FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended November 10, 1994
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________to_______________
Commission file number 1-12604
THE MARCUS CORPORATION
(Exact name of registrant as specified in its charter)
WISCONSIN 39-1139844
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
250 EAST WISCONSIN AVENUE - MILWAUKEE, WISCONSIN 53202
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (414) 272-6020
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934, during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to filing requirements for the past 90 days.
Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
COMMON STOCK OUTSTANDING AT NOVEMBER 10, 1994 - 6,927,928
CLASS B COMMON STOCK OUTSTANDING AT NOVEMBER 10, 1994 - 6,113,009
<PAGE>
THE MARCUS CORPORATION
INDEX
PAGE NO.
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
Balance Sheets
(November 10, 1994 and May 26, 1994) . . . . . . . . . . . . 3
Statements of Earnings
(Twelve and twenty-four weeks ended November 10, 1994
and November 11, 1993) . . . . . . . . . . . . . . . . . . . 5
Statements of Cash Flows
(Twenty-four weeks ended November 10, 1994 and
November 11, 1993) . . . . . . . . . . . . . . . . . . . . . 6
Condensed Notes to Financial Statements . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . . . . . 8
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 14
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
THE MARCUS CORPORATION
Consolidated Balance Sheets
<CAPTION>
November 10, 1994
ASSETS (unaudited) May 26, 1994
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 6,377,000 $ 9,974,000
Accounts and notes receivable 9,828,000 6,359,000
Receivables from joint ventures 6,534,000 7,983,000
Other current assets 3,513,000 3,049,000
---------- ----------
Total current assets 26,252,000 27,365,000
PROPERTY AND EQUIPMENT:
Land and improvements 50,710,000 49,618,000
Buildings and improvements 260,063,000 231,905,000
Leasehold improvements 10,908,000 7,565,000
Furniture, fixtures and equipment 140,656,000 118,123,000
Construction in progress 9,827,000 37,302,000
----------- -----------
Total property and equipment 472,164,000 444,513,000
Less accumulated depreciation and
amortization 127,423,000 122,642,000
----------- -----------
Net property and equipment 344,741,000 321,871,000
OTHER ASSETS:
Investment in and advances to joint
ventures 660,000 662,000
Other 9,495,000 11,708,000
------------ -----------
Total other assets 10,155,000 12,370,000
------------ -----------
TOTAL ASSETS $ 381,148,000 $ 361,606,000
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
Consolidated Balance Sheets
LIABILITIES AND SHAREHOLDERS' November 10, 1994
EQUITY (unaudited) May 26, 1994
CURRENT LIABILITIES:
Notes payable $ 4,577,000 $ 4,533,000
Accounts payable 8,328,000 13,248,000
Income taxes 6,770,000 2,796,000
Taxes other than income taxes 8,963,000 7,307,000
Accrued compensation 2,906,000 1,448,000
Other accrued liabilities 7,800,000 6,978,000
Current maturities on long-term
debt 4,546,000 4,357,000
----------- -----------
Total current liabilities 43,890,000 40,667,000
LONG-TERM DEBT 112,787,000 107,681,000
DEFERRED INCOME TAXES 16,389,000 15,999,000
DEFERRED COMPENSATION AND OTHER 3,690,000 3,341,000
SHAREHOLDERS' EQUITY
Preferred Stock, $1 par;
authorized 1,000,000 shares;
none issued -- --
Common Stock, $1 par; authorized
30,000,000 shares; issued
7,478,311 shares at November
10, 1994, 7,365,987 shares at
May 26, 1994 7,478,000 7,366,000
Class B Common Stock, $1 par;
authorized 20,000,000 shares;
issued 6,113,009 shares at
November 10, 1994, 6,225,333
shares at May 26, 1994 6,113,000 6,225,000
Capital in excess of par 44,739,000 44,745,000
Retained earnings 150,139,000 139,777,000
----------- -----------
208,469,000 198,113,000
Less cost of treasury stock
Common stock - 550,383 shares at
November 10, 1994 and 559,608
shares at May 26, 1994 4,077,000 4,195,000
----------- -----------
Total shareholders' equity 204,392,000 193,918,000
----------- ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 381,148,000 $ 361,606,000
=========== ============
See accompanying notes to consolidated financial statements.
<PAGE>
<TABLE>
THE MARCUS CORPORATION
Consolidated Statements of Earnings
(unaudited)
<CAPTION>
November 10, 1994 November 11, 1993
----------------- -----------------
12 Weeks 24 Weeks 12 Weeks 24 Weeks
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Rooms and telephone $ 29,467,000 $ 61,173,000 $ 23,926,000 $49,919,000
Food and beverage 22,673,000 46,010,000 19,038,000 38,257,000
Theatre operations 9,228,000 26,666,000 9,184,000 25,556,000
Other income 4,009,000 8,378,000 3,311,000 6,473,000
---------- ---------- ---------- -----------
65,377,000 142,227,000 55,459,000 120,205,000
Costs and Expenses:
Rooms and telephone 10,433,000 21,036,000 8,720,000 17,492,000
Food and beverage 17,262,000 34,733,000 14,937,000 29,363,000
Theatre operations 5,903,000 16,124,000 5,512,000 15,178,000
Administration and selling 9,614,000 19,968,000 7,800,000 16,324,000
Depreciation and amortization 5,443,000 10,641,000 4,659,000 9,131,000
Rent 1,618,000 2,979,000 1,830,000 3,334,000
Property taxes 2,205,000 4,468,000 2,047,000 4,027,000
Other costs and expenses 1,792,000 3,499,000 703,000 1,305,000
Interest 1,844,000 4,054,000 1,814,000 3,398,000
----------- ----------- ----------- -----------
56,114,000 117,502,000 48,022,000 99,552,000
---------- ----------- ----------- -----------
Earnings before income taxes
and change in accounting
principle 9,263,000 24,725,000 7,437,000 20,653,000
Income taxes 3,760,000 10,132,000 2,943,000 8,364,000
----------- ---------- ----------- ----------
Earnings before change in
accounting principle 5,503,000 14,593,000 4,494,000 12,289,000
Cumulative effect of change in
accounting principle -- -- -- 1,782,000
----------- ----------- ----------- ----------
Net earnings $ 5,503,000 $ 14,593,000 $ 4,494,000 $ 14,071,000
========== ========== ========== ===========
Net earnings per weighted
average share of Common Stock
and Class B Common Stock:
Earnings before accounting
principle change $0.42 $1.11 $0.34 $0.94
Cumulative effect of change
in accounting principle -- -- -- $0.13
---------- ----------- ----------- -----------
Net earnings $0.42 $1.11 $0.34 $1.07
====== ====== ====== ======
Weighted average shares
outstanding 13,134,000 13,132,000 13,115,000 13,106,000
Dividends per share:
Common Stock -- $0.34 -- $0.28
Class B Common Stock -- $0.31 -- $0.25
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
Consolidated Statements of Cash Flows
For the Twenty-Four Weeks Ended November 10, November 11,
(unaudited) 1994 1993
------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 14,593,000 $ 14,071,000
Adjustments to reconcile net
earnings to cash provided by
operating activities:
Earnings on investments in joint
ventures (207,000) (43,000)
Gain on disposals of property and
equipment (117,000) (443,000)
Depreciation and amortization 10,641,000 9,131,000
Effect of change in accounting
principle -- (1,782,000)
Deferred tax provision 390,000 389,000
Deferred compensation and other 349,000 345,000
Changes in assets and liabilities:
Accounts and notes receivable (2,020,000) (300,000)
Other current assets (464,000) (1,248,000)
Accounts and notes payable (4,876,000) 1,998,000
Income taxes 3,974,000 3,145,000
Taxes other than income taxes 1,656,000 1,129,000
Accrued compensation 1,458,000 1,380,000
Other accrued liabilities 822,000 (3,173,000)
---------- -----------
Cash provided by operating
activities 26,199,000 24,599,000
CASH FLOW FROM INVESTING ACTIVITIES:
Additions to property and equipment (34,165,000) (29,913,000)
Proceeds from disposals of property
and equip. 779,000 1,493,000
Investments in joint ventures (250,000) (1,226,000)
Decrease in other assets 2,213,000 3,154,000
Cash received from joint ventures 459,000 1,145,000
------------ ------------
Cash used in investment activities (30,964,000) (25,347,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt transactions:
Proceeds from issuance of long-
term debt 8,726,000 19,650,000
Principal payments on long-term
debt (3,431,000) (15,748,000)
Equity transactions:
Treasury stock transactions
(except for stock options) 2,000 (95,000)
Exercise of stock options 110,000 328,000
Cash dividend paid (4,239,000) (3,481,000)
---------- -----------
Cash provided in financing
activities 1,168,000 654,000
----------- ----------
CASH AND CASH EQUIVALENTS:
Net decrease during period (3,597,000) (94,000)
Beginning balance 9,974,000 15,839,000
--------- -----------
Ending balance $ 6,377,000 $ 15,745,000
========== ===========
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
CONDENSED NOTES TO FINANCIAL STATEMENTS FOR THE
TWELVE AND TWENTY-FOUR WEEKS ENDED
NOVEMBER 10, 1994
(Unaudited)
A. Refer to the Company's audited financial statements (including
footnotes) for the year ended May 26, 1994, contained in the Company's
Form 10-K Annual Report for such year, for a description of the
Company's accounting policies.
B. The consolidated financial statements for the twelve and twenty-four
weeks ended November 10, 1994 and November 11, 1993, have been
prepared by the Company without audit. In the opinion of management,
all adjustments consisting only of normal recurring accruals necessary
to present fairly the unaudited interim financial information at
November 10, 1994, and for all periods presented have been made.
C. In February 1992, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 109, "Accounting for
Income Taxes," which became effective for fiscal years beginning after
December 15, 1992. The Company adopted this standard on a prospective
basis effective May 28, 1993. The adoption resulted in additional
income of $1,782,000.
<PAGE>
THE MARCUS CORPORATION
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition
RESULTS OF OPERATIONS
General
Revenues for the second quarter of fiscal 1995 ended November 10, 1994
totaled $65.4 million, an increase of $9.9 million, or 17.9%, over the
second quarter of fiscal 1994. Net earnings were $5.5 million for the
second quarter of fiscal 1995, an increase of 22.5%, compared to net
earnings of $4.5 million for the same period in the prior year. Earnings
per share were $0.42 for the second quarter of fiscal 1995, compared to
$0.34 for the second quarter of fiscal 1994, an increase of 23.5%. For
the first six months of fiscal 1995, revenues were $142.2 million, an
18.3% increase from revenues of $120.2 million for the same period in the
prior fiscal year. Net earnings were $14.6 million, or $1.11 per share,
for the first half of fiscal 1995, up 18.7% and 18.1%, respectively, from
earnings before change in accounting principle of $12.3 million, or $0.94
per share, for the first half of fiscal 1994. Including the one-time $1.8
million tax benefit, or $0.13 per share, resulting from the Company's
adoption of SFAS 109 "Accounting for Income Taxes," net earnings for the
first half of fiscal 1994 were $14.1 million, or $1.07 per share.
The Company reports its results of operations on a 52- or 53-week
fiscal year which ends on the last Thursday in May. Each fiscal year is
divided into three 12-week quarters and a final quarter consisting of 16
or 17 weeks. The final quarter of fiscal 1995 will consist of 16 weeks
for all four of the Company's business segments; the same was true for
fiscal 1994.
Motels
Total revenues for the second quarter of fiscal 1995 for the motel
division were $24.6 million, an increase of $3.5 million, or 16.4%,
compared to the same period in fiscal 1994. The motel division's
operating profits for the fiscal 1995 second quarter totaled $5.0 million,
an increase of $1.3 million, or 34.2%, over the division's same period
fiscal 1994 operating profits. Total revenues for the first half of
fiscal 1995 were $50.6 million, an increase of $7.3 million, or 16.9%,
compared to the first half of fiscal 1994. Operating profits for the
first half of fiscal 1995 totaled $11.5 million, an increase of $2.9
million, or 33.4%, compared to the first half of fiscal 1994.
Increased occupancy and average daily room rates at the Company's
Budgetel Inns during the fiscal 1995 periods, compared to the prior year's
same periods, were the principal factors contributing to the division's
increased revenues and operating profits. The financial performance of
the Company's Woodfield Suites was impacted by the continuing anticipated
start-up operating losses incurred by the Company's two new units during
the fiscal 1995 periods. Two new Budgetel Inns were opened during the
second quarter, with three scheduled to open in the third quarter of
fiscal 1995. Compared to the second quarter of fiscal 1994, there were
two new Woodfield Suites and four new Budgetel Inns in operation during
the fiscal 1995 second quarter. These new facilities contributed
additional revenues of $1.8 million to the division's fiscal 1995 second
quarter revenues.
Theatres
The theatre division's second quarter fiscal 1995 revenues were $9.4
million, an increase of $73,000, or about 1.0%, over the same period in
fiscal 1994. Operating profits for the second quarter in fiscal 1995 were
$678,000, a decrease of $536,000, or 44.1%, over the same prior year
period. The division's revenues for the first half of fiscal 1995 were
$26.9 million, an increase of $1.2 million, or 4.5%, from the first half
of fiscal 1994. Operating profits for the first half of fiscal 1995 were
$4.9 million, a decrease of $238,000, or 4.6%, compared to the first half
of fiscal 1994. The second fiscal quarter is traditionally the slowest
for the theatre division. Operating profits for the fiscal 1995 second
quarter were impacted by the lack of any blockbuster films, inflationary
expenses and operating costs associated with the new Gurnee Mills theatre
which was not open in the first half of fiscal 1994.
Total box office receipts for the fiscal 1995 second quarter were $6.6
million, an increase of $172,000, or 2.7%, from the same period in the
prior year. Total box office receipts for the first half of fiscal 1995
were $19.2 million, an increase of about $1 million, or 5.2%, from the
first half of fiscal 1994. These increases were attributable principally
to increased attendance generated from the new Gurnee Mills 10-plex.
There were 189 screens in operation during the first half of fiscal 1995
versus 181 in the prior year. Average ticket prices also increased 4.6%
during the first half of 1995 from the prior year.
Vending revenues for the second quarter of fiscal 1995 increased 3.0%
over the previous year's comparable period. Vending revenues for the
first half of fiscal 1995 increased 5.1% over the prior year. The
increases were a result of the increase in theatre attendance and the 1.0%
increase in average concession sales per person between the comparable
periods.
Shortly after the end of the second quarter of fiscal 1995, the
Company opened a new eight-plex theatre in Delafield, Wisconsin,
increasing the division's total to 197 screens in 37 locations in
Wisconsin and Illinois.
Hotels and Resort
Total revenues from the hotel and resort division during the second
quarter of fiscal 1995 increased by $4.7 million, or 59.0%, to $12.7
million, over the previous year's comparable period. Operating profits
increased by $826,000, or 259.1%, to $1.1 million for the fiscal 1995
second quarter, compared to the prior fiscal year's second quarter. The
division's total revenues during the first half of fiscal 1995 increased
by $9.2 million, or 55.3%, to $26.0 million, from the first half of fiscal
1994. Operating profits for the first half of 1995 were $2.9 million,
compared to $1.9 million in the first half of 1994, an increase of 52.1%.
The revenue increases were attributable primarily to the Grand Geneva
Resort & Spa, while increased occupancy rates and average room rates at
the Company's three continuing hotels were the other principal factors
contributing to the division's increased revenues for both fiscal 1995
periods. The remainder of the division's increased revenues was
attributable principally to the receipt of management fees from the Crowne
Plaza-Northstar and The Mead Inn, which were not under management for the
same prior year periods. Operating profits were impacted by continued
start-up costs experienced at the Grand Geneva Resort & Spa.
The Company's Marc Plaza hotel will be closed through the remainder of
the 1995 fiscal year for a complete restoration and renovation as part of
the first phase of preparing the hotel for the scheduled 1997 opening of a
new convention center in downtown Milwaukee. The temporary closure of the
Marc Plaza is expected to reduce the division's revenue for the remainder
of the 1995 fiscal year, but is not expected to significantly affect the
division's operating profit.
Restaurants
Restaurant division revenues totaled $18.1 million for the fiscal 1995
second quarter, an increase of $1.6 million, or 9.9%, from the same period
in fiscal 1994. The division's operating profits for the fiscal 1995
second quarter were $88,000, an increase of $174,000 from the operating
loss of $86,000 in the prior year. For the first half of fiscal 1995, the
division's revenues totaled $37.5 million, an increase of $4.3 million, or
12.9%, over the first half of fiscal 1994. Operating profits for the
first half of fiscal 1995 were $916,000, an increase of $475,000, or
107.9%, compared to the first half of fiscal 1994. The increases in
fiscal 1995 period revenues and operating profits were due almost entirely
to increasing average check amounts at the Company's continuing Applebee's
and KFC restaurants and revenues from the Company's newly opened
Applebee's. The Company's other restaurant concepts experienced negative
trends in revenues and operating profits during the fiscal 1995 periods
compared to the prior year's periods principally as a result of
competitive pressures.
The Company continues to dispose of or close its Marc's Cafe and
Coffee Mill, Big Boy and Big Boy Express restaurants. The disposition or
closure of these restaurants is expected to result in a reduction of $21
million in annualized revenues, but is not expected to have an adverse
impact on the division's operating results. Substantially all of these
dispositions and closings are expected to occur prior to the end of the
fiscal year.
FINANCIAL CONDITION
Net cash provided from operations increased by $1.6 million during the
first half of fiscal 1995 to $26.2 million, compared to the prior year's
first half. The increase resulted principally from increased comparable
earnings prior to the 1994 non-cash accounting change and an increase in
depreciation and amortization expense resulting from the Company's
expansion plans.
Cash used for investing activities in the first half of fiscal 1995
increased to $31.0 million from $25.3 million in the first half of fiscal
1994, primarily as a result of capital expenditures totaling $34.2 million
to support the Company's continuing expansion program. The Company had
capital expenditures of $29.9 million during the first half of 1994. The
most significant amount of capital spent by the Company during the first
half of fiscal 1995 was on the continued renovation of the Grand Geneva
Resort & Spa, combined with expansion projects for Budgetel Inns and the
theatre division. Scheduled capital expansion projects for the remainder
of fiscal 1995 total approximately $50 million, including renovation of
the Marc Plaza and continued expansion of the Company's Budgetel Inns,
Applebee's and theatres, together with ordinary capital maintenance
projects. These projects are expected to be financed through cash
generated by operations and utilization of the Company's currently
available lines of credit.
Cash provided by financing activities increased to $1.2 million in the
first half of fiscal 1995, compared to $654,000 in the first half of
fiscal 1994. During the fiscal 1995 first half, the Company paid $4.2
million in dividends to shareholders and made debt principal payments of
$3.4 million. During the quarter the Company issued $8.7 million of long-
term debt by borrowing $5.0 million under its existing credit lines and
issuing commercial paper.
Net cash and cash equivalents at November 10, 1994 were $6.4 million,
compared to $15.7 million at November 11, 1993. At November 10, 1994, the
Company's current ratio was .60, compared to .67 at the end of fiscal
1994. Given the cash nature of the Company's various businesses and the
availability to the Company of $30 million in unused credit lines as of
the end of the quarter, the Company believes that the cash generated from
its ongoing operations and available credit facilities are adequate to
support the ongoing operational liquidity needs of the Company's business.
The Company currently has three interest rate swap agreements on a
notional amount aggregating $30 million. The Company does not believe
that these agreements are material to the Company's financial condition or
results of operation or that it is subject to any material risk of loss
resulting from interest rate fluctuations.
<PAGE>
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The Company's 1994 annual meeting of shareholders was held on
Thursday, September 29, 1994 ("Annual Meeting"). At the Annual Meeting,
the following matters were voted on in person or by proxy, and approved by
the Company's shareholders:
1. The shareholders voted to re-elect Ben Marcus, Stephen H. Marcus,
Diane Marcus Gershowitz, George R. Slater, Lee Sherman Dreyfus,
Daniel F. McKeithan, Jr. and John L. Murray to the Company's
Board of Directors for one-year terms to expire at the Company's
1995 annual meeting of shareholders and until their successors
are duly qualified and elected.
2. The shareholders voted to approve and ratify the Company's 1994
Nonemployee Director Stock Option Plan.
3. The shareholders voted to amend the Company's Articles of
Incorporation to increase the number of authorized shares of
Common Stock from 20,000,000 to 30,000,000 and the number of
authorized shares of Class B Common Stock from 9,000,000 to
20,000,000.
As of the August 12, 1994 record date for the Annual Meeting ("Record
Date"), 6,808,864 shares of Common Stock and 6,223,893 shares of Class B
Common Stock were outstanding and eligible to vote, with the Common Stock
entitled to one vote per share and the Class B Common Stock entitled to
ten votes per share. Following are the final votes on the matters
presented for shareholder approval at the Annual Meeting:
<TABLE>
Election of Directors
<CAPTION>
For Withheld
Name Votes Percentage<F1> Votes Percentage<F1>
<S> <C> <C> <C> <C>
Ben Marcus 61,022,628 99.43% 347,005 .57%
Stephen H. Marcus 61,098,645 99.56% 270,988 .44%
Diane Marcus Gershowitz 61,098,645 99.56% 270,988 .44%
George R. Slater 61,100,600 99.56% 269,033 .44%
Lee Sherman Dreyfus 61,093,405 99.55% 276,228 .45%
Daniel F. McKeithan, Jr. 61,098,194 99.56% 271,439 .44%
John L. Murray 61,098,880 99.56% 270,753 .44%
<CAPTION>
1994 Nonemployee Director Stock Option Plan
Total Total
Total Votes Percentage Total Total
Total Votes Percentage Voted Voted Votes Percentage
Voted For Voted For Against Against Abstained Abstained
<S> <C> <C> <C> <C> <C> <C>
Combined Common
Stock and Class B
Common Stock Vote 60,546,660 87.69%<F2> 627,840 .91%<F2> 20,870 .03%<F2>
<CAPTION>
Amendment to Articles of Incorporation to Increase the Number of Common
Stock and Class B Common Stock
Total Total
Total Votes Percentage Total Total
Total Votes Percentage Voted Voted Votes Percentage
Voted For Voted For Against Against Abstained Abstained
<S> <C> <C> <C> <C> <C> <C>
Common Stock Vote 4,748,163 69.74%<F3> 1,054,440 15.49%<F3> 20,870 .31%<F3>
Class B Common
Stock Vote 55,811,960 89.67%<F4> -- -- -- --
Combined Common
Stock and Class B
Common Stock Vote 60,294,323 87.32%<F2> 1,054,440 1.53%<F2> 20,870 .03%<F2>
No other matters were brought before the Annual Meeting for a shareholder
vote.
<FN>
---------------
<F1> Based on a total of 61,369,633 votes represented by shares of
Common Stock and Class B Common Stock actually voted in person or
by proxy at the Annual Meeting.
<F2> Based on a total of 69,047,794 total votes represented by
outstanding shares of Common Stock and Class B Common Stock on the
Record Date.
<F3> Based on a total of 6,808,864 total votes represented by
outstanding shares of Common Stock on the Record Date.
<F4> Based on a total of 62,238,930 total votes represented by
outstanding shares of Class B Common Stock on the Record Date.
</TABLE>
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
THE MARCUS CORPORATION
(Registrant)
DATE: December 23, 1994
By: \s\ Stephen H. Marcus
Stephen H. Marcus,
Chairman of the Board, President
and Chief Executive Officer
DATE: December 23, 1994
By: \s\ Kenneth A. MacKenzie
Kenneth A. MacKenzie
Chief Financial Officer, Treasurer
and Controller
<PAGE>
THE MARCUS CORPORATION
FORM 10-Q
FOR
24 - WEEKS ENDED NOVEMBER 10, 1994
EXHIBIT INDEX
Exhibit Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCUS
CORPORATION'S CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-25-1995
<PERIOD-START> MAY-27-1994
<PERIOD-END> NOV-10-1994
<CASH> 6,377,000
<SECURITIES> 0
<RECEIVABLES> 9,828,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 26,252,000
<PP&E> 472,164,362
<DEPRECIATION> 127,423,362
<TOTAL-ASSETS> 381,148,000
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0
0
<OTHER-SE> 196,914,000
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<EPS-PRIMARY> 1.11
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</TABLE>
