Good morning, everyone, and welcome to the Marcus Corporation Second Quarter Earnings Conference Call. My name is Nakita and I will be your operator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator instructions) As a reminder, this conference is being recorded. Joining us today are Greg Marcus, President, and Doug Neis, Chief Financial Officer of the Marcus Corporation. At this time, I would like to turn the program over to Mr. Neis for opening remarks. Please go ahead, sir.

Well, thank you very much. And welcome everybody to our fiscal 2009 second quarter conference call. As usual, I need to begin by stating that we plan on making a number of forward-looking statements on our call today. Our forward-looking statements could include, but not be limited to, statements about our future revenues and earnings expectations, our future RevPAR, occupancy rates and room rate expectations for our hotels and resorts division, expectations about the quality, quantity and audience appeal of film product expected to be made available to us in the future, and expectations about the future trends in the business group and leisure travel industry and in our markets, our expectations and plans regarding growth in the number and type of our properties and facilities, expectations regarding various non-operating line items on our earnings statement, and expectations regarding future capital expenditures. Of course, our actual results could differ materially from those projected or suggested by our forward-looking statements. Factors, risks and uncertainties, which could impact our ability to achieve our expectations, are included in the risk factors section of our 10-K and 10-Q filings which can be obtained from the SEC or the company. We’ll also post all Regulation G disclosures, when applicable, on our website at www.marcuscorp.com. So that behind us, let’s talk about our fiscal 2009 second quarter and first-half results. We are certainly living in very interesting and turbulent times, so I guess it is only fitting that we report an interesting set of results for you this quarter. As Steve notes in our press release, if not for several one-time non-operating adjustments recorded this quarter, that are a direct result of this challenging market, we will be sitting here today talking about a quarter with net earnings essentially equal to last year’s same quarter. In…

Thanks, Doug. Now I’ll begin my remarks with our theatre division. You know I have read a series of articles in recent weeks debating whether the movie business is recession proof, probably all for the statistics and arguments. Box-office results increased during five of the last several recessions. Going to the movies is an escape from the challenges of daily life. People are traveling less but they still want to get out of the house. Going to the movies is an inexpensive form of entertainment compared to other out of home options. The list goes on and on. I am not here to say I definitely know whether there is a business that is ever really completely recession proof. But certainly our results this quarter speaks volumes about the recession resistant nature of the theatre business. It seems that once again despite economic turmoil that most of us have never seen before, consumers demonstrated that they are willing and able to allocate a portion of their busy schedules and stress pocketbooks to a night out at the movies, provided that Hollywood does their part by producing compelling films that people want to see. Only time will tell whether we will be able to look back on this recession and change our industry’s recession busting statistics the six out of the last eight. But we certainly are pleased with our results so far. While the external influences, other things like the state of the economy or the weather, or here in Wisconsin, the success or failure of the Packers, can have a significant bearing on the performance of our theatres. At the end of the day, it is the product that matters. During the last three months, the product was very good, particularly in October and November. We listed the top…

Thank you. (Operator instructions) Our first question comes from the line of Eric Palm, Baird. You may proceed. Eric Palm – Baird: Hi guys. How are you doing?

Fine, thank you. Eric Palm – Baird: I have a couple of questions for you. You obviously have capacity to take advantage of others distressed, either on their hotel or theatre side. What is your appetite to utilize your balance sheet for distressed acquisition opportunities on either side of the business?

Well, Eric, it is a tough call. We are watching it very carefully. I think let me break it into two parts. On the theatre site, you are not seeing a lot of distress. I mean the only distress you will see on the theatres side I think will be potentially from financial sponsors that may have some economic problems. But the properties themselves are operating fairly robustly right now. The hotel side as you are well aware is a different story and we continue to evaluate these opportunities regularly. We are monitoring the market, we have maintained a balance sheet just for this, for these kinds of opportunities. Our history shows that we do take advantage of these going all the way back to the acquisition of (inaudible) which was essentially a purchase out of bankruptcy. So we will utilize our balance sheet, but as usual be conservative in our approach and cognizant of the times so that we don't want to cause ourselves any problems in these great times of uncertainty. Eric Palm – Baird: If that is not too much distress on the theatre site, does that mean there is not a lot of pricing change on a per screen basis from last year or the year before?

I don't think there is – really the only transaction in the last couple of years have been ours. There really been many theatre transactions to even benchmark it with. Eric Palm – Baird: Because obviously that contrasts with the hotel side where there has obviously has been a lot of contraction in pricing?

I think look at the multiple of the theatre stocks, you'll see some contraction in the theatre stock and those multiples across the board in almost every industry. Eric Palm – Baird: Okay. What sort of steps are you taking at your hotels to rein in cost? I mean are you closing floors, are you cutting staffing, what sort of steps are you taking?

Well, Eric, I mean, as Greg said in his prepared remarks, first of all there is really no stone that has been left unturned. And again trying to find that balance because we don't want to cut into muscle here, but are we watching staffing very closely, yes. We, from a hiring perspective, I don't know that any hotel companies are hiring, so most people have gone into more of a freeze from a hiring perspective. We have certainly through attrition, while there certainly has been cut backs because of that, and frankly we have had to look very hard at overall staffing, at all of our hotels. In some cases, there have been some small cuts, small relatively so, but to the people involved, it's a big deal. And so it's been a tough time in that regard. And so but we're looking at every type of expense and just saying, how can we be efficient, how can we be smarter, and how can we – what can we do without impacting ultimately impacting the guest, and that is the challenge.

And if I can add to that, Doug, you know the point though where we are in our markets, we are in the Midwestern markets, we tend not to not see the highs and lows, although we have been impacted as our numbers indicate. But we are not having, I don't think we have at this point come to the point of having to close floors, but we are, in terms of operationally, we have had to curtail hours at some of our restaurant outlets, so we're watching things on the margins as Doug pointed out from where can we be as efficient as we possibly can be. Eric Palm – Baird: Okay, great. And then I have one last one, on the Platinum, you took an adjustment of $1.1 million in the current quarter and you're still holding you said the 16 units, what is the likelihood that given the downturn in Las Vegas residential real estate market that you are going to have to take additional write downs on your stake in that?

Well, my answer would be, my answer as I look at it today would be literally none, because we would have – from our best view of the world right now, we would have taken that now if that was the case there. We took the $1.1 million kind of adjustment and that puts us at a level that we are very comfortable with given our stated intention to not sell at that price. There basically aren’t any transactions occurring other than a few distressed sales, and we are not motivated to do that. We have cash flow coming in from these properties, these assets, and so we are motivated to be patient. And so with that perspective, we are comfortable with where our carrying cost is right now. Eric Palm – Baird: Okay, that is great. Thanks a lot, guys.

(Operator instructions) At this time, it appears there are no further questions. I would like to turn the call back over to Mr. Neis for any additional closing comments.

Well, once again, we would like to thank you for joining us today. We look forward to talking to you once again in March when we release our third quarter fiscal 2009 results. Thank you and we hope you all have a very wonderful holiday season and a happy New Year.

That concludes today's call. You may disconnect your line at any time. Good day.