As recovery from the COVID-19 pandemic continues, the company’s balance sheet and liquidity remain strong
Fourth Quarter Fiscal 2020 Highlights
-
Total revenues for the fourth quarter of fiscal 2020 were
$36,704,000 compared to total revenues of$206,862,000 for the fourth quarter of fiscal 2019. -
Operating loss was
$55,173,000 for the fourth quarter of fiscal 2020, compared to operating income of$13,379,000 for the prior year quarter. -
Net loss attributable to
The Marcus Corporation was$39,022,000 for the fourth quarter of fiscal 2020, compared to net earnings attributable toThe Marcus Corporation of$7,802,000 for the same period in fiscal 2019. -
Net loss per diluted common share attributable to
The Marcus Corporation was$1.29 for the fourth quarter of fiscal 2020, compared to net earnings per diluted common share attributable toThe Marcus Corporation of$0.25 for the fourth quarter of fiscal 2019. -
Adjusted net loss attributable to
The Marcus Corporation was$36,913,000 for the fourth quarter of fiscal 2020, compared to Adjusted net earnings attributable toThe Marcus Corporation of$10,469,000 for the fourth quarter of fiscal 2019. -
Adjusted net loss per diluted common share attributable to
The Marcus Corporation was$1.22 for the fourth quarter of fiscal 2020, compared to Adjusted net earnings per diluted common share attributable toThe Marcus Corporation of$0.33 for the prior year quarter. -
Adjusted EBITDA was a loss of
$27,770,000 for the fourth quarter of fiscal 2020, compared to Adjusted EBITDA of$36,710,000 for the comparable prior year period. -
Adjusted net earnings (loss) attributable to
The Marcus Corporation , Adjusted net earnings (loss) per diluted common share attributable toThe Marcus Corporation and Adjusted EBITDA reflect adjustments made by the company to eliminate the impact of a nonrecurring income tax adjustment and certain nonrecurring income, expenses and impairment charges during the fourth quarter of fiscal 2020, as well as the unfavorable impact of new theatre preopening expenses, an impairment charge and certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel intoSaint Kate ® –The Arts Hotel , during the fourth quarter of fiscal 2019.
Full Year Fiscal 2020 Highlights
-
Total revenues for fiscal 2020 were
$237,688,000 compared to total revenues of$820,863,000 for fiscal 2019. -
Operating loss was
$178,422,000 for fiscal 2020 compared to operating income of$68,191,000 for fiscal 2019. -
Net loss attributable to
The Marcus Corporation was$124,843,000 for fiscal 2020, compared to net earnings attributable toThe Marcus Corporation of$42,017,000 for fiscal 2019. -
Net loss per diluted common share attributable to
The Marcus Corporation was$4.13 for fiscal 2020, compared to net earnings per diluted common share attributable toThe Marcus Corporation of$1.35 for fiscal 2019. -
Adjusted net loss attributable to
The Marcus Corporation was$125,087,000 for fiscal 2020, compared to Adjusted net earnings attributable toThe Marcus Corporation of$50,278,000 for fiscal 2019. -
Adjusted net loss per diluted common share attributable to
The Marcus Corporation was$4.13 for fiscal 2020, compared to Adjusted net earnings per diluted common share attributable toThe Marcus Corporation of$1.61 for fiscal 2019. -
Adjusted EBITDA was a loss of
$71,574,000 for fiscal 2020, compared to Adjusted EBITDA of$155,170,000 for fiscal 2019. -
Adjusted net earnings (loss) attributable to
The Marcus Corporation , Adjusted net earnings (loss) per diluted common share attributable toThe Marcus Corporation and Adjusted EBITDA reflect adjustments made by the company to eliminate the impact of a favorable income tax adjustment and certain nonrecurring income, expenses and impairment charges during fiscal 2020, as well as the unfavorable impact of new theatre preopening expenses and acquisition and preopening expenses related to theMovie Tavern acquisition, an impairment charge and certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel intoSaint Kate ® –The Arts Hotel , during fiscal 2019.
“Without question, 2020 was the most challenging year in our history, with the COVID-19 pandemic significantly impacting our businesses and the industries in which we compete,” said
During the fourth quarter, new state and local restrictions in several markets required the temporary reclosure of several theatres, resulting in 52% of theatres being open as of
In response to the COVID-19 pandemic, the theatre division introduced Marcus Private Cinema in the fourth quarter. Guests can reserve an entire auditorium for up to 20 people, offering a safe, fun and stress-free social gathering opportunity for a flat fee. As program awareness increased during the first two months of 2021, sales attributable to Marcus Private Cinema have exceeded expectations, helping to partially offset reduced traditional attendance. Moviegoers also continue to enjoy food and beverage experiences, as average concession revenues per person increased over 10% compared to the fourth quarter of fiscal 2019.
“During the fourth quarter and first two months of 2021, theatre attendance has been increasing gradually as we have been able to offer guests a greater number and variety of films, an encouraging sign that moviegoers continue to gain confidence in returning to theatres,” said
While the film release schedule continued to change, several films generated box office interest in the fourth quarter, including “The Croods: A New Age,” “Wonder Woman 1984,” and “The War with Grandpa.” As a greater portion of the population gets vaccinated, demand for out-of-home entertainment is expected to increase with studios beginning to release new high-quality films to theatres. 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. Just a few highly anticipated films currently scheduled for 2021 include: “Godzilla vs. Kong,” “Black Widow,” “Fast & Furious 9,” “In the Heights,” “Top Gun: Maverick,” “Minions: The Rise of Gru,” “The Suicide Squad,” “The King’s Man,” “A Quiet Place II,” “Death on the Nile,” “Dune,” “No Time To Die,” “Ghostbusters: Afterlife,” Mission Impossible 7,” “West Side Story,” “Spider-Man: No Way Home,” The Untitled Matrix Film, and “Sing 2.” The early list of films scheduled to be released during fiscal 2022 also appears quite strong.
All eight
Demand continues to be driven by the “drive-to leisure” market, with Grand Geneva®
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
Throughout 2020, the company’s owned or managed hotels were feted by many travel industry awards for exceptional service and amenities, including the coveted
Balance Sheet and Liquidity
Throughout The Marcus Corporation’s 85-year history, the company has prioritized maintaining a strong balance sheet. As of
“Our real estate ownership provides a significant advantage to us relative to our peers, as it keeps our monthly fixed lease payments low and provides substantial underlying credit support for our balance sheet,” said
In addition to receiving anticipated income tax refunds during the fourth quarter, the company was awarded various state grants, the majority of which was received in
Conference Call and Webcast
A telephone replay of the conference call will be available through
Non-GAAP Financial Measures
Adjusted net earnings (loss) attributable to
Adjusted net earnings (loss) attributable to
Adjusted net earnings (loss) attributable to
About
Headquartered in
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects of the COVID-19 pandemic on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the duration of the COVID-19 pandemic and related government restrictions and social distancing requirements and the level of customer demand following the relaxation of such requirements; (3) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (particularly following the COVID-19 pandemic, during which the production of new movie content has essentially ceased and release dates for motion pictures have been postponed), as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets, including but not limited to, those caused by the COVID-19 pandemic; (5) the effects of adverse economic conditions, including but not limited to, those caused by the COVID-19 pandemic, on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the COVID-19 pandemic and the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets once hotels and resorts have more fully reopened; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (11) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (12) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in
Consolidated Statements of Earnings (Loss) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
14 Weeks | 13 Weeks | 53 Weeks | 52 Weeks | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues: | ||||||||||||||||
Theatre admissions |
$ |
6,158 |
|
$ |
72,364 |
|
$ |
64,825 |
|
$ |
284,141 |
|
||||
Rooms |
|
7,768 |
|
|
24,540 |
|
|
35,386 |
|
|
105,857 |
|
||||
Theatre concessions |
|
6,434 |
|
|
59,111 |
|
|
56,711 |
|
|
231,237 |
|
||||
Food and beverage |
|
5,202 |
|
|
20,097 |
|
|
24,822 |
|
|
74,665 |
|
||||
Other revenues |
|
7,856 |
|
|
21,571 |
|
|
38,742 |
|
|
87,805 |
|
||||
|
33,418 |
|
|
197,683 |
|
|
220,486 |
|
|
783,705 |
|
|||||
Cost reimbursements |
|
3,286 |
|
|
9,179 |
|
|
17,202 |
|
|
37,158 |
|
||||
Total revenues |
|
36,704 |
|
|
206,862 |
|
|
237,688 |
|
|
820,863 |
|
||||
Costs and expenses: | ||||||||||||||||
Theatre operations |
|
15,426 |
|
|
68,199 |
|
|
92,232 |
|
|
267,741 |
|
||||
Rooms |
|
5,111 |
|
|
10,208 |
|
|
21,243 |
|
|
40,381 |
|
||||
Theatre concessions |
|
4,113 |
|
|
21,500 |
|
|
29,747 |
|
|
85,289 |
|
||||
Food and beverage |
|
5,399 |
|
|
16,459 |
|
|
26,124 |
|
|
60,812 |
|
||||
Advertising and marketing |
|
2,628 |
|
|
6,919 |
|
|
11,074 |
|
|
24,583 |
|
||||
Administrative |
|
10,491 |
|
|
18,660 |
|
|
51,046 |
|
|
73,522 |
|
||||
Depreciation and amortization |
|
18,484 |
|
|
18,793 |
|
|
75,052 |
|
|
72,277 |
|
||||
Rent |
|
6,990 |
|
|
7,012 |
|
|
26,866 |
|
|
26,099 |
|
||||
Property taxes |
|
5,556 |
|
|
5,344 |
|
|
23,560 |
|
|
21,871 |
|
||||
Other operating expenses |
|
(806 |
) |
|
9,336 |
|
|
17,288 |
|
|
41,065 |
|
||||
Impairment charges |
|
15,199 |
|
|
1,874 |
|
|
24,676 |
|
|
1,874 |
|
||||
Reimbursed costs |
|
3,286 |
|
|
9,179 |
|
|
17,202 |
|
|
37,158 |
|
||||
Total costs and expenses |
|
91,877 |
|
|
193,483 |
|
|
416,110 |
|
|
752,672 |
|
||||
Operating income (loss) |
|
(55,173 |
) |
|
13,379 |
|
|
(178,422 |
) |
|
68,191 |
|
||||
Other income (expense): | ||||||||||||||||
Investment income |
|
357 |
|
|
544 |
|
|
564 |
|
|
1,379 |
|
||||
Interest expense |
|
(6,098 |
) |
|
(2,832 |
) |
|
(16,275 |
) |
|
(11,791 |
) |
||||
Other income (expense), net |
|
785 |
|
|
(480 |
) |
|
(986 |
) |
|
(1,921 |
) |
||||
Gain (loss) on disposition of property, equipment and other assets |
|
1,155 |
|
|
(880 |
) |
|
856 |
|
|
(1,149 |
) |
||||
Equity losses from unconsolidated joint ventures |
|
- |
|
|
(22 |
) |
|
(1,539 |
) |
|
(274 |
) |
||||
|
(3,801 |
) |
|
(3,670 |
) |
|
(17,380 |
) |
|
(13,756 |
) |
|||||
Earnings (loss) before income taxes |
|
(58,974 |
) |
|
9,709 |
|
|
(195,802 |
) |
|
54,435 |
|
||||
Income taxes (benefit) |
|
(19,952 |
) |
|
1,855 |
|
|
(70,936 |
) |
|
12,320 |
|
||||
Net earnings (loss) |
|
(39,022 |
) |
|
7,854 |
|
|
(124,866 |
) |
|
42,115 |
|
||||
Net (earnings) loss attributable to noncontrolling interests |
|
- |
|
|
52 |
|
|
(23 |
) |
|
98 |
|
||||
Net earnings (loss) attributable to |
$ |
(39,022 |
) |
$ |
7,802 |
|
$ |
(124,843 |
) |
$ |
42,017 |
|
||||
Net earnings (loss) per common share attributable to |
$ |
(1.29 |
) |
$ |
0.25 |
|
$ |
(4.13 |
) |
$ |
1.35 |
|
||||
Weighted average shares outstanding - diluted |
|
31,064 |
|
|
31,363 |
|
|
31,042 |
|
|
31,152 |
|
Condensed Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
(Unaudited) |
(Audited) |
|||||
|
|
|||||
2020 |
2019 |
|||||
Assets: | ||||||
Cash and cash equivalents |
$ |
6,745 |
$ |
20,862 |
||
Restricted cash |
|
7,343 |
|
4,756 |
||
Accounts receivable |
|
6,359 |
|
29,465 |
||
Government grants receivable |
|
4,913 |
|
- |
||
Refundable income taxes |
|
27,934 |
|
5,916 |
||
Assets held for sale |
|
4,117 |
|
- |
||
Other current assets |
|
10,406 |
|
18,265 |
||
Property and equipment, net |
|
848,328 |
|
923,254 |
||
Operating lease right-of-use assets |
|
229,660 |
|
243,855 |
||
Other assets |
|
108,373 |
|
112,813 |
||
Total Assets |
$ |
1,254,178 |
$ |
1,359,186 |
||
Liabilities and Shareholders' Equity: | ||||||
Accounts payable |
$ |
13,158 |
$ |
49,370 |
||
Taxes other than income taxes |
|
18,308 |
|
20,613 |
||
Other current liabilities |
|
65,787 |
|
79,189 |
||
Short-term borrowings |
|
87,194 |
|
- |
||
Current portion of finance lease obligations |
|
2,783 |
|
2,571 |
||
Current portion of operating lease obligations |
|
19,614 |
|
13,335 |
||
Current maturities of long-term debt |
|
10,548 |
|
9,910 |
||
Finance lease obligations |
|
19,744 |
|
20,802 |
||
Operating lease obligations |
|
230,550 |
|
232,111 |
||
Long-term debt |
|
193,036 |
|
206,432 |
||
Deferred income taxes |
|
33,429 |
|
48,262 |
||
Other long-term obligations |
|
61,304 |
|
55,133 |
||
Equity |
|
498,723 |
|
621,458 |
||
Total Liabilities and Shareholders' Equity |
$ |
1,254,178 |
$ |
1,359,186 |
Business Segment Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Theatres | Hotels/ Resorts |
Corporate Items |
Total | |||||||||||||
14 Weeks Ended |
||||||||||||||||
Revenues |
$ |
14,210 |
|
$ |
22,385 |
|
$ |
109 |
|
$ |
36,704 |
|
||||
Operating loss |
|
(42,641 |
) |
|
(11,426 |
) |
|
(1,106 |
) |
|
(55,173 |
) |
||||
Depreciation and amortization |
|
13,215 |
|
|
5,141 |
|
|
128 |
|
|
18,484 |
|
||||
13 Weeks Ended |
||||||||||||||||
Revenues |
$ |
143,006 |
|
$ |
63,746 |
|
$ |
110 |
|
$ |
206,862 |
|
||||
Operating income (loss) |
|
19,247 |
|
|
(1,393 |
) |
|
(4,475 |
) |
|
13,379 |
|
||||
Depreciation and amortization |
|
13,284 |
|
|
5,380 |
|
|
129 |
|
|
18,793 |
|
||||
53 Weeks Ended |
||||||||||||||||
Revenues |
$ |
132,624 |
|
$ |
104,638 |
|
$ |
426 |
|
$ |
237,688 |
|
||||
Operating loss |
|
(121,429 |
) |
|
(43,885 |
) |
|
(13,108 |
) |
|
(178,422 |
) |
||||
Depreciation and amortization |
|
53,460 |
|
|
21,096 |
|
|
496 |
|
|
75,052 |
|
||||
52 Weeks Ended |
||||||||||||||||
Revenues |
$ |
557,080 |
|
$ |
263,350 |
|
$ |
433 |
|
$ |
820,863 |
|
||||
Operating income (loss) |
|
76,903 |
|
|
10,050 |
|
|
(18,762 |
) |
|
68,191 |
|
||||
Depreciation and amortization |
|
51,202 |
|
|
20,430 |
|
|
645 |
|
|
72,277 |
|
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. |
Reconciliation of Adjusted net earnings (loss) and Adjusted net earnings (loss) per diluted common share | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
14 Weeks | 13 Weeks | 53 Weeks | 52 Weeks | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net earnings (loss) attributable to |
$ |
(39,022 |
) |
$ |
7,802 |
|
$ |
(124,843 |
) |
$ |
42,017 |
|
||||
Add (deduct): | ||||||||||||||||
Adjustment to income taxes (a) |
|
(2,651 |
) |
|
(20,071 |
) |
||||||||||
Acquisition/preopening expenses - theatres (b) |
|
- |
|
|
439 |
|
|
- |
|
|
2,475 |
|
||||
Preopening expenses - hotels (c) |
|
- |
|
|
1,296 |
|
|
- |
|
|
6,830 |
|
||||
Property closure/reopening expenses - theatres (d) |
|
1,174 |
|
|
5,804 |
|
||||||||||
Property closure/reopening expenses - hotels (e) |
|
230 |
|
|
5,714 |
|
||||||||||
Government grants (f) |
|
(6,955 |
) |
|
(6,955 |
) |
||||||||||
Insurance proceeds (g) |
|
(1,828 |
) |
|
(1,828 |
) |
||||||||||
Impairment charges (h) |
|
15,199 |
|
|
1,874 |
|
|
24,676 |
|
|
1,874 |
|
||||
Joint venture impairment charge (i) |
|
- |
|
|
811 |
|
||||||||||
Return of escrow funds (j) |
|
(1,375 |
) |
|
(1,375 |
) |
||||||||||
Tax impact of adjustments to net earnings (k) |
|
(1,685 |
) |
|
(942 |
) |
|
(7,020 |
) |
|
(2,918 |
) |
||||
Adjusted net earnings (loss) attributable to |
$ |
(36,913 |
) |
$ |
10,469 |
|
$ |
(125,087 |
) |
$ |
50,278 |
|
||||
Net earnings (loss) per diluted common share attributable to |
$ |
(1.29 |
) |
$ |
0.25 |
|
$ |
(4.13 |
) |
$ |
1.35 |
|
||||
Adjusted net earnings (loss) per diluted common share attributable to |
$ |
(1.22 |
) |
$ |
0.33 |
|
$ |
(4.13 |
) |
$ |
1.61 |
|
(a) |
Reflects a nonrecurring adjustment to income taxes related to net operating loss carrybacks to a higher federal income tax rate year, made as a result of the CARES Act. |
|
(b) |
Acquisition and preopening costs incurred related to the |
|
(c) |
Preopening costs and initial startup losses incurred related to the conversion of the |
|
(d) |
Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company's movie theatres due to the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening theatres. |
|
(e) |
Reflects nonrecurring costs (primarily payroll) related to the closure of the company's hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening hotels. |
|
(f) |
Reflects nonrecurring state government grants awarded to our theatres and hotels for COVID-19 relief. |
|
(g) |
Reflects nonrecurring net insurance proceeds received for COVID-19 related insurance claims. |
|
(h) |
Impairment charges related to intangible assets (trade name) and several theatre locations in fiscal 2020 and a theatre location in fiscal 2019. |
|
(i) |
Impairment charge related to an investment in a joint venture |
|
(j) |
Reflects receipt of |
|
(k) |
Represents the tax effect related to adjustments (b), (c), (d), (e), (f), (g), (h), (i) and (j) to net earnings, calculated using a statutory tax rates of 26.1% for the fiscal 2020 and fiscal 2019 periods. |
Reconciliation of Net earnings (loss) to Adjusted EBITDA | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands) | ||||||||||||||||
14 Weeks | 13 Weeks | 53 Weeks | 52 Weeks | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net earnings (loss) attributable to |
$ |
(39,022 |
) |
$ |
7,802 |
|
$ |
(124,843 |
) |
$ |
42,017 |
|
||||
Add (deduct): | ||||||||||||||||
Investment income |
|
(357 |
) |
|
(544 |
) |
|
(564 |
) |
|
(1,379 |
) |
||||
Interest expense |
|
6,098 |
|
|
2,832 |
|
|
16,275 |
|
|
11,791 |
|
||||
Other (income) expense |
|
(785 |
) |
|
480 |
|
|
986 |
|
|
1,921 |
|
||||
(Gain) loss on disposition of property, equipment and other assets |
|
(1,155 |
) |
|
880 |
|
|
(856 |
) |
|
1,149 |
|
||||
Equity losses from unconsolidated joint ventures |
|
- |
|
|
22 |
|
|
1,539 |
|
|
274 |
|
||||
Net earnings (loss) attributable to noncontrolling interests |
|
- |
|
|
52 |
|
|
(23 |
) |
|
98 |
|
||||
Income tax expense (benefit) |
|
(19,952 |
) |
|
1,855 |
|
|
(70,936 |
) |
|
12,320 |
|
||||
Depreciation and amortization |
|
18,484 |
|
|
18,793 |
|
|
75,052 |
|
|
72,277 |
|
||||
Share-based compensation expenses (a) |
|
1,099 |
|
|
929 |
|
|
4,385 |
|
|
3,523 |
|
||||
Acquisition/preopening expenses - theatres (b) |
|
- |
|
|
439 |
|
|
- |
|
|
2,475 |
|
||||
Preopening expenses - hotels (c) |
|
- |
|
|
1,296 |
|
|
- |
|
|
6,830 |
|
||||
Property closure/reopening expenses - theatres (d) |
|
1,174 |
|
|
- |
|
|
5,804 |
|
|
- |
|
||||
Property closure/reopening expenses - hotels (e) |
|
230 |
|
|
- |
|
|
5,714 |
|
|
- |
|
||||
Government grants (f) |
|
(6,955 |
) |
|
- |
|
|
(6,955 |
) |
|
- |
|
||||
Insurance proceeds (g) |
|
(1,828 |
) |
|
- |
|
|
(1,828 |
) |
|
- |
|
||||
Impairment charges (h) |
|
15,199 |
|
|
1,874 |
|
|
24,676 |
|
|
1,874 |
|
||||
Adjusted EBITDA |
$ |
(27,770 |
) |
$ |
36,710 |
|
$ |
(71,574 |
) |
$ |
155,170 |
|
(a) |
Non-cash charges related to share-based compensation programs. |
|
(b) |
Acquisition and preopening costs incurred related to the |
|
(c) |
Preopening costs and initial startup losses incurred related to the conversion of the |
|
(d) |
Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company's movie theatres due to the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening theatres. |
|
(e) |
Reflects nonrecurring costs (primarily payroll) related to the closure of the company's hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening hotels. |
|
(f) |
Reflects nonrecurring state government grants awarded to our theatres and hotels for COVID-19 relief. |
|
(g) |
Reflects nonrecurring net insurance proceeds received for COVID-19 related insurance claims. |
|
(h) |
Impairment charges related to intangible assets (trade name) and several theatre locations in fiscal 2020 and a theatre location in fiscal 2019. |
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