The Marcus Corporation Declares Special Cash Dividend; Accelerates Next Two Quarterly Cash Dividend
The Marcus Corporation Declares Special Cash Dividend; Accelerates Next Two Quarterly Cash Dividend Payments
MILWAUKEE--(BUSINESS WIRE)-- The Marcus Corporation (NYS: MCS) today announced that its Board of Directors has declared a special cash dividend of $1.00 per common share and has accelerated the next two regular quarterly cash dividend payments totaling $0.17 per common share. The dividends are payable on December 28, 2012 to shareholders of record on December 17, 2012.
"The special cash dividend reflects our continuing commitment to enhancing shareholder value," said Stephen H. Marcus, chairman of The Marcus Corporation. "Due to potential changes in the tax law in 2013, we have also accelerated the quarterly cash dividends that would typically have been paid in February and May of 2013. We plan on returning to our regular quarterly dividend payment schedule beginning in August 2013."
The Board of Directors also declared a dividend of $0.90909 per Class B common share and accelerated the next two quarterly dividend payments totaling $0.15454 per Class B common share. The dividends on the Class B common stock, which is not publicly traded, will also be paid December 28, 2012 to shareholders of record on December 17, 2012.
The Marcus Corporation had 19,950,930 common and 8,777,714 Class B common shares outstanding as of September 28, 2012.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation's theatre division, Marcus Theatres®, currently owns or manages 687 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The company's lodging division, Marcus® Hotels & Resorts, owns and/or manages 20 hotels, resorts and other properties in 11 states. For more information, please visit the company's web site at www.marcuscorp.com.
Certain matters discussed in this press release 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 availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other 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; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or incidents such as the recent tragedy in a movie theatre in Colorado. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
The Marcus Corporation
Thomas F. Kissinger, (414) 905-1390
KEYWORDS: United States North America Wisconsin
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