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Acquisition
12 Months Ended
Dec. 29, 2016
Business Combinations [Abstract]  
Acquisition
3. Acquisition
 
On December 16, 2016, the Company acquired 14 owned and/or leased movie theatres, along with Ronnie’s Plaza, an 84,000 square foot retail center in St. Louis, Missouri, from Wehrenberg Theatres (“Wehrenberg”) for a total cash purchase price of $65,000,000, plus normal closing adjustments and less a negative net working capital balance that was assumed in the transaction. The assets acquired consist primarily of land and buildings, with a preliminary estimated fair value of $54,545,000, with the remaining purchase price allocated to leasehold improvements, equipment and intangible assets. In addition, several leases acquired were identified as capital leases and assigned a preliminary value of approximately $17,511,000 as of December 29, 2016. The consolidated financial statements reflect the preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their respective estimated fair values. The purchase price allocation is preliminary and certain items are subject to change, including the fair value of the real estate and leases acquired, as well as the fair value of the specific intangible assets acquired. The Company expects to continue to obtain information to assist it in determining the fair values during the measurement period. The acquired theatres contributed approximately $5,111,000 and $(450,000) to revenues and operating income, respectively, in fiscal 2016, including the impact of acquisition costs. Acquisition costs related to professional fees incurred as a result of the Wehrenberg acquisition during fiscal 2016 were approximately $2,037,000 and were expensed as incurred and included in administrative expenses in the consolidated statements of earnings. The majority of these expenses are not deductible for income tax purposes.
 
Assuming the Wehrenberg acquisition occurred at the beginning of fiscal 2016, unaudited pro forma revenues for the Company during fiscal 2016 were $607,934,000. The Wehrenberg theatres would not have had a material impact on the Company’s fiscal 2016 net earnings.