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Dec 31, 2020
Marcus Q4 2020 Earnings Report
Reported fourth quarter and full year fiscal 2020 results as recovery from the COVID-19 pandemic continues.
Key Takeaways
The Marcus Corporation reported results for the fourth quarter and full year fiscal 2020 ended December 31, 2020. The company's balance sheet and liquidity remain strong.
New state and local restrictions in several markets required the temporary reclosure of several theatres during the fourth quarter, resulting in 52% of theatres being open as of December 31, 2020.
Marcus Theatres introduced Marcus Private Cinema in the fourth quarter, allowing guests to reserve an entire auditorium for up to 20 people.
Moviegoers continue to enjoy food and beverage experiences, as average concession revenues per person increased over 10% compared to the fourth quarter of fiscal 2019.
All eight Marcus Hotels & Resorts company-owned hotels were open as of December 31, 2020, as well as nine out of 10 managed hotels and other properties.
Forward Guidance
Improving COVID-19 conditions in our markets, significant progress related to the vaccines, along with growing consumer confidence gives us encouragement that better days are ahead. The company’s liquidity also remains strong, with approximately $227 million in cash and revolving credit availability at year end.
Positive Outlook
- Improving COVID-19 conditions in our markets.
- Significant progress related to the vaccines.
- Growing consumer confidence.
- Government-imposed restrictions in New York City, one of the world’s largest movie markets, are beginning to lift.
- The film slate for the remainder of 2021, which now includes multiple films originally scheduled for 2020, is currently expected to be very strong, particularly during the second half of the year.
Challenges Ahead
- New state and local restrictions in several markets required the temporary reclosure of several theatres during the fourth quarter.
- Group pace for fiscal 2021 is behind last year, with a large portion of that decline attributed to one-time event bookings in anticipation of Milwaukee hosting the Democratic National Convention in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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