Marcus reports strong quarter

The Marcus Corp. today reported fiscal second quarter net earnings of $2.8 million, or 10 cents per share, up from $2.1 million, or 7 cents per share, in the same period a year ago.
The Milwaukee-based company’s total revenues for the second quarter rose to $90.1 million, up from $86.7 million a year earlier.
"This was another strong quarter for The Marcus Corporation. Our overall performance benefited from the continued improvement of Marcus Hotels & Resorts. Results for Marcus Theatres were down slightly for the quarter, due to accelerated depreciation related to our conversion to digital cinema technology and a weaker film slate than in the second quarter of last year. However, Marcus Theatres’ results were up for the first half of the fiscal year," said Gregory Marcus, president and chief executive officer of the company. "We are encouraged by the continuing upward trends of both Marcus Hotels and the lodging industry as a whole. All eight company-owned properties contributed to the revenue increase this quarter. Room demand continues to be at historically high levels and we are particularly encouraged by our fourth consecutive quarter of increases in the average daily rate, We continue to actively pursue opportunities to add new management contracts to our portfolio. In addition, our recently created hotel investment business, MCS Capital, LLC, may act as an investment fund sponsor, joint venture partner or sole investor for additional hotel properties.”

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