Date of Report
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(Date of earliest
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event reported):
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December 15, 2011
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Wisconsin
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1-12604
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39-1139844
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(State or other
jurisdiction of
incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Not applicable.
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(d)
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Exhibits. The following exhibit is being furnished herewith:
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(99.1)
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Press Release of The Marcus Corporation, dated December 15, 2011, regarding its financial results for its most recently ended fiscal quarter.
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THE MARCUS CORPORATION | |||
Date: December 15, 2011
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By:
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/s/ Douglas A. Neis | |
Douglas A. Neis
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|||
Chief Financial Officer and Treasurer
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|||
(99.1)
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Press Release of The Marcus Corporation, dated December 15, 2011, regarding its financial results for its most recently ended fiscal quarter.
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·
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Total revenues for the second quarter of fiscal 2012 were $90,069,000, a 3.8% increase from revenues of $86,735,000 for the second quarter of fiscal 2011.
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·
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Operating income was $6,261,000 for the second quarter of fiscal 2012, a 15.8% increase from operating income of $5,406,000 for the same period in the prior year.
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·
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Net earnings were $2,824,000 for the second quarter of fiscal 2012, a 35.5% increase from net earnings of $2,084,000 for the second quarter of fiscal 2011.
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·
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Earnings per diluted common share were $0.10 for the second quarter of fiscal 2012, a 42.9% increase from earnings of $0.07 per diluted common share in the comparable prior period.
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·
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Total revenues for the first half of fiscal 2012 were $213,976,000, a 6.6% increase from revenues of $200,691,000 for the same period in fiscal 2011.
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·
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Operating income was $29,609,000 for the first half of fiscal 2012, a 19.2% increase from operating income of $24,830,000 for the first half of fiscal 2011.
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·
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Net earnings were $15,301,000 for the first half of fiscal 2012, a 26.4% increase from net earnings of $12,104,000 for the same period in fiscal 2011.
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·
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Earnings per diluted common share were $0.52 for the first half of fiscal 2012, a 26.8% increase from earnings of $0.41 per diluted common share for the first half of fiscal 2011.
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THE MARCUS CORPORATION
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|||||||||||
Consolidated Statements of Earnings
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|||||||||||
(Unaudited)
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|||||||||||
(In thousands, except per share data)
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13 Weeks Ended
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26 Weeks Ended
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|||||||||||||||
November 24,
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November 25,
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November 24,
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November 25,
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|||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Revenues:
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||||||||||||||||
Theatre admissions
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$ | 25,339 | $ | 27,077 | $ | 69,513 | $ | 69,044 | ||||||||
Rooms
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25,401 | 23,274 | 54,319 | 49,634 | ||||||||||||
Theatre concessions
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13,243 | 12,589 | 36,112 | 32,235 | ||||||||||||
Food and beverage
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14,650 | 13,322 | 29,346 | 26,633 | ||||||||||||
Other revenues
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11,436 | 10,473 | 24,686 | 23,145 | ||||||||||||
Total revenues
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90,069 | 86,735 | 213,976 | 200,691 | ||||||||||||
Costs and expenses:
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||||||||||||||||
Theatre operations
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22,438 | 23,829 | 58,639 | 58,491 | ||||||||||||
Rooms
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8,994 | 8,507 | 18,405 | 17,267 | ||||||||||||
Theatre concessions
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3,552 | 3,369 | 9,089 | 8,154 | ||||||||||||
Food and beverage
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10,323 | 9,672 | 20,788 | 19,225 | ||||||||||||
Advertising and marketing
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5,792 | 5,491 | 11,647 | 10,957 | ||||||||||||
Administrative
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10,741 | 9,568 | 21,556 | 19,617 | ||||||||||||
Depreciation and amortization
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8,910 | 8,315 | 17,830 | 16,657 | ||||||||||||
Rent
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2,008 | 2,103 | 4,131 | 4,150 | ||||||||||||
Property taxes
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3,528 | 3,450 | 6,756 | 6,987 | ||||||||||||
Other operating expenses
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7,522 | 7,025 | 15,526 | 14,356 | ||||||||||||
Total costs and expenses
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83,808 | 81,329 | 184,367 | 175,861 | ||||||||||||
Operating income
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6,261 | 5,406 | 29,609 | 24,830 | ||||||||||||
Other income (expense):
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||||||||||||||||
Investment income
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25 | 58 | 169 | 110 | ||||||||||||
Interest expense
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(2,300 | ) | (2,581 | ) | (4,651 | ) | (5,239 | ) | ||||||||
Gain (loss) on disposition of property, equipment and other assets
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2 | (1 | ) | (179 | ) | (2 | ) | |||||||||
Equity earnings (losses) from unconsolidated joint ventures, net
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34 | (17 | ) | (37 | ) | (86 | ) | |||||||||
(2,239 | ) | (2,541 | ) | (4,698 | ) | (5,217 | ) | |||||||||
Earnings before income taxes
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4,022 | 2,865 | 24,911 | 19,613 | ||||||||||||
Income taxes
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1,198 | 781 | 9,610 | 7,509 | ||||||||||||
Net earnings
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$ | 2,824 | $ | 2,084 | $ | 15,301 | $ | 12,104 | ||||||||
Net earnings per common share - diluted
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$ | 0.10 | $ | 0.07 | $ | 0.52 | $ | 0.41 | ||||||||
Weighted-average shares outstanding - diluted
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29,203 | 29,583 | 29,440 | 29,628 |
THE MARCUS CORPORATION
|
||||||||||
Business Segment Information
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||||||||||
(Unaudited)
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||||||||||
(In thousands)
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Theatres
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Hotels/ Resorts
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Corporate Items
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Total
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|||||||||||||
13 Weeks Ended November 24, 2011
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||||||||||||||||
Revenues
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$ | 41,091 | $ | 48,780 | $ | 198 | $ | 90,069 | ||||||||
Operating income (loss)
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4,642 | 5,082 | (3,463 | ) | 6,261 | |||||||||||
Depreciation and amortization
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4,892 | 3,891 | 127 | 8,910 | ||||||||||||
13 Weeks Ended November 25, 2010
|
||||||||||||||||
Revenues
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$ | 41,916 | $ | 44,589 | $ | 230 | $ | 86,735 | ||||||||
Operating income (loss)
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5,054 | 3,223 | (2,871 | ) | 5,406 | |||||||||||
Depreciation and amortization
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4,228 | 3,952 | 135 | 8,315 | ||||||||||||
26 Weeks Ended November 24, 2011
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||||||||||||||||
Revenues
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$ | 110,954 | $ | 102,678 | $ | 344 | $ | 213,976 | ||||||||
Operating income (loss)
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21,525 | 14,369 | (6,285 | ) | 29,609 | |||||||||||
Depreciation and amortization
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9,742 | 7,833 | 255 | 17,830 | ||||||||||||
26 Weeks Ended November 25, 2010
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||||||||||||||||
Revenues
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$ | 106,598 | $ | 93,656 | $ | 437 | $ | 200,691 | ||||||||
Operating income (loss)
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19,600 | 10,632 | (5,402 | ) | 24,830 | |||||||||||
Depreciation and amortization
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8,460 | 7,927 | 270 | 16,657 | ||||||||||||
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.
|
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