Operator
Greetings and welcome to the MarineMax Fiscal First Quarter 2021 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Dawn Francfort, Head of Investor Relations. Please go ahead.
Dawn Francfort
Head of Investor Relations
Thank you, operator. Good morning everyone and thank you for joining this discussion of MarineMax fiscal first Quarter 2021 Conference Call. I m sure that you ve all received a copy of the press release that went out this morning, but if not, please call Linda Cameron at 727-531-1712, and she will email one to you right away.
And now, I would like to introduce the management team of MarineMax, Mr. Brett McGill, President and Chief Executive Officer and Mr. Mike McLamb, Chief Financial Officer of the Company. Management will make a few comments about the quarter and then be available for your questions. And with that in mind, let me turn the call over to Mike McLamb. Mike?
Studios Hold Out Hope for Theaters’ Return to Normalcy Jackie Strause Studios Hold Out Hope for Theaters’ Return to Normalcy Illustration by Jan Feindt
Despite more delays, don’t expect Hollywood studios to abandon ship and offload their most precious cargo event tentpoles. They’re still willing to wait for a proper theatrical run, and are hopeful that COVID-19 vaccines may calm the waters and allow moviegoing to resume in earnest by fall, if not late summer.
Throughout the pandemic, the vast majority of big-budget event pics have seen their releases repeatedly pushed back amid ongoing theater closures in major markets and other locales, versus being sold off to a streamer or sent to an in-house streaming service. That’s because a $200 million movie capable of earning $1 billion at the global box office cannot achieve its full financial potential without a robust theatrical release, which triggers lucrative ancillary streams, merchandising and seque
Movie Theaters Predicted to Rebound Big at the Box Office, But Not Until 2023
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Movie Theaters Predicted to Rebound Big at the Box Office, But Not Until 2023
Industry analyst Eric Wold believes movie theaters will, eventually, rebound, even if it takes a few years.
The good news for lovers of the cinematic experience? A trusted industry analyst believes that movie theaters will rebound to record levels. The bad news? This probably won t happen until 2023. But that does mean, perhaps, there is a light at the end of the tunnel for theater chains and studios that can ride out the storm. What this all boils down to is pent-up demand for moviegoing once it becomes safe to do so for the general public once again.
Cinemark theater
B. Riley Securities analyst Eric Wold also doubles his stock price target and predicts attendance should return to 2019 levels by 2023.
B. Riley Securities analyst Eric Wold on Friday upgraded his rating on shares of cinema giant Cinemark from neutral to buy and doubled his stock price target to $28, predicting attendance should return to 2019 levels by 2023.
Following a chat this week with Cinemark CEO Mark Zoradi, CFO and COO Sean Gamble and Chanda Brashears, vp of investor relations, about the coronavirus pandemic and the company s outlook, Wold published a report entitled Virtual Fireside Chat Highlights Underlying Operating Strengths in the Midst of Reopening Uncertainties.
Jordano53/Wikimedia commons; Courtesy of Marcus Theatres.
While shutdowns are saddling exhibition giants like AMC and Cinemark with rent expenses in addition to lost revenue, Marcus Theatres the fourth-largest circuit in the U.S. owns real estate behind the majority of its screens and could even be a buyer.
Movie theater chains are staring down an unprecedented crisis, as pandemic shutdowns are forcing operators in some areas to close while awaiting local authorities’ COVID-19 guidance. So it was no surprise that when Marcus Corp. the fourth-largest circuit in the U.S., with 1,110 screens in 17 states reported its latest financials on Nov. 3, CFO Doug Neis told investors the pandemic had led to “the two worst quarters we’ve ever experienced in our 85-year history.”