Marcus Corp. earnings fall on impairment charge

Last updated on July 3rd, 2019 at 07:14 pm

Milwaukee-based entertainment and hospitality company The Marcus Corp. today reported fiscal fourth quarter and full year results.

Fourth quarter net income was $3.1 million, or 12 cents per share, down from $4.3 million, or 16 cents per share, in the fourth quarter of 2014. Revenue totaled $120.1 million in the fourth quarter, up from $108.5 million in the fourth quarter of 2014.

Operating income was $8.9 million in the fourth quarter, down from $9.6 million in the same period a year ago. The company recorded a $2.6 million one-time impairment charge related to its hotels and resorts division during the quarter, which contributed to the decrease.

For the full year, Marcus reported net income of $23.6 million, or 87 cents per share, up from $20.9 million, or 92 cents per share, in 2014.

Its 2015 operating income was $50.2 million, up from $48.4 million last year. And full-year revenue was $488.1 million, up from $447.9 million in 2014.

“Our fourth quarter performance provided a strong ending to an excellent year for The Marcus Corp.,” said Gregory Marcus, president and chief executive officer. “Fiscal 2015 revenues set new records for the company and for both of our operating divisions. Marcus Theatres reported record operating income for fiscal 2015 and significantly outperformed the industry for the sixth consecutive quarter. However, operating income for Marcus Hotels & Resorts was reduced by the temporary impact of construction for the conversion of our downtown Chicago hotel into an AC Hotel by Marriott that opened in early June and the one-time impairment charge.”

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