Marcus Earnings 2020-03-26

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 26, 2020


☐	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 incorporation or organization)		(I.R.S. Employer Identification No.)

100 East Wisconsin Avenue, Suite 1900 Milwaukee, Wisconsin		53202-4125
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (414) 905-1000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	MCS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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	⌧		No	◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes	⌧		No	◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check One).

Large accelerated filer	⌧	Accelerated filer	☐
Non-accelerated filer	◻	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes	☐		No	☒

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 MAY 1, 2020 – 23,131,830

CLASS B COMMON STOCK OUTSTANDING AT MAY 1, 2020 – 7,925,254

EXPLANATORY NOTE

As previously disclosed in the Current Report on Form 8-K filed by The Marcus Corporation (the “Company”) with the Securities and Exchange Commission (the “SEC”) on May 5, 2020, the filing of the Company’s Quarterly Report on Form 10-Q for the period ended March 26, 2020 (the “Form 10-Q”), was delayed due to circumstances related to novel coronavirus outbreak (the “COVID-19 pandemic”). Due to the COVID-19 pandemic and measures taken to limit the spread of the COVID-19 pandemic, the Company’s operations and business have experienced significant disruptions. The Company has been following the recommendations of local government and health authorities to minimize exposure risk for its employees, including the temporary closure of its corporate headquarters, and having employees work remotely, which slowed the Company’s routine quarterly financial statement close process. At the same time, the COVID-19 pandemic has resulted in unprecedented operational challenges for the exhibition industry and the hospitality industry generally and the Company in particular. These operational challenges have increased the required disclosures for the Form 10-Q, which in turn increased the difficulty of the Company’s implementation of inline eXtensible Business Reporting Language requirements. The Company was therefore unable to file the Form 10-Q on its customary schedule. The Company relied on the SEC’s Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, SEC Release No. 34-88465, dated March 25, 2020, to delay the filing of this Form 10-Q.

THE MARCUS CORPORATION

INDEX


		Page
PART I – FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:

	Consolidated Balance Sheets (March 26, 2020 and December 26, 2019)	4

	Consolidated Statements of Earnings (Loss) (13 weeks ended March 26, 2020 and March 28, 2019)	6

	Consolidated Statements of Comprehensive Income (Loss) (13 weeks ended March 26, 2020 and March 28, 2019)	7

	Consolidated Statements of Cash Flows (13 weeks ended March 26, 2020 and March 28, 2019)	8

	Condensed Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38

Item 4.	Controls and Procedures	38

PART II – OTHER INFORMATION

Item 1A.	Risk Factors	39

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

Item 4.	Mine Safety Disclosures	41

Item 6.	Exhibits	42

	Signatures	1

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

THE MARCUS CORPORATION

Consolidated Balance Sheets


	March 26,		December 26,
(in thousands, except share and per share data)	2020		2019

ASSETS
Current assets:
Cash and cash equivalents	$	126,472	$	20,862
Restricted cash		4,795		4,756
Accounts receivable, net of reserves of $998 and $762, respectively		14,765		29,465
Refundable income taxes		10,438		5,916
Other current assets		16,857		18,265
Total current assets		173,327		79,264

Property and equipment:
Land and improvements		152,692		152,434
Buildings and improvements		761,991		761,511
Leasehold improvements		164,873		164,083
Furniture, fixtures and equipment		379,759		377,404
Finance lease right-of-use assets		74,382		74,357
Construction in progress		8,061		4,043
Total property and equipment		1,541,758		1,533,832
Less accumulated depreciation and amortization		629,490		610,578
Net property and equipment		912,268		923,254

Operating lease right-of-use assets		244,468		243,855

Other assets:
Investments in joint ventures		3,538		3,595
Goodwill		75,258		75,282
Other		32,527		33,936
Total other assets		111,323		112,813

TOTAL ASSETS	$	1,441,386	$	1,359,186

See accompanying condensed notes to consolidated financial statements.

THE MARCUS CORPORATION

Consolidated Balance Sheets


	March 26,		December 26,
(in thousands, except share and per share data)	2020		2019

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	27,178	$	49,370
Taxes other than income taxes		15,844		20,613
Accrued compensation		17,098		18,055
Other accrued liabilities		50,507		61,134
Current portion of finance lease obligations		2,438		2,571
Current portion of operating lease obligations		15,386		13,335
Current maturities of long-term debt		9,977		9,910
Total current liabilities		138,428		174,988

Finance lease obligations		20,302		20,802

Operating lease obligations		238,010		232,111

Long-term debt		345,206		206,432

Deferred income taxes		45,771		48,262

Deferred compensation and other		55,281		55,133

Equity:
Shareholders’ equity attributable to The Marcus Corporation
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued		─		─
Common Stock, $1 par; authorized 50,000,000 shares; issued 23,264,259 shares at March 26, 2020 and 23,253,744 shares at December 26, 2019		23,264		23,254
Class B Common Stock, $1 par; authorized 33,000,000 shares; issued and outstanding 7,925,254 shares at March 26, 2020 and 7,935,769 shares at December 26, 2019		7,926		7,936
Capital in excess of par		146,694		145,549
Retained earnings		437,387		461,884
Accumulated other comprehensive loss		(13,195)		(12,648)
		602,076		625,975
Less cost of Common Stock in treasury (133,363 shares at March 26, 2020 and 242,853 shares at December 26, 2019)		(3,563)		(4,540)
Total shareholders' equity attributable to The Marcus Corporation		598,513		621,435
Noncontrolling interest		(125)		23
Total equity		598,388		621,458

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,441,386	$	1,359,186

See accompanying condensed notes to consolidated financial statements.

THE MARCUS CORPORATION

Consolidated Statements of Earnings (Loss)


	13 Weeks Ended
(in thousands, except per share data)	March 26, 2020		March 28, 2019

Revenues:
Theatre admissions	$	55,395	$	58,969
Rooms		16,989		18,938
Theatre concessions		45,930		47,155
Food and beverage		13,614		15,783
Other revenues		18,776		20,829
		150,704		161,674
Cost reimbursements		8,756		8,365
Total revenues		159,460		170,039

Costs and expenses:
Theatre operations		54,016		56,378
Rooms		9,655		9,035
Theatre concessions		22,211		17,269
Food and beverage		14,465		13,609
Advertising and marketing		5,390		4,910
Administrative		17,732		17,859
Depreciation and amortization		19,033		15,985
Rent		6,954		5,403
Property taxes		6,029		5,393
Other operating expenses		8,707		10,883
Impairment charges		8,712		—
Reimbursed costs		8,756		8,365
Total costs and expenses		181,660		165,089

Operating income (loss)		(22,200)		4,950

Other income (expense):
Investment income (loss)		(695)		473
Interest expense		(2,516)		(3,059)
Other expense		(590)		(480)
Gain (loss) on disposition of property, equipment and other assets		(12)		7
Equity losses from unconsolidated joint ventures, net		(57)		(84)
		(3,870)		(3,143)

Earnings (loss) before income taxes		(26,070)		1,807
Income taxes		(6,570)		13
Net earnings (loss)		(19,500)		1,794
Net loss attributable to noncontrolling interests		(148)		(66)
Net earnings (loss) attributable to The Marcus Corporation	$	(19,352)	$	1,860

Net earnings (loss) per share - basic:
Common Stock	$	(0.64)	$	0.06
Class B Common Stock	$	(0.58)	$	0.06

Net earnings (loss) per share - diluted:
Common Stock	$	(0.64)	$	0.06
Class B Common Stock	$	(0.58)	$	0.06

See accompanying condensed notes to consolidated financial statements.

THE MARCUS CORPORATION

Consolidated Statements of Comprehensive Income (Loss)


	13 Weeks Ended
(in thousands)	March 26, 2020		March 28, 2019

Net earnings (loss)	$	(19,500)	$	1,794

Other comprehensive income (loss), net of tax:

Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $65 and $30, respectively		183		79

Fair market value adjustment of interest rate swaps, net of tax benefit of $288 and $142, respectively		(814)		(386)

Reclassification adjustment on interest rate swaps included in interest expense, net of tax effect of $31 and $4, respectively		84		10

Other comprehensive loss		(547)		(297)

Comprehensive income (loss)		(20,047)		1,497

Comprehensive loss attributable to noncontrolling interests		(148)		(66)

Comprehensive income (loss) attributable to The Marcus Corporation	$	(19,899)	$	1,563

See accompanying condensed notes to consolidated financial statements.

THE MARCUS CORPORATION

Consolidated Statements of Cash Flows


	13 Weeks Ended
(in thousands)	March 26, 2020		March 28, 2019

OPERATING ACTIVITIES:
Net earnings (loss)	$	(19,500)	$	1,794
Adjustments to reconcile net earnings to net cash provided by operating activities:
Losses on investments in joint ventures		57		84
Distributions from joint ventures		—		200
(Gain) loss on disposition of property, equipment and other assets		12		(7)
Impairment charges		8,712		—
Depreciation and amortization		19,033		15,985
Amortization of debt issuance costs		49		71
Share-based compensation		988		777
Deferred income taxes		(2,275)		(1)
Deferred compensation and other		(348)		(16)
Contribution of the Company’s stock to savings and profit-sharing plan		1,315		1,181
Changes in operating assets and liabilities:
Accounts receivable		14,700		5,355
Other assets		1,408		(970)
Operating leases		2,342		(281)
Accounts payable		(22,047)		(3,354)
Income taxes		(4,522)		101
Taxes other than income taxes		(4,769)		(1,703)
Accrued compensation		(957)		(2,816)
Other accrued liabilities		(10,816)		(8,380)
Total adjustments		2,882		6,226
Net cash provided by (used in) operating activities		(16,618)		8,020

INVESTING ACTIVITIES:
Capital expenditures		(9,978)		(13,724)
Purchase of theatres, net of cash acquired and working capital assumed		—		(29,626)
Proceeds from disposals of property, equipment and other assets		3		9
Other investing activities		(206)		(2,745)
Net cash used in investing activities		(10,181)		(46,086)

FINANCING ACTIVITIES:
Debt transactions:
Proceeds from borrowings on revolving credit facility		188,000		73,000
Repayment of borrowings on revolving credit facility		(49,000)		(38,000)
Principal payments on long-term debt		(177)		(217)
Debt issuance costs		(414)		—
Principal payments on finance lease obligations		(635)		(587)
Equity transactions:
Treasury stock transactions, except for stock options		(226)		(381)
Exercise of stock options		45		454
Dividends paid		(5,145)		(4,816)
Distributions to noncontrolling interest		—		(60)
Net cash provided by financing activities		132,448		29,393

Net increase (decrease) in cash, cash equivalents and restricted cash		105,649		(8,673)
Cash, cash equivalents and restricted cash at beginning of period		25,618		21,927
Cash, cash equivalents and restricted cash at end of period	$	131,267	$	13,254

Supplemental Information:
Interest paid, net of amounts capitalized	$	2,970	$	3,754
Income taxes (paid) refunded		(226)		88
Change in accounts payable for additions to property, equipment and other assets		(145)		1,165

See accompanying condensed notes to consolidated financial statements.

THE MARCUS CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE 13 WEEKS ENDED MARCH 26, 2020

1. General

Basis of Presentation - The unaudited consolidated financial statements for the 13 weeks ended March 26, 2020 and March 28, 2019 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 26, 2020, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2019.

Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 26, 2019, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies.

Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $19,034,000 and $15,955,000 for the 13 weeks ended March 26, 2020 and March 28, 2019, respectively.

Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During the 13 weeks ended March 26, 2020, the Company determined that indicators of impairment were present. As such the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded an impairment charge as discussed in Note 3.

Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the last day of its fiscal year. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than it carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value.

During the 13 weeks ended March 26, 2020, the Company determined that indicators of impairment were present and performed a quantitative test. In order to determine fair value, the Company used assumptions based on information available to it as of March 26, 2020, including both market data and forecasted future cash flows. The Company then used this information to determine fair value. The Company determined that the fair value of the Company's goodwill was greater than its carrying value. As such, no impairment was identified.

Trade Name Intangible Asset – The Company recorded a trade name intangible asset in conjunction with the Movie Tavern acquisition (See Note 4) that was determined to have an indefinite life. The Company reviews its trade name intangible asset for impairment at least annually or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. During the 13 weeks ended March 26, 2020, indicators of impairment were present and the Company recorded an impairment charge of $2,200,000 (see Note 3 for further detail).

Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares.

Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings (losses) are equal to net earnings (loss) for that computation.

The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:


	13 Weeks Ended
	March 26, 2020		March 28, 2019
	(in thousands, except per share data)
Numerator:
Net earnings (loss) attributable to The Marcus Corporation	$	(19,352)	$	1,860
Denominator:
Denominator for basic EPS		30,975		29,883
Effect of dilutive employee stock options		—		616
Denominator for diluted EPS		30,975		30,499
Net earnings (loss) per share - basic:
Common Stock	$	(0.64)	$	0.06
Class B Common Stock	$	(0.58)	$	0.06
Net earnings (loss) per share - diluted:
Common Stock	$	(0.64)	$	0.06
Class B Common Stock	$	(0.58)	$	0.06

For the periods when the Company reports a net loss, the computation of diluted loss per share equals the computation of basic loss per share since common stock equivalents are dilutive due to the net loss.

Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 weeks ended March 26, 2020 and March 28, 2019 was as follows (in thousands, except per share data):


													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		Equity
BALANCES AT DECEMBER 26, 2019	$	23,254	$	7,936	$	145,549	$	461,884	$	(12,648)	$	(4,540)	$	621,435	$	23	$	621,458
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,224)		—		—		(1,224)		—		(1,224)
$.17 Common Stock		—		—		—		(3,921)		—		—		(3,921)		—		(3,921)
Exercise of stock options		—		—		5		—		—		40		45		—		45
Purchase of treasury stock		—		—		—		—		—		(274)		(274)		—		(274)
Savings and profit-sharing contribution		—		—		299		—		—		1,016		1,315		—		1,315
Reissuance of treasury stock		—		—		2		—		—		46		48		—		48
Issuance of non-vested stock		—		—		(149)		—		—		149		—		—		—
Shared-based compensation		—		—		988		—		—		—		988		—		988
Conversions of Class B Common Stock		10		(10)		—		—		—		—		—		—		—
Comprehensive loss		—		—		—		(19,352)		(547)		—		(19,899)		(148)		(20,047)
BALANCES AT MARCH 26, 2020	$	23,264	$	7,926	$	146,694	$	437,387	$	(13,195)	$	(3,563)	$	598,513	$	(125)	$	598,388


													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		Equity
BALANCES AT DECEMBER 27, 2018	$	22,843	$	8,347	$	63,830	$	439,178	$	(6,758)	$	(37,431)	$	490,009	$	110	$	490,119
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,183)		—		—		(1,183)		—		(1,183)
$.16 Common Stock		—		—		—		(3,633)		—		—		(3,633)		—		(3,633)
Exercise of stock options		—		—		(78)		—		—		532		454		—		454
Purchase of treasury stock		—		—		—		—		—		(428)		(428)		—		(428)
Savings and profit-sharing contribution		—		—		810		—		—		371		1,181		—		1,181
Reissuance of treasury stock		—		—		31		—		—		16		47		—		47
Issuance of non-vested stock		—

Price	36.95	EPS	1
Shares	31	P/E	27
MCap	1,159	P/FCF	13
Net Debt	233	EBIT	63
TEV	1,392	TEV/EBIT	22
TTM 2019-09-26, in MM, except price, ratios

10-Q	2020-03-26	Filed 2020-05-12
10-K	2019-12-26	Filed 2020-02-24
10-Q	2019-09-26	Filed 2019-11-05
10-Q	2019-06-27	Filed 2019-08-06
10-Q	2019-03-28	Filed 2019-05-07
10-K	2018-12-27	Filed 2019-03-12
10-Q	2018-09-27	Filed 2018-11-06
10-Q	2018-06-28	Filed 2018-08-07
10-Q	2018-03-29	Filed 2018-05-08
10-K	2017-12-28	Filed 2018-03-13
10-Q	2017-09-28	Filed 2017-11-07
10-Q	2017-06-29	Filed 2017-08-08
10-Q	2017-03-30	Filed 2017-05-09
10-K	2016-12-29	Filed 2017-03-14
10-Q	2016-09-29	Filed 2016-11-08
10-Q	2016-06-30	Filed 2016-08-09
10-Q	2016-03-31	Filed 2016-05-10
10-Q	2015-11-26	Filed 2016-01-05
10-Q	2015-08-27	Filed 2015-10-06
10-K	2015-05-28	Filed 2015-08-11
10-Q	2015-02-26	Filed 2015-04-07
10-Q	2014-11-27	Filed 2015-01-06
10-Q	2014-08-28	Filed 2014-10-07
10-K	2014-05-29	Filed 2014-08-12
10-Q	2014-02-27	Filed 2014-04-08
10-Q	2013-11-28	Filed 2014-01-07
10-Q	2013-08-29	Filed 2013-10-08
10-K	2013-05-30	Filed 2013-08-13
10-Q	2013-02-28	Filed 2013-04-09
10-Q	2012-11-29	Filed 2013-01-08
10-Q	2012-08-30	Filed 2012-10-09
10-K	2012-05-31	Filed 2012-08-14
10-Q	2012-02-23	Filed 2012-04-03
10-Q	2011-11-24	Filed 2012-01-03
10-Q	2011-08-25	Filed 2011-10-04
10-K	2011-05-26	Filed 2011-08-09
10-Q	2011-02-24	Filed 2011-04-05
10-Q	2010-11-25	Filed 2011-01-04
10-Q	2010-08-26	Filed 2010-10-05
10-K	2010-05-27	Filed 2010-08-10
10-Q	2010-02-25	Filed 2010-04-06
10-Q	2009-11-26	Filed 2010-01-05

EX-3.1	mcs-20200326xex3d1.htm
EX-31.1	mcs-20200326xex31d1.htm
EX-31.2	mcs-20200326xex31d2.htm
EX-32	mcs-20200326xex32.htm

8-K	2020-05-06
8-K	2020-05-05
8-K	2020-04-29
8-K	2020-04-09
8-K	2020-02-20
8-K	2020-01-09
8-K	2019-10-24
8-K	2019-07-25
8-K	2019-05-07
8-K	2019-04-25
8-K	2019-02-21
8-K	2019-02-04
8-K	2019-02-01
8-K	2018-11-01
8-K	2018-10-25
8-K	2018-07-26
8-K	2018-05-08
8-K	2018-04-26
8-K	2018-02-22

MCS 10Q Quarterly Report

Marcus Earnings 2020-03-26