted diluted earnings per share and 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 manages 1,098 screens at 90 locations in 17
states. The company’s lodging division, Marcus®
Hotels & Resorts, owns and/or manages 22 hotels, resorts and
other properties in nine 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 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 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; (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; (10) a
disruption in our business and reputational and economic risks
associated with civil securities claims brought by shareholders; and
(11) our ability to timely and successfully integrate the Movie Tavern
operations into our own circuit. 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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THE MARCUS CORPORATION
|
Consolidated Statements of Earnings
|
(Unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
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March 28,
|
|
March 29,
|
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
Theatre admissions
|
|
$
|
58,969
|
|
|
$
|
63,006
|
|
Rooms
|
|
|
18,938
|
|
|
|
20,671
|
|
Theatre concessions
|
|
|
47,155
|
|
|
|
41,413
|
|
Food and beverage
|
|
|
15,783
|
|
|
|
15,803
|
|
Other revenues
|
|
|
20,829
|
|
|
|
19,526
|
|
|
|
|
161,674
|
|
|
|
160,419
|
|
Cost reimbursements
|
|
|
8,365
|
|
|
|
7,772
|
|
Total revenues
|
|
|
170,039
|
|
|
|
168,191
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
Theatre operations
|
|
|
56,378
|
|
|
|
54,655
|
|
Rooms
|
|
|
9,035
|
|
|
|
9,501
|
|
Theatre concessions
|
|
|
17,269
|
|
|
|
11,961
|
|
Food and beverage
|
|
|
13,609
|
|
|
|
14,065
|
|
Advertising and marketing
|
|
|
4,910
|
|
|
|
5,114
|
|
Administrative
|
|
|
17,859
|
|
|
|
17,282
|
|
Depreciation and amortization
|
|
|
15,985
|
|
|
|
13,904
|
|
Rent
|
|
|
5,403
|
|
|
|
2,951
|
|
Property taxes
|
|
|
5,393
|
|
|
|
5,214
|
|
Other operating expenses
|
|
|
10,883
|
|
|
|
8,756
|
|
Reimbursed costs
|
|
|
8,365
|
|
|
|
7,772
|
|
Total costs and expenses
|
|
|
165,089
|
|
|
|
151,175
|
|
|
|
|
|
|
Operating income
|
|
|
4,950
|
|
|
|
17,016
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
Investment income (loss)
|
|
|
473
|
|
|
|
(36
|
)
|
Interest expense
|
|
|
(3,059
|
)
|
|
|
(3,309
|
)
|
Other expense
|
|
|
(480
|
)
|
|
|
(496
|
)
|
Gain on disposition of property, equipment and other assets
|
|
|
7
|
|
|
|
-
|
|
Equity earnings (losses) from unconsolidated joint ventures, net
|
|
|
(84
|
)
|
|
|
52
|
|
|
|
|
(3,143
|
)
|
|
|
(3,789
|
)
|
|
|
|
|
|
Earnings before income taxes
|
|
|
1,807
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|
|
|
13,227
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Income taxes
|
|
|
13
|
|
|
|
3,421
|
|
Net earnings
|
|
|
1,794
|
|
|
|
9,806
|
|
Net loss attributable to noncontrolling interests
|
|
|
(66
|
)
|
|
|
(15
|
)
|
Net earnings attributable to The Marcus Corporation
|
|
$
|
1,860
|
|
|
$
|
9,821
|
|
|
|
|
|
|
Net earnings per common share attributable to
|
|
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The Marcus Corporation - diluted
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|
$
|
0.06
|
|
|
$
|
0.35
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted
|
|
|
30,499
|
|
|
|
28,434
|
|
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THE MARCUS CORPORATION
|
Condensed Consolidated Balance Sheets
|
(In thousands)
|
|
|
|
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(Unaudited)
|
|
(Audited)
|
|
|
March 28,
|
|
December 27,
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|
|
2019
|
|
2018
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
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Cash, cash equivalents and restricted cash
|
|
$
|
13,254
|
|
$
|
21,927
|
Accounts and notes receivable
|
|
|
20,329
|
|
|
25,684
|
Refundable income taxes
|
|
|
5,882
|
|
|
5,983
|
Other current assets
|
|
|
16,759
|
|
|
15,355
|
Property and equipment, net
|
|
|
934,154
|
|
|
840,043
|
Operating lease right-of-use assets
|
|
|
226,446
|
|
|
-
|
Other assets
|
|
|
125,572
|
|
|
80,339
|
|
|
|
|
|
Total Assets
|
|
$
|
1,342,396
|
|
$
|
989,331
|
|
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
35,263
|
|
$
|
37,452
|
Taxes other than income taxes
|
|
|
17,219
|
|
|
18,743
|
Other current liabilities
|
|
|
64,597
|
|
|
77,192
|
Current portion of finance lease obligations
|
|
|
5,260
|
|
|
5,912
|
Current portion of operating lease obligations
|
|
|
12,591
|
|
|
-
|
Current maturities of long-term debt
|
|
|
10,062
|
|
|
9,957
|
Capital lease obligations
|
|
|
22,556
|
|
|
22,208
|
Operating lease obligations
|
|
|
224,827
|
|
|
-
|
Long-term debt
|
|
|
263,576
|
|
|
228,863
|
Deferred income taxes
|
|
|
41,845
|
|
|
41,977
|
Deferred compensation and other
|
|
|
46,741
|
|
|
56,908
|
Equity
|
|
|
597,859
|
|
|
490,119
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
1,342,396
|
|
$
|
989,331
|
|
|
|
|
|
|
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THE MARCUS CORPORATION
|
Business Segment Information
|
(Unaudited)
|
(In thousands)
|
|
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|
|
|
|
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|
Theatres
|
|
Hotels/ Resorts
|
|
Corporate Items
|
|
Total
|
13 Weeks Ended March 28, 2019
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
114,885
|
|
$
|
55,061
|
|
|
$
|
93
|
|
|
$
|
170,039
|
Operating income (loss)
|
|
|
12,594
|
|
|
(3,153
|
)
|
|
|
(4,491
|
)
|
|
|
4,950
|
Depreciation and amortization
|
|
|
11,127
|
|
|
4,767
|
|
|
|
91
|
|
|
|
15,985
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended March 29, 2018
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
112,935
|
|
$
|
55,168
|
|
|
$
|
88
|
|
|
$
|
168,191
|
Operating income (loss)
|
|
|
23,983
|
|
|
(2,649
|
)
|
|
|
(4,318
|
)
|
|
|
17,016
|
Depreciation and amortization
|
|
|
9,228
|
|
|
4,590
|
|
|
|
86
|
|
|
|
13,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
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|
THE MARCUS CORPORATION
|
|
|
|
|
|
Reconciliation of Adjusted net earnings and Adjusted net earnings
per diluted common share
|
(Unaudited)
|
(In thousands, except per share data)
|
|
|
13 Weeks Ended
|
|
|
March 28,
|
|
March 29,
|
|
|
2019
|
|
2018
|
Net earnings attributable to The Marcus Corporation
|
|
$
|
1,860
|
|
|
$
|
9,821
|
|
Add (deduct):
|
|
|
|
|
Acquisition/preopening expenses - theatres (a)
|
|
|
1,809
|
|
|
|
-
|
|
Preopening expenses - hotels (b)
|
|
|
1,235
|
|
|
|
-
|
|
Tax impact of adjustments to net earnings (c)
|
|
|
(819
|
)
|
|
|
-
|
|
Adjusted net earnings attributable to The Marcus Corporation
|
|
$
|
4,085
|
|
|
$
|
9,821
|
|
|
|
|
|
|
Weighted ave. shares outstanding - diluted
|
|
|
30,499
|
|
|
|
28,434
|
|
|
|
|
|
|
Net earnings per diluted common share attributable to The Marcus
Corporation
|
|
$
|
0.06
|
|
|
$
|
0.35
|
|
Adjusted net earnings per diluted common share attributable to The
Marcus Corporation
|
|
$
|
0.13
|
|
|
$
|
0.35
|
|
|
|
|
|
|
(a) Acquisition and preopening costs incurred related to the Movie
Tavern acquisition.
|
(b) Preopening costs incurred related to the conversion of the
InterContinental Milwaukee into Saint Kate - The Arts Hotel.
|
(c) Represents the tax effect related to adjustments (a) and (b) to
net earnings, calculated using statutory tax rate of 26.9%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net earnings to Adjusted EBITDA
|
(Unaudited)
|
(In thousands)
|
|
|
13 Weeks Ended
|
|
|
March 28,
|
|
March 29,
|
|
|
2019
|
|
2018
|
Net earnings attributable to The Marcus Corporation
|
|
$
|
1,860
|
|
|
$
|
9,821
|
|
Add (deduct):
|
|
|
|
|
Investment (income) loss
|
|
|
(473
|
)
|
|
|
36
|
|
Interest expense
|
|
|
3,059
|
|
|
|
3,309
|
|
Other expense
|
|
|
480
|
|
|
|
496
|
|
(Gain) loss on disposition of property, equipment and other assets
|
|
|
(7
|
)
|
|
|
-
|
|
Equity (earnings) losses from unconsolidated joint ventures, net
|
|
|
84
|
|
|
|
(52
|
)
|
Net loss attributable to noncontrolling interests
|
|
|
(66
|
)
|
|
|
(15
|
)
|
Income tax expense
|
|
|
13
|
|
|
|
3,421
|
|
Depreciation and amortization
|
|
|
15,985
|
|
|
|
13,904
|
|
Share-based compensation expenses (a)
|
|
|
777
|
|
|
|
596
|
|
Acquisition/preopening expenses - theatres (b)
|
|
|
1,809
|
|
|
|
-
|
|
Preopening expenses - hotels (c)
|
|
|
1,235
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
24,756
|
|
|
$
|
31,516
|
|
|
|
|
|
|
(a) Non-cash charges related to share-based compensation programs.
|
(b) Acquisition and preopening costs incurred related to the Movie
Tavern acquisition.
|
(c) Preopening costs incurred related to the conversion of the
InterContinental Milwaukee into Saint Kate - The Arts Hotel.
|
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