2022 Q1 Form 10-Q Financial Statement

#000006223422000022 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q2
Revenue $132.2M $50.79M
YoY Change 540.2%
Cost Of Revenue $87.58M $36.70M
YoY Change 154.86%
Gross Profit $44.67M $14.10M
YoY Change -316.92%
Gross Profit Margin 33.78% 27.76%
Selling, General & Admin $34.56M $26.90M
YoY Change 9.35%
% of Gross Profit 77.37% 190.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.22M $17.96M
YoY Change -4.74%
% of Gross Profit 38.56% 127.36%
Operating Expenses $61.46M $49.70M
YoY Change 6.65%
Operating Profit -$16.80M -$35.66M
YoY Change -32.79%
Interest Expense $4.092M $4.843M
YoY Change 37.23%
% of Operating Profit
Other Income/Expense, Net -$4.654M -$3.227M
YoY Change -13.9%
Pretax Income -$21.45M -$38.89M
YoY Change -31.55%
Income Tax -$6.549M -$10.76M
% Of Pretax Income
Net Earnings -$14.90M -$28.13M
YoY Change 4.07%
Net Earnings / Revenue -11.27% -55.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$473.9K -$900.6K
COMMON SHARES
Basic Shares Outstanding 31.45M shares 31.20M shares
Diluted Shares Outstanding 31.45M shares 31.20M shares

Balance Sheet

Concept 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.43M $6.000M
YoY Change -92.46%
Cash & Equivalents $19.43M $6.013M
Short-Term Investments
Other Short-Term Assets $17.20M $10.65M
YoY Change -4.16%
Inventory
Prepaid Expenses
Receivables $21.41M $6.600M
Other Receivables $0.00 $24.80M
Total Short-Term Assets $64.74M $63.65M
YoY Change -59.71%
LONG-TERM ASSETS
Property, Plant & Equipment $972.6M $1.056B
YoY Change 17.94%
Goodwill $75.07M $75.17M
YoY Change -0.09%
Intangibles
YoY Change
Long-Term Investments $2.194M $0.00
YoY Change -100.0%
Other Assets $12.54M $30.87M
YoY Change -5.81%
Total Long-Term Assets $1.075B $1.162B
YoY Change -6.83%
TOTAL ASSETS
Total Short-Term Assets $64.74M $63.65M
Total Long-Term Assets $1.075B $1.162B
Total Assets $1.139B $1.226B
YoY Change -12.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.78M $13.28M
YoY Change 14.61%
Accrued Expenses $102.1M $99.90M
YoY Change 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $46.58M $83.26M
YoY Change -7.71%
Long-Term Debt Due $11.06M $11.36M
YoY Change 391.39%
Total Short-Term Liabilities $186.4M $210.6M
YoY Change 2.71%
LONG-TERM LIABILITIES
Long-Term Debt $203.9M $227.8M
YoY Change -11.51%
Other Long-Term Liabilities $268.4M $290.3M
YoY Change -0.92%
Total Long-Term Liabilities $203.9M $227.8M
YoY Change -11.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $186.4M $210.6M
Total Long-Term Liabilities $203.9M $227.8M
Total Liabilities $390.3M $438.3M
YoY Change -5.21%
SHAREHOLDERS EQUITY
Retained Earnings $274.4M $304.5M
YoY Change -25.8%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.555M $2.033M
YoY Change -37.71%
Treasury Stock Shares 122.2K shares $63.09K
Shareholders Equity $441.8M $457.9M
YoY Change
Total Liabilities & Shareholders Equity $1.139B $1.226B
YoY Change -12.78%

Cashflow Statement

Concept 2022 Q1 2021 Q2
OPERATING ACTIVITIES
Net Income -$14.90M -$28.13M
YoY Change 4.07%
Depreciation, Depletion And Amortization $17.22M $17.96M
YoY Change -4.74%
Cash From Operating Activities $6.471M -$12.98M
YoY Change -66.19%
INVESTING ACTIVITIES
Capital Expenditures $6.562M $1.525M
YoY Change -125.85%
Acquisitions
YoY Change
Other Investing Activities -$21.00K $231.0K
YoY Change -96.65%
Cash From Investing Activities -$3.103M $2.552M
YoY Change 132.0%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $427.0K $93.00K
YoY Change
Cash From Financing Activities -$3.169M $9.246M
YoY Change -256.71%
NET CHANGE
Cash From Operating Activities $6.471M -$12.98M
Cash From Investing Activities -$3.103M $2.552M
Cash From Financing Activities -$3.169M $9.246M
Net Change In Cash $199.0K -$1.185M
YoY Change -97.26%
FREE CASH FLOW
Cash From Operating Activities $6.471M -$12.98M
Capital Expenditures $6.562M $1.525M
Free Cash Flow -$91.00K -$14.51M
YoY Change -55.36%

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2. Impact of COVID-19 Pandemic</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic has had an unprecedented impact on the world and both of the Company’s business segments. As an operator of movie theatres, hotels and resorts, restaurants and bars, each of which consists of spaces where customers and guests gather in close proximity, the Company’s businesses were significantly impacted by protective actions that federal, state and local governments have taken to control the spread of the pandemic, and the customers’ reactions or responses to such actions. The extent of these protective actions and their impact on the Company’s businesses has continued to dissipate during the first quarter of fiscal 2022. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company began fiscal 2022 with all of its theatres open with normal operating days and hours. While still below pre-COVID-19 levels, attendance has continued to gradually improve as the number of vaccinated individuals increased, more films are released, and customers indicate increasing willingness to return to movie theatres. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company began fiscal 2022 with all eight of its company-owned and managed hotels open. The majority of the Company’s restaurants and bars in its hotels and resorts were open during the first quarters of fiscal 2022, operating under applicable state and local restrictions and guidelines, and in some cases reduced operating hours. The majority of the Company’s hotels and restaurants are generating reduced revenues as compared to pre-COVID-19 pandemic years, although hotel occupancy continues to improve as the travel activity increases.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the COVID-19 pandemic began, the Company has been working proactively to preserve cash and enhance liquidity. As of March 31, 2022, the Company had cash and cash equivalents of approximately $19,431 and $221,449 of availability under its $225,000 revolving credit facility. With this strong liquidity position, combined with cash generated from operations and proceeds from the sale of surplus real estate, the Company believes it is positioned to meet its obligations as they come due and continue to sustain its operations throughout fiscal 2022 and 2023, even if the properties continue to generate reduced revenues during these periods.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the first quarter of fiscal 2022, the Company received a $22,959 federal income tax refund (including $636 of interest) related to its fiscal 2020 tax return, with the primary benefit derived from net operating loss carrybacks to prior years. The Company also received $4,335 in state theatre grants during the first quarter of fiscal 2022 that were awarded during the fourth quarter of fiscal 2021. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes that the actions that have been taken will allow it to have sufficient liquidity to meet its obligations as they come due and to comply with its debt covenants for at least 12 months from the issuance date of these unaudited consolidated financial statements. However, future compliance with the Company’s debt covenants are dependent upon the timing of new movie releases and the protective actions that federal, state and local governments have taken which impact consumer confidence and the speed of recovery of the Company’s theatres and hotels and resorts businesses. The Company’s estimates and assumptions related to future forecasted results of the Company are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from estimated amounts and impact the Company’s ability to comply with its debt covenants.</span></div>
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CY2022Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
46577000 USD
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
47346000 USD
CY2022Q1 mcs Borrowings
Borrowings
261546000 USD
CY2021Q4 mcs Borrowings
Borrowings
262490000 USD
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
221449000 USD
CY2021Q4 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
10000000 USD
CY2022Q1 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
25000000 USD
CY2021Q3 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
100000000 USD
CY2021Q4 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
100000000 USD
CY2022Q1 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
100000000 USD
CY2022Q1 mcs Minimum Reduction In Amount Of Liquidity For Covenant
MinimumReductionInAmountOfLiquidityForCovenant
50000000 USD
CY2021 mcs Covenant Regarding Capital Expenditure
CovenantRegardingCapitalExpenditure
40000000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
820000 USD
CY2022Q1 mcs Credit Agreement Unrestricted Cash On Had Requirements
CreditAgreementUnrestrictedCashOnHadRequirements
75000000 USD
CY2022Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
90000000 USD
CY2021Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
90000000 USD
CY2022Q1 mcs Options Trading Period
OptionsTradingPeriod
P20D
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6377000 USD
CY2022Q1 mcs Options Threshold Trading Days
OptionsThresholdTradingDays
P30D
CY2022Q1 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
CY2022Q1 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
CY2022Q1 mcs Options Trading Period
OptionsTradingPeriod
P20D
CY2022Q1 mcs Options Threshold Trading Days
OptionsThresholdTradingDays
P30D
CY2018Q1 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
50000000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
705000 USD
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
712000 USD
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
221000 USD
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
250000 USD
CY2022Q1 mcs Finance Lease Cost
FinanceLeaseCost
926000 USD
CY2021Q2 mcs Finance Lease Cost
FinanceLeaseCost
962000 USD
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6321000 USD
CY2022Q1 mcs Variable Lease Costs
VariableLeaseCosts
163000 USD
CY2021Q2 mcs Variable Lease Costs
VariableLeaseCosts
15000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
36000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
35000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
6250000 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
6341000 USD
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
584000 USD
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
630000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
221000 USD
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
250000 USD
CY2022Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
7124000 USD
CY2021Q2 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
7393000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
72000 USD
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
183000 USD
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1575000 USD
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0457
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0458
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0451
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0448
CY2022Q1 mcs Operating Lease Deferred Rent Payments
OperatingLeaseDeferredRentPayments
1856000 USD
CY2022Q1 mcs Effective Income Tax Rate
EffectiveIncomeTaxRate
0.305
CY2021Q2 mcs Effective Income Tax Rate
EffectiveIncomeTaxRate
0.277
CY2021Q2 mcs Income Tax Refund Claims Cares Act
IncomeTaxRefundClaimsCaresAct
24151000 USD
CY2021Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1828000 USD
CY2022Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
22323000 USD
CY2022Q1 mcs Proceeds From Income Tax Refunds Provisions Of Coronavirus Aid Relief And Economic Security Act
ProceedsFromIncomeTaxRefundsProvisionsOfCoronavirusAidReliefAndEconomicSecurityAct
636000 USD
CY2021Q2 mcs Proceeds From Income Tax Refunds Provisions Of Coronavirus Aid Relief And Economic Security Act
ProceedsFromIncomeTaxRefundsProvisionsOfCoronavirusAidReliefAndEconomicSecurityAct
5900000 USD
CY2022Q1 us-gaap Revenues
Revenues
132242000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-16797000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
17231000 USD
CY2021Q2 us-gaap Revenues
Revenues
50787000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-35661000 USD
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
17979000 USD

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