Marcus Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marcus Corp has filed its annual 10-K report for the fiscal year ending December 28, 2023, detailing its financial performance and operations.</b>

AI Summary

MARCUS CORP (MCS) filed a Annual Report (10-K) with the SEC on March 1, 2024. Marcus Corp filed its 10-K for the fiscal year ending December 28, 2023. The filing covers the period from December 29, 2022, to December 28, 2023. The company is incorporated in Wisconsin and operates in the motion picture theaters industry. Key financial data points such as revenue, net income, and EPS are expected to be detailed within the full report. The report includes financial information for the fiscal years ending December 28, 2023, December 29, 2022, and December 30, 2021.

Why It Matters

For investors and stakeholders tracking MARCUS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Marcus Corp's financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial statements and risk factors within the report offer insights into the company's operational results and potential challenges in the motion picture theater industry.

Risk Assessment

Risk Level: medium — MARCUS CORP shows moderate risk based on this filing. The company operates in the motion picture theater industry, which is subject to significant market fluctuations and competition, as indicated by the SIC code 7830.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Marcus Corp's performance and outlook.

Key Numbers

• 2023-12-28 — Fiscal Year End (FISCAL YEAR END)
• 2024-03-01 — Filing Date (FILED AS OF DATE)
• 0000062234 — Central Index Key (CENTRAL INDEX KEY)
• 7830 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• MARCUS CORP (company) — FILER: COMPANY DATA: COMPANY CONFORMED NAME
• MCS (company) — tk
• 10-K (document) — FORM TYPE
• 2023-12-28 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-01 (date) — FILED AS OF DATE
• WI (location) — STATE OF INCORPORATION
• 7830 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 100 EAST WISCONSIN AVENUE (address) — BUSINESS ADDRESS

FAQ

Risk Factors

• Market Risks [medium — market]: The company is subject to risks inherent in the motion picture exhibition industry, including competition and changing consumer preferences.
• Operational Challenges [medium — operational]: Operational risks may arise from the management of theater properties and the delivery of entertainment experiences.
• Financial Performance [medium — financial]: The company's financial results can be impacted by factors such as ticket sales, concession revenue, and operating costs.

Key Dates

• 2023-12-28: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Marcus Corp's financial health and operations for the fiscal year.)

Key Financial Figures

• $1.00 — ange on Which Registered Common stock, $1.00 par value MCS New York Stock Exchange
• $406 m — een theatre. We invested approximately $406 million, excluding acquisitions, to furth
• $5 — tre circuit, which historically offered $5 admission and free complementary-size p
• $6 — ur new Value Tuesday promotion features $6 admission for members of our free Magic
• $7 — al Movie Rewards (MMR) loyalty program, $7 admission for non-MMR customers, and re

Filing Documents

• mcs-20231228.htm (10-K) — 2233KB
• mcs-20231228xex21.htm (EX-21) — 26KB
• mcs-20231228xex23.htm (EX-23) — 2KB
• mcs20231228-ex311.htm (EX-31.1) — 10KB
• mcs20231228-ex312.htm (EX-31.2) — 11KB
• mcs20231228-ex32.htm (EX-32) — 5KB
• mcs-20231228x10kxex97.htm (EX-97) — 26KB
• mcs-20231228_g1.jpg (GRAPHIC) — 91KB
• 0000062234-24-000011.txt (&nbsp;) — 11177KB
• mcs-20231228.xsd (EX-101.SCH) — 78KB
• mcs-20231228_cal.xml (EX-101.CAL) — 134KB
• mcs-20231228_def.xml (EX-101.DEF) — 363KB
• mcs-20231228_lab.xml (EX-101.LAB) — 1044KB
• mcs-20231228_pre.xml (EX-101.PRE) — 657KB
• mcs-20231228_htm.xml (XML) — 1493KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 19

C . Cybers e curity

Item 1 C . Cybers e curity 19

Properties

Item 2. Properties. 21

Legal Proceedings

Item 3. Legal Proceedings. 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 Information about Our Executive Officers 22 PART II 23

Market for the Company's Common Equity, Related Shareholder Matters and Issuer Repurchases of Equity Securities

Item 5. Market for the Company's Common Equity, Related Shareholder Matters and Issuer Repurchases of Equity Securities. 23

R eserved

Item 6. R eserved 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 83

Controls and Procedures

Item 9A. Controls and Procedures. 83

B . Other Information

Item 9 B . Other Information 83 PART III 84

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 84

Executive Compensation

Item 11. Executive Compensation. 84

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters. 84

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 84

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 84 PART IV 85

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 85

Form 10-K Summary

Item 16. Form 10-K Summary. 91

Signatures

Signatures 92 Table of Contents PART I Special Note Regarding Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K and the accompanying annual report to shareholders, particularly in the Shareholders' Letter and Management's Discussion and Analysis, 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 future pandemics may have 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 availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as a strike by actors, writers or directors or future pandemics); (3) the effects of theatre 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; (5) the effects of adverse economic conditions 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 relative industry supply of available rooms at comparable lodging facilities in o

. Business

Item 1 . Business. General We are engaged primarily in two business segments: movie theatres and hotels and resorts. As of December 28, 2023, our theatre operations included 79 movie theatres with 993 screens throughout 17 states (Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia). We also operate a family entertainment center, Funset Boulevard , that is adjacent to one of our theatres in Appleton, Wisconsin. As of the date of this Annual Report, we are the 4 th largest theatre circuit in the United States. As of December 28, 2023, our hotels and resorts operations included seven wholly-owned and operated hotels and resorts in Wisconsin, Illinois, and Nebraska. We also manage eight hotels, resorts and other properties for third parties in Wisconsin, California, Minnesota, Nevada, Nebraska, Illinois, Iowa, and Pennsylvania. As of December 28, 2023, we owned or managed approximately 4,400 hotel and resort rooms. Both of these business segments are discussed in detail below. For information regarding the revenues, operating income or loss, assets and certain other financial information of these segments for the last three full fiscal years, please see our consolidated financial statements and the accompanying Note 13 in Part II below. 1 Table of Contents Strategic Plans Please see our discussion under "Current Plans" in Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations. Theatre Operations At the end of fiscal 2023, we owned or operated 79 movie theatre locations with a total of 993 screens in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia. We averaged 12.6 screens per location at the end of fiscal 2023 and 12.5 screens per location at the end of fiscal 2022 and fiscal 20

View Full Filing

View this 10-K filing on SEC EDGAR