Marcus Theatres' Q1 Loss Widens On Softer Than Expected Box Office Before ‘Minecraft', ‘Sinners' Turned Things Around
Revenue rose 7.5% to $87.4 million due largely to four more operating days vs the prior year period.
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The company cited higher film costs as a percentage of admissions revenues and higher labor expenses vs a strike-crippled Q1 2024.
Attendance rose 7% and average ticket prices fell 5% on the impact of pricing promotions like the $7 Everyday Matinee and Value Tuesday, and an 'unfavorable ticket mix' with an increased number of family films. Captain America: Brave New World, Mufasa: The Lion King, Sonic the Hedgehog 3, Dog Man and Moana 2 were the top performers.
Concession revenues per customer rose 2.9%.
'While the overall performance of the first quarter film slate was disappointing, the start to the second quarter has exceeded expectations with the smashing success of A Minecraft Movie,' said Theatres president Mark Gramz. 'The box office hot streak continued in April with A Minecraft Movie holding strong and The King of Kings, The Amateur and Sinners exceeding expectations. With the recent strong opening weekend performance of Marvel's Thunderbolt* kicking off the summer movie season, momentum continues to build' ahead of Mission Impossible: The Final Reckoning, F1, Jurassic World Rebirth, Superman, Lilo & Stitch and How to Train Your Dragon.
In April, the circuit announced the addition of three new 270-degree panoramic ScreenX auditoriums in Illinois, Minnesota, and Ohio for the premiere weekend of Thunderbolts*.
Milwaukee-based Marcus has two businesses, movie theaters and hotels. CEO Greg Marcus will host a call with analysts on the quarter at 11 ET.
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The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table. Adjusted EBITDA is a key measure used by management and the company's board of directors to assess the company's financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company's core operating performance and facilitates a comparison of the company's core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors. Adjusted EBITDA is a non-GAAP measure of the company's financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company's future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management's discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company's results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company's presentation of Adjusted EBITDA should not be construed to imply that the company's future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies. About The Marcus Corporation Headquartered in Milwaukee, Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. Marcus Corporation's theatre division, Marcus Theatres ®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 985 screens at 78 locations in 17 states under the Marcus Theatres, Movie Tavern ® by Marcus and Bistro Plex® brands. The company's lodging division, Marcus ® Hotels & Resorts, owns and/or manages 16 hotels, resorts and other properties in eight states. For more information, please visit the company's website at Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we 'believe,' 'anticipate,' 'expect' or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. View source version on CONTACT: For additional information, contact: Investors: Chad Paris (414) 905-1100 [email protected]: Megan Hakes (414) 788-6599 [email protected] KEYWORD: WISCONSIN UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENTERTAINMENT FILM & MOTION PICTURES OTHER TRAVEL VACATION LODGING TRAVEL SOURCE: The Marcus Corporation Copyright Business Wire 2025. PUB: 08/01/2025 07:45 AM/DISC: 08/01/2025 07:45 AM
