Milwaukee-based Marcus Corp. reported record revenues and an increase in net earnings, thanks in part to a one-time income tax adjustment during the fourth quarter of fiscal 2017.
Operating income was up 11 percent for the quarter to $17.4 million from $15.7 million from the fourth quarter of fiscal 2016.
Total revenue for the quarter was $158.2 million, a 14 percent increase from revenues of $138.7 million from the fourth quarter of fiscal 2016.
Net earnings attributable to The Marcus Corporation were a record $34.4 million, an increase of, 294.0 percent.
“Strong contributions from both divisions resulted in record revenues, operating income and net earnings for both the fourth quarter and full year 2017,” said Greg Marcus, president and chief executive officer of The Marcus Corp. “Our company obviously benefited from the one-time income tax adjustment during the fourth quarter, but it is important to note that our net earnings for the fourth quarter and full year 2017 were still an all-time record even without the benefit of the tax adjustment.”
The Marcus Corporation’s theatre division, Marcus Theatres, is the fourth largest theatre circuit in the U.S. and currently owns or operates 895 screens at 69 locations in eight states. The company’s lodging division, Marcus Hotels & Resorts, owns and/or manages 19 hotels, resorts and other properties in nine states.
The company’s total assets total more than $1 billion.
“Long term, we expect the impact from the (federal) tax reform legislation to be meaningful for the company by reducing our effective tax rate and freeing up additional cash to invest in our businesses, associates, shareholders and community,” Marcus said.
