Marcus Corporation (MCS) Misses Q3 EPS by 5c, Revenues Beat

Marcus Corporation (NYSE: MCS) reported Q3 EPS of $0.50, $0.05 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $211.46 million versus the consensus estimate of $205.4 million.

Third Quarter Fiscal 2019 Highlights

• Total revenues for the third quarter of fiscal 2019 were a record $211,462,000, a 24.0% increase from revenues of $170,599,000 for the third quarter of fiscal 2018.
• Operating income for the third quarter of fiscal 2019 was $22,387,000, a 0.1% decrease from operating income of $22,413,000 for the third quarter of fiscal 2018.
• Net earnings attributable to The Marcus Corporation were $14,289,000 for the third quarter of fiscal 2019, a 12.0% decrease from net earnings attributable to The Marcus Corporation of $16,231,000 for the third quarter of fiscal 2018.
• Net earnings per diluted common share attributable to The Marcus Corporation were $0.46 for the third quarter of fiscal 2019, a 17.9% decrease from net earnings per diluted common share attributable to The Marcus Corporation of $0.56 for the third quarter of fiscal 2018.
• Adjusted net earnings attributable to The Marcus Corporation were $15,531,000 for the third quarter of fiscal 2019, a 0.2% increase from Adjusted net earnings attributable to The Marcus Corporation of $15,493,000 for the third quarter of fiscal 2018.
• Adjusted net earnings per diluted common share attributable to The Marcus Corporation were $0.50 for the third quarter of fiscal 2019, a 7.4% decrease from Adjusted net earnings per diluted common share attributable to The Marcus Corporation of $0.54 for the prior year third quarter.
• Adjusted EBITDA was $44,161,000 for the third quarter of fiscal 2019, a 17.4% increase from Adjusted EBITDA of $37,621,000 for the third quarter of 2018.
• Adjusted net earnings attributable to The Marcus Corporation, Adjusted net earnings per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA reflect adjustments made by the company to eliminate the favorable impact of certain nonrecurring reductions in deferred income taxes in the third quarter of fiscal 2018 and to eliminate the negative impact of certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel into Saint Kate® – The Arts Hotel, as well as nonrecurring acquisition and preopening expenses related to the Movie Tavern® acquisition, in the third quarter of fiscal 2019.

“Total revenues for The Marcus Corporation were a record in the third quarter due to increased revenues from the theatre division,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation. “Marcus Theatres® reported record revenues and increased operating income during the quarter. In our hotels and resorts division, the reception to Saint Kate – The Arts Hotel has been very positive. Excluding additional preopening expenses and anticipated initial startup losses associated with the introduction of Saint Kate, Marcus® Hotels & Resorts would have reported increased operating income during the third quarter, as well.

“The Marcus Corporation also reported increased earnings before income taxes in the third quarter. Net earnings during the comparable third quarter of 2018 were impacted by a favorable one-time tax benefit,” said Marcus.

For earnings history and earnings-related data on Marcus Corporation (MCS) click here.

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