A strong early summer movie lineup and a recovering travel industry helped Milwaukee-based Marcus Corp. finish its fiscal year with record revenues, the company reported.
For the fourth quarter the company’s net earnings increased 92.3 percent to $6.7 million and its total revenue was up 16.8 percent to $107.8 million, compared to the previous fiscal fourth quarter.
For the entire 2011-12 fiscal year, Marcus Corp. had net earnings of $22.7 million up 67.7 percent compared to the previous fiscal year, and its total revenues were up 9.8 percent to nearly $414 million for the fiscal year.
“This was an excellent year for The Marcus Corporation, with revenues reaching record levels. A steady stream of good films and continued improvement in the lodging industry enabled both divisions to contribute to a strong fourth quarter and fiscal 2012,” said Greg Marcus, president and chief executive officer of The Marcus Corp.
However, the results for the fourth quarter and fiscal 2012 benefited from an additional week, which included the busy Memorial Day holiday weekend, Marcus said.
Marcus Theatres achieved a record fourth quarter and a record year. Revenues increased 20.5 percent in the fourth quarter and 9.9 percent for the year, and operating income was up 37.5 percent in the fourth quarter and 26.2 percent for the year, Marcus said.
“This strong performance was due to a solid film slate throughout the year, a 15.9% increase in annual concession revenues and the additional week of operations,” said Marcus.
“Fiscal 2012 ended on a high note, with our two top-performing films for the year – The Avengers and The Hunger Games – playing during the fourth quarter,” said Bruce J. Olson, senior vice president of The Marcus Corp. and president of Marcus Theatres. “For the full year, the top films were The Avengers, The Hunger Games, Harry Potter and the Deathly Hallows: Part 2, Transformers: Dark of the Moon and The Twilight Saga: Breaking Dawn – Part 1.”
For Marcus Hotels & Resorts, revenue per available room (RevPAR) increased 9.3 percent for the fourth quarter and 9.5 percent for the full year, the company said. Operating income more than doubled in the fourth quarter compared to last year and was up 88.2 percent for the full year.
“It is important to note that our ADR (average daily rate) is still not back to where it was prior to the recession, but we are encouraged by the continued improvement in the lodging industry,” Marcus said. “Our intensive development efforts are beginning to bear fruit. We have a number of potential growth opportunities in the pipeline and hope to make announcements regarding these opportunities in the near future.”
A major project is nearing completion at the Hilton Hotel in downtown Milwaukee, where the lobby lounge is being restored to its original art-deco style grandeur and enhanced with seating areas, work-stations and a media center. Enhancements and new guest amenities are also planned for The Pfister Hotel in downtown Milwaukee, the company said.
