Last updated on July 3rd, 2019 at 07:16 pm
Milwaukee-based The Marcus Corp. today reported fiscal 2014 third quarter net earnings of $273,000, or 15 cents per share attributable to the company, down from $4.3 million, or a loss of 5 cents per share attributable to the company, in the same quarter a year ago.
Total revenues were $109.8 million, up from $93.7 million in the third quarter of 2013.
Net earnings were impacted by a recent settlement with Marcus’ partners at the Skirvin Hilton Hotel, which added 8 cents per share attributable to the company. However, $2 million in unusual items, mostly related to the settlement of lawsuits regarding its Las Vegas property, had an unfavorable impact.
The Marcus Theatres division led the pack, with a record 26.8 percent revenue increase for the quarter. The company attributed the jump to a strong slate of movies and improvements it has made to theater amenities.
“We are very pleased to report such a strong third quarter driven by record results for Marcus Theatres,” said Gregory Marcus, president and chief executive officer of The Marcus Corp. “The division outperformed the industry for the period. In addition to a strong slate of films this quarter, this division has undergone a smooth transition in leadership and we are making investments in new features and amenities at select locations and executing successful marketing strategies that have attracted more moviegoers to our theatres. Comparable results for Marcus Hotels & Resorts improved slightly in what is typically the weakest quarter for the division, which was not helped by the impact of winter weather on travel in our predominantly Midwestern locations.”