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Sep 24, 2020
Marcus Q3 2020 Earnings Report
Reported third quarter fiscal 2020 results and reaffirmed its strong balance sheet and liquidity position.
Key Takeaways
The Marcus Corporation reported results for the third quarter of fiscal 2020, highlighting a strong balance sheet and liquidity position despite challenges from the COVID-19 pandemic, including theater closures and reduced hotel occupancies.
Net-debt-to-capitalization ratio was 35% as of September 24, 2020.
Extended debt maturities and enhanced liquidity with $218.2 million in cash and revolving credit availability as of September 24, 2020.
Marcus Theatres initially reopened 80% of theatres as of August 28, 2020.
Marcus Hotels & Resorts reopened three additional company-owned hotels during the quarter.
Forward Guidance
The company expects both of its businesses will begin returning to more normal conditions once the pandemic is under control and the company has the financial flexibility to sustain operations throughout fiscal 2021.
Positive Outlook
- Balance sheet and reinforce our liquidity provide us with the financial flexibility to sustain operations throughout fiscal 2021.
- Significant real estate ownership.
- Comprehensive safety protocols and advanced technology.
- Welcoming our guests back to our hotels, resorts and restaurants and remain committed as ever to making our guests’ ordinary days extraordinary.
- Properties are uniquely positioned in their respective markets to continue capturing demand as travel recovers and groups begin to plan for future events.
Challenges Ahead
- Challenging times.
- Theatres being closed during most of the third quarter of fiscal 2020.
- Majority of hotels opened but operating at significantly reduced occupancies.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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