The Marcus Corporation (NYSE: MCS) today reported record revenues and increased earnings for the first quarter ended August 29, 2013.
First Quarter Fiscal 2014 Highlights
- Total revenues for the first quarter of fiscal 2014 were a record $129,032,000, a 9.4% increase from revenues of $117,939,000 for the first quarter of fiscal 2013.
- Operating income was $24,347,000 for the first quarter of fiscal 2014, a 19.0% increase from operating income of $20,455,000 for the first quarter of fiscal 2013.
- Net earnings attributable to The Marcus Corporation were $13,431,000 for the first quarter of fiscal 2014, a 25.8% increase from net earnings attributable to The Marcus Corporation of $10,679,000 for the first quarter of fiscal 2013.
- Net earnings per diluted common share attributable to The Marcus Corporation were $0.50 for the first quarter of fiscal 2014, a 35.1% increase from net earnings per diluted common share attributable to The Marcus Corporation of $0.37 for the first quarter of fiscal 2013.
“This was an excellent quarter for The Marcus Corporation. Our record first quarter revenues were driven by a strong summer movie slate for Marcus Theatres®, along with a solid contribution from Marcus® Hotels & Resorts. The 26% increase in net earnings made this our best first quarter since before the 2008 recession,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation.
“First quarter operating income for Marcus Theatres increased 27.4%, setting a new first quarter record. Revenues were up 10.8% for the quarter. This strong performance highlights the positive impact a broad slate of hit pictures can have on our results,” said Marcus.
“The five top-performing films for Marcus Theatres for the first quarter were
Despicable Me 2
Man of Steel
World War Z
(3D),” said Rolando B. Rodriguez, president and chief executive officer of Marcus Theatres.
“While September is historically the weakest month of the year for movie theatres, the month has started stronger than last year and there are several promising films in the upcoming line-up. Potential hits this fall include
Cloudy with a Chance of Meatballs 2
,” said Rodriguez. “The traditionally strong holiday season kicks off in November with
Thor: The Dark World
The Wolf of Wall Street
. Our second quarter concludes with the opening of
The Hunger Games: Catching Fire,
the second installment of The Hunger Games series.”
“During the first quarter, we opened our fifth
Take Five Lounge
, which also serves
pizza, at our remodeled Point Cinema in Madison, Wis. This was followed by the introduction of the Majestic Cinema of Omaha in Omaha, Neb. earlier this week. The former 20 Grand Cinema was renamed following an extensive renovation that included the addition of our sixth
Take Five Lounge
and premium seating in all auditoriums. The initial guest response to these new features has been outstanding,” said Rodriguez. “In addition, construction is continuing on our 15
premium large format
Screen® at the Gurnee Cinema in Gurnee, Ill. The new auditorium, featuring a 70-foot-wide screen and the latest immersive sound technology, is scheduled to open in November.”
He noted that the company recently launched its new Theatre Entertainment Network, offering weekday alternate programming at 29 theatres across the chain. The special programming includes classic movies, live performances, comedy shows and children’s performances. “This type of programming is much more impactful when presented on the big screen and provides opportunities to expand our audience base beyond traditional moviegoers,” Rodriguez said.