$MCS
MARCUS CORP

2020 Q1 Form 10-Q Financial Statement

#000110465920060260 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $159.5M $170.0M
YoY Change -6.22% 1.1%
Cost Of Revenue $109.1M $104.7M
YoY Change 4.2% 6.84%
Gross Profit $50.40M $65.40M
YoY Change -22.94% -6.84%
Gross Profit Margin 31.61% 38.46%
Selling, General & Admin $36.10M $33.60M
YoY Change 7.44% 9.8%
% of Gross Profit 71.63% 51.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.03M $15.96M
YoY Change 19.3% 13.67%
% of Gross Profit 37.77% 24.4%
Operating Expenses $63.90M $60.40M
YoY Change 5.79% 13.53%
Operating Profit -$22.20M $4.950M
YoY Change -548.48% -70.91%
Interest Expense $2.516M $3.059M
YoY Change -17.75% -7.56%
% of Operating Profit 61.8%
Other Income/Expense, Net -$3.870M -$3.143M
YoY Change 23.13% -17.05%
Pretax Income -$26.07M $1.807M
YoY Change -1542.72% -86.34%
Income Tax -$6.570M $13.00K
% Of Pretax Income 0.72%
Net Earnings -$19.35M $1.860M
YoY Change -1140.43% -81.06%
Net Earnings / Revenue -12.14% 1.09%
Basic Earnings Per Share
Diluted Earnings Per Share -$625.8K $62.30K
COMMON SHARES
Basic Shares Outstanding 30.98M 29.88M
Diluted Shares Outstanding 30.98M 30.50M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.5M $8.400M
YoY Change 1405.95% 2.44%
Cash & Equivalents $126.5M $8.361M
Short-Term Investments
Other Short-Term Assets $16.86M $16.76M
YoY Change 0.58% -8.92%
Inventory
Prepaid Expenses
Receivables $14.80M $20.30M
Other Receivables $10.40M $5.900M
Total Short-Term Assets $173.3M $56.22M
YoY Change 208.28% -2.22%
LONG-TERM ASSETS
Property, Plant & Equipment $912.3M $934.2M
YoY Change -2.34% 9.46%
Goodwill $75.26M $32.21M
YoY Change 133.68%
Intangibles
YoY Change
Long-Term Investments $3.500M $3.800M
YoY Change -7.89% -13.64%
Other Assets $32.53M $38.21M
YoY Change -14.87% 14.74%
Total Long-Term Assets $1.268B $1.286B
YoY Change -1.41% 37.62%
TOTAL ASSETS
Total Short-Term Assets $173.3M $56.22M
Total Long-Term Assets $1.268B $1.286B
Total Assets $1.441B $1.342B
YoY Change 7.37% 35.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.18M $35.26M
YoY Change -22.93% 14.49%
Accrued Expenses $98.80M $94.40M
YoY Change 4.66% 17.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.977M $10.06M
YoY Change -0.84% -48.66%
Total Short-Term Liabilities $138.4M $145.0M
YoY Change -4.53% 11.02%
LONG-TERM LIABILITIES
Long-Term Debt $345.2M $263.6M
YoY Change 30.97% -16.88%
Other Long-Term Liabilities $293.3M $271.6M
YoY Change 7.99% 379.86%
Total Long-Term Liabilities $345.2M $263.6M
YoY Change 30.97% -29.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.4M $145.0M
Total Long-Term Liabilities $345.2M $263.6M
Total Liabilities $483.6M $408.6M
YoY Change 18.37% -24.7%
SHAREHOLDERS EQUITY
Retained Earnings $437.4M $436.2M
YoY Change 0.27%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.563M $5.576M
YoY Change -36.1%
Treasury Stock Shares $133.4K $312.6K
Shareholders Equity $598.5M $597.9M
YoY Change
Total Liabilities & Shareholders Equity $1.441B $1.342B
YoY Change 7.37% 35.31%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$19.35M $1.860M
YoY Change -1140.43% -81.06%
Depreciation, Depletion And Amortization $19.03M $15.96M
YoY Change 19.3% 13.67%
Cash From Operating Activities -$16.62M $8.020M
YoY Change -307.21% -33.04%
INVESTING ACTIVITIES
Capital Expenditures $9.978M $13.72M
YoY Change -27.3% -14.09%
Acquisitions $29.63M
YoY Change
Other Investing Activities $206.0K -$32.40M
YoY Change -100.64% 16100.0%
Cash From Investing Activities -$10.18M -$46.09M
YoY Change -77.91% 185.38%
FINANCING ACTIVITIES
Cash Dividend Paid $5.145M $4.816M
YoY Change 6.83% 18.33%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $177.0K $217.0K
YoY Change -18.43% 25.43%
Cash From Financing Activities 132.4M 29.39M
YoY Change 350.61% -1027.52%
NET CHANGE
Cash From Operating Activities -16.62M 8.020M
Cash From Investing Activities -10.18M -46.09M
Cash From Financing Activities 132.4M 29.39M
Net Change In Cash 105.6M -8.673M
YoY Change -1318.14% 18.14%
FREE CASH FLOW
Cash From Operating Activities -$16.62M $8.020M
Capital Expenditures $9.978M $13.72M
Free Cash Flow -$26.60M -$5.704M
YoY Change 366.27% 42.71%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2. Impact of COVID-19 Pandemic</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The recent outbreak of the COVID-19 pandemic has had an unprecedented impact on the world and both of the Company’s business segments. The situation continues to be volatile and the social and economic effects are widespread. 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 are significantly impacted by protective actions that federal, state and local governments have taken to control the spread of the pandemic. These actions include, among other things, declaring national and state emergencies, encouraging social distancing, restricting freedom of movement, mandating non-essential business closures and issuing shelter-in-place, quarantine and stay-at-home orders. </p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As a result of these measures, the Company temporarily closed all of its theatres on March 17, 2020, and it currently is not generating any revenues from its theatre operations (other than some limited online sales and curbside sales of popcorn, pizza and other assorted food and beverage items).  The Company also temporarily closed all of its hotel division restaurants and bars at approximately the same time and closed five of its eight company-owned hotels and resorts on March 24, 2020 due to a significant reduction in occupancy at those hotels.  The Company announced the closing of its remaining three company-owned hotels on April 8, 2020.  The Company currently is not generating any revenues from its hotels and resorts operations.  </p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Since the COVID-19 crisis began, the Company has been working proactively to preserve cash and ensure sufficient liquidity to withstand the impacts of the COVID-19 pandemic and ultimately emerge in a continued position of strength. In addition to obtaining additional financing and modifying previously existing debt covenants (see Note 5), additional measures the Company has already taken and intend to take in the future to enhance liquidity include:</p><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Discontinuing all non-essential operating and capital expenditures;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Temporarily laying off the majority of its hourly theatre and hotel associates, in addition to temporarily reducing property management and corporate office staff levels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Temporarily reducing the salary of the Company’s chairman and president and chief executive officer by 50%, as well as reducing the salary of all other executives and remaining divisional/corporate staff;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Temporarily eliminating all board of directors cash compensation;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Temporarily suspending quarterly dividend payments;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Actively working with landlords and major suppliers to modify the timing and terms of certain contractual payments; </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Evaluating the provisions of the CARES Act and utilizing the benefits, relief and resources under those provisions as appropriate (See Note 7); and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Evaluating the provisions of any subsequent federal or state legislation enacted as a response to the COVID-19 pandemic.</span></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The Amendment (see Note 5) allows the Company to consider additional borrowings from governmental authorities under provisions of the CARES Act or any other subsequent governmental actions that it could avail itself of if it deemed it necessary and appropriate. Although the Company intends to seek any available potential benefits under the CARES Act, it cannot predict the manner in which such benefits will be allocated or administered, and it cannot assure shareholders that it will be able to access such benefits in a timely manner or at all.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The timing for when the Company’s theatres and hotels will reopen is uncertain as of the date of this report. The majority of the Company’s theatres are currently required to be closed under various state and local governmental restrictions, and the Company will continue to monitor and follow those restrictions until lifted.  The Company is encouraged by recent federal guidance for a phased reopening of the U.S. economy that included the reopening of movie theatres in phase one, albeit under strict social distancing guidelines.  Prior to closing our theatres, the Company had announced a social distancing seating plan that effectively reduced each theatre auditorium’s capacity by 50%.  Current expectation is that, when theatres do reopen, they will open to similar capacity limitations.  When the Company closed its hotels, it was not because of any governmental requirements to close.  The restaurants and bars within the Company’s hotels were required to close, but the hotels themselves were considered “essential businesses” under most definitions.  The hotels closed due to a significant drop in demand that made it financially prudent for them to close rather than stay open.  As a result, the timing of reopening the Company’s hotels and resorts will likely be driven by an increase in demand, as individual and business travelers begin to travel more freely once again.  </p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The COVID-19 pandemic and the resulting impact on the Company's operating performance has affected, and may continue to affect, the estimates and assumptions made by management. Such estimates and assumptions include, among other things, the Company's goodwill and long-lived asset valuations and the measurement of compensation costs for annual and long-term incentive plans. Events and changes in circumstances arising after March 26, 2020, including those resulting from the impacts of COVID-19, will be reflected in management's estimates for future periods.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">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 consolidated financial statements. However, future compliance with the Company's financial debt covenants (see Note 5) could be impacted if the Company is unable to resume its operations as currently expected.</p>
CY2020Q1 mcs Number Of Hotels And Resorts Temporarily Closed
NumberOfHotelsAndResortsTemporarilyClosed
5
CY2020Q1 mcs Number Of Hotels And Resorts Owned
NumberOfHotelsAndResortsOwned
8
CY2020Q2 mcs Number Of Hotels And Resorts Temporarily Closed
NumberOfHotelsAndResortsTemporarilyClosed
3
CY2020Q1 mcs Temporary Reduction In Salary Percentage
TemporaryReductionInSalaryPercentage
0.50
CY2020Q1 mcs Reduction In Each Theatre Auditorium S Capacity
ReductionInEachTheatreAuditoriumSCapacity
0.50
CY2020Q1 mcs Impaired Asset Fair Value
ImpairedAssetFairValue
13686000
CY2020Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
39110
CY2020Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
24482000
CY2019Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
24571000
CY2020Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
109000000
CY2019Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
109000000
CY2019Q4 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
39110
CY2020Q1 mcs Interest Rate Of Unsecured Term Note
InterestRateOfUnsecuredTermNote
0.0575
CY2019 mcs Interest Rate Of Unsecured Term Note
InterestRateOfUnsecuredTermNote
0.0575
CY2020Q1 mcs Long Term Unsecured Notes Payable
LongTermUnsecuredNotesPayable
2006000
CY2019Q4 mcs Long Term Unsecured Notes Payable
LongTermUnsecuredNotesPayable
2093000
CY2020Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
220000000
CY2019Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
81000000
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
305000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
322000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
355183000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
216342000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
9977000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
9910000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
345206000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
206432000
CY2020Q2 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
-57000000
CY2020Q3 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
-90000000
CY2020Q4 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
-65000000
CY2021Q2 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
-40000000
CY2021Q3 mcs Covenant Regarding Ebitda
CovenantRegardingEbitda
42000000
CY2020Q2 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
102000000
CY2020Q3 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
67000000
CY2020Q4 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
78500000
CY2021Q2 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
83000000
CY2021Q3 mcs Covenant Regarding Liquidity
CovenantRegardingLiquidity
103500000
CY2020Q1 mcs Minimum Reduction In Amount Of Liquidity
MinimumReductionInAmountOfLiquidity
50000000
mcs Covenant Regarding Capital Expenditure
CovenantRegardingCapitalExpenditure
22500000
CY2021Q4 mcs Covenant Regarding Capital Expenditure
CovenantRegardingCapitalExpenditure
50000000
CY2020Q1 mcs Maximum Limit For Cash On Hand For Not Paying Revolving Loans
MaximumLimitForCashOnHandForNotPayingRevolvingLoans
125000000
CY2020Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
109000000
CY2020Q2 mcs Percentage Of Fee Payable To Each Note Holder
PercentageOfFeePayableToEachNoteHolder
0.00725
CY2020Q2 mcs Percentage Of Fee Payable To Each Note Holder Quarterly
PercentageOfFeePayableToEachNoteHolderQuarterly
0.0018125
CY2018Q1 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
50000000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-22200000
CY2020Q1 us-gaap Interest Rate Fair Value Hedge Liability At Fair Value
InterestRateFairValueHedgeLiabilityAtFairValue
2181000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
227000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
60000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
711000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
269000
CY2020Q1 mcs Finance Lease Cost
FinanceLeaseCost
980000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6667000
CY2020Q1 us-gaap Lease Cost
LeaseCost
6954000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
635000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
269000
CY2020Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
4644000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
25000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9630000
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P10Y
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P10Y
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0467
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0454
CY2020Q1 mcs Effective Income Tax Rate
EffectiveIncomeTaxRate
0.253
CY2019Q1 mcs Effective Income Tax Rate
EffectiveIncomeTaxRate
0.007
CY2020Q1 us-gaap Revenues
Revenues
159460000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
19033000
CY2019Q1 us-gaap Revenues
Revenues
170039000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4950000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
15985000

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