We will also post our Regulation G disclosures when applicable on our website at www.marcuscorp.com.
So with that let’s begin, by talking about our fiscal 2012 fourth quarter and year end results as you can see we ended the year very strong, certainly pleased of your reporting and other significantly improved quarter compared to last year thanks to much stronger results from your Theater division and continued positive trends in our hotels and resorts division.
I am going to take you through some of the detail behind the numbers and then turn the call over to Greg for his comments. Before I get into the operating results let me first briefly address any variations and line items below operating income versus last year. The first unusual item is right off the bat is on the investment income line, during our fourth quarter we recognized a one-time gain of nearly $800,000. On the sales securities that withheld it was investment for some time.
Looking at the fiscal year results, this unusual amount becomes more pronounced due to an approximately $700,000 adjustment to investment income made last year, that was related to the change and estimate of interest income, earned data on the funds we invest several years ago in conjunction with the public portion of the Hilton Milwaukee parking garage.We view both gain recorded this year and the loss recorded last year as one time unusual items. Investment income is historically included interest earned on cash, cash equivalents and notes receivable including notes related to prior sales of time share units on hotels, resorts division and we currently expect return to reporting investment income on just those items during fiscal 2013.Moving on we reported another reduction on interest expense during the fourth quarter compared to the same period last year. Our interest expense was down approximately $240,000 during the fourth quarter and ended the year down nearly $1.1 million compared to the prior year same prior year due primarily to reduce borrowings, we are able to fund our fiscal 2012 capital expenditures, dividends and share repurchases out of operating cash flow eliminating the need for additional incremental debt during the year.
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