Marcus Corporation Reports Second Quarter Fiscal 2025 Results
Revenues, operating income and Adjusted EBITDA improve significantly
“It was a strong quarter for Marcus Corporation, with significant growth in revenue, operating income, net earnings and Adjusted EBITDA,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Marcus Theatres led the way, as significant improvements in both the quality and quantity of new films drove marked increases in attendance throughout the quarter. Marcus Hotels & Resorts also performed well as group business continued to grow, particularly at our newly renovated hotels. As we look ahead, we remain confident in the operating strength of both businesses and remain focused on driving performance at every level.”
Second Quarter Fiscal 2025 Highlights
-
Total revenues for the second quarter of fiscal 2025 were
$206.0 million 17.0% increase from total revenues of$176.0 million -
Operating income was
$13.0 million $2.2 million -
Net earnings was
$7.3 million $20.2 million $15.0 million $0.47 $5.2 million -
Net earnings per diluted common share was
$0.23 $0.64 $0.17 -
Adjusted EBITDA was
$32.3 million 46.9% increase from Adjusted EBITDA of$22.0 million
First Half Fiscal 2025 Highlights
-
Total revenues for the first half of fiscal 2025 were
$354.8 million 12.8% increase from total revenues of$314.6 million -
Operating loss was
$7.4 million $14.4 million -
Net loss was
$9.5 million $32.1 million $15.0 million $0.47 $17.1 million -
Net loss per diluted common share was
$0.31 $1.03 $0.56 -
Adjusted EBITDA was
$32.0 million 32.0% increase from Adjusted EBITDA of$24.3 million
Revenues, operating income and Adjusted EBITDA improved significantly in the second quarter of fiscal 2025. Total revenues were
Same store admission revenues for the second quarter of fiscal 2025 increased
“The steady cadence of broadly appealing new movies during the second quarter of fiscal 2025 are making it a summer to remember at Marcus Theatres,” said Mark A. Gramz, president of Marcus Theatres. “The second quarter got off to a great start with the blockbuster successes of A Minecraft Movie, Sinners and Thunderbolts*, followed closely by hit films like Lilo & Stitch and Mission Impossible - The Final Reckoning, which led to a record Memorial Day weekend for Marcus Theatres. June was similarly upbeat, with the rhythm of appealing new releases continuing to bring moviegoers back to the theatre to enjoy more great films. Momentum continued into the start of the third quarter fiscal 2025 with strong performances from Jurassic World Rebirth and Superman, with more exciting film releases planned throughout the rest of summer and remainder of the year.”
Several films have contributed to early fiscal 2025 third quarter results, including: Superman, Jurassic World Rebirth, and The Fantastic Four: First Steps, with a strong film slate scheduled for the remainder of the year, including The Naked Gun, The Bad Guys 2, Freakier Friday, The Conjuring: Last Rites, Downton Abbey: The Grand Finale, Tron: Ares, The Black Phone 2, Mortal Kombat 2, Now You See Me: Now You Don’t, Wicked: For Good, Zootopia 2, Five Nights at Freddy’s 2, The SpongeBob Movie: Search for SquarePants and Avatar: Fire and Ash.
During the second quarter, Marcus Theatres completed renovations at the Marcus Syracuse Cinema (formerly Movie Tavern Syracuse) in
During the second quarter of fiscal 2025, Marcus Hotels & Resorts reported total revenues before cost reimbursements of
Revenue per available room, or RevPAR, decreased
“We are pleased with our results during the second quarter of fiscal 2025, with total revenues on par with the same period last year despite a large number of rooms out of service during the Hilton Milwaukee renovation,” said Michael R. Evans, president of Marcus Hotels & Resorts. “All 554 guest rooms are now fully renovated and available as the busy summer and convention seasons continue. While leisure travel is seeing some industry-wide softening, group demand at Marcus Hotels & Resorts remains strong.”
The last phase of extensive renovations at Hilton Milwaukee is underway. The transformation of the hotel’s 34,000 square feet of meeting and event spaces as well as its exquisite lobby and bar will be completed by the end of the year.
Fiscal Year Change
Beginning December 27, 2024, the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year. Accordingly, beginning in the current year, the Company’s quarterly results will be for three-month periods ending March 31, June 30, September 30 and December 31.
Conference Call and Webcast
Marcus Corporation management will hold a conference call today, Friday, August 1, 2025, 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 862370. 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 Friday, August 8, 2025, by dialing 1-866-813-9403 and entering passcode 658050. 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
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 tariffs or 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 tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in
THE MARCUS CORPORATION |
|||||||||||||||
|
|||||||||||||||
Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30,
|
|
June 27,
|
|
June 30,
|
|
June 27,
|
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Theatre admissions |
$ |
62,348 |
|
|
$ |
48,580 |
|
|
$ |
103,279 |
|
|
$ |
89,176 |
|
Rooms |
|
29,632 |
|
|
|
30,496 |
|
|
|
48,907 |
|
|
|
48,709 |
|
Theatre concessions |
|
57,611 |
|
|
|
44,417 |
|
|
|
95,611 |
|
|
|
79,112 |
|
Food and beverage |
|
21,291 |
|
|
|
19,272 |
|
|
|
39,120 |
|
|
|
35,435 |
|
Other revenues |
|
24,790 |
|
|
|
22,534 |
|
|
|
47,664 |
|
|
|
42,236 |
|
|
|
195,672 |
|
|
|
165,299 |
|
|
|
334,581 |
|
|
|
294,668 |
|
Cost reimbursements |
|
10,371 |
|
|
|
10,733 |
|
|
|
20,228 |
|
|
|
19,911 |
|
Total revenues |
|
206,043 |
|
|
|
176,032 |
|
|
|
354,809 |
|
|
|
314,579 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Theatre operations |
|
64,172 |
|
|
|
52,118 |
|
|
|
113,842 |
|
|
|
97,103 |
|
Rooms |
|
11,086 |
|
|
|
11,164 |
|
|
|
20,992 |
|
|
|
20,575 |
|
Theatre concessions |
|
23,337 |
|
|
|
18,515 |
|
|
|
40,788 |
|
|
|
33,401 |
|
Food and beverage |
|
15,656 |
|
|
|
15,080 |
|
|
|
30,285 |
|
|
|
28,943 |
|
Advertising and marketing |
|
6,644 |
|
|
|
6,502 |
|
|
|
11,888 |
|
|
|
11,803 |
|
Administrative |
|
22,972 |
|
|
|
22,630 |
|
|
|
47,688 |
|
|
|
44,032 |
|
Depreciation and amortization |
|
17,603 |
|
|
|
16,699 |
|
|
|
35,441 |
|
|
|
32,714 |
|
Rent |
|
6,354 |
|
|
|
6,496 |
|
|
|
12,571 |
|
|
|
12,843 |
|
Property taxes |
|
4,328 |
|
|
|
3,688 |
|
|
|
8,737 |
|
|
|
7,619 |
|
Other operating expenses |
|
10,332 |
|
|
|
9,741 |
|
|
|
20,938 |
|
|
|
19,611 |
|
(Gain) loss on disposition of property, equipment and other assets |
|
181 |
|
|
|
(43 |
) |
|
|
(1,184 |
) |
|
|
(20 |
) |
Impairment charges |
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
472 |
|
Reimbursed costs |
|
10,371 |
|
|
|
10,733 |
|
|
|
20,228 |
|
|
|
19,911 |
|
Total costs and expenses |
|
193,036 |
|
|
|
173,795 |
|
|
|
362,214 |
|
|
|
329,007 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
13,007 |
|
|
|
2,237 |
|
|
|
(7,405 |
) |
|
|
(14,428 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Investment income |
|
409 |
|
|
|
173 |
|
|
|
483 |
|
|
|
865 |
|
Interest expense |
|
(2,981 |
) |
|
|
(2,564 |
) |
|
|
(5,803 |
) |
|
|
(5,098 |
) |
Other income (expense) |
|
(443 |
) |
|
|
(390 |
) |
|
|
(887 |
) |
|
|
(731 |
) |
Debt conversion expense |
|
— |
|
|
|
(13,908 |
) |
|
|
— |
|
|
|
(13,908 |
) |
Equity earnings (losses) from unconsolidated joint ventures |
|
75 |
|
|
|
(50 |
) |
|
|
(495 |
) |
|
|
(437 |
) |
|
|
(2,940 |
) |
|
|
(16,739 |
) |
|
|
(6,702 |
) |
|
|
(19,309 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (Loss) before income taxes |
|
10,067 |
|
|
|
(14,502 |
) |
|
|
(14,107 |
) |
|
|
(33,737 |
) |
Income tax expense (benefit) |
|
2,746 |
|
|
|
5,719 |
|
|
|
(4,612 |
) |
|
|
(1,650 |
) |
Net earnings (loss) |
$ |
7,321 |
|
|
$ |
(20,221 |
) |
|
|
(9,495 |
) |
|
|
(32,087 |
) |
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) per common share - diluted |
$ |
0.23 |
|
|
$ |
(0.64 |
) |
|
$ |
(0.31 |
) |
|
$ |
(1.03 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - diluted |
|
31,431 |
|
|
|
32,161 |
|
|
|
31,453 |
|
|
|
32,027 |
|
THE MARCUS CORPORATION |
|||||
|
|||||
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||
|
June 30,
|
|
December 26,
|
||
|
|
|
|
||
Assets: |
|
|
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
14,901 |
|
$ |
40,841 |
Restricted cash |
|
1,798 |
|
|
3,738 |
Accounts receivable |
|
22,724 |
|
|
21,457 |
Assets held for sale |
|
— |
|
|
1,199 |
Other current assets |
|
21,586 |
|
|
24,915 |
Property and equipment, net |
|
694,239 |
|
|
685,734 |
Operating lease right-of-use assets |
|
152,686 |
|
|
159,194 |
Other assets |
|
108,373 |
|
|
107,450 |
|
|
|
|
||
Total Assets |
$ |
1,016,307 |
|
$ |
1,044,528 |
|
|
|
|
||
Liabilities and Shareholders' Equity: |
|
|
|
||
|
|
|
|
||
Accounts payable |
$ |
36,675 |
|
$ |
50,690 |
Income taxes |
|
1,050 |
|
|
— |
Taxes other than income taxes |
|
18,512 |
|
|
18,696 |
Other current liabilities |
|
71,673 |
|
|
78,806 |
Current portion of finance lease obligations |
|
2,785 |
|
|
2,591 |
Current portion of operating lease obligations |
|
16,062 |
|
|
15,765 |
Current maturities of long-term debt |
|
9,772 |
|
|
10,133 |
Finance lease obligations |
|
9,572 |
|
|
10,360 |
Operating lease obligations |
|
156,754 |
|
|
164,776 |
Long-term debt |
|
170,116 |
|
|
149,007 |
Deferred income taxes |
|
28,686 |
|
|
32,619 |
Other long-term obligations |
|
46,232 |
|
|
46,219 |
Equity |
|
448,418 |
|
|
464,866 |
|
|
|
|
||
Total Liabilities and Shareholders' Equity |
$ |
1,016,307 |
|
$ |
1,044,528 |
THE MARCUS CORPORATION |
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|
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Business Segment Information (Unaudited) (In thousands) |
|||||||||||||||
|
Theatres |
|
Hotels/ Resorts |
|
Corporate Items |
|
Total |
||||||||
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
131,650 |
|
|
$ |
74,282 |
|
|
$ |
111 |
|
|
$ |
206,043 |
|
Operating income (loss) |
|
15,700 |
|
|
|
4,194 |
|
|
|
(6,887 |
) |
|
|
13,007 |
|
Depreciation and amortization |
|
10,455 |
|
|
|
6,746 |
|
|
|
402 |
|
|
|
17,603 |
|
Adjusted EBITDA |
|
26,546 |
|
|
|
11,226 |
|
|
|
(5,505 |
) |
|
|
32,267 |
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended June 27, 2024 |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
101,452 |
|
|
$ |
74,497 |
|
|
$ |
83 |
|
|
$ |
176,032 |
|
Operating income (loss) |
|
2,781 |
|
|
|
6,117 |
|
|
|
(6,661 |
) |
|
|
2,237 |
|
Depreciation and amortization |
|
11,520 |
|
|
|
5,048 |
|
|
|
131 |
|
|
|
16,699 |
|
Adjusted EBITDA |
|
15,069 |
|
|
|
11,426 |
|
|
|
(4,535 |
) |
|
|
21,960 |
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
219,007 |
|
|
$ |
135,604 |
|
|
$ |
198 |
|
|
$ |
354,809 |
|
Operating income (loss) |
|
9,419 |
|
|
|
(1,850 |
) |
|
|
(14,974 |
) |
|
|
(7,405 |
) |
Depreciation and amortization |
|
21,161 |
|
|
|
13,482 |
|
|
|
798 |
|
|
|
35,441 |
|
Adjusted EBITDA |
|
30,240 |
|
|
|
12,237 |
|
|
|
(10,469 |
) |
|
|
32,008 |
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 27, 2024 |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
182,722 |
|
|
$ |
131,694 |
|
|
$ |
163 |
|
|
$ |
314,579 |
|
Operating income (loss) |
|
(2,958 |
) |
|
|
955 |
|
|
|
(12,425 |
) |
|
|
(14,428 |
) |
Depreciation and amortization |
|
22,553 |
|
|
|
9,912 |
|
|
|
249 |
|
|
|
32,714 |
|
Adjusted EBITDA |
|
21,225 |
|
|
|
11,415 |
|
|
|
(8,389 |
) |
|
|
24,251 |
|
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) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
Consolidated |
|
June 30,
|
|
June 27,
|
|
June 30,
|
|
June 27,
|
||||||||
Net cash flow provided by (used in) operating activities |
|
$ |
31,640 |
|
|
$ |
35,975 |
|
|
$ |
(3,689 |
) |
|
$ |
20,877 |
|
Net cash flow provided by (used in) investing activities |
|
|
(8,766 |
) |
|
|
(19,882 |
) |
|
|
(31,545 |
) |
|
|
(40,640 |
) |
Net cash flow provided by (used in) financing activities |
|
|
(21,898 |
) |
|
|
1,139 |
|
|
|
7,354 |
|
|
|
(2,290 |
) |
Capital expenditures |
|
|
(16,910 |
) |
|
|
(19,843 |
) |
|
|
(39,915 |
) |
|
|
(35,283 |
) |
THE MARCUS CORPORATION |
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|
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Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30,
|
|
June 27,
|
|
June 30,
|
|
June 27,
|
||||||||
Net earnings (loss) |
$ |
7,321 |
|
|
$ |
(20,221 |
) |
|
$ |
(9,495 |
) |
|
$ |
(32,087 |
) |
Add (deduct): |
|
|
|
|
|
|
|
||||||||
Investment income |
|
(409 |
) |
|
|
(173 |
) |
|
|
(483 |
) |
|
|
(865 |
) |
Interest expense |
|
2,981 |
|
|
|
2,564 |
|
|
|
5,803 |
|
|
|
5,098 |
|
Other expense (income) |
|
443 |
|
|
|
390 |
|
|
|
887 |
|
|
|
731 |
|
(Gain) Loss on disposition of property, equipment and other assets |
|
181 |
|
|
|
(43 |
) |
|
|
(1,184 |
) |
|
|
(20 |
) |
Equity earnings (losses) from unconsolidated joint ventures |
|
(75 |
) |
|
|
50 |
|
|
|
495 |
|
|
|
437 |
|
Income tax expense (benefit) |
|
2,746 |
|
|
|
5,719 |
|
|
|
(4,612 |
) |
|
|
(1,650 |
) |
Depreciation and amortization |
|
17,603 |
|
|
|
16,699 |
|
|
|
35,441 |
|
|
|
32,714 |
|
Share-based compensation (a) |
|
1,441 |
|
|
|
2,418 |
|
|
|
4,986 |
|
|
|
4,932 |
|
Impairment charges (b) |
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
472 |
|
Theatre exit costs (c) |
|
— |
|
|
|
136 |
|
|
|
135 |
|
|
|
136 |
|
Insured losses (d) |
|
35 |
|
|
|
41 |
|
|
|
35 |
|
|
|
445 |
|
Debt conversion expense (e) |
|
— |
|
|
|
13,908 |
|
|
|
— |
|
|
|
13,908 |
|
Adjusted EBITDA |
$ |
32,267 |
|
|
$ |
21,960 |
|
|
$ |
32,008 |
|
|
$ |
24,251 |
|
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands) |
|||||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2025 |
|
Six Months Ended June 30, 2025 |
||||||||||||||||||||||||||||
|
Theatres |
|
Hotels & Resorts |
|
Corp. Items |
|
Total |
|
Theatres |
|
Hotels & Resorts |
|
Corp. Items |
|
Total |
||||||||||||||||
Operating income (loss) |
$ |
15,700 |
|
|
$ |
4,194 |
|
|
$ |
(6,887 |
) |
|
$ |
13,007 |
|
|
$ |
9,419 |
|
|
$ |
(1,850 |
) |
|
$ |
(14,974 |
) |
|
$ |
(7,405 |
) |
Depreciation and amortization |
|
10,455 |
|
|
|
6,746 |
|
|
|
402 |
|
|
|
17,603 |
|
|
|
21,161 |
|
|
|
13,482 |
|
|
|
798 |
|
|
|
35,441 |
|
(Gain) loss on disposition of property, equipment and other assets |
|
169 |
|
|
|
12 |
|
|
|
— |
|
|
|
181 |
|
|
|
(1,193 |
) |
|
|
9 |
|
|
|
— |
|
|
|
(1,184 |
) |
Share-based compensation (a) |
|
187 |
|
|
|
274 |
|
|
|
980 |
|
|
|
1,441 |
|
|
|
683 |
|
|
|
596 |
|
|
|
3,707 |
|
|
|
4,986 |
|
Theatre exit costs (c) |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
135 |
|
|
|
— |
|
|
|
— |
|
|
|
135 |
|
|||
Insured losses (d) |
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
Adjusted EBITDA |
$ |
26,546 |
|
|
$ |
11,226 |
|
|
$ |
(5,505 |
) |
|
$ |
32,267 |
|
|
$ |
30,240 |
|
|
$ |
12,237 |
|
|
$ |
(10,469 |
) |
|
$ |
32,008 |
|
|
Three Months Ended June 27, 2024 |
|
Six Months Ended June 27, 2024 |
||||||||||||||||||||||||||||
|
Theatres |
|
Hotels & Resorts |
|
Corp. Items |
|
Total |
|
Theatres |
|
Hotels & Resorts |
|
Corp. Items |
|
Total |
||||||||||||||||
Operating income (loss) |
$ |
2,781 |
|
|
$ |
6,117 |
|
|
$ |
(6,661 |
) |
|
$ |
2,237 |
|
|
$ |
(2,958 |
) |
|
$ |
955 |
|
|
$ |
(12,425 |
) |
|
$ |
(14,428 |
) |
Depreciation and amortization |
|
11,520 |
|
|
|
5,048 |
|
|
|
131 |
|
|
|
16,699 |
|
|
|
22,553 |
|
|
|
9,912 |
|
|
|
249 |
|
|
|
32,714 |
|
(Gain) loss on disposition of property, equipment and other assets |
|
(45 |
) |
|
|
2 |
|
|
|
— |
|
|
|
(43 |
) |
|
|
(27 |
) |
|
|
7 |
|
|
|
— |
|
|
|
(20 |
) |
Share-based compensation (a) |
|
164 |
|
|
|
259 |
|
|
|
1,995 |
|
|
|
2,418 |
|
|
|
604 |
|
|
|
541 |
|
|
|
3,787 |
|
|
|
4,932 |
|
Impairment charges (b) |
|
472 |
|
|
|
— |
|
|
— |
|
|
|
472 |
|
|
|
472 |
|
|
|
— |
|
|
— |
|
|
|
472 |
|
||
Theatre exit costs (c) |
|
136 |
|
|
|
— |
|
|
|
— |
|
|
|
136 |
|
|
|
136 |
|
|
|
— |
|
|
|
— |
|
|
|
136 |
|
Insured losses (d) |
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
445 |
|
|
|
— |
|
|
|
— |
|
|
|
445 |
|
Adjusted EBITDA |
$ |
15,069 |
|
|
$ |
11,426 |
|
|
$ |
(4,535 |
) |
|
$ |
21,960 |
|
|
$ |
21,225 |
|
|
$ |
11,415 |
|
|
$ |
(8,389 |
) |
|
$ |
24,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(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. |
|
(c) |
Non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025 and one theatre location in the second quarter of fiscal 2024. |
|
(d) |
Repair costs that are non-operating in nature related to insured property damage at one theatre location. |
|
(e) |
Debt conversion expense for repurchases of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250731606621/en/
For additional information, contact:
Investors: Chad Paris
(414) 905-1100
investors@marcuscorp.com
Media: Megan Hakes
(414) 788-6599
Megan.Hakes@hprstrategies.com
Source: The Marcus Corporation
