Last updated on July 3rd, 2019 at 07:17 pm
The Marcus Corp. today reported a fiscal third quarter operating loss of $224,000, or 5 cents per share, compared with operating income of $4.1 million, or 3 cents per share, in the same period a year ago.
The Milwaukee-based company’s quarterly revenues grew to $93.7 million from $92.1 million a year earlier.
The company’s results were impacted by a weaker overall film slate for Marcus Theatres compared to the prior year and one-time lawsuit settlement costs for Marcus Hotels & Results.
“The overall depth of the third-quarter film product was weaker than during last year’s third quarter, highlighting the fact that this business is heavily dependent on the films produced in Hollywood. The results of our comparable company-owned hotels continued to improve, despite the fact that the third quarter is typically our weakest quarter due to reduced travel during the winter season in our predominantly Midwestern locations. Our hotel division results were negatively impacted by the fact that all material lawsuits related to The Platinum Hotel & Spa in Las Vegas, Nev., were recently resolved, resulting in significant settlement expenses in the third quarter. We are pleased to have this issue behind us and may now move forward without the impact these litigation costs have had on our reported results during the past four years,” said Gregory Marcus, president and chief executive officer of the company.”
Kirk Rose, president of Marcus Hotels & Resorts, reported that renovations to the 23rd floor of the Pfister Hotel in Milwaukee will be completed in early April. The renovation features the creation of an exclusive Pfister Club Lounge for overnight guests and also includes the addition of a high-tech executive boardroom incorporating the latest presentation technology.
“The Pfister Club Lounge has a library-den feel with expansive views of the city, and features comfortable seating, workstations, Wi-Fi Internet access, televisions, and beverages and snacks throughout the day, along with the services of a Club Concierge. A similar club lounge is being added to the Grand Geneva Resort & Spa in Lake Geneva, Wis., and is scheduled to open Memorial Day weekend,” Rose said.