The market expects Marcus (MCS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on O ...

MILWAUKEE--(BUSINESS WIRE)--Marcus Corporation (NYSE: MCS) today announced it will report results for the third quarter of fiscal 2025 prior to the stock market open on Friday, October 31, 2025. The release will be followed by a conference call at 10:00 a.m. Central/11:00 a.m. Eastern time. Participants may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com, or by dialing 1- 646-844-6383 and entering the passcode 224. ...

Core Viewpoint - Marcus (MCS) has experienced significant selling pressure, resulting in an 18.6% decline over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating that a stock is oversold [2] - MCS has an RSI reading of 28.75, suggesting that the heavy selling may be exhausting itself, indicating a potential for price rebound [5] - Stocks oscillate between overbought and oversold states, and the RSI can help investors identify entry points for potential rebounds [3] Group 2: Fundamental Analysis - There has been a strong consensus among sell-side analysts to raise earnings estimates for MCS, leading to a 7.3% increase in the consensus EPS estimate over the last 30 days [7] - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term [7] - MCS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate trends and EPS surprises, indicating a strong potential for a turnaround [8]

CALABASAS, Calif.--(BUSINESS WIRE)--Marcus & Millichap, Inc. (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing and research and advisory services, announced today it will report its financial results for the third quarter ended September 30, 2025 on Friday, November 7, 2025, before the market open. The Company will host a webcast and a conference call the same day to discuss the results at 10:30 a.m. Eastern Time. The call will. ...

Company Announcement - AngloGold Ashanti plc has appointed Marcus Randolph as an independent non-executive director effective from 27 October 2025 [1] - Randolph will be a member of the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee [1] Experience and Background - Marcus Randolph brings over 40 years of experience in the mining and processing industries, having held senior leadership and board positions [2] - He was previously the CEO and President of Ecobat, a leader in battery recycling, and Executive Chairman of Boart Longyear, the largest supplier of drilling services and equipment to the minerals industry [2] - Randolph held several senior leadership roles at BHP Billiton from 1999 to 2013, including Chief Executive Officer Ferrous & Coal and Chief Strategic Officer for Minerals [3] - He holds a BSc in Mining Engineering from Colorado School of Mines and an MBA from Harvard University [3] Company Overview - AngloGold Ashanti plc is headquartered in Denver, Colorado, and employs approximately 25,000 people [4][8] - The company operates in the natural resources sector, specifically in mining and minerals [4]

SAN FRANCISCO--(BUSINESS WIRE)-- #industrialtech--Battery Ventures, a global, technology-focused investment firm, announced that longtime entrepreneur and tech operator Marcus Ryu has been named a general partner. Ryu co-founded insurance technology leader Guidewire Software in 2001 and served as its CEO through its IPO in 2012 until 2019. Guidewire today has annual revenues of more than $1.2 billion and a market capitalization of nearly $20 billion, as of this month. Since joining Battery in 2022, Ryu has ...

Core Viewpoint - McChip Resources Inc has decided to distribute cash and assets to shareholders and subsequently explore strategic alternatives to maximize shareholder value [1] Group 1: Financial Position and Distributions - The company has liquidated most of its assets, holding approximately $11,200,000 in cash and certain shares in other public companies [2] - The company plans to distribute all or a portion of its cash and securities holdings to shareholders after settling outstanding liabilities and estimated professional fees of approximately $700,000 [2] - A special meeting of shareholders is scheduled for October 1, 2025, to vote on a special resolution to distribute up to $5,200,000 through a reduction in stated capital [4] Group 2: Shareholder Meeting and Approval Process - Shareholders are expected to receive approximately C$0.91066 per Common Share as part of the Return of Capital, subject to the Board's discretion to adjust the amount [4] - Approval of the Reduction in Stated Capital requires at least two-thirds of the votes cast at the special meeting [5] - The Board unanimously recommends that shareholders vote in favor of the Reduction in Stated Capital, which is subject to necessary shareholder and regulatory approvals [5][6]

Core Insights - Marcus reported fiscal Q2 2025 earnings per share (GAAP) of $0.23, exceeding estimates by 16.4%, with revenue increasing 17.0% year over year to $206.0 million, surpassing forecasts [1][2] - The Marcus Theatres segment experienced a significant revenue increase of 29.8%, driven by blockbuster films and strategic renovations, while the Hotels & Resorts segment saw flat revenue due to ongoing renovations [1][7] Financial Performance - Q2 Fiscal 2025 metrics include GAAP EPS of $0.23, revenue of $206.0 million, and adjusted EBITDA of $32.3 million, reflecting a 46.8% year-over-year increase [2] - Revenue from the Marcus Theatres segment reached $131.7 million, up from $101.5 million a year earlier, while the Hotels & Resorts segment reported revenue of $74.3 million, a slight decline of 0.3% [2] Operational Highlights - The Marcus Theatres segment saw a 26.7% increase in attendance and a 2.0% rise in average ticket prices, contributing to a record Memorial Day weekend [5] - Strategic renovations at various cinema locations improved customer experience and operational efficiency, including enhanced digital ordering tools and upgraded facilities [6] Hotels & Resorts Segment - The Hotels & Resorts segment faced challenges with renovations at the Hilton Milwaukee, leading to a decline in operating income to $4.2 million from $6.1 million in Q2 FY2024 [7] - Revenue per available room (RevPAR) decreased by 2.9%, but all renovated rooms reopened by the end of June 2025, positioning the segment for improved performance in the upcoming travel season [7][10] Strategic Focus - Marcus emphasizes investments in customer experience, digital technology, and facility upgrades to attract a diverse customer base and enhance competitive positioning [3][4] - Management is optimistic about the second half of fiscal 2025, citing a strong film lineup and completed hotel renovations as key growth drivers [10]

PART I – FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarterly period ended June 30, 2025, highlighting key changes in assets, liabilities, revenue, and net earnings [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows a decrease in total assets and shareholders' equity, with an increase in long-term debt Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | December 26, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $14,901 | $40,841 | | Total current assets | $61,009 | $92,150 | | Net property and equipment | $694,239 | $685,734 | | **Total Assets** | **$1,016,307** | **$1,044,528** | | Total current liabilities | $156,529 | $176,681 | | Long-term debt | $170,116 | $149,007 | | **Total Liabilities** | **$567,889** | **$579,662** | | **Total Shareholders' Equity** | **$448,418** | **$464,866** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a significant increase in Q2 2025 revenues and a shift from net loss to net earnings, with improved six-month results Key Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $206,043 | $176,032 | $354,809 | $314,579 | | Operating Income (Loss) | $13,007 | $2,237 | $(7,405) | $(14,428) | | Net Earnings (Loss) | $7,321 | $(20,221) | $(9,495) | $(32,087) | | Diluted EPS (Common Stock) | $0.23 | $(0.64) | $(0.31) | $(1.03) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities shifted to a use of $3.7 million in H1 2025, with a net decrease in total cash and equivalents Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 27, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(3,689) | $20,877 | | Net cash used in investing activities | $(31,545) | $(40,640) | | Net cash provided by (used in) financing activities | $7,354 | $(2,290) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(27,880)** | **$(22,053)** | [Condensed Notes to Consolidated Financial Statements](index=11&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the basis of presentation, including a fiscal year-end change, disaggregated revenue, debt, and segment operations - Effective December 27, 2024, the company changed its fiscal year-end from the last Thursday in December to December 31 of each year[17](index=17&type=chunk) Total Revenues by Segment - Six Months Ended June 30, 2025 (in thousands) | Segment | Total Revenues | | :--- | :--- | | Theatres | $219,007 | | Hotels/Resorts | $135,604 | | Corporate | $198 | | **Total** | **$354,809** | - As of June 30, 2025, the company had **$179.9 million** in total debt (net of issuance costs), an increase from **$159.1 million** at year-end 2024, primarily due to **$21 million** in borrowings on its revolving credit facility[45](index=45&type=chunk)[46](index=46&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant improvement in Q2 and H1 2025 financial results, driven by the Theatre division, and reviews liquidity [Overall Results of Operations](index=25&type=section&id=Overall%20Results%20of%20Operations) Consolidated revenues increased significantly in Q2 and H1 2025, leading to improved operating income and a shift to net earnings in Q2 Overall Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $206.0 | $176.0 | 17.0% | $354.8 | $314.6 | 12.8% | | Operating Income (Loss) | $13.0 | $2.2 | 481.4% | $(7.4) | $(14.4) | 48.7% | | Net Earnings (Loss) | $7.3 | $(20.2) | 136.2% | $(9.5) | $(32.1) | 70.4% | - The first half of fiscal 2025 included four additional operating days compared to the prior year period, which favorably impacted revenues by approximately **$9.2 million**[77](index=77&type=chunk) - The significant improvement in net earnings was aided by the absence of a **$13.9 million** debt conversion expense that was incurred in Q2 2024[84](index=84&type=chunk)[85](index=85&type=chunk) [Theatres Segment Analysis](index=26&type=section&id=Theatres%20Segment%20Analysis) The Theatre division experienced significant revenue and operating income growth in Q2 and H1 2025, driven by increased attendance Theatres Segment Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $131.7 | $101.5 | 29.8% | $219.0 | $182.7 | 19.9% | | Operating Income (Loss) | $15.7 | $2.8 | 464.5% | $9.4 | $(3.0) | 418.4% | - Comparable theatre attendance increased **26.7%** in Q2 2025, attributed to a stronger film slate with 32 wide-release films compared to 28 in Q2 2024[90](index=90&type=chunk) - The company's admission revenue growth for comparable theatres (**29.3%** in Q2) underperformed the U.S. box office increase (**36.5%**), which management attributes to strategic pricing and value promotions[88](index=88&type=chunk) Key Theatre Operating Metrics (Q2 2025 vs Q2 2024) | Metric | Change | | :--- | :--- | | Average Ticket Price | +2.0% | | Average Concession Revenues per Person | +3.1% | [Hotels and Resorts Segment Analysis](index=28&type=section&id=Hotels%20and%20Resorts%20Segment%20Analysis) The Hotels and Resorts division saw a slight Q2 revenue decrease and operating income decline, with RevPAR negatively impacted by renovations Hotels and Resorts Segment Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $74.3 | $74.5 | (0.3)% | $135.6 | $131.7 | 3.0% | | Operating Income (Loss) | $4.2 | $6.1 | (31.4)% | $(1.9) | $1.0 | (293.7)% | Key Hotel Operating Statistics (Comparable Properties, Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Occupancy Pct. | 67.3% | 72.7% | (5.4) pts | | ADR | $196.35 | $187.03 | +5.0% | | RevPAR | $132.07 | $136.03 | (2.9)% | - The renovation at the Hilton Milwaukee negatively impacted the division's RevPAR growth by an estimated **3.7 percentage points** during Q2 2025[106](index=106&type=chunk) - Group room revenue bookings for the remainder of fiscal 2025 are in-line with the prior year, while bookings for fiscal 2026 are running nearly **20%** ahead of the same time last year[109](index=109&type=chunk) [Adjusted EBITDA Analysis](index=31&type=section&id=Adjusted%20EBITDA%20Analysis) Total Adjusted EBITDA increased significantly in Q2 2025, primarily driven by strong performance in the Theatres division Adjusted EBITDA by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Theatres | $26.5 | $15.1 | 76.2% | $30.2 | $21.2 | 42.5% | | Hotels and resorts | $11.2 | $11.4 | (1.8)% | $12.2 | $11.4 | 7.2% | | Corporate items | $(5.5) | $(4.5) | (21.4)% | $(10.5) | $(8.4) | (24.8)% | | **Total Adjusted EBITDA** | **$32.3** | **$22.0** | **46.9%** | **$32.0** | **$24.3** | **32.0%** | Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (in millions) | Line Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $7.3 | $(20.2) | $(9.5) | $(32.1) | | Depreciation and amortization | $17.6 | $16.7 | $35.4 | $32.7 | | Interest expense | $3.0 | $2.6 | $5.8 | $5.1 | | Income tax expense (benefit) | $2.7 | $5.7 | $(4.6) | $(1.7) | | Debt conversion expense | — | $13.9 | — | $13.9 | | Other adjustments | $1.7 | $3.3 | $1.9 | $6.4 | | **Total Adjusted EBITDA** | **$32.3** | **$22.0** | **$32.0** | **$24.3** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with available credit and a 1.61x net leverage ratio, despite cash used in operations - As of June 30, 2025, the company had a cash balance of **$14.9 million** and **$199.2 million** of availability under its **$225 million** revolving credit facility[121](index=121&type=chunk) Net Leverage Calculation (in millions) | Metric | June 30, 2025 | | :--- | :--- | | Long-term debt | $179.9 | | Finance lease obligations | $12.4 | | Less: Cash and cash equivalents | $(14.9) | | **Net Debt** | **$177.3** | | LTM Adjusted EBITDA | $110.2 | | **Net Leverage Ratio** | **1.61x** | - During the first half of fiscal 2025, the company repurchased **0.4 million** shares of its common stock for **$7.1 million** and paid dividends of **$4.3 million**[131](index=131&type=chunk)[132](index=132&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposures have occurred since the previous fiscal year-end of December 26, 2024 - No material changes in market risk exposures were experienced since December 26, 2024[138](index=138&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no significant changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective[139](index=139&type=chunk) - There were no significant changes in internal control over financial reporting during the quarter[140](index=140&type=chunk) PART II – OTHER INFORMATION [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported, except for new risks related to tariffs and revised motion picture dependency - A new risk factor was added regarding the potential for tariffs to increase the cost of commodities and film production[141](index=141&type=chunk) - The risk factor concerning the dependency on the quantity and audience appeal of motion pictures was revised, noting the negative impact of production disruptions like the WGA and SAG-AFTRA strikes[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased in Q2 2025, with approximately 1.3 million shares remaining available under authorization Share Repurchases (Q2 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - June 30 | 0 | $0.00 | - As of June 30, 2025, **1,262,090 shares** remained available for repurchase under the company's authorized plans[143](index=143&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is reported as not applicable to the company's operations - Not applicable[146](index=146&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated trading arrangements during Q2 2025 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[147](index=147&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including incentive plans and required certifications - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32) and the company's 2025 Omnibus Incentive Plan (10.1)[148](index=148&type=chunk)

Financial Data and Key Metrics Changes - Consolidated revenues for the second quarter were $206 million, up 17% compared to the prior year quarter, with operating income increasing to $13 million, a rise of $10.8 million [6] - Consolidated adjusted EBITDA for the second quarter was $32.3 million, reflecting a nearly 47% increase over the previous year [6] - Net earnings for the quarter were $7.3 million, or $0.23 per share, compared to a net loss of $5.2 million, or $0.17 per share, in the prior year [6] Business Line Data and Key Metrics Changes - Theater division revenue for the second quarter was $131.7 million, an increase of nearly 30% year-over-year, with comparable admission revenue up 29.3% and attendance up 26.7% [7][8] - Hotel division revenues before cost reimbursements were $64.6 million, a 1.2% increase compared to the prior year, with RevPAR decreasing by 2.9% due to a 5.4 percentage point drop in occupancy [12][14] Market Data and Key Metrics Changes - U.S. box office receipts increased by 36.5% during the second quarter compared to the previous year, indicating that the company's admissions revenue performance trailed the industry by approximately seven percentage points [8] - Comparable competitive hotels in the markets experienced RevPAR growth of 2.9%, indicating that the company's hotels underperformed the competitive set by 5.8 percentage points [14] Company Strategy and Development Direction - The company is focused on driving long-term attendance and total revenue, with strategies that include optimizing ticket prices and promotional programs to encourage repeat moviegoing [22][23] - The company plans to continue capital expenditures for fiscal 2025 between $70 million and $85 million, with a significant portion allocated to renovations [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter results, highlighting strong consumer demand and a diverse film slate as key drivers of growth [18][19] - The company noted that while there is increased economic uncertainty, its hotel portfolio has generally performed well, with stable group bookings and no significant cancellations [29] Other Important Information - The company completed major renovations at the Hilton Milwaukee, with all guest rooms returned to service, and expects limited impact on room sales moving forward [13][27] - The company is exploring opportunities for capital deployment to grow both business segments, with a history of executing on attractive investments [30][31] Q&A Session Summary Question: Can you separate the group pace between the Milwaukee area and outside of Milwaukee? - Management indicated that group pace gains are partly due to renovated meeting spaces and acknowledged the positive impact of the convention center expansion, but did not provide specific splits [34][36] Question: What is the size of the blockbuster surcharge being implemented? - Management mentioned that the everyday matinee pricing is moving from $7 to $7.50, with certain films priced at $8.50, indicating a cautious approach to pricing strategies [35][41] Question: What are the preliminary thoughts for the domestic box office going into the second half? - Management noted that while there are tough comparisons, there are strong films expected in the latter half of the year, making it difficult to predict box office performance [46][49] Question: How do you see the hotel segment revenue netting out for the current period? - Management highlighted strong banquet and catering business growth but noted lower margins, while the impact of the Hilton renovation is expected to ease in the second half [50][52] Question: What is the outlook for capital expenditures moving forward? - Management indicated a significant step down in capital expenditures is expected next year, with ongoing smaller projects but no major renovations like those recently completed [56][60]