X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MILWAUKEE-The Marcus Corp. released its Q4 and year-end earnings report Thursday, which chronicles a loss in total revenue and net earnings for the quarter but an increase for the previous 12-month period.

“Our diversity was once again a benefit for The Marcus Corporation in fiscal 2009. The record results of Marcus Theatres helped to compensate for a very challenging year for the lodging industry and Marcus Hotels and Resorts,” Stephen Marcus, Marcus chairman said in the release.

For Q4, total revenues declined to $84.2 million from $89.5 million the year before. Net earnings totaled $2.2 million, $0.07 per diluted common share; this is nearly half the previous year’s earnings of $4.03 million, $0.14 per share.

The 2009 fiscal year faired better. Total revenues increased 3.3% from the previous year and totaled $383.5 million, compared to $371.1 million for 2008.

Marcus Theatres experienced an 11.4% increase in revenues and a 21.2% increase in operating incomes in Q4. “The division’s strong performance was driven by a steady flow of high quality film product throughout the year, as well as an additional 83 screens in Nebraska acquired in April 2008. We believe we also benefited from the fact that a night at the movies is a relatively inexpensive form of entertainment, which is especially important in these recessionary times,” said Gregory Marcus, Marcus president and CEO.

In contrast, Marcus Hotels and Resorts charted a decline in both revenues and operating income. Company executives point to the struggling lodging industry as indicative of the decline. RevPAR declined 10.1% during the 2009 fiscal year and 23% in Q4.

“Our visibility into the future is very limited, but it appears that occupancy levels have stabilized at their current lower levels,” Marcus said. “While we are still down from the prior year, RevPAR declines at this point in the traditionally busier summer travel season have lessened slightly. Current industry forecasts indicate we may not begin to see a significant improvement in RevPAR trends until sometime during calendar 2010.”

Marcus Corp. owns 53 movie theater locations throughout the Midwest in states including Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The hotel arm owns or manages 20 hotels in 10 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.