The Marcus(MCS) - 2024 Q4 - Annual Results

Revenue Performance - Total revenues for fiscal 2024 were $735.6 million, a 0.8$729.6 million in fiscal 2023[4] - Fourth quarter total revenues were $188.3 million, a 16.6$161.5 million in the same quarter of fiscal 2023[4] - Marcus Theatres reported total revenues of $447.7 million for fiscal 2024, down from$458.4 million in fiscal 2023[8] - Marcus Hotels & Resorts achieved total revenues of $248.3 million for fiscal 2024, a 6.4$56,265,000, an increase of 15% from $48,912,000 in the same period last year[25] - Total revenues for the 52 weeks ended December 26, 2024, reached$735,560,000, compared to $729,575,000 for the previous year, reflecting a slight increase of 0.4$25.9 million, a 41.9% increase from $18.2 million in the prior year quarter[4] - Adjusted EBITDA for the 13 weeks ended December 26, 2024, was$25,881,000, up from $18,237,000 in the same period last year, representing a growth of 42$25,881,000, an increase from $18,237,000 in the same period of 2023, representing a growth of 42.1$22.1 million in fiscal 2024, down from $36.2 million in fiscal 2023, impacted by$6.8 million in impairment charges[8] - Operating income for the theatre segment for the 13 weeks ended December 26, 2024, was $3,344,000, compared to$3,469,000 in the same period last year[31] - The total operating income for the 52 weeks ended December 26, 2024, was $16,170,000, compared to a loss of$24,454,000 for the same period in 2023[38] Net Income and Loss - Net loss for fiscal 2024 was $7.8 million, compared to net earnings of$14.8 million in fiscal 2023[9] - The net loss for the 52 weeks ended December 26, 2024, was $7,787,000, compared to a net income of$14,794,000 for the previous year[25] - Net earnings for the 13 weeks ended December 26, 2024, were $986,000, compared to a loss of$1,440,000 for the same period in 2023[36] Cash Flow and Assets - Cash and cash equivalents decreased to $40,841,000 as of December 26, 2024, down from$55,589,000 a year earlier[26] - The company reported a net cash flow from operating activities of $52,566,000 for the 13 weeks ended December 26, 2024, compared to$33,987,000 for the same period last year[33] - Total assets decreased to $1,044,528,000 as of December 26, 2024, from$1,065,103,000 a year earlier[26] Capital Expenditures and Renovations - Capital expenditures for the 52 weeks ended December 26, 2024, totaled $79,210,000, significantly higher than$38,774,000 in the previous year[33] - Marcus Hotels & Resorts announced a $40 million renovation at the Hilton Milwaukee, expected to be completed in the first half of 2025[15] Impairment and Other Expenses - Impairment charges for the 13 weeks ended December 26, 2024, were$6,351,000, compared to $377,000 in the same period of 2023, reflecting a significant increase[36] - Other non-recurring expenses for the 13 weeks ended December 26, 2024, amounted to$2,400,000, while there were no such expenses reported in the same period of 2023[39] Interest Expense - The company reported interest expense of $2,812,000 for the 13 weeks ended December 26, 2024, down from$3,751,000 in the same period of 2023, indicating a decrease of 25.1%[36] - The company reported a total of $10,972,000 in interest expense for the 52 weeks ended December 26, 2024, down from$12,721,000 in the previous year, indicating a reduction of 13.8%[36] Company Operations - The company operates 985 screens at 78 locations across 17 states, maintaining its position as the fourth largest theatre circuit in the U.S.[22] - Revenue per available room (RevPAR) increased by 3.6% at comparable company-owned hotels in the fourth quarter of fiscal 2024[12] - The total depreciation and amortization expense for the 52 weeks ended December 26, 2024, was $67,958,000, slightly up from$67,301,000 in the previous year[36] - The company incurred share-based compensation expenses of $1,049,000 for the 13 weeks ended December 26, 2024, compared to$1,394,000 in the same period of 2023, a decrease of 24.7%[38] - The company reported equity losses from unconsolidated joint ventures of $158,000 for the 13 weeks ended December 26, 2024, compared to$22,000 in the same period of 2023[36]