Good morning, everyone. And welcome to The Marcus Corporation Fourth Quarter Earnings Conference Call. My name is Tony 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 and welcome everybody to fiscal 2014 fourth quarter conference call. As usual, I do 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 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 factor section of our 10-K and 10-Q filings, which can be obtained from the SEC or the company. We’ll also post our Regulation G disclosures when applicable on our website at www.marcuscorp.com. So with that behind us, let’s talk about our fiscal 2014 fourth quarter and yearend results. It was another very nice quarter for us thanks primarily to another quarter of industry out performance from our Theater division and continued improvement from our Hotels & Resorts division. I am going to take you through some of the detail behind the numbers both on the consolidated basis and for each division, and then turn the call over to Greg for his comments. Our fiscal 2014 increase in interest expense happened almost entirely in the…

Thanks, Doug. I'll begin my remarks today with our theater division. Once again we are pretty proud of the results we are announcing today for this division. And what makes this fourth quarter different from our record result that we reported during the third quarter was that this time we didn’t have the benefit of particularly strong slate of movies. In fact, as Dough shared with you, the national box office was actually down slightly compared to the same 13 weeks last year due primarily to difficult comparisons during the month of May. Last year, our number two movie for the entire year Iron Man 3 played during May and there were several other strong openings as well. Yet, as you saw on our press release, this year not one of our top movies in our fiscal 2014 fourth quarter cracked our fiscal 2014 top five list. But we have talked about this dynamic in our last call. It is difficult to project how the movies are going to do in any given quarter and there are going to be some ups and downs. We can't control the prior product we get from Hollywood. Our goal is to consistently outperform these national numbers and in that regard this quarter was another rousing success. Dough shared with you the numbers we followed up our third quarter 900 basis point outperformance compared to the U.S. numbers with 930 basis point outperformance during our fiscal 2014 fourth quarter. For the second quarter in row, according to the box office results complied by Rentrak, we were the top performing theater circuit among the top ten chains in the U.S. during this corresponding time period. We believe this is an indication once again that our investments and operating strategies are making a difference and a…

[Operator Instructions] We will go first to Mr. David Loeb with Robert W Baird. Please proceed. David Loeb – Robert W. Baird: Good morning gentlemen. I have a few of course, just kind of broadly in capital allocation Dough you talked a bit about where you see the CapEx in theaters and hotels, and Greg you mentioned the Corner’s Project and likely groundbreaking in the fall. Can you just talk a little more broadly about how you look at using your balance sheet capacity between those kinds of normal CapEx projects, the Corners buybacks and acquisitions?

I will touch on the Corners first David and just -- we have only used our balance sheet there to fund the pre-development cost and as the deal is currently being contemplated that's really the only thing as we have talked about in the past, the structure that we are working on will have a majority equity partner involved. We will intend to still have an interest in it, but keep in mind that we also have land and so one of our opportunities potentially is to contribute the land to the project. So it really doesn't from my perspective, as I say here right at this moment, it doesn't really have any capital allocation issues at all in this coming year from the Corner’s perspective. We have been funding the pre-development cost and that's been our major outlay at this point but ultimately once the project gets going that wouldn't be the case anymore. So you’ve any question related to share repurchase and dividends, is that correct? David Loeb – Robert W. Baird: Share repurchases and acquisitions?

On acquisitions, I’m sorry. It’s about the deals David I mean it’s where we are looking I mean we simply, we are opportunistic with the capital I think it’s been our history. If there are good acquisitions we are going to make it, if we think that stock price is at a price we think it’s a good investment, we’re going to make it. David Loeb – Robert W. Baird: And you’ve moved up that stock price a bit because it’s been pretty strong this quarter. Do you, given the range whether the stock has been trading of late is it list of a good investment to buy back shares than other potential opportunities?

Here is all I could say about that David, I think you can understand that that’s the question and the nature of that question, we are not a company that simply says we are going to buyback certain amount of shares and we don’t have a set target, it’s that simple. I think there are companies that may do that, we don’t and we make at any given point in time we’re just going to make an analysis and make a decision what make sense. David Loeb – Robert W. Baird: Okay.

And if refrain it properly David from a capital allocation perspective, so we have to any given point in time, we are taking a look at what we have to ahead of us from a capital expansion perspective, I mean the key lever is tend to be you can let them off pretty quickly by shares repurchases dividends, capital expenditures, acquisitions and maybe you thrill into that any asset sales, those are the five biggies and those are the five thing that we have to constantly be monitoring as we make those capital allocations decisions. David Loeb – Robert W. Baird: Okay, in the prepared remarks you mentioned the acquisitions more likely in theaters than hotels, you have bought the interest in a couple of hotels recently, if you are thinking that today the better buys are likely to be in theaters?

Not necessarily, I think there are probably more capital that we got to theaters now than the hotels because a sort of just our different idea of saying that on the hotels we’re going to take smaller positions in properties as we grow our management business as opposed to theaters where that’s not really an option. So, it wasn’t meant to reflect and I would say that wasn’t meant to reflect a number of properties or anything like that I mean we could do, maybe we get, maybe we do five hotels with sliver equity that dollar amount would still be relatively small amount compared to of a theater acquisition came along. So I was just trying, I was talking about from that relativity. David Loeb – Robert W. Baird: Yes, and it’s been a few years since your most recent theater acquisition and do you think there are more of those and more groups similar to Douglas or the previous ones that might be looking at their options now?

We’ve been giving this some thoughts, there was this whole theory that when digital cinema came along there might be a bunch of guys who were going to be first (inaudible) and they couldn’t make the investment in digital but I don't think that panned out because I know there was basically the studios with the big beneficiary of the digital role and in essence they in essence finance the digital rollout so that didn't create the (inaudible) that I think or the profit people are going to have. Well theater is really interesting that we have been thinking about. It's now been this -- the investments that it takes to do the things that are potentially going to be competitive whether it's DreamLounges or Take Five lounges or food and beverage advanced food and beverage concepts that take not only capital but expertise. That might create opportunities. Now I am not sitting here and telling you that I am giving you some window into that something is actually happening or I know but it's a theory, but potentially everyone has the made the (inaudible) digital there was theory too. But we sort of wonder if that’s where it's going to go. That’s our current thinking right now that that may present some opportunities and just again it's one of those things where we just want to hang around the rim. We want to be there when people who have properties that the time and they may not have people in their family who want to continue to run because they tend to be more closely controlled. They may care about who owns them where sometimes it isn’t about the last dollar, it's about who is going to maintain their name, because they have had their – their name has been invested in these communities and it's about going in and that dynamic is important as well.

I would even say at sometimes the justice department may care about who owns and as well. It's another exactly great point. David Loeb – Robert W. Baird: Very good point. Yes, Greg I knew that basketball scholarship you got when you were younger. It just a great segway into the theaters and it's clear that your initiatives are really paying off with the substantial out performance relative to the industry. How bigger role do you think the loyalty program is relative to the things that are more capital intensive?

It's too early to tell what where, how much that is going to benefit us in the -- right now. And there is no really data and I don’t have it, I can tell you that we are seeing significant percentage of customers who are using it and it's very and that’s interesting data so whether they are becoming anywhere now we just don't know yet, but I will tell you this I do believe this is a great asset for a company. It’s going to allow so many things for us. It's going to allow us, it's going to allow us to communicate with our guest better to give them more value, how great would it be for them to get a thank you for seeing a movie after they go. We couldn’t do that in the past. Now we know they went or some added bonus material. We can give them added value by knowing about them. On top of that, we can target our marketing to them if we know what they like we can go to them and the only way we know they like is if we know who they are and know what they have seen. For years that has been a business that had a – basically anonymous customer base, we didn't know who was coming. We didn't know what they were seeing. So to be able to add value and then lever the knowledge that we have got of what they like and what they tend to, what they do, we should be able to treat that as a very valuable asset. But we don't know yet, we are still, we are only -- but I will tell you that we surprised ourselves of how much interest there is in the program. The team has done a great job I will say, they have done a great job of rolling it out. David Loeb – Robert W. Baird: The results are impressive and half a million members is a big number. It's impressive as well. And to shift over to the final topic of hotels, first housekeeping in the last Q you mentioned loan maturing on the Chicago asset and the likelihood of refinancing that during the third quarter, Dough were you in there?

We actually did David was we actually choosing to pay that off we have significant excess capacity in our revolver and so we actually are saving few dollars and during this time period this is wholly owned property the only two mortgages that I currently have in place on hotels are on properties that we have – that majority owners but we have partners as well as the Skirvin and the Cornhusker. So my thought was that at this point in time we have an opportunity to just pay this off with all of our availability under our revolving credit. All things being equal, that's a fairly significant savings that was fixed rate loan that we had in placed so this coming year, there is a difference of $500, 000 or $600,000. As the year goes on as we take on, as we do this property, and we have talked openly that anyone of our properties is listed we can be accounted at some point maybe we consider taking partner on, but as stands right now we are prepared to spin the money for the renovation and I will currently fund out of our current facility. David Loeb – Robert W. Baird: And just for modeling purposes could you tell us what date you paid that off?

Last date of fiscal year. David Loeb – Robert W. Baird: Perfect. That makes it easy for us.

How clean is that, ah? David Loeb – Robert W. Baird: Perfect. Okay and on the leadership of that division, are you just going to make Tom Kissinger permanent?

Tom, are you on the call? David what we’ve made final decision on that division you will come to know about it. David Loeb – Robert W. Baird: Okay and last one, kind of interrelated to your comments about Milwaukee supply but what are your thoughts about the intercontinental, I gather that, the franchise life on that isn’t all that much longer, so what are you thinking about the future of that hotel?

We very much like the location, I think it’s a great location for a hotel, you are absolutely right the brand is not going to be have on the hotel, much longer and, I would tell the brand is not the strongest brand, it’s so what we’re looking for us the opportunity we’ve been making, we have been starting to think about what we’re going to do, what’s the game plan for it and part of this let’s see what going on with Milwaukee, let’s see what’s happening as the market evolves and it’s nice to have the flexibility to do if you want. David Loeb – Robert W. Baird: That’s great. This is a terrific, I really appreciate your candor all of this. Thank you.

Your next question comes from the line of Mr. Mike Hickey with Benchmark, please proceed. Mike Hickey – The Benchmark Company: Hi Greg and Doug, great quarter guys.

Thank you. Mike Hickey – The Benchmark Company: For your new Dreamline installations in fiscal ’15, do you have any color on sort of the casing of those installation as that relates to your fiscal year?

Mike, we don’t like to obviously doing that in the heat of the summer turning the theaters upside down, so probably we’ll get started on the next one very shortly, but I would say by – we generally assume midyear for at least one or two of them and then the others would probably be more spring, I got to tell you we are still I mean 3 to 5 is the number that we are looking at but we are still going through the numbers I mean I’m really just kind of the (inaudible) right now in terms of the guess. Mike Hickey – The Benchmark Company: Fair enough and then on the on the locations you do have, obviously you are seeing some great, it looks like some great growth and relative attendance, have you experimented with any sort of premium on the pricing on those locations and that something you expect to do in the future?

No and yes. Our goal has been first and foremost to build attendance and get people in and experience what a absolute wonderful experience movie in the DreamLounger. There is no better ways than movie I mean I see no better. There is not a bad way to see a movie when there is no better way to see it in a DreamLounger. But you are right that we will have opportunities we believe to get a premium price for those seats except on Tuesdays. Mike, I want to use question that kind of also note that just to be clear in this quarter that we just completed. It really it was just the four original locations that impacted our results. The other four that we have opened up really – they opened up at the end of quarter and in fact if anything you could even argue that those locations suffered a little bit this past quarter because we had – we were under construction and we – so we had auditorium out of service. So I want to be clear as you are thinking about what happened this past quarter that was really still in four original locations. Mike Hickey – The Benchmark Company: Okay. It's helpful. Thank you. And it looks like obviously you have sort of really polished kind of next gen auditorium model and of course counting ’15 we have what appears to be sort of magical slate in terms of driving overall box office growth. I mean does that motivate you guys now to be more aggressive on the M&A front to kind of get in front of that and sort of inject your new model into that?

I am more aggressive I think we will maintain the same pace of staying in touch with people, making people know that we are available that we are an interested acquirer. But again, it will depend on the pricing. I wish that what was coming in 2015 was a big secret but it's not. So will that, we will see where the pricing takes us.

We look every deal and then decide where to make our investment does it in our own properties we are going to make them there and if there is opportunities it could return, a good returns we will do it there too. 2016 looks pretty good so we can, yes. Mike Hickey – The Benchmark Company: Yes I have no doubt. Alright. Thanks guys. Good luck.

Thanks Mike.

Your next question comes from the line of Mr. Brian Rafn of Morgan Dempsey Capital Management. Please proceed.

Good morning guys.

Hey Brian.

Hey Brian.

Give me a sense and I know you guys have just started this, you talked a lot about it, the Tuesday night, $5 night, I am wondering as you roll off with the free popcorn has there been any more incremental sales in concession food and beverage and that Tuesday night customer, is he a guy who is just going to traffic because the Zaffiro’s or the Take Five.

Yes. I will tell you yes – first start with the first question, the box office pretty and the concession, I recon the numbers have gone up as we modified the program and yes they do attend, they do visit our other F&B outlet, partly too we do know, remember understanding the nature of the customer and that is a value of customer, we didn’t respect, the offerings of value don’t just stop at the box office, we offer discounted, candy discount will do a $2 hotdog at the concession stand and there are more developed Zaffiro’s, the more developed F&B outlets we have $5 pizzas we offer, we offer something for that value customer those times and we are seeing increased volumes that work.

Yes, okay. At your rollout, I agree your loyalty program have you been, have you got any anecdotal maybe phase traffic visuals what that guy is, is it kids, is it mix, is it family, is it little old ladies, who is your Tuesday night person?

Well remember, loyalty is not just Tuesday night.

Right, right.

So loyalty is our entire customer base. If you are asking about the mix of two customer, it certainly, it is a customer that is a different customer in a lot of way look there’s some, there’s obviously some overlap, we see a little bit of overlap between, we didn’t have any customers on Tuesdays and we see little bit of Monday and Wednesday customers shifted to Tuesday, but what you look at the aggregate the number that we are driving a clearly we’re bringing people to theater who haven’t come awhile and what’s is really, really interesting is that they are coming to just and this is what I frankly love the most about the whole program, if you are not coming to see a movie. We’ve been talking about this little bit, they are coming to the movies and they all see whatever is there because its $5 they know the price is there and so the idea of building frequency and then ultimately building frequency into the more premium period too not every customer is going to be a customer they can startle both those. But the idea of them coming to the theater and having a great out of home experience and being able to have a drink at Take Five lounge or have a bite one of in our BSPs or Zaffiro’s Express or Zaffiro’s Sport Service restaurants and the experience, I mean it’s as I talked about before we as an industry have not been very good at helping people understand here’s the benefit of being in this business for three generations, my grandfather had a line. There’s a kitchen in every home but people still go out to eat, why they go out to eat because it is a differentiated experience and going for movies is not a substitute for watching something on your television screen and so what we have to do is get people to understand that it’s about going for movies and the experience and all he marketing the studio is doing they are geniuses I will not take that away from them, they can get 10 million people to get off their sofa on a weekend which is pretty incredible. But for marketing they don't talk about the experience of the movie but that this program helps build that and it's been really good for that to build that experience and to bring people out who haven’t come for long time.

Yes okay. Okay. And I am assuming in the four theaters that you have Greg with the DreamLounger, is that DreamLounger in every auditorium or just selective auditoriums?

The four we are talking about they all are in auditoriums but we have done different things, we are – where we are putting on the UltraScreen DLXs, DLX, the DreamLounger experience there are theaters where all we have is the UltraScreen with the DreamLoungers and we have regular premium seating in all the other.

Got you. Got you and any you have only rolled it out for short period, that the – it's a beautiful seat, you know the complicity of the mechanisms and clean – I am only thinking of my bunch is ten year old with popcorn and liquids on those nice seats, you guys must have (inaudible)somewhere. Is the maintenance of that and I know it's early, is that going to be an issue with the DreamLounger or they almost bulletproof.

Right it's early.

Okay.

It's got an electric mechanism. It's just early. So we will see. And then to clarify I want to clarify on your past question Brian so all eight now, so the original four you asked about that was in every auditorium, the additional four that we did we are in every auditorium as well. So that the eighth now are that we are – we have been talking about are all completely DreamLounger locations.

Okay. Okay. Greg in the past you talked a little bit about depth of movies, you talked a little bit about top five. Did you talk in the past year-over-year movie 6 to 10, 10 to 20 how would that look fiscal year versus fiscal year for that in some of those lower not the top five or maybe top ten, the depth maybe of the quality?

You know Brian, well Dough is looking for data, but I am going to tell you, I won't, who knows. We don't know. We are in this business for – we look at this multiple years a time and I mean I have seen this I know you have seen someone, there is some analyst who has written some research and talked about it, well the top movie really good but the depth doesn't, but I read the research and I respect the research but I don't think anybody really knows and they get harder to pick. There is no line in the movie business. The only sure thing is a sequel, everything else is R&D. But the other side to that is we know overtime it's a stable business hat if you view it not quarter-to-quarter or even year-to-year so if you view it over period of years it's going to have certain amount of growth and you have to keep reinvesting in your business and marketing and staying fresh and relevant and then you will have a nice business and that's how we look at it. Brian I do have access, I mean if you talk about this past year --

Yes right, the past, right.

It was pretty much a push. Our top 15 pictures this past year were 39% of our box office. The year before our top 15 pictures were 38% of our box office.

Okay. That's what I was looking for. Yes great. Great. Relative to the Dolby® Atmos sound system, is that just integrated, is that a separate installation or are you mating that with new theaters or mating with DreamLounger or mating it just to the UltraScreen?

Well, so far we have only put them, you can put them anywhere. We have only put them in our UltraScreens though I will tell you that we are running a test in our (inaudible) theater we have done what's the super screen and which is a little bit, which carries less of a premium and it's less, it's our best house in a smaller market and there we are testing a less robust version but still very impressive and so where does that take us I don't know but right now all it is in the, just in the UltraScreen.

Got you and I missed one of the -- can you give a sense on the hotel side what you are seeing trends in your business traveler from occupancy or volume?

Well look at it, it continues to grow. We are seeing some positive signs but it's not, it's still until the employment levels really pick up I don't know where, I don't see that being, it going to be a big robust turn. It's just going to grow subtly with the economy.

Okay. And just one more, when you talked about being playing around the rim being some perceptively acquisitive, for you guys if you find properties whether they be rural and it maybe the geographic specificity that you have, are you versatile to just knocking the things down, buying the real estate and building something new or do you – you try to rehab the current footprint. How much I guess how much slash and burn reconstruction are you guys willing to, would you do turn around or you are really looking at something that just added the margins.

I mean I don't know. I can't think of any examples where that's happened right now. Brian maybe there has been somewhere in the country but for the general case that would not be what you would with generally with the theater.

Okay. Right. Thanks guys.

[Operator Instructions] Your next question comes from the line of Mr. Jim Goss from Barrington Research, please proceed.

Thanks. I have got a few but first regarding the hotel area, I was sort of interested in your comments about possibly some sliver equity being perhaps either desired on your part or the other parts. I just wanted if you go through the process of how you are going to select some of these additional hotel contracts and if you are thinking of either branding or certain franchises you would want to concentrate your dealings with could you give us any color on that whole process?

You know I mean we are out there in the markets looking at as many opportunities as we can look at. I think that we look – we have couple of, we have one great interesting thing about us if you look at our hotel business, and it's been over 50 years, we have such a variety of hotels that we run from a full service 1200 acre resort to historic properties and whether it's Milwaukie or in Oklahoma city, to conventional center hotels, to branded hotels, to boutique hotels, we have got a pretty broad skill set. So what's important to us though is that we find opportunities where we can add value, we can add value in a lot of places. We want to – we don't want to take things that are going to last five minutes. You know there is a big up front that people forget it. So it's out intellectual property but there is generally a big upfront investment in getting these things up and going because we are probably coming into something that we are going to add value or we are going to make changes to. We are going to come up with new ideas re-concept restaurants, we could be involved in a big -- if you look at our western Atlanta that was a significant rehab of that hotel. And again we have done deep rehabs I mean we can hold probably multiple more other stories over the years of the deep rehabs we have done. So we are going to put a lot of up front time into it. It's got to have some length in the contracts and then have enough scale that for us it makes sense for us to take a small little contract for small dollar amount doesn’t make a lot of sense because it's got to have some time and recoup that investment of our intellectual property.

So do you feel there is definite advantage to having that varied approach rather than select one or two concepts that might make more sense to create a greater emphasis on?

I really do because again it give us the ability to look at a lot of different opportunities and I guess, look at if right now given the market, there has been a ton of trading activity in the asset, there we saw it’s better than it was but it’s not (inaudible). So the ability to look at a lot of opportunities is good if the market were really get kind of velocity you might say look, I’ve got to narrow my focus a little bit, but right now it’s not as robust – the trade market is not robust.

Okay and on the theatrical side rather than being concerned that you will be soon lapping some of the advancements you’ve made, should we be thinking more in terms of continual evolution of you either the re-seatings or the Zaffiro’s and Take Fives and that sort of thing such that you don’t necessarily see a quarter over the next year or so where we’re going to say we’ve got into that at the end point and we are in a more comparable basis and the things are level off if you are in the still in that growth mode.

You know Jim, in the last quarter someone asked if, essentially asked whether we could – it almost sounded like, could we guarantee another 900 basis points outperformance and we understandably didn’t say put a number to it and as it turned out, it was there another 900 basis points and – but I am not again now I’m not going to sit here and we are not going to try to suggest that we can sustain 900 basis points forever, on the other hand we do expect our goal and our plan is to continue to outperform and we think with the investments that we are making with the continued evolution of we introduced the $5 Tuesdays in mid November last year, the first four locations opened up by late November, on the other hand now we’ve got four more locations reduced more the $5 Tuesday program has grown. We’ve introduced the magical movie rewards program we’re opening up the new food and beverage outlets. We think we have lot of things and still provide us a wind to our back, but we’re not going to make some sort of projections say it’s going to be exactly this number but our goal is to outperform every quarter.

You are right. it gets more challenging, but I promise you, there is a group of people sitting on the floor above me it seems that they are trying to figure out and paying attention to that and saying )okay, what’s our next step? What do we keep doing, how do we keep outperforming? What that level is, you are right when we picked the DreamLounger stuff, we picked the easiest theatres to do first that the decision has become more challenging. It’s just like if you were going to a market with a piece of real-estate to cover a market you pick the best pieces of real-estate first and then you but you still build out your market and you still do things that are accretive and good deals and to Doug’s point there are so many other levers still left to pull. And so – and we would just keep doing it and I know that they are sitting up there trying to figure out how to keep that going and keep out-performing.

But could the $5 Tuesday be a $5 Tuesday and Wednesday or Monday and Tuesday so that even if you cannibalize a little bit you gave another option that sort of an increase the – basically prices the week in a different way, where the weekend is one package and some of the weekly properties or another?

Look, I don’t know what the government plans are, upstairs who knows they might want to down with that idea. I would tell you that just at first blush what I like about $5 Tuesday, we like as a business about $5 Tuesdays is opposed to creating a discount period of the week or a couple of days, it [eventises] the idea. It takes us Tuesday’s are special. And it creates an urgency and it maximizes this idea we talked about of yield management, the right customer, the right time at the right price. And it maximizes that impact, because that’s what we are trying to do. We are taking what is a hotel maximum in yield management and applying it to theatres. And you know you by Tuesday we really get a momentum that is really an energy in the theatres. I mean you have to come see it, it’s really interesting. And I worry that if you start to dilute that a little bit, you lose some of the magic beyond just having a discount.

That’s a fair point. Last thing, this Sun Prairie complex seems to have a number of different initiatives going on all at once. Is it -- what sort of configuration do you have, or do you have and do you have different pricing by the types of screen, does it get a little more complicated to manage that particular property when you have that many different elements going on?

We have other properties that are really doing the same thing which is the most modern version. We have other properties that have a Take Five Lounge and Big Screen, excuse me Big Screen Bistros in it and DreamLounger and Ultra Screens we’ve got a number of those. They are more complex, there is no doubt about it. This isn’t the first one, it’s just the newest shiniest pain version of it we’ve got.

Alright.

The only one that currently has any premium pricing associated with it is the Ultra Screen DLXs. They do have a premium price, Jum. We answered an earlier question that suggested that at some point we certainly could be looking at pricing in our DreamLounger locations, but that’s not how we came out of the gate.

Okay. Thanks to both of you.

Ladies and gentlemen thank you so much for your participation. At this time, it appears there are no other questions. I would like to turn the call back to Mr. Neis for any additional or closing comments.

Well, listen I want to echo that one thank you all for joining us again today. We look forward to talking to you once again in September just in two short months when we release our fiscal 2015 first quarter results. Until then thank you and have a great day.

Ladies and gentlemen that is the conclusion of the conference call. Thank you again for your participation. You may now disconnect and have a great day.