Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Feb. 26, 2015 | Mar. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 26-Feb-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MARCUS CORP | |
Entity Central Index Key | 62234 | |
Current Fiscal Year End Date | -23 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | MCS | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,788,486 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,710,972 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 26, 2015 | 29-May-14 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $6,330 | $6,780 |
Restricted cash | 9,334 | 8,032 |
Accounts and notes receivable, net of reserves of $1,594 and $1,423, respectively | 10,866 | 9,472 |
Refundable income taxes | 170 | 2,958 |
Deferred income taxes | 3,241 | 3,056 |
Other current assets | 5,970 | 6,367 |
Total current assets | 35,911 | 36,665 |
Property and equipment: | ||
Land and improvements | 100,230 | 97,611 |
Buildings and improvements | 617,348 | 613,873 |
Leasehold improvements | 67,600 | 62,379 |
Furniture, fixtures and equipment | 269,992 | 270,993 |
Construction in progress | 22,467 | 5,843 |
Total property and equipment | 1,077,637 | 1,050,699 |
Less accumulated depreciation and amortization | 417,852 | 399,119 |
Net property and equipment | 659,785 | 651,580 |
Other assets: | ||
Investments in joint ventures | 3,684 | 2,025 |
Goodwill | 43,754 | 43,858 |
Other | 35,629 | 34,795 |
Total other assets | 83,067 | 80,678 |
TOTAL ASSETS | 778,763 | 768,923 |
Current liabilities: | ||
Accounts payable | 19,624 | 30,954 |
Taxes other than income taxes | 14,939 | 14,333 |
Accrued compensation | 11,310 | 12,914 |
Other accrued liabilities | 36,576 | 31,912 |
Current portion of capital lease obligation | 5,031 | 4,871 |
Current maturities of long-term debt | 8,330 | 7,030 |
Total current liabilities | 95,810 | 102,014 |
Capital lease obligation | 19,584 | 23,370 |
Long-term debt | 233,752 | 233,557 |
Deferred income taxes | 45,303 | 42,561 |
Deferred compensation and other | 39,629 | 37,442 |
Equity: | ||
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | 0 | 0 |
Capital in excess of par | 54,807 | 53,844 |
Retained earnings | 307,498 | 294,334 |
Accumulated other comprehensive loss | -4,544 | -4,558 |
Stockholders' Equity before Treasury Stock | 388,951 | 374,810 |
Less cost of Common Stock in treasury (3,745,123 shares at February 26, 2015 and 3,890,871 shares at May 29, 2014) | -46,830 | -48,599 |
Total shareholders' equity attributable to The Marcus Corporation | 342,121 | 326,211 |
Noncontrolling interest | 2,564 | 3,768 |
Total equity | 344,685 | 329,979 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 778,763 | 768,923 |
Common Stock [Member] | ||
Equity: | ||
Common Stock | 22,479 | 22,458 |
Class B Common Stock [Member] | ||
Equity: | ||
Common Stock | $8,711 | $8,732 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 26, 2015 | 29-May-14 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts and notes receivable, reserves | $1,594 | $1,423 |
Preferred Stock, par (in dollars per share) | $1 | $1 |
Preferred Stock, authorized | 1,000,000 | 1,000,000 |
Preferred Stock, issued | 0 | 0 |
Cost of Common Stock in treasury, shares | 3,745,123 | 3,890,871 |
Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $1 | $1 |
Common Stock, authorized | 50,000,000 | 50,000,000 |
Common Stock, issued | 22,478,541 | 22,457,727 |
Class B Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $1 | $1 |
Common Stock, authorized | 33,000,000 | 33,000,000 |
Common Stock, issued | 8,710,972 | 8,731,786 |
Common Stock, outstanding | 8,710,972 | 8,731,786 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Revenues: | ||||
Theatre admissions | $44,279 | $40,873 | $118,418 | $110,955 |
Rooms | 19,277 | 19,040 | 83,636 | 80,158 |
Theatre concessions | 28,113 | 23,508 | 73,519 | 63,073 |
Food and beverage | 15,107 | 13,730 | 51,396 | 44,806 |
Other revenues | 13,377 | 12,694 | 41,014 | 40,473 |
Total revenues | 120,153 | 109,845 | 367,983 | 339,465 |
Costs and expenses: | ||||
Theatre operations | 37,614 | 35,923 | 100,430 | 96,007 |
Rooms | 9,728 | 9,570 | 31,855 | 30,422 |
Theatre concessions | 7,479 | 6,472 | 20,041 | 17,378 |
Food and beverage | 13,443 | 11,823 | 41,430 | 34,860 |
Advertising and marketing | 5,799 | 5,805 | 19,897 | 19,218 |
Administrative | 13,954 | 11,978 | 39,301 | 35,348 |
Depreciation and amortization | 9,808 | 8,284 | 29,042 | 25,068 |
Rent | 2,118 | 2,139 | 6,432 | 6,379 |
Property taxes | 3,874 | 4,142 | 11,499 | 11,316 |
Other operating expenses | 8,715 | 8,048 | 26,126 | 24,651 |
Impairment charge | 316 | 0 | 316 | 0 |
Total costs and expenses | 112,848 | 104,184 | 326,369 | 300,647 |
Operating income | 7,305 | 5,661 | 41,614 | 38,818 |
Other income (expense): | ||||
Investment income (loss) | -22 | 389 | 28 | 409 |
Interest expense | -2,326 | -2,585 | -7,118 | -7,563 |
Loss on disposition of property, equipment and other assets | -289 | -193 | -790 | -965 |
Equity losses from unconsolidated joint ventures, net | -106 | -164 | -120 | -193 |
Nonoperating Income (Expense), Total | -2,743 | -2,553 | -8,000 | -8,312 |
Earnings before income taxes | 4,562 | 3,108 | 33,614 | 30,506 |
Income taxes | 1,728 | 2,835 | 13,113 | 13,905 |
Net earnings | 2,834 | 273 | 20,501 | 16,601 |
Net loss attributable to noncontrolling interests | -257 | -3,798 | -245 | -4,146 |
Net earnings attributable to The Marcus Corporation | $3,091 | $4,071 | $20,746 | $20,747 |
Common Stock [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | $0.12 | $0.16 | $0.78 | $0.79 |
Net earnings per share - diluted: | ||||
Common Stock | $0.11 | $0.15 | $0.75 | $0.77 |
Dividends per share: | ||||
Common Stock | $0.10 | $0.09 | $0.28 | $0.26 |
Common Class B [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | $0.11 | $0.14 | $0.71 | $0.72 |
Net earnings per share - diluted: | ||||
Common Stock | $0.11 | $0.14 | $0.70 | $0.72 |
Dividends per share: | ||||
Common Stock | $0.09 | $0.08 | $0.26 | $0.23 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 | ||
Net earnings | $2,834 | $273 | $20,501 | $16,601 | ||
Other comprehensive income (loss), net of tax: | ||||||
Change in unrealized loss on available for sale investments, net of tax benefit of $0, $0, $0 and $1, respectively | 0 | 0 | 0 | -1 | ||
Fair market value adjustment of interest rate swap, net of tax effect (benefit) of $(13), $(50), $3 and $(33), respectively | -20 | 3 | -75 | -50 | ||
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $20, $59, $20 and $57, respectively | 30 | 30 | 89 | [1] | 87 | [1] |
Other comprehensive income (loss) | 10 | 33 | 14 | 36 | ||
Comprehensive income | 2,844 | 306 | 20,515 | 16,637 | ||
Comprehensive loss attributable to noncontrolling interests | -257 | -3,798 | -245 | -4,146 | ||
Comprehensive income attributable to The Marcus Corporation | $3,101 | $4,104 | $20,760 | $20,783 | ||
[1] | Amounts are included in interest expense in the consolidated statements of earnings. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Total | $0 | $0 | $0 | $1 |
Other Comprehensive Amortization Of Loss Derivatives Qualifying As Hedges Tax | -13 | 3 | -50 | -33 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $20 | $20 | $59 | $57 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 |
OPERATING ACTIVITIES: | ||
Net earnings | $20,501 | $16,601 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Losses on investments in joint ventures | 120 | 193 |
Distribution from joint venture | 120 | 0 |
Loss on disposition of property, equipment and other assets | 790 | 965 |
Impairment charge | 316 | 0 |
Amortization of favorable lease right | 250 | 250 |
Depreciation and amortization | 29,042 | 25,068 |
Stock compensation expense | 1,048 | 1,380 |
Deferred income taxes | 2,652 | -3,686 |
Deferred compensation and other | 2,187 | 690 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | -1,359 | -2,083 |
Other current assets | -83 | 943 |
Accounts payable | -6,095 | -3,535 |
Income taxes | 2,856 | 2,548 |
Taxes other than income taxes | 606 | 406 |
Accrued compensation | -1,604 | -978 |
Other accrued liabilities | 4,664 | 8,484 |
Total adjustments | 35,510 | 30,645 |
Net cash provided by operating activities | 56,011 | 47,246 |
INVESTING ACTIVITIES: | ||
Capital expenditures | -47,071 | -33,145 |
Proceeds from disposals of property, equipment and other assets | 192 | 1,876 |
Decrease (increase) in restricted cash | -1,302 | 126 |
Increase in other assets | -951 | -552 |
Purchase of interest in joint venture | -1,500 | 0 |
Capital contribution in joint venture | -399 | -1,135 |
Cash advanced to joint venture | 0 | -231 |
Net cash used in investing activities | -51,031 | -33,061 |
FINANCING ACTIVITIES: | ||
Proceeds from issuance of long-term debt | 108,500 | 76,500 |
Principal payments on long-term debt | -107,005 | -86,383 |
Debt issuance costs | 0 | -276 |
Equity transactions: | ||
Treasury stock transactions, except for stock options | -306 | -3,497 |
Exercise of stock options | 1,922 | 1,323 |
Dividends paid | -7,582 | -6,690 |
Distributions to noncontrolling interest | -959 | -1,060 |
Net cash used in financing activities | -5,430 | -20,083 |
Net decrease in cash and cash equivalents | -450 | -5,898 |
Cash and cash equivalents at beginning of period | 6,780 | 10,158 |
Cash and cash equivalents at end of period | 6,330 | 4,260 |
Supplemental Information: | ||
Interest paid, net of amounts capitalized | 6,653 | 6,259 |
Income taxes paid | 7,183 | 14,786 |
Change in accounts payable for additions to property and equipment | ($5,235) | ($1,690) |
General
General | 9 Months Ended | |||||||||||||
Feb. 26, 2015 | ||||||||||||||
General [Abstract] | ||||||||||||||
General | 1. General | |||||||||||||
Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended May 29, 2014, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies. | ||||||||||||||
Basis of Presentation - The unaudited consolidated financial statements for the 13 and 39 weeks ended February 26, 2015 and February 27, 2014 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at February 26, 2015, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended May 29, 2014. | ||||||||||||||
Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $9,699,000 and $28,707,000 for the 13 and 39 weeks ended February 26, 2015, respectively, and $8,160,000 and $24,699,000 for the 13 and 39 weeks ended February 27, 2014, respectively. | ||||||||||||||
Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. The Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. For the purposes of determining fair value, defined as the amount at which an asset or group of assets could be bought or sold in a current transaction between willing parties, the Company utilizes currently available market valuations of similar assets in its respective industries, often expressed as a given multiple of operating cash flow. The Company evaluated the ongoing value of its property and equipment and other long-lived assets as of February 26, 2015 and determined that there was no significant impact on the Company’s results of operations, other than impairment losses recorded during the 13 weeks ended February 26, 2015 related to several closed theatres. The Company determined that the fair value of these theatres, measured using Level 3 pricing inputs, was less than their carrying values, and recorded pre-tax impairment losses of $316,000 during the 13 weeks ended February 26, 2015. | ||||||||||||||
The Company also determined that an indicator of impairment was evident at one hotel location. As such, the Company evaluated the sum of the estimated undiscounted future cash flows attributable to this asset and determined that such cash flows were greater than the asset’s carrying value and therefore, no impairment charge was indicated. | ||||||||||||||
Accumulated Other Comprehensive Loss - Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: | ||||||||||||||
Accumulated | ||||||||||||||
Available for | Other | |||||||||||||
Swap | Sale | Pension | Comprehensive | |||||||||||
Agreements | Investments | Obligation | Loss | |||||||||||
(in thousands) | ||||||||||||||
Balance at May 29, 2014 | $ | 34 | $ | -11 | $ | -4,581 | $ | -4,558 | ||||||
Other comprehensive loss before reclassifications | -75 | - | - | -75 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 89 | - | - | 89 | ||||||||||
Net other comprehensive income | 14 | - | - | 14 | ||||||||||
Balance at February 26, 2015 | $ | 48 | $ | -11 | $ | -4,581 | $ | -4,544 | ||||||
Swap | Available for | Pension | Accumulated | |||||||||||
Agreements | Sale | Obligation | Other | |||||||||||
Investments | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at May 30, 2013 | $ | 18 | $ | -10 | $ | -3,836 | $ | -3,828 | ||||||
Other comprehensive loss before reclassifications | -50 | -1 | - | -51 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 87 | - | - | 87 | ||||||||||
Net other comprehensive income (loss) | 37 | -1 | - | 36 | ||||||||||
Balance at February 27, 2014 | $ | 55 | $ | -11 | $ | -3,836 | $ | -3,792 | ||||||
(1) Amounts are included in interest expense in the consolidated statements of earnings. | ||||||||||||||
Earnings Per Share - Net earnings per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings per share of Class B Common Stock does not assume the conversion of those shares. | ||||||||||||||
Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings for each period are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings are equal to net earnings for that computation. | ||||||||||||||
The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: | ||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
February 26, | February 27, | February 26, | February 27, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
(in thousands, except per share data) | ||||||||||||||
Numerator: | ||||||||||||||
Net earnings attributable to | $ | 3,091 | $ | 4,071 | $ | 20,746 | $ | 20,747 | ||||||
The Marcus Corporation | ||||||||||||||
Denominator: | ||||||||||||||
Denominator for basic EPS | 27,422 | 26,986 | 27,390 | 27,039 | ||||||||||
Effect of dilutive employee stock options | 268 | 50 | 233 | 44 | ||||||||||
Denominator for diluted EPS | 27,690 | 27,036 | 27,623 | 27,083 | ||||||||||
Net earnings per share – basic: | ||||||||||||||
Common Stock | $ | 0.12 | $ | 0.16 | $ | 0.78 | $ | 0.79 | ||||||
Class B Common Stock | $ | 0.11 | $ | 0.14 | $ | 0.71 | $ | 0.72 | ||||||
Net earnings per share – diluted: | ||||||||||||||
Common Stock | $ | 0.11 | $ | 0.15 | $ | 0.75 | $ | 0.77 | ||||||
Class B Common Stock | $ | 0.11 | $ | 0.14 | $ | 0.7 | $ | 0.72 | ||||||
Equity – Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 39 weeks ended February 26, 2015 and February 27, 2014 was as follows: | ||||||||||||||
Total | ||||||||||||||
Shareholders’ | ||||||||||||||
Equity | ||||||||||||||
Attributable to | ||||||||||||||
The Marcus | Noncontrolling | |||||||||||||
Corporation | Interests | |||||||||||||
(in thousands) | ||||||||||||||
Balance at May 29, 2014 | $ | 326,211 | $ | 3,768 | ||||||||||
Net earnings attributable to The Marcus Corporation | 20,746 | – | ||||||||||||
Net loss attributable to noncontrolling interests | – | -245 | ||||||||||||
Distributions to noncontrolling interests | – | -959 | ||||||||||||
Cash dividends | -7,582 | – | ||||||||||||
Exercise of stock options | 1,922 | – | ||||||||||||
Treasury stock transactions, except for stock options | -306 | – | ||||||||||||
Share-based compensation | 1,048 | – | ||||||||||||
Other | 68 | – | ||||||||||||
Other comprehensive income, net of tax | 14 | – | ||||||||||||
Balance at February 26, 2015 | $ | 342,121 | $ | 2,564 | ||||||||||
Total | ||||||||||||||
Shareholders’ | ||||||||||||||
Equity | ||||||||||||||
Attributable to | ||||||||||||||
The Marcus | Noncontrolling | |||||||||||||
Corporation | Interests | |||||||||||||
(in thousands) | ||||||||||||||
Balance at May 30, 2013 | $ | 306,702 | $ | 9,994 | ||||||||||
Net earnings attributable to The Marcus Corporation | 20,747 | – | ||||||||||||
Net loss attributable to noncontrolling interests | – | -4,146 | ||||||||||||
Distributions to noncontrolling interests | – | -1,060 | ||||||||||||
Cash dividends | -6,690 | – | ||||||||||||
Exercise of stock options | 1,323 | – | ||||||||||||
Treasury stock transactions, except for stock options | -3,497 | – | ||||||||||||
Share-based compensation | 1,380 | – | ||||||||||||
Other | 86 | – | ||||||||||||
Other comprehensive income, net of tax | 36 | – | ||||||||||||
Balance at February 27, 2014 | $ | 320,087 | $ | 4,788 | ||||||||||
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. | ||||||||||||||
The Company’s assets and liabilities measured at fair value are classified in one of the following categories: | ||||||||||||||
Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At February 26, 2015 and May 29, 2014, the Company’s $70,000 of available for sale securities were valued using Level 1 pricing inputs and were included in other current assets. | ||||||||||||||
Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At February 26, 2015 and May 29, 2014, respectively, the $79,000 and $56,000 asset related to the Company’s interest rate swap contract was valued using Level 2 pricing inputs. | ||||||||||||||
Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At February 26, 2015 and May 29, 2014, none of the Company’s recurring fair value measurements were valued using Level 3 pricing inputs. | ||||||||||||||
Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: | ||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
February 26, | February 27, | February 26, | February 27, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
(in thousands) | ||||||||||||||
Service cost | $ | 174 | $ | 176 | $ | 523 | $ | 527 | ||||||
Interest cost | 311 | 293 | 933 | 880 | ||||||||||
Net amortization of prior service cost and actuarial loss | 82 | 67 | 244 | 201 | ||||||||||
Net periodic pension cost | $ | 567 | $ | 536 | $ | 1,700 | $ | 1,608 | ||||||
New Accounting Pronouncement - In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The guidance will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles when it becomes effective. The new standard is effective for the Company in fiscal 2018 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is evaluating the effect that the guidance will have on its consolidated financial statements and related disclosures. | ||||||||||||||
Reclassifications - Certain reclassifications have been made to the prior year’s consolidated balance sheet to conform to the current year’s presentation to include the condominium units recorded in property and equipment. | ||||||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended |
Feb. 26, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Acivities | 2. Derivatives and Hedging Activities |
The Company utilizes derivatives principally to manage market risks and reduce its exposure resulting from fluctuations in interest rates. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions. | |
The Company entered into an interest rate swap agreement on February 28, 2013 covering $25,000,000 of floating rate debt, which expires January 22, 2018, and requires the Company to pay interest at a defined rate of 0.96% while receiving interest at a defined variable rate of one-month LIBOR (0.19% at February 26, 2015). The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. Derivatives that do not qualify for hedge accounting must be adjusted to fair value through earnings. The Company’s interest rate swap agreement is considered effective and qualifies as a cash flow hedge. For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of February 26, 2015, the interest rate swap was considered effective. The notional amount of the swap is $25,000,000 and the fair value of the swap was $79,000 and $56,000 as of February 26, 2015 and May 29, 2014, respectively, and is included in other (long-term assets). The Company does not expect the interest rate swap to have any material effect on earnings within the next 12 months. | |
Capital_Lease_Obligation
Capital Lease Obligation | 9 Months Ended |
Feb. 26, 2015 | |
Capital Lease Obligation [Abstract] | |
Capital Lease Obligation | 3. Capital Lease Obligation |
During fiscal 2012, the Company entered into a master licensing agreement with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema Corp (CDF2), whereby CDF2 purchased on the Company’s behalf, and then deployed and licensed back to the Company, digital cinema projection systems (the “systems”) for use by the Company in its theatres. As of February 26, 2015, 642 of the Company’s screens were utilizing the systems under a 10-year master licensing agreement with CDF2. Included in furniture, fixtures and equipment is $45,510,000 related to the digital systems as of February 26, 2015 and May 29, 2014, which is being amortized over the remaining estimated useful life of the assets. Accumulated amortization of the digital systems was $16,891,000 and $12,259,000 as of February 26, 2015 and May 29, 2014, respectively. | |
Under the terms of the master licensing agreement, the Company made an initial one-time payment to CDF2. The Company expects that the balance of CDF2’s costs to deploy the systems will be covered primarily through the payment of virtual print fees (VPF’s) from film distributors to CDF2 each time a digital movie is booked on one of the systems deployed on a Company screen. The Company agreed to make an average number of bookings of eligible digital movies on each screen on which a licensed system has been deployed to provide for a minimum level of VPF’s paid by distributors (standard booking commitment) to CDF2. To the extent the VPF’s paid by distributors are less than the standard booking commitment, the Company must make a shortfall payment to CDF2. Based upon the Company’s historical booking patterns, the Company does not expect to make any shortfall payments during the life of the agreement. Accounting Standards Codification No. 840, Leases, requires that the Company consider the entire amount of the standard booking commitment minimum lease payments for purposes of determining the capital lease obligation. The maximum amount per year that the Company could be required to pay is approximately $6,163,000 until the obligation is fully satisfied. | |
The Company’s capital lease obligation is being reduced as VPF’s are paid by the film distributors to CDF2. The Company has recorded the reduction of the obligation associated with the payment of VPF’s as a reduction of the interest related to the obligation and the amortization incurred related to the systems, as the payments represent a specific reimbursement of the cost of the systems by the studios. Based on the Company’s expected minimum number of eligible movies to be booked, the Company expects the obligation to be reduced by at least $5,031,000 within the next 12 months. This reduction will be recognized as an offset to amortization and is expected to offset the majority of the amortization of the systems. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Feb. 26, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 4. Income Taxes |
The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 and 39 weeks ended February 26, 2015 was 35.9% and 38.7%, respectively, and was 41.1% and 40.1% for the 13 and 39 weeks ended February 27, 2014, respectively. The Company does not include the income tax expense or benefit related to the net earnings or loss attributable to noncontrolling interest in its income tax expense as the entities are considered pass-through entities and, as such, the income tax expense or benefit is attributable to its owners. | |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||
Feb. 26, 2015 | ||||||||||||||
Business Segment Information [Abstract] | ||||||||||||||
Business Segment Information | 5. Business Segment Information | |||||||||||||
The Company’s primary operations are reported in the following business segments: Theatres and Hotels/Resorts. Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. | ||||||||||||||
Following is a summary of business segment information for the 13 and 39 weeks ended February 26, 2015 and February 27, 2014 (in thousands): | ||||||||||||||
13 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
February 26, 2015 | Resorts | Items | ||||||||||||
Revenues | $ | 75,642 | $ | 44,404 | $ | 107 | $ | 120,153 | ||||||
Operating income (loss) | 16,341 | -4,976 | -4,060 | 7,305 | ||||||||||
Depreciation and amortization | 5,281 | 4,396 | 131 | 9,808 | ||||||||||
13 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
27-Feb-14 | Resorts | Items | ||||||||||||
Revenues | $ | 67,810 | $ | 41,918 | $ | 117 | $ | 109,845 | ||||||
Operating income (loss) | 13,959 | -4,369 | -3,929 | 5,661 | ||||||||||
Depreciation and amortization | 4,145 | 4,036 | 103 | 8,284 | ||||||||||
39 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
February 26, 2015 | Resorts | Items | ||||||||||||
Revenues | $ | 201,304 | $ | 166,277 | $ | 402 | $ | 367,983 | ||||||
Operating income (loss) | 40,978 | 11,757 | -11,121 | 41,614 | ||||||||||
Depreciation and amortization | 15,016 | 13,678 | 348 | 29,042 | ||||||||||
39 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
27-Feb-14 | Resorts | Items | ||||||||||||
Revenues | $ | 183,694 | $ | 155,432 | $ | 339 | $ | 339,465 | ||||||
Operating income (loss) | 36,179 | 13,574 | -10,935 | 38,818 | ||||||||||
Depreciation and amortization | 12,278 | 12,386 | 404 | 25,068 | ||||||||||
General_Tables
General (Tables) | 9 Months Ended | |||||||||||||
Feb. 26, 2015 | ||||||||||||||
General [Abstract] | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss - Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: | |||||||||||||
Accumulated | ||||||||||||||
Available for | Other | |||||||||||||
Swap | Sale | Pension | Comprehensive | |||||||||||
Agreements | Investments | Obligation | Loss | |||||||||||
(in thousands) | ||||||||||||||
Balance at May 29, 2014 | $ | 34 | $ | -11 | $ | -4,581 | $ | -4,558 | ||||||
Other comprehensive loss before reclassifications | -75 | - | - | -75 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 89 | - | - | 89 | ||||||||||
Net other comprehensive income | 14 | - | - | 14 | ||||||||||
Balance at February 26, 2015 | $ | 48 | $ | -11 | $ | -4,581 | $ | -4,544 | ||||||
Swap | Available for | Pension | Accumulated | |||||||||||
Agreements | Sale | Obligation | Other | |||||||||||
Investments | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at May 30, 2013 | $ | 18 | $ | -10 | $ | -3,836 | $ | -3,828 | ||||||
Other comprehensive loss before reclassifications | -50 | -1 | - | -51 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 87 | - | - | 87 | ||||||||||
Net other comprehensive income (loss) | 37 | -1 | - | 36 | ||||||||||
Balance at February 27, 2014 | $ | 55 | $ | -11 | $ | -3,836 | $ | -3,792 | ||||||
(1) Amounts are included in interest expense in the consolidated statements of earnings. | ||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: | |||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
February 26, | February 27, | February 26, | February 27, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
(in thousands, except per share data) | ||||||||||||||
Numerator: | ||||||||||||||
Net earnings attributable to | $ | 3,091 | $ | 4,071 | $ | 20,746 | $ | 20,747 | ||||||
The Marcus Corporation | ||||||||||||||
Denominator: | ||||||||||||||
Denominator for basic EPS | 27,422 | 26,986 | 27,390 | 27,039 | ||||||||||
Effect of dilutive employee stock options | 268 | 50 | 233 | 44 | ||||||||||
Denominator for diluted EPS | 27,690 | 27,036 | 27,623 | 27,083 | ||||||||||
Net earnings per share – basic: | ||||||||||||||
Common Stock | $ | 0.12 | $ | 0.16 | $ | 0.78 | $ | 0.79 | ||||||
Class B Common Stock | $ | 0.11 | $ | 0.14 | $ | 0.71 | $ | 0.72 | ||||||
Net earnings per share – diluted: | ||||||||||||||
Common Stock | $ | 0.11 | $ | 0.15 | $ | 0.75 | $ | 0.77 | ||||||
Class B Common Stock | $ | 0.11 | $ | 0.14 | $ | 0.7 | $ | 0.72 | ||||||
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests | Equity – Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 39 weeks ended February 26, 2015 and February 27, 2014 was as follows: | |||||||||||||
Total | ||||||||||||||
Shareholders’ | ||||||||||||||
Equity | ||||||||||||||
Attributable to | ||||||||||||||
The Marcus | Noncontrolling | |||||||||||||
Corporation | Interests | |||||||||||||
(in thousands) | ||||||||||||||
Balance at May 29, 2014 | $ | 326,211 | $ | 3,768 | ||||||||||
Net earnings attributable to The Marcus Corporation | 20,746 | – | ||||||||||||
Net loss attributable to noncontrolling interests | – | -245 | ||||||||||||
Distributions to noncontrolling interests | – | -959 | ||||||||||||
Cash dividends | -7,582 | – | ||||||||||||
Exercise of stock options | 1,922 | – | ||||||||||||
Treasury stock transactions, except for stock options | -306 | – | ||||||||||||
Share-based compensation | 1,048 | – | ||||||||||||
Other | 68 | – | ||||||||||||
Other comprehensive income, net of tax | 14 | – | ||||||||||||
Balance at February 26, 2015 | $ | 342,121 | $ | 2,564 | ||||||||||
Total | ||||||||||||||
Shareholders’ | ||||||||||||||
Equity | ||||||||||||||
Attributable to | ||||||||||||||
The Marcus | Noncontrolling | |||||||||||||
Corporation | Interests | |||||||||||||
(in thousands) | ||||||||||||||
Balance at May 30, 2013 | $ | 306,702 | $ | 9,994 | ||||||||||
Net earnings attributable to The Marcus Corporation | 20,747 | – | ||||||||||||
Net loss attributable to noncontrolling interests | – | -4,146 | ||||||||||||
Distributions to noncontrolling interests | – | -1,060 | ||||||||||||
Cash dividends | -6,690 | – | ||||||||||||
Exercise of stock options | 1,323 | – | ||||||||||||
Treasury stock transactions, except for stock options | -3,497 | – | ||||||||||||
Share-based compensation | 1,380 | – | ||||||||||||
Other | 86 | – | ||||||||||||
Other comprehensive income, net of tax | 36 | – | ||||||||||||
Balance at February 27, 2014 | $ | 320,087 | $ | 4,788 | ||||||||||
Schedule of Net Benefit Costs | Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: | |||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
February 26, | February 27, | February 26, | February 27, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
(in thousands) | ||||||||||||||
Service cost | $ | 174 | $ | 176 | $ | 523 | $ | 527 | ||||||
Interest cost | 311 | 293 | 933 | 880 | ||||||||||
Net amortization of prior service cost and actuarial loss | 82 | 67 | 244 | 201 | ||||||||||
Net periodic pension cost | $ | 567 | $ | 536 | $ | 1,700 | $ | 1,608 | ||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||
Feb. 26, 2015 | ||||||||||||||
Business Segment Information [Abstract] | ||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for the 13 and 39 weeks ended February 26, 2015 and February 27, 2014 (in thousands): | |||||||||||||
13 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
February 26, 2015 | Resorts | Items | ||||||||||||
Revenues | $ | 75,642 | $ | 44,404 | $ | 107 | $ | 120,153 | ||||||
Operating income (loss) | 16,341 | -4,976 | -4,060 | 7,305 | ||||||||||
Depreciation and amortization | 5,281 | 4,396 | 131 | 9,808 | ||||||||||
13 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
27-Feb-14 | Resorts | Items | ||||||||||||
Revenues | $ | 67,810 | $ | 41,918 | $ | 117 | $ | 109,845 | ||||||
Operating income (loss) | 13,959 | -4,369 | -3,929 | 5,661 | ||||||||||
Depreciation and amortization | 4,145 | 4,036 | 103 | 8,284 | ||||||||||
39 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
February 26, 2015 | Resorts | Items | ||||||||||||
Revenues | $ | 201,304 | $ | 166,277 | $ | 402 | $ | 367,983 | ||||||
Operating income (loss) | 40,978 | 11,757 | -11,121 | 41,614 | ||||||||||
Depreciation and amortization | 15,016 | 13,678 | 348 | 29,042 | ||||||||||
39 Weeks Ended | Theatres | Hotels/ | Corporate | Total | ||||||||||
27-Feb-14 | Resorts | Items | ||||||||||||
Revenues | $ | 183,694 | $ | 155,432 | $ | 339 | $ | 339,465 | ||||||
Operating income (loss) | 36,179 | 13,574 | -10,935 | 38,818 | ||||||||||
Depreciation and amortization | 12,278 | 12,386 | 404 | 25,068 | ||||||||||
General_Details
General (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Beginning Balance, Swap Agreements | $34 | $18 | ||||
Other comprehensive income (loss) before reclassifications , Swap Agreements | -20 | 3 | -75 | -50 | ||
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements | 30 | 30 | 89 | [1] | 87 | [1] |
Net other comprehensive income (loss), Swap Agreements | 14 | 37 | ||||
Ending Balance, Swap Agreements | 48 | 55 | 48 | 55 | ||
Beginning Balance, Available for Sale Investments | -11 | -10 | ||||
Other comprehensive income (loss) before reclassifications, Available for Sale Investments | 0 | -1 | ||||
Amounts reclassified from accumulated other comprehensive loss, Available for Sale Investments | 0 | [1] | 0 | [1] | ||
Net other comprehensive income (loss), Available for Sale Investments | 0 | 0 | 0 | -1 | ||
Ending Balance, Available for Sale Investments | -11 | -11 | -11 | -11 | ||
Beginning Balance, Pension Obligation | -4,581 | -3,836 | ||||
Other comprehensive income (loss) before reclassifications, Pension Obligation | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation | 0 | [1] | 0 | [1] | ||
Net other comprehensive income (loss), Pension Obligation | 0 | 0 | ||||
Ending Balance, Pension Obligation | -4,581 | -3,836 | -4,581 | -3,836 | ||
Beginning Balance, Accumulated Other Comprehensive Loss | -4,558 | -3,828 | ||||
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive Loss | -75 | -51 | ||||
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss | 89 | [1] | 87 | [1] | ||
Net other comprehensive income (loss), Accumulated Other Comprehensive Loss | 10 | 33 | 14 | 36 | ||
Ending Balance, Accumulated Other Comprehensive Loss | ($4,544) | ($3,792) | ($4,544) | ($3,792) | ||
[1] | Amounts are included in interest expense in the consolidated statements of earnings. |
General_Details_1
General (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Numerator: | ||||
Net earnings attributable to The Marcus Corporation | $3,091 | $4,071 | $20,746 | $20,747 |
Denominator: | ||||
Denominator for basic EPS | 27,422 | 26,986 | 27,390 | 27,039 |
Effect of dilutive employee stock options | 268 | 50 | 233 | 44 |
Denominator for diluted EPS | 27,690 | 27,036 | 27,623 | 27,083 |
Common Stock [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | $0.12 | $0.16 | $0.78 | $0.79 |
Net earnings per share - diluted: | ||||
Common Stock | $0.11 | $0.15 | $0.75 | $0.77 |
Class B Common Stock [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | $0.11 | $0.14 | $0.71 | $0.72 |
Net earnings per share - diluted: | ||||
Common Stock | $0.11 | $0.14 | $0.70 | $0.72 |
General_Details_2
General (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Total Shareholders' Equity Attributable to The Marcus Corporation | ||||
Beginning Balance | $326,211 | $306,702 | ||
Net earnings attributable to The Marcus Corporation | 3,091 | 4,071 | 20,746 | 20,747 |
Cash dividends | -7,582 | -6,690 | ||
Exercise of stock options | 1,922 | 1,323 | ||
Treasury stock transactions, except for stock options | -306 | -3,497 | ||
Share-based compensation | 1,048 | 1,380 | ||
Other | 68 | 86 | ||
Other comprehensive income, net of tax | 10 | 33 | 14 | 36 |
Ending Balance | 342,121 | 320,087 | 342,121 | 320,087 |
Noncontrolling Interests | ||||
Beginning Balance | 3,768 | 9,994 | ||
Net loss attributable to noncontrolling interests | -245 | -4,146 | ||
Distributions to noncontrolling interests | -959 | -1,060 | ||
Ending Balance | $2,564 | $4,788 | $2,564 | $4,788 |
General_Details_3
General (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Service cost | $174 | $176 | $523 | $527 |
Interest cost | 311 | 293 | 933 | 880 |
Net amortization of prior service cost and actuarial loss | 82 | 67 | 244 | 201 |
Net periodic pension cost | $567 | $536 | $1,700 | $1,608 |
General_Details_Textual
General (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 | 29-May-14 | |
General [Line Items] | |||||
Depreciation | $9,699,000 | $8,160,000 | $28,707,000 | $24,699,000 | |
Asset Impairment Charges | 316,000 | 0 | 316,000 | 0 | |
Percentage Of Cash Dividends | 110.00% | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
General [Line Items] | |||||
Available-for-sale Securities, Fair Value Disclosure | 70,000 | 70,000 | 70,000 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
General [Line Items] | |||||
Interest Rate Fair Value Hedge Asset at Fair Value | $79,000 | $79,000 | $56,000 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Details Textual) (USD $) | 1 Months Ended | ||
Feb. 28, 2013 | Feb. 26, 2015 | 29-May-14 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $25,000,000 | ||
Interest Rate Derivatives, at Fair Value, Net | 79,000 | 56,000 | |
Interest Rate Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Amount of Hedged Item | $25,000,000 | ||
Derivative, Fixed Interest Rate | 0.96% | ||
Derivative, Variable Interest Rate | 0.19% | ||
Description Of Derivative Variable Rate Basis | one-month LIBOR |
Capital_Lease_Obligation_Detai
Capital Lease Obligation (Details Textual) (USD $) | 9 Months Ended | |
Feb. 26, 2015 | 29-May-14 | |
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Number of Units | 642 | |
Term Of Licensing Agreement | 10 years | |
Commitment Minimum Lease Payments | $6,163,000 | |
Payments Obligation Reduced Amount | 5,031,000 | |
Expect Period Of Payments Obligation | 12 months | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 45,510,000 | 45,510,000 |
Digital Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $16,891,000 | $12,259,000 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 | |
Effective Income Tax Rate | 35.90% | 41.10% | 38.70% | 40.10% |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 26, 2015 | Feb. 27, 2014 | Feb. 26, 2015 | Feb. 27, 2014 |
Segment Reporting Information [Line Items] | ||||
Revenues | $120,153 | $109,845 | $367,983 | $339,465 |
Operating income (loss) | 7,305 | 5,661 | 41,614 | 38,818 |
Depreciation and amortization | 9,808 | 8,284 | 29,042 | 25,068 |
Theatres [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 75,642 | 67,810 | 201,304 | 183,694 |
Operating income (loss) | 16,341 | 13,959 | 40,978 | 36,179 |
Depreciation and amortization | 5,281 | 4,145 | 15,016 | 12,278 |
Hotels/Resorts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 44,404 | 41,918 | 166,277 | 155,432 |
Operating income (loss) | -4,976 | -4,369 | 11,757 | 13,574 |
Depreciation and amortization | 4,396 | 4,036 | 13,678 | 12,386 |
Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 107 | 117 | 402 | 339 |
Operating income (loss) | -4,060 | -3,929 | -11,121 | -10,935 |
Depreciation and amortization | $131 | $103 | $348 | $404 |