GeoPark Announces Second Quarter 2025 Operational Update
Oil and Gas Production and Operations
Year-to-date consolidated average oil and gas production of 28,223 boepd
2Q2025 consolidated average oil and gas production of 27,380 boepd, reflecting solid delivery from core operated and non-operated assets
Production was 6% lower than 1Q2025, mainly explained by the divestment of the Llanos 32 Block (GeoPark non-operated, 12.5% WI), as well as temporary blockades in the CPO-5 Block (GeoPark non-operated, 30% WI), which led to 16 days of shut-in production
The infill drilling campaign in the Llanos 34 Block (GeoPark operated, 45% WI) experienced delays, which were partially offset by production recovery through base management, waterflooding, and workovers
A total of 5 wells were drilled and completed in 2Q2025, bringing the year-to-date total to 10 wells
An exploration discovery at the Currucutu-1 well in the Llanos 123 Block (GeoPark operated, 50% WI), produced an initial 1,360 bopd gross
Llanos 34 Block: Managing Production through Interventions and Cost Efficiency
2Q2025 average production of 17,605 boepd net (39,122 boepd gross), down 3% from 1Q2025 and in line with expected decline rates
Waterflooding projects contributed approximately 6,500 boepd gross (17% of gross production), exceeding plan by 27%
Workover campaign focused on water shutoff delivered 2,100 boepd gross and reduced water production by 23,000 bwpd, exceeding plan by 4%
New-generation rig significantly improved drilling efficiency, completing six wells and one sidetrack with 23% faster operations and 30% cost savings compared to the 2024 drilling campaign, lowering average drilling cost from $245/ft to $171/ft. Mobilization time between pads was reduced from 7 days to 18 hours
The 1H2025 infill drilling campaign was successfully completed in the Tigui area, with four wells currently producing approximately 3,000 bopd gross, exceeding initial expectations and confirming strong reservoir performance
CPO-5 Block: Production Stability Amid Operational Disruption
2Q2025 average production reached 6,100 bopd net (20,333 bopd gross), down 8% from 1Q2025, primarily driven by the higher-than-anticipated downtime due to 16 days of shut-ins in the Indico field. Despite the impact, production performance remained stable with no water breakthrough and as of the publishing of this report the field is operating normally
3D seismic interpretation advanced, with new prospects identified and incorporated into the portfolio. Integration with existing surveys is currently underway
Llanos Exploration: Llanos 123 Discoveries Drive Production
2Q2025 average production increased to 2,150 boepd net (4,300 boepd gross), driven by 2,008 boepd net in the Llanos 123 Block (GeoPark operated, 50% WI)
Llanos 123 Block:
Currucutu-1 exploration well was drilled and completed in April 2025, with an initial production of 1,360 bopd. The well is currently producing approximately 500 bopd
Toritos Sur-3 well was drilled and completed during June 2025 with initial production tests of 900 bopd from the Mirador Formation (exploration target) and 630 bopd from the Barco formation (development target). An extended production test is planned for the Lower Mirador to further assess its potential
Upcoming Catalysts 3Q2025
Drilling 2-4 gross wells in Colombia, targeting appraisal and exploration projects
Key projects include:
Llanos 123 Block: Drilling 1-2 appraisal and exploration wells
Llanos 104 Block (GeoPark operated, 50% WI): Drilling 1-2 exploration wells
Breakdown of Quarterly Production by Country
The following table shows production figures for 2Q2025, as compared to 2Q2024:
a)
Includes royalties and other economic rights paid in kind in Colombia for approximately 4,236 bopd in 2Q2025. No royalties were paid in kind in Ecuador or Brazil. Production in Ecuador is reported before the Government's production share of approximately 327 bopd.
Expand
Quarterly Production
(boepd)
2Q2025
1Q2025
4Q2024
3Q2024
2Q2024
Colombia
25,868
27,610
29,740
31,429
33,956
Ecuador
1,281
1,466
1,749
1,786
1,652
Brazil
231
-
-
-
-
Total a
27,380
29,076
31,489
33,215
35,608
Oil
27,151
28,972
31,354
33,091
35,504
Gas
229
104
135
124
104
Expand
a)
In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government's production share.
Expand
Reporting Date for 2Q2025 Results Release, Conference Call and Webcast
GeoPark will report its 2Q2025 financial results on Wednesday, August 6, 2025, after market close.
GeoPark management will host a conference call on Thursday, August 7, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 2Q2025 financial results.
To listen to the call, participants can access the webcast located in the Invest with Us section of the Company's website at www.geo-park.com, or by clicking below:
https://events.q4inc.com/attendee/211725993
Interested parties can join the conference call by using the following dial-in information:
United States Participants: +1 404-975-4839
Global Dial-In Numbers:
https://www.netroadshow.com/events/global-numbers?confId=72342
Passcode: 553033
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Invest with Us section of the Company's website at www.geo-park.com after the conclusion of the live call.
NOTICE
Additional information about GeoPark can be found in the 'Invest with Us' section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ''anticipate,'' ''believe,'' ''could,'' ''expect,'' ''should,'' ''plan,'' ''intend,'' ''will,'' ''estimate'' and ''potential,'' among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, reductions in drilling completion time and costs, production guidance, and cost efficiency savings. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a few seconds ago
- Yahoo
ExxonMobil exceeds earnings, revenue estimates in second quarter, stock up
-- Exxon Mobil (NYSE:XOM) shares climbed 1.5% in premarket trading Friday after the U.S. energy giant reported second-quarter earnings and revenue that trumped analysts' forecasts. The company reported Q2 earnings per share (EPS) of $1.64, topping the consensus expectations of $1.56. Revenue came in at $81.5 billion, also slightly ahead of the $80.78 billion consensus. 'The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments,' said Darren Woods, ExxonMobil chairman and CEO. 'We achieved our highest second-quarter Upstream production since the merger of Exxon and Mobil more than 25 years ago. It was also our best quarter yet for high-value product sales volumes in Product Solutions," he added. Exxon's operating cash flow in the quarter stood at $11.5 billion, while free cash flow totaled $5.4 billion. The company returned $9.2 billion to shareholders during the quarter, including $4.3 billion in dividends and $5 billion in share buybacks, in line with its stated capital return plans. Exxon declared a third-quarter dividend of $0.99 per share, payable on September 10, 2025, to shareholders of record as of the close of business on August 15, 2025. Related articles ExxonMobil exceeds earnings, revenue estimates in second quarter, stock up Clients buying into summer rally, bracing for later pullback, says BofA's Hartnett These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Sign in to access your portfolio
Yahoo
a few seconds ago
- Yahoo
Dominion Energy Announces Second-Quarter Results
Second-quarter 2025 GAAP net income of $0.88 per share; operating earnings (non-GAAP) of $0.75 per share Company affirms its full-year 2025 operating EPS range of $3.28 to $3.52 per share and all financial guidance provided on its fourth quarter 2024 earnings call, including guidance related to earnings, credit, and dividend RICHMOND, Va., August 01, 2025--(BUSINESS WIRE)--Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP or reported earnings) for the three months ended June 30, 2025, of $760 million ($0.88 per share) compared with net income of $563 million ($0.64 per share) for the same period in 2024. Operating earnings (non-GAAP) for the three months ended June 30, 2025, were $649 million ($0.75 per share), compared to operating earnings of $567 million ($0.65 per share) for the same period in 2024. Differences between GAAP and operating earnings for the period include gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities and other adjustments. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3, and 4 of this release. Guidance The company affirms its full-year 2025 operating earnings guidance range of $3.28 to $3.52 per share and all financial guidance provided on its fourth quarter 2024 earnings call, including guidance related to earnings, credit, and dividend. Webcast today The company will host its second-quarter 2025 earnings call at 10 a.m. ET on Friday, August 1, 2025. Management will discuss matters of interest to financial and other stakeholders including recent financial results. A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at For individuals who prefer to join via telephone, domestic callers should dial 1-800-343-5172 and international callers should dial 1-203-518-9856. The conference ID for the telephonic earnings call is DOMINION. Participants should dial in 10 to 15 minutes prior to the scheduled start time. A replay of the webcast will be available on the investor information pages by the end of the day August 1. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on August 1. Domestic callers may access the recording by dialing 1-800-839-9409. International callers should dial 1-402-220-6088. The passcode for the replay is 17292. Important note to investors regarding operating, reported earnings Dominion Energy uses operating earnings (non-GAAP) as the primary performance measurement of its results for public communications with analysts and investors. Operating earnings are defined as reported earnings adjusted for certain items. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans, and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power. In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, market-related impacts on pension and other postretirement benefit plans, acquisitions, divestitures, or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings. Accordingly, Dominion Energy is not able to provide a corresponding GAAP equivalent for its operating earnings guidance. About Dominion Energy Dominion Energy (NYSE: D), headquartered in Richmond, Va., provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina. The company is one of the nation's leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. The company's mission is to provide the reliable, affordable, and increasingly clean energy that powers its customers every day. Please visit to learn more. This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes in or interpretations of federal and state tax laws and regulations; changes to regulated rates collected by Dominion Energy; risks associated with entities in which Dominion Energy shares ownership with third parties, such as a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third-party participants and difficulties in exiting these arrangements; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to construct the CVOW commercial project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; risks and uncertainties associated with the timely receipt of future capital contributions, including optional capital contributions, if any, from the noncontrolling financing partner associated with the construction of the CVOW commercial project; changes to federal, state, and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; the availability of nuclear fuel, natural gas, purchased power or other materials utilized by Dominion Energy to provide electric generation, transmission and distribution and/or gas distribution services; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; risks and uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers, including the concentration of data centers primarily in Loudoun County, Va., and the ability to obtain regulatory approvals, environmental and other permits to construct new facilities in a timely manner; the technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen, and/or other clean energy technologies; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; political and economic conditions, including tariffs, inflation and deflation. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. News Category: Corporate & Financial Consolidated Statements of Income (GAAP) Dominion Energy, Inc. Consolidated Statements of Income * Unaudited (GAAP Based) Three Months Ended Six Months Ended June 30, June 30, (millions, except per share amounts) 2025 2024 2025 2024 Operating Revenue $ 3,810 $ 3,486 $ 7,886 $ 7,118 Operating Expenses Electric fuel and other energy-related purchases 946 918 1,908 1,877 Purchased electric capacity 18 21 27 33 Purchased gas 43 44 190 164 Other operations and maintenance(1) 933 907 1,877 1,792 Depreciation and amortization 580 621 1,162 1,242 Other taxes 194 170 403 372 Total operating expenses 2,714 2,681 5,567 5,480 Income (loss) from operations 1,096 805 2,319 1,638 Other income (expense) 442 243 452 366 Interest and related charges 505 470 986 1,045 Income (loss) from continuing operations includingnoncontrolling interests before income tax expense (benefit) 1,033 578 1,785 959 Income tax expense (benefit) 220 112 260 208 Net Income (loss) from continuing operations 813 466 1,525 751 Net Income (loss) from discontinued operations 1 97 - 215 Net Income (loss) including noncontrolling interests 814 563 1,525 966 Noncontrolling interests 54 - 100 - Net Income (loss) attributable to Dominion Energy $ 760 $ 563 $ 1,425 $ 966 Amounts attributable to Dominion Energy Net Income (loss) from continuing operations $ 759 $ 466 $ 1,425 $ 751 Net Income (loss) from discontinued operations $ 1 $ 97 - 215 Net Income (loss) attributable to Dominion Energy $ 760 $ 563 $ 1,425 $ 966 Reported Income (loss) per common share from continuingoperations - diluted $ 0.88 $ 0.52 $ 1.65 $ 0.84 Reported Income (loss) per common share from discontinuedoperations - diluted - 0.12 - 0.26 Reported Income (loss) per common share - diluted $ 0.88 $ 0.64 $ 1.65 $ 1.10 Average shares outstanding, diluted 853.2 838.3 852.7 838.0 (1) Includes impairment of assets and other charges (benefits). *The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. Schedule 1 - Segment Reported and Operating EarningsUnaudited Three Months Ended June 30, Six Months Ended June 30, (millions, except per share amounts) 2025 2024 Change 2025 2024 Change REPORTED EARNINGS(1) $ 760 $ 563 $ 197 $ 1,425 $ 966 $ 459 Pre-tax loss (income)(2) (217 ) 35 (252 ) - 85 (85 ) Income tax(2) 106 (31 ) 137 27 1 26 Adjustments to reported earnings (111 ) 4 (115 ) 27 86 (59 ) OPERATING EARNINGS (non-GAAP) $ 649 $ 567 $ 82 $ 1,452 $ 1,052 $ 400 By segment: Dominion Energy Virginia $ 549 $ 485 $ 64 1,110 909 201 Dominion Energy South Carolina 109 69 40 261 149 112 Contracted Energy 47 100 (53 ) 156 222 (66 ) Corporate and Other (56 ) (87 ) 31 (75 ) (228 ) 153 $ 649 $ 567 $ 82 $ 1,452 $ 1,052 $ 400 Earnings Per Share (EPS)(3): REPORTED EARNINGS(1) $ 0.88 $ 0.64 $ 0.24 $ 1.65 $ 1.10 $ 0.55 Adjustments to reported earnings (after-tax) (0.13 ) 0.01 (0.14 ) 0.03 0.11 (0.08 ) OPERATING EARNINGS (non-GAAP) $ 0.75 $ 0.65 $ 0.10 $ 1.68 $ 1.21 $ 0.47 By segment: Dominion Energy Virginia $ 0.64 $ 0.58 $ 0.06 1.30 1.09 0.21 Dominion Energy South Carolina 0.13 0.08 0.05 0.31 0.18 0.13 Contracted Energy 0.05 0.12 (0.07 ) 0.18 0.26 (0.08 ) Corporate and Other (0.07 ) (0.13 ) 0.06 (0.11 ) (0.32 ) 0.21 $ 0.75 $ 0.65 $ 0.10 $ 1.68 $ 1.21 $ 0.47 Common Shares Outstanding (average, diluted) 853.2 838.3 852.7 838.0 (1) Determined in accordance with Generally Accepted Accounting Principles (GAAP). (2) Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at (3) The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. The calculation of operating earnings per share for the three and six months ended June 30, 2024 excludes a deemed dividend of $9 million associated with the Company's repurchase of certain Series B preferred stock in June 2024. During each quarter of 2025 and 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. Reported and operating earnings per share for the three and six months ended June 30, 2024 also includes the impact of preferred dividends associated with Series B preferred stock of $8 million and $17 million, respectively. See Forms 10-Q and 10-K for additional information. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. Schedule 2 - Reconciliation of 2025 Reported Earnings to Operating Earnings2025 Earnings (Six Months Ended June 30, 2025) The adjustments included in 2025 reported earnings, but excluded from operating earnings, is primarily related to the following item: $157 million net market benefit primarily associated with $156 million from nuclear decommissioning trusts (NDT). (millions, except per share amounts) 1Q25 2Q25 3Q25 4Q25 YTD 2025(4) Reported earnings $ 665 $ 760 $ 1,425 Adjustments to reported earnings(1): Pre-tax loss (income) 217 (217 ) - Income tax (benefit) (79 ) 106 27 138 (111 ) - - 27 Operating earnings (non-GAAP) $ 803 $ 649 $ - $ - $ 1,452 Common shares outstanding (average, diluted) 852.2 853.2 852.7 Reported earnings per share(2) $ 0.77 $ 0.88 $ 1.65 Adjustments to reported earnings per share(2) 0.16 (0.13 ) 0.03 Operating earnings (non-GAAP) per share(2) $ 0.93 $ 0.75 $ - $ - $ 1.68 (1) Adjustments to reported earnings are reflected in the following table: 1Q25 2Q25 3Q25 4Q25 YTD 2025 ... Pre-tax loss (income): Net loss (gain) on NDT funds $ 133 $ (289 ) $ (156 ) Mark-to-market impact of economic hedging activities (22 ) 21 (1 ) Discontinued operations 1 2 3 DEV severe weather impacts 82 24 106 Regulated asset retirements and other charges 23 25 48 $ 217 $ (217 ) $ - $ - $ - Income tax expense (benefit): Tax effect of above adjustments to reported earnings(3) (79 ) 106 27 $ (79 ) $ 106 $ - $ - $ 27 (2) The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. During each quarter of 2025, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. See Forms 10-Q and 10-K for additional information. (3) Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. (4) YTD EPS may not equal sum of quarters due to share count difference. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. Schedule 3 - Reconciliation of 2024 Reported Earnings to Operating Earnings2024 Earnings (Twelve months ended December 31, 2024) The $416 million pre-tax net loss of the adjustments included in 2024 reported earnings, but excluded from operating earnings, is primarily related to the following items: $11 million net market loss primarily associated with $372 million on pension and other postretirement benefit (OPEB) plans and $198 million in economic hedging activities offset by $559 million from nuclear decommissioning trusts (NDT). $228 million of net benefit from discontinued operations primarily related to a $247 million benefit associated with gas distribution operations (inclusive of a $130 million net loss on sales related to the East Ohio, Questar Gas and PSNC Transactions). $276 million of regulated asset retirements and other charges primarily associated with a $103 million charge for Virginia Power's share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project, a $58 million charge from the South Carolina electric rate case, $40 million in demolition and decommissioning costs at Virginia Power and a $30 million write off of certain early stage development costs for potential electric generation projects in Virginia no longer under consideration. $229 million of nonregulated asset impairments and other charges related to a $122 million ARO revision at Millstone nuclear power station, $60 million of impairment charges associated with certain nonregulated renewable natural gas facilities and a $47 million charge in connection with the settlement of an agreement. (millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 YTD 2024(5) Reported earnings $ 403 $ 563 $ 934 $ 134 $ 2,034 Adjustments to reported earnings(1): Pre-tax loss (income) 50 35 (150 ) 481 416 Income tax (benefit) 32 (31 ) 52 (111 ) (58 ) 82 4 (98 ) 370 358 Operating earnings (non-GAAP) $ 485 $ 567 $ 836 $ 504 $ 2,392 Common shares outstanding (average, diluted) 837.6 838.3 839.3 842.2 839.4 Reported earnings per share(2) $ 0.46 $ 0.64 $ 1.09 $ 0.14 $ 2.33 Adjustments to reported earnings per share(2) 0.09 0.01 (0.11 ) 0.44 0.44 Operating earnings (non-GAAP) per share(2) $ 0.55 $ 0.65 $ 0.98 $ 0.58 $ 2.77 (1) Adjustments to reported earnings are reflected in the following table: 1Q24 2Q24 3Q24 4Q24 YTD 2024 Pre-tax loss (income): Net loss (gain) on NDT funds $ (265 ) $ (83 ) $ (167 ) $ (44 ) $ (559 ) Mark-to-market impact of economic hedging activities 108 104 (137 ) 123 198 Mark-to-market of pension and OPEB plans 320 16 (6 ) 42 372 Discontinued operations (172 ) (83 ) 24 3 (228 ) Business review costs 29 15 7 54 105 Net loss (gain) on real estate dispositions - 17 1 5 23 Regulated asset retirements and other charges (17 ) 16 101 176 276 Nonregulated asset impairments and other charges 47 33 27 122 229 $ 50 $ 35 $ (150 ) $ 481 $ 416 Income tax expense (benefit): Tax effect of above adjustments to reported earnings(3) 541 (55 ) 402 (111 ) 777 Deferred taxes associated with sale of gas distributionoperations(4) (509 ) 24 (350 ) - (835 ) $ 32 $ (31 ) $ 52 $ (111 ) $ (58 ) (2) The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. The calculation of operating earnings per share for the three months ended June 30, 2024 and for the three and twelve months ended December 31, 2024 excludes a deemed dividend of $9 million, $1 million and $10 million, respectively, associated with the Company's repurchase of certain Series B preferred stock. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series B preferred stock of $9 million, $8 million, $4 million and $3 million, respectively. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. See Forms 10-Q and 10-K for additional information. (3) Excludes a $578 million tax benefit on non-deductible goodwill associated with the sale of gas distribution operations. Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. (4) Represents the reversal of previously established deferred taxes related to the basis in the stock of the gas distribution operations. (5) YTD EPS may not equal sum of quarters due to share count differences. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. Schedule 4 - Reconciliation of 2Q25 Earnings to 2Q24Preliminary, Unaudited Three Months Ended Six Months Ended June 30, June 30, 2025 vs. 2024 2025 vs. 2024 (millions, except per share amounts) Increase / (Decrease) Increase / (Decrease) Reconciling Items Amount EPS Amount EPS Change in reported earnings (GAAP) $ 197 $ 0.24 $ 459 $ 0.55 Change in Pre-tax loss (income)(1) (252 ) (0.30 ) (85 ) (0.11 ) Change in Income tax(1) 137 0.16 26 0.03 Adjustments to reported earnings $ (115 ) $ (0.14 ) $ (59 ) $ (0.08 ) Change in consolidated operating earnings (non-GAAP) $ 82 $ 0.10 $ 400 $ 0.47 Dominion Energy Virginia Weather $ (12 ) $ (0.01 ) $ 42 $ 0.05 Customer usage and other factors 52 0.06 77 0.09 Customer-elected rate impacts - - (7 ) (0.01 ) Rider equity return 143 0.17 276 0.33 Storm damage and restoration costs (2 ) - 6 0.01 Planned outage costs (2 ) - 4 - Nuclear production tax credit 2 - 19 0.02 Sale of noncontrolling interest (80 ) (0.10 ) (148 ) (0.18 ) Depreciation and amortization (7 ) (0.01 ) (12 ) (0.01 ) Interest expense, net (28 ) (0.03 ) (40 ) (0.05 ) Other (2 ) (0.01 ) (16 ) (0.02 ) Share dilution - (0.01 ) - (0.02 ) Change in contribution to operating earnings $ 64 $ 0.06 $ 201 $ 0.21 Dominion Energy South Carolina Weather $ (3 ) $ - $ 17 $ 0.02 Customer usage and other factors 11 0.01 15 0.02 Customer-elected rate impacts 2 - 7 0.01 Base & RSA rate case impacts 40 0.05 84 0.10 Depreciation and amortization (4 ) - (8 ) (0.01 ) Interest expense, net (2 ) - (4 ) - Other (4 ) - 1 - Share dilution - (0.01 ) - (0.01 ) Change in contribution to operating earnings $ 40 $ 0.05 $ 112 $ 0.13 Contracted Energy Margin $ 8 $ 0.01 $ (4 ) $ - Planned Millstone outages(2) (62 ) (0.07 ) (64 ) (0.08 ) Unplanned Millstone outages(2) (2 ) - 10 0.01 Depreciation and amortization (2 ) - (5 ) - Interest expense, net 3 - 3 - Other 2 (0.01 ) (6 ) (0.01 ) Share dilution - - - - Change in contribution to operating earnings $ (53 ) $ (0.07 ) $ (66 ) $ (0.08 ) Corporate and Other Interest expense, net $ 23 $ 0.03 $ 94 $ 0.11 Equity method investments - - (5 ) (0.01 ) Pension and other postretirement benefit plans (15 ) (0.02 ) (23 ) (0.03 ) Corporate service company costs 14 0.02 27 0.03 Other 9 0.02 60 0.09 Share dilution - 0.01 - 0.02 Change in contribution to operating earnings $ 31 $ 0.06 $ 153 $ 0.21 Change in consolidated operating earnings (non-GAAP) $ 82 $ 0.10 $ 400 $ 0.47 Change in adjustments included in reported earnings(1) $ 115 $ 0.14 $ 59 $ 0.08 Change in consolidated reported earnings $ 197 $ 0.24 $ 459 $ 0.55 (1) Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at (2) Includes earnings impact from outage costs and lower energy margins. NOTE: Figures may not sum due to rounding. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. View source version on Contacts For further information: Media: Ryan Frazier, (804) 836-2083 or Investor Relations: David McFarland, (804) 819-2438 or Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 minutes ago
- Business Wire
Marcus Corporation Reports Second Quarter Fiscal 2025 Results
MILWAUKEE--(BUSINESS WIRE)--The Marcus Corporation (NYSE: MCS) today reported results for the second quarter fiscal 2025 ended June 30, 2025. 'It was a strong quarter for Marcus Corporation, with significant growth in revenue, operating income, net earnings and Adjusted EBITDA,' said Gregory S. Marcus, chief executive officer of Marcus Corporation. 'Marcus Theatres led the way, as significant improvements in both the quality and quantity of new films drove marked increases in attendance throughout the quarter. Marcus Hotels & Resorts also performed well as group business continued to grow, particularly at our newly renovated hotels. As we look ahead, we remain confident in the operating strength of both businesses and remain focused on driving performance at every level.' Second Quarter Fiscal 2025 Highlights Total revenues for the second quarter of fiscal 2025 were $206.0 million, a 17.0% increase from total revenues of $176.0 million for the second quarter of fiscal 2024. Operating income was $13.0 million for the second quarter of fiscal 2025, compared to operating income of $2.2 million for the prior year quarter. Net earnings was $7.3 million for the second quarter of fiscal 2025, compared to net loss of $20.2 million for the same period in fiscal 2024. Net loss for the second quarter of fiscal 2024 was negatively impacted by $15.0 million, or $0.47 per share, of convertible senior notes repurchases. Excluding the impacts of the convertible senior notes repurchases, net loss was $5.2 million for the second quarter of fiscal 2024. Net earnings per diluted common share was $0.23 for the second quarter of fiscal 2025, compared to net loss per diluted common share of $0.64 for the second quarter of fiscal 2024. Excluding the impacts of the convertible senior notes repurchases, net loss per diluted common share was $0.17 for the second quarter of fiscal 2024. Adjusted EBITDA was $32.3 million for the second quarter of fiscal 2025, a 46.9% increase from Adjusted EBITDA of $22.0 million for the prior year quarter. First Half Fiscal 2025 Highlights Total revenues for the first half of fiscal 2025 were $354.8 million, a 12.8% increase from total revenues of $314.6 million for the first half of fiscal 2024. Operating loss was $7.4 million for the first half of fiscal 2025, compared to operating loss of $14.4 million for the first half of fiscal 2024. Net loss was $9.5 million for the first half of fiscal 2025, compared to net loss of $32.1 million for the first half of fiscal 2024. Net loss for the first half of fiscal 2024 was negatively impacted by $15.0 million, or $0.47 per share, of convertible senior notes repurchases. Excluding the impacts of the convertible senior notes repurchases, net loss was $17.1 million for the first half of fiscal 2024. Net loss per diluted common share was $0.31 for the first half of fiscal 2025, compared to net loss per diluted common share of $1.03 for the first half of fiscal 2024. Excluding the impacts of the convertible senior notes repurchases, net loss per diluted common share was $0.56 for the first half of fiscal 2024. Adjusted EBITDA was $32.0 million for the first half of fiscal 2025, a 32.0% increase from Adjusted EBITDA of $24.3 million for first half of fiscal 2024. Marcus Theatres® Revenues, operating income and Adjusted EBITDA improved significantly in the second quarter of fiscal 2025. Total revenues were $131.7 million, a 29.8% increase compared to the second quarter of fiscal 2024. Operating income was $15.7 million, a $12.9 million increase compared to the second quarter of fiscal 2024. Adjusted EBITDA was $26.5 million, a 76.2% increase from the second quarter of fiscal 2024. Same store admission revenues for the second quarter of fiscal 2025 increased 29.3%. Same store attendance increased 26.7% in the second quarter of fiscal 2025 with average ticket prices up 2.0% compared to the prior year quarter primarily due to stronger mix of films playing to premium large format screens. Average concession revenues per person increased 3.1% during the second quarter compared to the prior year quarter. During the second quarter of fiscal 2025, Marcus Theatres' top five highest-performing films were A Minecraft Movie, Lilo & Stitch, Sinners, How To Train Your Dragon, and Thunderbolts*. 'The steady cadence of broadly appealing new movies during the second quarter of fiscal 2025 are making it a summer to remember at Marcus Theatres,' said Mark A. Gramz, president of Marcus Theatres. 'The second quarter got off to a great start with the blockbuster successes of A Minecraft Movie, Sinners and Thunderbolts*, followed closely by hit films like Lilo & Stitch and Mission Impossible - The Final Reckoning, which led to a record Memorial Day weekend for Marcus Theatres. June was similarly upbeat, with the rhythm of appealing new releases continuing to bring moviegoers back to the theatre to enjoy more great films. Momentum continued into the start of the third quarter fiscal 2025 with strong performances from Jurassic World Rebirth and Superman, with more exciting film releases planned throughout the rest of summer and remainder of the year.' Several films have contributed to early fiscal 2025 third quarter results, including: Superman, Jurassic World Rebirth, and The Fantastic Four: First Steps, with a strong film slate scheduled for the remainder of the year, including The Naked Gun, The Bad Guys 2, Freakier Friday, The Conjuring: Last Rites, Downton Abbey: The Grand Finale, Tron: Ares, The Black Phone 2, Mortal Kombat 2, Now You See Me: Now You Don't, Wicked: For Good, Zootopia 2, Five Nights at Freddy's 2, The SpongeBob Movie: Search for SquarePants and Avatar: Fire and Ash. During the second quarter, Marcus Theatres completed renovations at the Marcus Syracuse Cinema (formerly Movie Tavern Syracuse) in New York and Movie Tavern Trexlertown in Pennsylvania including fully remodeled lobbies, new concession stands and self-serve drink stations, enhanced bar areas with additional screens for sports and special event viewing, and refreshed decor with improved guest flow throughout the buildings. Similar investments in revenue-enhancing amenities were completed in July at Marcus Brannon Crossing Cinema (formerly Movie Tavern Brannon Crossing) in Kentucky. Marcus® Hotels & Resorts During the second quarter of fiscal 2025, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $64.6 million, a 1.2% increase over the prior year quarter. Operating income of $4.2 million during the second quarter of fiscal 2025 decreased $1.9 million and was impacted by an increase in depreciation expense of $1.7 million following hotel renovations completed in 2024. Adjusted EBITDA was $11.2 million in the second quarter of fiscal 2025, a 1.8% decrease compared to the prior year quarter. Revenues, operating income and Adjusted EBITDA during the second quarter and first half of fiscal 2025 were negatively impacted by the Hilton Milwaukee renovation. Revenue per available room, or RevPAR, decreased 2.9% at company-owned hotels during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. RevPAR growth was unfavorably impacted by the Hilton Milwaukee renovation, which resulted in some rooms displacement during seasonally higher demand periods due to reduced capacity of available rooms. The renovation of the guest rooms was completed at the end of June 2025, with all guest rooms returned to service at the beginning of the fiscal third quarter. 'We are pleased with our results during the second quarter of fiscal 2025, with total revenues on par with the same period last year despite a large number of rooms out of service during the Hilton Milwaukee renovation,' said Michael R. Evans, president of Marcus Hotels & Resorts. 'All 554 guest rooms are now fully renovated and available as the busy summer and convention seasons continue. While leisure travel is seeing some industry-wide softening, group demand at Marcus Hotels & Resorts remains strong.' The last phase of extensive renovations at Hilton Milwaukee is underway. The transformation of the hotel's 34,000 square feet of meeting and event spaces as well as its exquisite lobby and bar will be completed by the end of the year. Fiscal Year Change Beginning December 27, 2024, the Company's fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year. Accordingly, beginning in the current year, the Company's quarterly results will be for three-month periods ending March 31, June 30, September 30 and December 31. Conference Call and Webcast Marcus Corporation management will hold a conference call today, Friday, August 1, 2025, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: or by dialing 1-404-975-4839 and entering the passcode 862370. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software. A telephone replay of the conference call will be available through Friday, August 8, 2025, by dialing 1-866-813-9403 and entering passcode 658050. The webcast will be archived on the company's website until its next earnings release. Non-GAAP Financial Measure Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table. Adjusted EBITDA is a key measure used by management and the company's board of directors to assess the company's financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company's core operating performance and facilitates a comparison of the company's core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors. Adjusted EBITDA is a non-GAAP measure of the company's financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company's future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management's discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company's results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company's presentation of Adjusted EBITDA should not be construed to imply that the company's future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies. About The Marcus Corporation Headquartered in Milwaukee, Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. Marcus Corporation's theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 985 screens at 78 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company's lodging division, Marcus® Hotels & Resorts, owns and/or manages 16 hotels, resorts and other properties in eight states. For more information, please visit the company's website at 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 adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre 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; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. 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 Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended June 30, 2025 June 27, 2024 June 30, 2025 June 27, 2024 Revenues: Theatre admissions $ 62,348 $ 48,580 $ 103,279 $ 89,176 Rooms 29,632 30,496 48,907 48,709 Theatre concessions 57,611 44,417 95,611 79,112 Food and beverage 21,291 19,272 39,120 35,435 Other revenues 24,790 22,534 47,664 42,236 195,672 165,299 334,581 294,668 Cost reimbursements 10,371 10,733 20,228 19,911 Total revenues 206,043 176,032 354,809 314,579 Costs and expenses: Theatre operations 64,172 52,118 113,842 97,103 Rooms 11,086 11,164 20,992 20,575 Theatre concessions 23,337 18,515 40,788 33,401 Food and beverage 15,656 15,080 30,285 28,943 Advertising and marketing 6,644 6,502 11,888 11,803 Administrative 22,972 22,630 47,688 44,032 Depreciation and amortization 17,603 16,699 35,441 32,714 Rent 6,354 6,496 12,571 12,843 Property taxes 4,328 3,688 8,737 7,619 Other operating expenses 10,332 9,741 20,938 19,611 (Gain) loss on disposition of property, equipment and other assets 181 (43 ) (1,184 ) (20 ) Impairment charges — 472 — 472 Reimbursed costs 10,371 10,733 20,228 19,911 Total costs and expenses 193,036 173,795 362,214 329,007 Operating income (loss) 13,007 2,237 (7,405 ) (14,428 ) Other income (expense): Investment income 409 173 483 865 Interest expense (2,981 ) (2,564 ) (5,803 ) (5,098 ) Other income (expense) (443 ) (390 ) (887 ) (731 ) Debt conversion expense — (13,908 ) — (13,908 ) Equity earnings (losses) from unconsolidated joint ventures 75 (50 ) (495 ) (437 ) (2,940 ) (16,739 ) (6,702 ) (19,309 ) Earnings (Loss) before income taxes 10,067 (14,502 ) (14,107 ) (33,737 ) Income tax expense (benefit) 2,746 5,719 (4,612 ) (1,650 ) Net earnings (loss) $ 7,321 $ (20,221 ) (9,495 ) (32,087 ) Net earnings (loss) per common share - diluted $ 0.23 $ (0.64 ) $ (0.31 ) $ (1.03 ) Weighted average shares outstanding - diluted 31,431 32,161 31,453 32,027 Expand THE MARCUS CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (In thousands) June 30, 2025 December 26, 2024 Assets: Cash and cash equivalents $ 14,901 $ 40,841 Restricted cash 1,798 3,738 Accounts receivable 22,724 21,457 Assets held for sale — 1,199 Other current assets 21,586 24,915 Property and equipment, net 694,239 685,734 Operating lease right-of-use assets 152,686 159,194 Other assets 108,373 107,450 Total Assets $ 1,016,307 $ 1,044,528 Liabilities and Shareholders' Equity: Accounts payable $ 36,675 $ 50,690 Income taxes 1,050 — Taxes other than income taxes 18,512 18,696 Other current liabilities 71,673 78,806 Current portion of finance lease obligations 2,785 2,591 Current portion of operating lease obligations 16,062 15,765 Current maturities of long-term debt 9,772 10,133 Finance lease obligations 9,572 10,360 Operating lease obligations 156,754 164,776 Long-term debt 170,116 149,007 Deferred income taxes 28,686 32,619 Other long-term obligations 46,232 46,219 Equity 448,418 464,866 Total Liabilities and Shareholders' Equity $ 1,016,307 $ 1,044,528 Expand THE MARCUS CORPORATION Business Segment Information (Unaudited) (In thousands) Theatres Hotels/ Resorts Corporate Items Total Three Months Ended June 30, 2025 Revenues $ 131,650 $ 74,282 $ 111 $ 206,043 Operating income (loss) 15,700 4,194 (6,887 ) 13,007 Depreciation and amortization 10,455 6,746 402 17,603 Adjusted EBITDA 26,546 11,226 (5,505 ) 32,267 Three Months Ended June 27, 2024 Revenues $ 101,452 $ 74,497 $ 83 $ 176,032 Operating income (loss) 2,781 6,117 (6,661 ) 2,237 Depreciation and amortization 11,520 5,048 131 16,699 Adjusted EBITDA 15,069 11,426 (4,535 ) 21,960 Six Months Ended June 30, 2025 Revenues $ 219,007 $ 135,604 $ 198 $ 354,809 Operating income (loss) 9,419 (1,850 ) (14,974 ) (7,405 ) Depreciation and amortization 21,161 13,482 798 35,441 Adjusted EBITDA 30,240 12,237 (10,469 ) 32,008 Six Months Ended June 27, 2024 Revenues $ 182,722 $ 131,694 $ 163 $ 314,579 Operating income (loss) (2,958 ) 955 (12,425 ) (14,428 ) Depreciation and amortization 22,553 9,912 249 32,714 Adjusted EBITDA 21,225 11,415 (8,389 ) 24,251 Expand Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Expand Supplemental Data (Unaudited) (In thousands) Three Months Ended Six Months Ended Consolidated June 30, 2025 June 27, 2024 June 30, 2025 June 27, 2024 Net cash flow provided by (used in) operating activities $ 31,640 $ 35,975 $ (3,689 ) $ 20,877 Net cash flow provided by (used in) investing activities (8,766 ) (19,882 ) (31,545 ) (40,640 ) Net cash flow provided by (used in) financing activities (21,898 ) 1,139 7,354 (2,290 ) Capital expenditures (16,910 ) (19,843 ) (39,915 ) (35,283 ) Expand THE MARCUS CORPORATION Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, 2025 June 27, 2024 June 30, 2025 June 27, 2024 Net earnings (loss) $ 7,321 $ (20,221 ) $ (9,495 ) $ (32,087 ) Add (deduct): Investment income (409 ) (173 ) (483 ) (865 ) Interest expense 2,981 2,564 5,803 5,098 Other expense (income) 443 390 887 731 (Gain) Loss on disposition of property, equipment and other assets 181 (43 ) (1,184 ) (20 ) Equity earnings (losses) from unconsolidated joint ventures (75 ) 50 495 437 Income tax expense (benefit) 2,746 5,719 (4,612 ) (1,650 ) Depreciation and amortization 17,603 16,699 35,441 32,714 Share-based compensation (a) 1,441 2,418 4,986 4,932 Impairment charges (b) — 472 — 472 Theatre exit costs (c) — 136 135 136 Insured losses (d) 35 41 35 445 Debt conversion expense (e) — 13,908 — 13,908 Adjusted EBITDA $ 32,267 $ 21,960 $ 32,008 $ 24,251 Expand Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Theatres Hotels & Resorts Corp. Items Total Theatres Hotels & Resorts Corp. Items Total Operating income (loss) $ 15,700 $ 4,194 $ (6,887 ) $ 13,007 $ 9,419 $ (1,850 ) $ (14,974 ) $ (7,405 ) Depreciation and amortization 10,455 6,746 402 17,603 21,161 13,482 798 35,441 (Gain) loss on disposition of property, equipment and other assets 169 12 — 181 (1,193 ) 9 — (1,184 ) Share-based compensation (a) 187 274 980 1,441 683 596 3,707 4,986 Theatre exit costs (c) — — — — 135 — — 135 Insured losses (d) 35 — — 35 35 — — 35 Adjusted EBITDA $ 26,546 $ 11,226 $ (5,505 ) $ 32,267 $ 30,240 $ 12,237 $ (10,469 ) $ 32,008 Expand Three Months Ended June 27, 2024 Six Months Ended June 27, 2024 Theatres Hotels & Resorts Corp. Items Total Theatres Hotels & Resorts Corp. Items Total Operating income (loss) $ 2,781 $ 6,117 $ (6,661 ) $ 2,237 $ (2,958 ) $ 955 $ (12,425 ) $ (14,428 ) Depreciation and amortization 11,520 5,048 131 16,699 22,553 9,912 249 32,714 (Gain) loss on disposition of property, equipment and other assets (45 ) 2 — (43 ) (27 ) 7 — (20 ) Share-based compensation (a) 164 259 1,995 2,418 604 541 3,787 4,932 Impairment charges (b) 472 — — 472 472 — — 472 Theatre exit costs (c) 136 — — 136 136 — — 136 Insured losses (d) 41 — — 41 445 — — 445 Adjusted EBITDA $ 15,069 $ 11,426 $ (4,535 ) $ 21,960 $ 21,225 $ 11,415 $ (8,389 ) $ 24,251 Expand (a) Non-cash expense related to share-based compensation programs. (b) Non-cash impairment charges related to one permanently closed theatre location in the second quarter of fiscal 2024. (c) Non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025 and one theatre location in the second quarter of fiscal 2024. (d) Repair costs that are non-operating in nature related to insured property damage at one theatre location. (e) Debt conversion expense for repurchases of $86.4 million aggregate principal amount of Convertible Notes. See Convertible Senior Notes Repurchases in the 'Liquidity and Capital Resources' section of MD&A included in the fiscal 2025 second quarter Form 10-Q for further discussion. Expand
