Marcus Corp., which owns leading exhibitor Marcus Theatres and a chain of hotels, said it posted a profit last quarter for the first time since Covid struck bolstered by increasing vaccination rates, improving consumer confidence and the release of a greater number of high-performing new films.
The shares are up more than 4%. Cinemark and AMC Entertainment stock also headed higher, up, respectively, 4% and 10%. Marcus said total revenue more than quadrupled to $145.9 million for the three months ended in September and it swung to a profit of $1.76 million from a loss of $39.4 million. On the exhibition side, sales from theater operations jumped to $38.2 million for the quarter from $3.1 million the year before, and concession ran up to $35.9 million from $3.2 million.“We are optimistic about the continuing rebound in the movie theatre industry and at Marcus Theatres in particular,” said Rolando Rodriguez, CEO of Marcus Theatres. “The film studios continued to release exciting new films during the quarter, driving significant improvement in attendance across our circuit.
Source: Entertainment Trends (entertainmenttrends.net)
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