The Marcus Corporation Reports Q3 EPS of $(0.07)

The Marcus Corporation MCS today reported results for the third quarter ended February 24, 2011.

Total revenues for the third quarter of fiscal 2011 were $83,997,000, a 12.9% decrease from record revenues of $96,444,000 for the third quarter of fiscal 2010.

The company reported a net loss of $2,029,000, or $0.07 per diluted common share, for the third quarter of fiscal 2011, compared to net earnings of $3,191,000, or $0.11 per diluted common share, for the third quarter of fiscal 2010.

Comparisons to the prior year were unfavorably impacted by the fact that during the third quarter of fiscal 2010 the company changed its estimate of deferred gift-card revenue and recognized gift-card income related to prior periods of approximately $2,700,000 before tax, or $0.05 per diluted common share.

Results for the third quarter of fiscal 2011 were unfavorably impacted by unusual items totaling approximately $1.8 million, or $0.04 per diluted common share, related to an adverse legal judgment concerning construction of the condominium hotel units at the company's Las Vegas property and a change in an interest income estimate.