Q2 2024 Marcus Corp Earnings Call Transcript
Key Points
- Marcus Corp (MCS) reported a significant improvement in theater attendance in June, indicating a recovery from earlier content supply challenges.
- The Hotels and Resorts division saw a 6.3% increase in revenue compared to the prior year, driven by strong group business and improved occupancy rates.
- RevPAR for comparable owned hotels grew by 6.5%, outperforming both competitive hotels in their markets and the upper upscale hotel segment nationally.
- The company successfully completed refinancing transactions, extending their weighted average debt maturity from 1.6 years to over four years.
- Marcus Corp (MCS) is optimistic about the second half of the year, with a strong slate of films expected to drive theater attendance and continued growth in the hotel segment.
- Consolidated revenues decreased by 15% compared to the prior year, primarily due to a decline in the theater division.
- The theater division experienced a 25.9% decrease in total revenue, with comparable theater attendance dropping by 26.3%.
- The company incurred a net loss of $5.2 million for the second quarter, excluding impacts from convertible debt repurchases.
- Average admission prices decreased by 3.1% due to promotional activities aimed at driving attendance, impacting revenue per customer.
- The company faced a challenging comparison with the prior year due to a weaker film slate and fewer blockbusters in the second quarter.
Good morning, everyone, and welcome to The Marcus Corporation second-quarter 2024 earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions) As a reminder, this conference is being recorded.
Joining us today are Greg Marcus, Chairman, President, and Chief Executive Officer; and Chad Paris, Chief Financial Officer, and Treasurer of The Marcus Corporation. At this time, I'd like to turn the program over to Mr. Paris for his opening remarks. Please go ahead, sir.
Thank you. Good morning, and welcome to our fiscal 2024 second-quarter conference call. I need to begin by stating that we plan to make a number of forward-looking statements on our call today, all of which we intend to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act.
Our forward-looking statements may generally be identified by our use of words such as we believe, anticipate, expect or words of similar import. Our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
