SEC Comment Letter for MARCUS CORP (MCS) (CIK 0000062234) (MCS) — Apr 23, 2013
MARCUS CORP (MCS) (CIK 0000062234)
Date: April 23, 2013 · CIK: 0000062234 · Accession: 0000000000-13-021829
AI Filing Summary & Sentiment
Reasoning
Letter
April 2 3, 2013 Via E -mail Douglas A. Neis Chief Financial Officer and Treasurer The Marcus Corporation 100 East Wisconsin Avenue, Suite 1900 Milwaukee, WI 53202 -4125
Re: The Marcus Corporation Form 10 -K for fiscal y ear ended May 31, 2012 Filed August 14, 2012 File No. 1-12604
Dear Mr. Neis:
We have reviewed your response dated March 29, 2013 an d have the following additional comment s. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.
Please respond to this letter within ten business days by providing the requested information or by advising us when you will provide the requested response. If you do not believ e our comments apply to your facts and circumstances, please tell us why in your response.
After reviewing the information you provide in response to these comments, we may have additional comments.
Form 10 -K for fiscal year ended May 31, 201 2
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, page 20
Financial Condition, page 37
Liquidity and Capital Resources, page 37
Fiscal 2012 versus Fiscal 2011, page 37 We note your response to prior comments 1 and 3 and are unable to agree with your 1. conclusions. Please revise the liquidity section of your MD&A to capital expenditures for acquisitions, redevelopments/renovations, and, new developments. In addition, please revise your Consolidated Statements of Cas h Flows to separately present cash outflows for acquisitions, redevelopments/renovations, and new developments as applicable.
Douglas A. Neis The Marcus Corporation April 2 3, 2013 Page 2
Item 8. Financial Statements and Supplementary Data, page 42
Notes to Consolidated Financial Statements , page 51
3. Additional B alance Sheet Information , page 56
Capital Lease Obligation, page 57 We note your response to prior comment 5. Please tell us how you have considered the 2. guidance in ASC Topic 605 -50-45-14 in determining that payments made by film distributors to CDF2 sho uld be accounted for as a reduction to interest and amortization expense. In your response, tell us whether the distributors will continue to pay VPFs to the company once the lease arrangement has terminated. Additionally, tell us whether the company is considered an agent of the distributors or a principal in the transaction and how you have applied the guidance in ASC Topic 605 -45 in arriving at your conclusions.
You may contact Mark Rakip, Staff Accountant at 202.551.3573 or the undersigned at 202.551.3438 if you have questions regarding comments on the financial statements and related matters.
Sincerely,
/s/ Robert F. Telewicz, Jr.
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April 2 3, 2013 Via E -mail Douglas A. Neis Chief Financial Officer and Treasurer The Marcus Corporation 100 East Wisconsin Avenue, Suite 1900 Milwaukee, WI 53202 -4125 Re: The Marcus Corporation Form 10 -K for fiscal y ear ended May 31, 2012 Filed August 14, 2012 File No. 1-12604 Dear Mr. Neis: We have reviewed your response dated March 29, 2013 an d have the following additional comment s. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter within ten business days by providing the requested information or by advising us when you will provide the requested response. If you do not believ e our comments apply to your facts and circumstances, please tell us why in your response. After reviewing the information you provide in response to these comments, we may have additional comments. Form 10 -K for fiscal year ended May 31, 201 2 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, page 20 Financial Condition, page 37 Liquidity and Capital Resources, page 37 Fiscal 2012 versus Fiscal 2011, page 37 We note your response to prior comments 1 and 3 and are unable to agree with your 1. conclusions. Please revise the liquidity section of your MD&A to capital expenditures for acquisitions, redevelopments/renovations, and, new developments. In addition, please revise your Consolidated Statements of Cas h Flows to separately present cash outflows for acquisitions, redevelopments/renovations, and new developments as applicable. Douglas A. Neis The Marcus Corporation April 2 3, 2013 Page 2 Item 8. Financial Statements and Supplementary Data, page 42 Notes to Consolidated Financial Statements , page 51 3. Additional B alance Sheet Information , page 56 Capital Lease Obligation, page 57 We note your response to prior comment 5. Please tell us how you have considered the 2. guidance in ASC Topic 605 -50-45-14 in determining that payments made by film distributors to CDF2 sho uld be accounted for as a reduction to interest and amortization expense. In your response, tell us whether the distributors will continue to pay VPFs to the company once the lease arrangement has terminated. Additionally, tell us whether the company is considered an agent of the distributors or a principal in the transaction and how you have applied the guidance in ASC Topic 605 -45 in arriving at your conclusions. You may contact Mark Rakip, Staff Accountant at 202.551.3573 or the undersigned at 202.551.3438 if you have questions regarding comments on the financial statements and related matters. Sincerely, /s/ Robert F. Telewicz, Jr. Robert F. Telewicz, Jr. Staff Accountant