Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 06, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | MARCUS CORP | |
Entity Central Index Key | 62,234 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | MCS | |
Entity Common Stock, Shares Outstanding | 18,787,232 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,699,540 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 8,963 | $ 6,672 |
Restricted cash | 15,946 | 18,019 |
Accounts and notes receivable, net of reserves of $244 and $259, respectively | 10,762 | 13,366 |
Deferred income taxes | 2,807 | 2,807 |
Other current assets | 6,851 | 7,041 |
Total current assets | 45,329 | 47,905 |
Property and equipment: | ||
Land and improvements | 104,431 | 104,379 |
Buildings and improvements | 624,173 | 618,004 |
Leasehold improvements | 78,035 | 78,855 |
Furniture, fixtures and equipment | 289,174 | 285,578 |
Construction in progress | 14,967 | 10,363 |
Total property and equipment | 1,110,780 | 1,097,179 |
Less accumulated depreciation and amortization | 437,435 | 426,477 |
Net property and equipment | 673,345 | 670,702 |
Other assets: | ||
Investments in joint ventures | 6,434 | 7,455 |
Goodwill | 44,185 | 44,220 |
Other | 37,610 | 37,226 |
Total other assets | 88,229 | 88,901 |
TOTAL ASSETS | 806,903 | 807,508 |
Current liabilities: | ||
Accounts payable | 22,993 | 28,737 |
Income taxes | 5,750 | 3,490 |
Taxes other than income taxes | 14,179 | 17,303 |
Accrued compensation | 11,460 | 12,269 |
Other accrued liabilities | 38,947 | 43,231 |
Current portion of capital lease obligation | 5,271 | 5,181 |
Current maturities of long-term debt | 42,740 | 18,292 |
Total current liabilities | 141,340 | 128,503 |
Capital lease obligation | 13,829 | 15,192 |
Long-term debt | 196,453 | 207,376 |
Deferred income taxes | 46,117 | 46,212 |
Deferred compensation and other | 44,712 | 44,527 |
Equity: | ||
Shareholders’ equity attributable to The Marcus Corporation Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | 0 | 0 |
Capital in excess of par | 57,154 | 56,474 |
Retained earnings | 327,810 | 325,355 |
Accumulated other comprehensive loss | (5,316) | (5,221) |
Stockholders' Equity before Treasury Stock | 410,838 | 407,798 |
Less cost of Common Stock in treasury (3,705,180 shares at March 31, 2016 and 3,525,657 shares at December 31, 2015) | (48,248) | (44,446) |
Total shareholders' equity attributable to The Marcus Corporation | 362,590 | 363,352 |
Noncontrolling interest | 1,862 | 2,346 |
Total equity | 364,452 | 365,698 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 806,903 | 807,508 |
Common Stock [Member] | ||
Equity: | ||
Common Stock, Value | 22,490 | 22,479 |
Class B Common Stock [Member] | ||
Equity: | ||
Common Stock, Value | $ 8,700 | $ 8,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts and notes receivable, reserves | $ 244 | $ 259 |
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 | 3,705,180 | 3,525,657 |
Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized | 50,000,000 | 50,000,000 |
Common Stock, issued | 22,489,973 | 22,478,541 |
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 | 8,699,540 | 8,710,972 |
Common Stock, outstanding | 8,699,540 | 8,710,972 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Revenues: | ||
Theatre admissions | $ 46,914 | $ 42,343 |
Rooms | 20,052 | 20,686 |
Theatre concessions | 29,881 | 26,834 |
Food and beverage | 14,545 | 15,170 |
Other revenues | 14,052 | 13,674 |
Total revenues | 125,444 | 118,707 |
Costs and expenses: | ||
Theatre operations | 40,298 | 36,392 |
Rooms | 9,301 | 9,780 |
Theatre concessions | 7,736 | 7,071 |
Food and beverage | 12,761 | 13,376 |
Advertising and marketing | 4,988 | 5,369 |
Administrative | 14,604 | 14,241 |
Depreciation and amortization | 10,191 | 9,730 |
Rent | 2,119 | 2,154 |
Property taxes | 4,143 | 4,046 |
Other operating expenses | 7,957 | 8,623 |
Impairment charge | 0 | 316 |
Total costs and expenses | 114,098 | 111,098 |
Operating income | 11,346 | 7,609 |
Other income (expense): | ||
Investment income (loss) | 8 | (22) |
Interest expense | (2,409) | (2,427) |
Loss on disposition of property, equipment and other assets | (113) | (252) |
Equity losses from unconsolidated joint ventures, net | (21) | (98) |
Nonoperating Income (Expense), Total | (2,535) | (2,799) |
Earnings before income taxes | 8,811 | 4,810 |
Income taxes | 3,531 | 1,764 |
Net earnings | 5,280 | 3,046 |
Net loss attributable to noncontrolling interests | (172) | (191) |
Net earnings attributable to The Marcus Corporation | $ 5,452 | $ 3,237 |
Common Stock [Member] | ||
Net earnings per share - basic: | ||
Common Stock | $ 0.2 | $ 0.12 |
Net earnings per share - diluted: | ||
Common Stock | 0.2 | 0.12 |
Dividends per share: | ||
Common Stock | 0.113 | 0.095 |
Common Class B [Member] | ||
Net earnings per share - basic: | ||
Common Stock | 0.19 | 0.11 |
Net earnings per share - diluted: | ||
Common Stock | 0.19 | 0.11 |
Dividends per share: | ||
Common Stock | $ 0.102 | $ 0.086 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 26, 2015 | ||
Net earnings | $ 5,280 | $ 3,046 | |
Other comprehensive income (loss), net of tax: | |||
Fair market value adjustment of interest rate swap, net of tax benefit of $77 and $89, respectively | (115) | (136) | |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $13 and $19, respectively | [1] | 20 | 30 |
Other comprehensive loss | (95) | (106) | |
Comprehensive income | 5,185 | 2,940 | |
Comprehensive loss attributable to noncontrolling interests | (172) | (191) | |
Comprehensive income attributable to The Marcus Corporation | $ 5,357 | $ 3,131 | |
[1] | Amounts are included in interest expense in the consolidated statements of earnings. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Fair market value adjustment of interest rate swap, net of tax effect (benefit) | $ (77) | $ (89) |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect | $ 13 | $ 19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 5,280 | $ 3,046 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Losses on investments in joint ventures | 21 | 98 |
Loss on disposition of property, equipment and other assets | 113 | 252 |
Impairment charge | 0 | 316 |
Amortization of favorable lease right | 83 | 83 |
Depreciation and amortization | 10,191 | 9,730 |
Stock compensation expense | 434 | 365 |
Deferred income taxes | 3 | 2,937 |
Deferred compensation and other | 43 | (1,039) |
Contribution of the Company’s stock to savings and profit-sharing plan | 905 | 888 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | 2,604 | (14) |
Other current assets | 190 | (198) |
Accounts payable | (3,495) | (10,734) |
Income taxes | 2,267 | (3,294) |
Taxes other than income taxes | (3,124) | (2,545) |
Accrued compensation | (809) | (355) |
Other accrued liabilities | (4,284) | (897) |
Total adjustments | 5,142 | (4,407) |
Net cash provided by (used in) operating activities | 10,422 | (1,361) |
INVESTING ACTIVITIES | ||
Capital expenditures | (16,505) | (20,849) |
Proceeds from disposals of property, equipment and other assets | 3 | 21 |
Decrease in restricted cash | 2,073 | 0 |
(Increase) decrease in other assets | (500) | 1,625 |
Sale of interest in joint venture | 1,000 | 0 |
Net cash used in investing activities | (13,929) | (19,203) |
FINANCING ACTIVITIES | ||
Proceeds from borrowings on revolving credit facility | 49,000 | 53,000 |
Repayment of borrowings on revolving credit facility | (34,000) | (42,000) |
Principal payments on long-term debt | (1,490) | (1,176) |
Amortization of deferred financing fees | 65 | 108 |
Equity transactions: | ||
Treasury stock transactions, except for stock options | (4,593) | (664) |
Exercise of stock options | 125 | 1,055 |
Dividends paid | (2,997) | (2,530) |
Distributions to noncontrolling interest | (312) | 0 |
Net cash provided by financing activities | 5,798 | 7,793 |
Net increase (decrease) in cash and cash equivalents | 2,291 | (12,771) |
Cash and cash equivalents at beginning of period | 6,672 | 18,684 |
Cash and cash equivalents at end of period | 8,963 | 5,913 |
Supplemental Information: | ||
Interest paid, net of amounts capitalized | 1,921 | 1,914 |
Income taxes paid | 1,262 | 820 |
Change in accounts payable for additions to property and equipment | $ (2,249) | $ (1,481) |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
General [Abstract] | |
General | 1. General Accounting Policies 10,191,000 9,730,000 316,000 Swap Available for Pension Accumulated (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) Swap Available for Pension Accumulated (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Other comprehensive loss before reclassifications (136) - - (136) Amounts reclassified from accumulated other comprehensive loss (1) 30 - - 30 Net other comprehensive loss (106) - - (106) Balance at March 26, 2015 $ 10 $ (11) $ (4,580) $ (4,581) (1) Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks Ended 13 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 5,452 $ 3,237 Denominator: Denominator for basic EPS 27,494 27,444 Effect of dilutive employee stock options 265 309 Denominator for diluted EPS 27,759 27,753 Net earnings per share basic: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 Net earnings per share diluted: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 Net loss attributable to noncontrolling interests (172) Distributions to noncontrolling interests (312) Cash dividends (2,997) Exercise of stock options 125 Treasury stock transactions, except for stock options (3,688) Share-based compensation 434 Other 7 Other comprehensive loss, net of tax (95) Balance at March 31, 2016 $ 362,590 $ 1,862 Total Noncontrolling (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 3,237 Net earnings attributable to noncontrolling interests (191) Cash dividends (2,530) Exercise of stock options 1,055 Treasury stock transactions, except for stock options 224 Share-based compensation 365 Other 68 Other comprehensive income, net of tax (106) Balance at March 26, 2015 $ 342,483 $ 2,536 The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 70,000 Level 2 143,000 16,000 Level 3 13 Weeks Ended 13 Weeks Ended (in thousands) Service cost $ 216 $ 174 Interest cost 352 311 Net amortization of prior service cost and actuarial loss 91 82 Net periodic pension cost $ 659 $ 567 Revenue From Contracts With Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis IE). Two of the Company’s consolidated entities are considered VIEs. The Company is the primary beneficiary of the VIEs and the Company’s interest is considered a majority voting interest. As such, the adoption of the new standard did not have a material effect on the Company’s consolidated financial statements or related disclosures. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Acivities | 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 0.96 one-month LIBOR 0.50 25,000,000 143,000 16,000 |
Capital Lease Obligation
Capital Lease Obligation | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, 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 March 31, 2016 and December 31, 2015, which is being amortized over the remaining estimated useful life of the assets. Accumulated amortization of the digital systems was $23,662,000 and $22,118,000 as of March 31, 2016 and December 31, 2015, 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 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 $5,271,000 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 | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 4. Income Taxes The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 weeks ended March 31, 2016 and March 26, 2015 was 39.3 35.3 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 weeks ended March 31, 2016 and March 26, 2015 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 80,477 $ 44,832 $ 135 $ 125,444 Operating income (loss) 17,805 (2,552) (3,907) 11,346 Depreciation and amortization 5,858 4,241 92 10,191 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 72,642 $ 45,958 $ 107 $ 118,707 Operating income (loss) 15,129 (3,546) (3,974) 7,609 Depreciation and amortization 5,288 4,352 90 9,730 |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Depreciation and Amortization | Depreciation and Amortization 10,191,000 9,730,000 |
Long-Lived Assets | Long-Lived Assets 316,000 |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Swap Available for Pension Accumulated (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) Swap Available for Pension Accumulated (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Other comprehensive loss before reclassifications (136) - - (136) Amounts reclassified from accumulated other comprehensive loss (1) 30 - - 30 Net other comprehensive loss (106) - - (106) Balance at March 26, 2015 $ 10 $ (11) $ (4,580) $ (4,581) (1) |
Earnings Per Share | Earnings Per Share Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks Ended 13 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 5,452 $ 3,237 Denominator: Denominator for basic EPS 27,494 27,444 Effect of dilutive employee stock options 265 309 Denominator for diluted EPS 27,759 27,753 Net earnings per share basic: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 Net earnings per share diluted: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 |
Equity | Equity Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 Net loss attributable to noncontrolling interests (172) Distributions to noncontrolling interests (312) Cash dividends (2,997) Exercise of stock options 125 Treasury stock transactions, except for stock options (3,688) Share-based compensation 434 Other 7 Other comprehensive loss, net of tax (95) Balance at March 31, 2016 $ 362,590 $ 1,862 Total Noncontrolling (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 3,237 Net earnings attributable to noncontrolling interests (191) Cash dividends (2,530) Exercise of stock options 1,055 Treasury stock transactions, except for stock options 224 Share-based compensation 365 Other 68 Other comprehensive income, net of tax (106) Balance at March 26, 2015 $ 342,483 $ 2,536 |
Fair Value Measurements | Fair Value Measurements The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 70,000 Level 2 143,000 16,000 Level 3 |
Defined Benefit Plan | Defined Benefit Plan 13 Weeks Ended 13 Weeks Ended (in thousands) Service cost $ 216 $ 174 Interest cost 352 311 Net amortization of prior service cost and actuarial loss 91 82 Net periodic pension cost $ 659 $ 567 |
New Accounting Pronouncement | New Accounting Pronouncements - Revenue From Contracts With Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis IE). Two of the Company’s consolidated entities are considered VIEs. The Company is the primary beneficiary of the VIEs and the Company’s interest is considered a majority voting interest. As such, the adoption of the new standard did not have a material effect on the Company’s consolidated financial statements or related disclosures. |
General (Tables)
General (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests | Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 weeks ended March 31, 2016 and March 26, 2015 was as follows: Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 Net loss attributable to noncontrolling interests (172) Distributions to noncontrolling interests (312) Cash dividends (2,997) Exercise of stock options 125 Treasury stock transactions, except for stock options (3,688) Share-based compensation 434 Other 7 Other comprehensive loss, net of tax (95) Balance at March 31, 2016 $ 362,590 $ 1,862 Total Noncontrolling (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 3,237 Net earnings attributable to noncontrolling interests (191) Cash dividends (2,530) Exercise of stock options 1,055 Treasury stock transactions, except for stock options 224 Share-based compensation 365 Other 68 Other comprehensive income, net of tax (106) Balance at March 26, 2015 $ 342,483 $ 2,536 |
Schedule of Net Benefit Costs | The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: 13 Weeks Ended 13 Weeks Ended (in thousands) Service cost $ 216 $ 174 Interest cost 352 311 Net amortization of prior service cost and actuarial loss 91 82 Net periodic pension cost $ 659 $ 567 |
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 Ended 13 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 5,452 $ 3,237 Denominator: Denominator for basic EPS 27,494 27,444 Effect of dilutive employee stock options 265 309 Denominator for diluted EPS 27,759 27,753 Net earnings per share basic: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 Net earnings per share diluted: Common Stock $ 0.20 $ 0.12 Class B Common Stock $ 0.19 $ 0.11 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: Swap Available for Pension Accumulated (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) Swap Available for Pension Accumulated (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Other comprehensive loss before reclassifications (136) - - (136) Amounts reclassified from accumulated other comprehensive loss (1) 30 - - 30 Net other comprehensive loss (106) - - (106) Balance at March 26, 2015 $ 10 $ (11) $ (4,580) $ (4,581) (1) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for the 13 weeks ended March 31, 2016 and March 26, 2015 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 80,477 $ 44,832 $ 135 $ 125,444 Operating income (loss) 17,805 (2,552) (3,907) 11,346 Depreciation and amortization 5,858 4,241 92 10,191 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 72,642 $ 45,958 $ 107 $ 118,707 Operating income (loss) 15,129 (3,546) (3,974) 7,609 Depreciation and amortization 5,288 4,352 90 9,730 |
General (Details)
General (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 26, 2015 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Swap Agreements | $ 9 | $ 116 | |
Other comprehensive loss before reclassifications, Swap Agreements | (115) | (136) | |
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements | [1] | 20 | 30 |
Net other comprehensive loss, Swap Agreements | (95) | (106) | |
Ending Balance, Swap Agreements | (86) | 10 | |
Beginning Balance, Available for Sale Investments | (11) | (11) | |
Other comprehensive loss before reclassifications, Available for Sale Investments | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss, Available for Sale Investments | [1] | 0 | 0 |
Net other comprehensive loss, Available for Sale Investments | 0 | 0 | |
Ending Balance, Available for Sale Investments | (11) | (11) | |
Beginning Balance, Pension Obligation | (5,219) | (4,580) | |
Other comprehensive loss before reclassifications, Pension Obligation | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation | [1] | 0 | 0 |
Net other comprehensive income loss, Pension Obligation | 0 | 0 | |
Ending Balance, Pension Obligation | (5,219) | (4,580) | |
Beginning Balance, Accumulated Other Comprehensive Loss | (5,221) | (4,475) | |
Other comprehensive loss before reclassifications, Accumulated Other Comprehensive Loss | (115) | (136) | |
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss | [1] | 20 | 30 |
Net other comprehensive loss, Accumulated Other Comprehensive Loss | (95) | (106) | |
Ending Balance, Accumulated Other Comprehensive Loss | $ (5,316) | $ (4,581) | |
[1] | Amounts are included in interest expense in the consolidated statements of earnings. |
General (Details 1)
General (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Numerator: | ||
Net earnings attributable to The Marcus Corporation | $ 5,452 | $ 3,237 |
Denominator: | ||
Denominator for basic EPS | 27,494 | 27,444 |
Effect of dilutive employee stock options | 265 | 309 |
Denominator for diluted EPS | 27,759 | 27,753 |
Common Stock [Member] | ||
Net earnings per share - Basic: | ||
Common Stock | $ 0.2 | $ 0.12 |
Net earnings per share- Diluted: | ||
Common Stock | 0.2 | 0.12 |
Class B Common Stock [Member] | ||
Net earnings per share - Basic: | ||
Common Stock | 0.19 | 0.11 |
Net earnings per share- Diluted: | ||
Common Stock | $ 0.19 | $ 0.11 |
General (Details 2)
General (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Total Shareholders' Equity Attributable to The Marcus Corporation | ||
Beginning Balance | $ 363,352 | $ 340,170 |
Net earnings attributable to The Marcus Corporation | 5,452 | 3,237 |
Cash dividends | (2,997) | (2,530) |
Exercise of stock options | 125 | 1,055 |
Treasury stock transactions, except for stock options | (3,688) | 224 |
Share-based compensation | 434 | 365 |
Other | 7 | 68 |
Other comprehensive loss, net of tax | (95) | (106) |
Ending Balance | 362,590 | 342,483 |
Noncontrolling Interests | ||
Beginning Balance | 2,346 | 2,727 |
Net income (loss) attributable to noncontrolling interests | (172) | (191) |
Distributions to noncontrolling interests | (312) | 0 |
Ending Balance | $ 1,862 | $ 2,536 |
General (Details 3)
General (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Service cost | $ 216 | $ 174 |
Interest cost | 352 | 311 |
Net amortization of prior service cost and actuarial loss | 91 | 82 |
Net periodic pension cost | $ 659 | $ 567 |
General (Details Textual)
General (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 26, 2015 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||
Depreciation | $ 10,191,000 | $ 9,730,000 | |
Percentage Of Cash Dividends | 110.00% | ||
Available-for-sale Securities, Fair Value Disclosure | $ 70,000 | $ 70,000 | |
Interest Rate Fair Value Hedge Liability at Fair Value | $ 143,000 | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 16,000 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 316,000 |
Derivatives and Hedging Activ21
Derivatives and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 25,000,000 | ||
Description Of Derivative Variable Rate Basis | one-month LIBOR | ||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 143,000 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 143,000 | ||
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 | 0.50% | ||
Interest Rate Derivative Assets, at Fair Value | $ 16,000 |
Capital Lease Obligation (Detai
Capital Lease Obligation (Details Textual) | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 | $ 5,271,000 | |
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 | $ 23,662,000 | $ 22,118,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate | 39.30% | 35.30% |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 26, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 125,444 | $ 118,707 |
Operating income (loss) | 11,346 | 7,609 |
Depreciation and amortization | 10,191 | 9,730 |
Theatres [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 80,477 | 72,642 |
Operating income (loss) | 17,805 | 15,129 |
Depreciation and amortization | 5,858 | 5,288 |
Hotels/Resorts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 44,832 | 45,958 |
Operating income (loss) | (2,552) | (3,546) |
Depreciation and amortization | 4,241 | 4,352 |
Corporate Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 135 | 107 |
Operating income (loss) | (3,907) | (3,974) |
Depreciation and amortization | $ 92 | $ 90 |