Good morning everyone and welcome to The Marcus Corporation Fourth Quarter Earnings Conference Call. My name is Chantilly and I’ll be your operator for today. At this time, all participants are in a 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 Chief Executive Officer; and Doug Neis, Chief Financial Officer of The Marcus Corporation. At this time, I’d like to turn the program over to Mr. Neis for his opening remarks. Please go ahead, sir.

Thank you very much. Welcome everybody to our fiscal 2013 fourth quarter conference call. As usual, I need to begin by stating 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 revenue and earnings expectations, our future RevPAR occupancy rates and room rates expectations for our Hotels & Resorts division, our expectations about the quality, quantity and audience appeal of film products expected to be made available to us in the future, expectations about the future trends in the business group and leisure travel industry and in our markets, 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 our 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. Now, we made our attorneys happy. Let’s talk about our fiscal 2013 fourth quarter and year end results. I’m going to take you through some of the detail behind the numbers, both on a consolidated basis and for each division, and then turn the call over to Greg for his comments. I’ll start with any variations in the other income expense line items below operating income and right after that you will note a rather sizeable decrease in investment income this year compared to last year during the fourth quarter and fiscal year. As…

Thanks, Doug. I’ll begin my remarks today with our Theatre division. I’m not sure there was much I can add to what you have already read in the release and heard from Doug regarding the numbers for the fourth quarter in this division. When you really dissect our decrease in attendance this quarter it really came down to two factors the 53rd week last year and the March, April time period. You had already heard all about the 53rd week excluding the 53rd week we actually had increased box office results in May despite going up against the Avengers last year. The problem was that Hollywood had a relatively weak March and April film lineup and certainly did not have an answer for the tremendous performance of the Hunger Games last year. That picture opened on March 23rd last year, a non-traditional time for a blockbuster of this magnitude and this year’s film product during these comparable weeks could not come close to matching that level of success. Looking at fiscal 2013 as a whole, our results really came down to quantity and quality of film product as they always do. Our top 15 films for fiscal 2013 accounted for approximately 38% of our total box office receipt that compares to 37% for our top 15 films last year. So, the mix of blockbusters to other films really didn’t change just the overall quality and box office appeal of all the films in total. Hollywood released approximately the same number of wide released films during our fiscal 2013 as they did in fiscal 2012. We have been hoping for more. Generally an increase in the quantity of films released particularly from the six major studios increases the potential for more blockbusters in any given year. Based upon that we are…

(Operator Instructions) Your first question comes from the line of David Loeb of Baird. Please proceed. David Loeb – Baird: Good morning gentlemen. I just have a – I was going to ask about The Corners but I guess I shouldn’t because you don’t have anything to say?

Not really beyond with what we said David. I mean, there is progress. We could use the analogy the spinning plates and that varied little more or less. We’ve got all these things going on and we’ve been able to keep all them in the air and we and as a result of that we still remain optimistic. I’ll tell you that we certainly the majority of the dollars in our hand have really kind of already gone in. I mean so we don’t have net capital budget number. It’s not expected to be any significant additional dollar expansion in our part. As you know, we’re seeking a majority equity partner here and we’ve already got our land as well besides the dollars we put in so it’s not, we don’t expect it to have a significant impact from that perspective. David Loeb – Baird: That helps. I appreciate that thanks. In the Hotel division on the occupancy decrease, was there any particular markets was it more pronounced any particular markets?

Yes. There were some things going on this quarter. The, our largest property as you know is the Grand Geneva and I don’t like to think a lot of properties but weather really hurt us this year. I think we opened up the golf a full month later than usual and later than last year remember in fact last year was unusually early so it might have comparatively even been more than that and we weren’t selling golf packages and all those kind of things that would normally occur. So, that certainly was an impact. Milwaukee in general specifically from a group perspective was just soft in those three months in general so that certainly had an impact as well. And I think actually Greg reminded me that I think actually in lower or bigger properties out in Oklahoma City it was pretty significant playoff on the last year that didn’t occur this year and we were a headquarters hotel. Greg that pretty much hit the main points?

Yes, I think that, I think those sums it up no choppiness in the markets and weather and basketball. David Loeb – Baird: And it sounds like the Milwaukee supply hasn’t really been significant yet and it seems with the early event and with the tower renovation going on at the Pfister that you may not really see much of this or you may not be clear in the numbers for the next several quarters, is that fair what do you think will get an...

Yes. Again, everyone and certainly somewhere in Milwaukee there is a lot going on and all the festivals and everything else so that’s probably – if there is ever a time when the room is going to be absorbed that’s the time. And so, I guess I generally agree with your comment is that and then and you’re right Harley kind of heads into that the beginning of our second quarter and so I think, we’re certainly going to need a little longer runway to be able to really kind of see what the impact is.

Yes. I think – absolutely the – only thing I’d say David is frankly to say it but I mean on a percentage basis depending on what you count is the relevant concept. I mean there is its almost a 10% increase in the 3000 downtown rooms and start to and you could narrow that up as you start to think about what’s really competitive it’s a more broad based set of rooms. So, its – but you’re right look at it it’s I guess it’s the old bottom line. When the tide goes high we’re going to see you swimming naked the tide didn’t right now the tide will go out and we have a really good looking swimsuit. As you know you are in our assets you’ve seen them we take really good care of them and there is others, who there are people I think that there is some who are going to suffer I don’t – we will, I’d be, we’ll feel it but others will feel it worse I think. David Loeb – Baird: I would say Greg this is my second consecutive conference call one that sort of narrow before you or sort of somebody refer to that bottom line kind of interesting.

Well, its accurate, it’s true. David Loeb – Baird: It is Dough one just accounting question. Is Lincoln consolidated or is that an unconsolidated JV?

It is consolidated so the – so it’s even the minority interest pieces would be varied in that non-controlling interest number you see at the bottom. David Loeb – Baird: Yes.

Yes. Obviously, it’s because we’ve got that big extension of debt number kind of, it kind of buried with mask and everything else but that’s where I want to be. David Loeb – Baird: Okay. And one last question Greg kind of a big picture question with Kirk’s appointment with changes in the leadership kind of across the Board I’m just wondering kind of what your view is on this leadership transition on the divisional level and kind of where your – what you think will come out of that. What are you looking for the Theatre division and how do you sort of see this new generation of leadership impacting your growth plans going forward? And I realize Bruce’s retirement is a retirement it’s not like that was an active choice that you guys made but it’s certainly something you’re dealing with?

Well, I guess I’ll start off with me – I’ll start off with the first line, which is well think I have got really regional president of the hotel division me. The, I think it’s an exciting time. I think it’s had a lot of thing to look at is. My most important job right is get making sure that we have the right people in the right places. There is nothing more important that I do right and really might say me, me really our leadership team because we all participate in those decisions. It’s exciting to get – no one wants to – no one I mean if you think about an amazing statistic right I have now been sitting in the CEO job about four years and we really had no turnover in our senior management team, which is pretty amazing because usually when you get those transition at the top you start to see the transitions moving below you. And it speaks the tenure of our management the tenure of our team, the long-term outlook of everybody so I think that’s a great thing. That being said look at when you get a fresh eyes, fresh leadership, fresh that that’s really I think exciting and good stuff. All and – and in the – whether it’s the unique thing or the good thing about our business is the family aspect with my father, who is still is very involved in our business every day and me and we can make changes we don’t have to worry about nothing is bigger division isn’t broken or anything its. I’m bamboozled everything as much as anybody. But on the other hand we can, we’ll bring that – the continuity will remain yet at the same time we get fresh leadership and then the Hotel division it’s the same thing, it’s the same thing as well. I mean Kirk comes in and frankly Kirk says hey you know what we really need to focus on margins. And you’re starting to see it, we may not even see as you know when you’re operating at these levels of capacity – you use them under better off or less capacity because they – they take a toll on your hotel and say look lets a get a little more margin and I want that frankly. I’m more happy to take more margin. I don’t take RevPAR out of the bank I take the bottom line of the bank. So, I think it’s an exciting time I hope that did that answer your question? David Loeb – Baird: Absolutely. I appreciate that thanks.

(Operator Instructions). Your next question comes from the line of Erik Wold of B. Riley. Please proceed. Erik Wold – B. Riley: Thank you. Good morning.

Hi, Erik. Erik Wold – B. Riley: Question on the CapEx plan so obviously you spent a lot of time talking about it could be a substantial increase from this year to that $60 million to $90 million range. May be give a sense of depending on where it is in that range kind of how you’d access that capital and kind of how much do you think you could generate from internal versus having to go externally? And then if there are other outside opportunities that popup either for investment or acquisition kind of what percentage of that $60 million to $90 million would you considered to be kind of crucial non-cancelable, non-movable is that kind of a $60 million move in or could you actually even go below that?

Hi, all right, let me tackle in that order then. So, the first question the, certainly as you know we generated ton of cash in our businesses and typically – at our current levels and where we are typically I think we can spend, I’d say we could spend around $60 million a year and not basically move any of the metrics on our balance sheet I mean because we generate that much cash. Obviously in the last few years you’ve seen us spending a lot less in the CapEx side certainly we bought a bunch of shares back into the special dividend so that changed the balance sheet metrics a little bit it’s not for that as it is you’ve seen some of our leverage ratios be dropping pretty significantly. But we can spend $60 all day along and probably you won’t see much of a change. If we spend, if we get up to the higher end of that range yeah we’ll have to – definitely have to dip a little bit into our revolver but as you know we just recently have really positioned our debt in a great spot. I mean and come August 15th even more so when August 14th I guess when we scheduled to closing that $50 million long-term note issuance and so. So, we have a significant amount of cash available to us to fund it, it gets a little bit on the higher end of that range. And as it relates to that particular range, I guess as I’m thinking about the things that are in there I mean it’s possible it could be less than that $60 million and because of the thing that Greg was talking about as it relates to some of the growth. So, for example if that the theatre and that the replacement theatre on the East side of Madison gets pushed off a little bit that certainly could push us down a little bit and if some of those hotel growth opportunities that we’re pursuing turn out to be mostly not capital intensive and suppose that also could push us down below that. But there is a – when you just look at the stuff that we have going on in the couple of hotel projects that are going to happen, it is doubtful that we would drop down as low as what you’ve seen in the last couple of years. Erik Wold – B. Riley: Okay. And then just one follow up question kind of continue on that looking at the potential force and outside opportunities can you update us on kind of what you’re seeing out there in the market in terms of attractiveness of hotel resorts investments or acquisitions are there still a good number of attractive opportunities out there have terms kind of stayed reasonable?

There is not a ton of stuff out. There is still we know we’ve yet to ever see that like burst of properties from the downturn that you saw – everybody thought they would see. There are stuff out there. We continue to look at items. We have full pipeline of stuff that we’re looking at but its – with interest as long as interest rates remain low that saving a lot of people because they are just, they are able to stay in compliance. I do think things will on the one hand things will continue to turn I think that there will be an extended period of opportunity to buy them with limited supply in those markets Milwaukee excluded. There will be a longer – as the cycle looks like it’s just going longer. So, I’ll tell you there is robust there is tons of transactions going on. There are transactions happening but you haven’t seen the ton of them. You go back though and it sort of relates to – to your point about, if you looked at our balance sheet if you can think about it it’s the one thing that people sometimes forget is where a real estate company and well I’m going to be the last person to get up and tell you that we should absolutely just max out our balance sheet and go nuts. I would also tell you that for a real estate company to get attractive returns on equity without 37% balance sheet or 30 variable roughly 35% debt balance sheet debt to book value equity – and that’s pretty challenging. And so I’m comfortable with where we start to move the leverage I’m not this is not I had to tell you that the leverage is going to go for the rough but on the other hand if we saw attractive opportunity we have the ability to move on it. This is the financing that Dough just put in place was really well down it was at a very attractive rate and so that freed up our revolver if we need to go do anything we can go do it. And so we are proud that something prevent itself we can make that move and we still we’ll have a very attractable balance sheet. Erik Wold – B. Riley: Perfect that’s helpful. Thank you guys.

At this time, there are no additional questions in the queue. And I would like to turn the conference back over to Mr. Dough Neis for closing remarks. Please proceed sir.

Well, thank you. And then, we certainly want to thank all of you again for joining us today. We look forward to talking to you again actually in just a couple of months in September when we release our fiscal 2014 first quarter results until then go to the movies. Thank you and have a great day.

Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Have a wonderful day.