UPDATE: Marcus Posts Lower Q1 Earnings

The Marcus

reported weaker-than-expected first-quarter earnings. The Milwaukee, Wisconsin-based company posted quarterly net earnings of $12,432,000, compared to $13,431,000, in the year-ago period. Its earnings per share fell 10% to $0.45 from $0.50. The latest quarter earnings benefited from a net loss attributable to non-controlling interests of around $0.01 per share. Its total revenue rose 2.1% to $131,769,000 from $129,032,000. However, analysts were expecting earnings of $0.50 per share on revenue of $129.27 million. Revenue from theatre admissions fell to $41,345,000 from $42,109,000, while revenue from rooms surged to $34,681,000 from $32,570,000. Revenue from food and beverage surged to $16,155,000 from $15,530,000. Its operating income dropped 6.8% to $22,689,000 from $24,347,000. “We are pleased to report record first quarter revenues for The Marcus Corporation and for Marcus Hotels & Resorts. Marcus Theatres' admissions revenues continued to outperform the industry, in spite of a weaker summer movie slate,” said Gregory S. Marcus, president and chief executive officer of The Marcus. Marcus shares fell 0.17% to close at $17.66 yesterday.