The Marcus Corporation (NYSE: MCS) today reported results for the first quarter ended August 30, 2012. The record revenues and improved operating income of Marcus® Hotels & Resorts did not offset reduced results for Marcus Theatres® compared to the division’s record first quarter last year.
First Quarter Fiscal 2013 Highlights
- Total revenues for the first quarter of fiscal 2013 were $117,939,000, a 4.8% decrease from revenues of $123,907,000 for the first quarter of fiscal 2012.
- Operating income was $20,455,000 for the first quarter of fiscal 2013, a 12.4% decrease from operating income of $23,348,000 for the same period in the prior year.
- Net earnings were $10,679,000, or $0.37 per diluted common share, for the first quarter of fiscal 2013, a 14.4% decrease from net earnings of $12,477,000, or $0.42 per diluted common share, for the first quarter of fiscal 2012.
“Last year’s first quarter included the busy Memorial Day weekend, which we did not have during this year’s first quarter. This timing affected both divisions, but had a much greater impact on Marcus Theatres,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation.
Marcus ® Hotels & ResortsMarcus Hotels & Resorts continued to build momentum, with a 3.7% increase in revenue per available room (RevPAR) contributing to record revenues for the division in the first quarter of fiscal 2013. The majority of the increase was due to continued improvement in the average daily rate, a sign of the lodging industry’s ongoing recovery. Operating income for Marcus Hotels was up 10.2% in the first quarter compared to the prior year.