Loading...
•
Dec 30, 2021
Marcus Q4 2021 Earnings Report
Reported second consecutive quarter of net earnings and full-year positive Adjusted EBITDA as Marcus Theatres returned to profitability.
Key Takeaways
The Marcus Corporation reported a strong recovery in the second half of fiscal 2021, with the fourth quarter marking the second consecutive quarter of profitability since the start of the pandemic. Marcus Theatres returned to profitability during the fourth quarter, contributing to improving results and $35 million in Adjusted EBITDA for the full year.
Total revenues for the fourth quarter of fiscal 2021 were $169.0 million, compared to $36.7 million for the fourth quarter of fiscal 2020.
Operating income was $14.0 million for the fourth quarter of fiscal 2021, compared to operating loss of $55.2 million for the prior year quarter.
Net income attributable to The Marcus Corporation was $6.4 million for the fourth quarter of fiscal 2021, compared to net loss attributable to The Marcus Corporation of $39.0 million for the same period in fiscal 2020.
Adjusted EBITDA was $29.3 million for the fourth quarter of fiscal 2021, compared to a loss of $27.8 million for the prior year quarter.
Revenue by Segment
Forward Guidance
The film slate in 2022 is expected to be very strong and business travelers will gradually return in 2022 while drive-to-leisure travelers will continue to push demand at company-owned properties.
Positive Outlook
- Several films contributed to early first quarter fiscal 2022 results, including the continued performance of “Spider Man: No Way Home,” along with “Sing 2,” “American Underdog,” “Scream,” “Jackass Forever,” “Death on the Nile,” “Uncharted” and “Dog.”
- The Batman opens tonight and studios are currently planning to release a number of additional exciting new films in 2022.
- Group booking pace for fiscal 2022, while still behind pre-pandemic pace, has meaningfully improved from the year prior.
- Booking activity is again improving as Covid-19 case levels decline.
- Total revenues for fiscal 2021 were approximately 71 percent of pre-pandemic fiscal 2019 results, with pricing holding strong in comparison to 2019.
Challenges Ahead
- The number of new films was limited during the first two months of the year.
- The first and fourth quarters are seasonally slower due to reduced travel during the winter months
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...