Of course, our actual results could differ materially from those projected or suggested by our forward-looking statements. Factors, risks and uncertainties which could impact our ability to achieve our expectations are included in the Risk Factors section of our 10-K and 10-Q filings which could be obtained from the SEC or the company. We will also post all Regulation G disclosures when applicable on our website at www.marcuscorp.com.So with that behind let's talk about our fiscal 2012 third quarter results. We're obviously pleased to be reporting a significantly improved quarter compared to last year, thanks to much stronger results from our Theatre division and continued positive trends ins our Hotels and Resorts Division. I'm going to take you through some of the details behind the numbers, then turn the call over to Greg for his comments. We did have some variations in a couple of other income and expense line items which are below operating income, primarily as a result of unusual items last year. The first unusual item is reflected in our investment income line which shows $88,000 of investment income this year compared to $643,000 loss in this quarter last year. The favorable swing on this line is attributable almost entirely to an approximately $700,000 adjustment to investment income during last year's third quarter related to a change in estimate of interest income earned to date and the funds we advanced several years ago in conjunction with public portion of our Hilton Milwaukee Parking garage. As we noted a year ago, we don’t expect any additional significant revisions to this estimate in the future. Skipping down two lines for gains and losses of dispositions of fixed assets line, the second unusual item last year was a significant contingent liability we recorded last year during the third quarter related to an adverse legal judgment rendered on a case related to our Las Vegas property. The largest piece of that liability of approximately $750,000 was recorded on our gain or loss line with the remainder negatively impacting Hotels operating income. This judgment is still under appeal so the amount has not been adjusted since last year.
As the Press Release notes, the combined impact of the two unusual items again last year, not this year that I just described totaled approximately $1.8 million of pretax reducing our after tax net earnings per share by approximately $0.04 during our fiscal 2011 third quarter. So just a important note from a comparison perspective.Now the fact that we also recorded losses on disposition this year during our fiscal third quarter which related to the write off of various assets disposed off during recent renovations minimized the year-over-year impact on that gain and loss line during the quarter. Moving on, we reported another reduction in interest expense during the third quarter compared to the same period last year. Our interest expense was down approximately $260,000 during the fiscal 2012 third quarter and is down nearly $850,000 now year-to-date, compared to the prior year's same periods due primarily to reduced borrowings. Our total debt remains as historically low levels and our comparable debt to capitalization ratio at the end of the quarter was 37%, down from 39% at our recent May year end. Now there is one other variation in the last line in our other income and expense section. That's the equity gains and losses on investments in joint venture line this time with a negative impact on our comparisons to last year. Again, the reason it relates to last year was a result of the fact that we've benefited during fiscal 2011 during the third quarter, from one of our two hotels that we have a 15% interest in, reporting a sizable gain from a refinancing of it's debt accounting for that comparative decrease in that line this year compared to the prior year. Read the rest of this transcript for free on seekingalpha.com