Marcus Corporation (NYSE: MCS) reported Q4 EPS of $0.33, $0.11 better than the analyst estimate of $0.22. Revenue for the quarter came in at $206.86 million versus the consensus estimate of $199.81 million.

Fourth Quarter Fiscal 2019 Highlights

• Total revenues for the fourth quarter of fiscal 2019 were a record $206,862,000, an 18.2% increase from revenues of $175,032,000 for the fourth quarter of fiscal 2018.
• Operating income for the fourth quarter of fiscal 2019 was $13,379,000, an 8.7% decrease from operating income of $14,653,000 for the fourth quarter of fiscal 2018.
• Net earnings attributable to The Marcus Corporation were $7,802,000 for the fourth quarter of fiscal 2019, a 10.5% decrease from net earnings attributable to The Marcus Corporation of $8,720,000 for the fourth quarter of fiscal 2018.
• Net earnings per diluted common share attributable to The Marcus Corporation were $0.25 for the fourth quarter of fiscal 2019, a 16.7% decrease from net earnings per diluted common share attributable to The Marcus Corporation of $0.30 for the fourth quarter of fiscal 2018.
• Adjusted net earnings attributable to The Marcus Corporation were $10,469,000 for the fourth quarter of fiscal 2019, an 11.6% decrease from Adjusted net earnings attributable to The Marcus Corporation of $11,848,000 for the fourth quarter of fiscal 2018.
• Adjusted net earnings per diluted common share attributable to The Marcus Corporation were $0.33 for the fourth quarter of fiscal 2019, a 19.5% decrease from Adjusted net earnings per diluted common share attributable to The Marcus Corporation of $0.41 for the prior year fourth quarter.
• Adjusted EBITDA was $36,710,000 for the fourth quarter of fiscal 2019, a 1.9% increase from Adjusted EBITDA of $36,035,000 for the fourth 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 in the fourth quarter of fiscal 2019 to eliminate the unfavorable impact of new theatre preopening expenses, an impairment charge and certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel into Saint Kate® – The Arts Hotel. These same measures in the fourth quarter of fiscal 2018 reflect adjustments made by the company to eliminate the favorable impact of certain nonrecurring reductions in deferred income taxes and to eliminate the negative impact of nonrecurring acquisition and preopening expenses related to the Movie Tavern® acquisition, as well as certain nonrecurring preopening expenses and accelerated depreciation expense related to the InterContinental Milwaukee hotel conversion.

“In a year in which both divisions had exciting new opportunities, as well as new challenges, we achieved record revenues for The Marcus Corporation and both divisions for the fourth quarter and full year,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation.

“Our new Movie Tavern theatres contributed to our record revenues, but overall results for Marcus Theatres® were primarily impacted by a weaker film slate than in the prior year. The weaker film slate was also reflected in the 2019 national box office, which was down from 2018, but was still the second highest on record. Marcus® Hotels & Resorts would have reported increased operating income for the year, if not for additional preopening expenses and anticipated initial startup losses associated with the introduction of Saint Kate – The Arts Hotel, our new experiential boutique hotel in Milwaukee,” said Marcus.

Marcus noted that The Marcus Corporation also reported record Adjusted EBITDA during both the fourth quarter and full year fiscal 2019, despite the weaker film slate.

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