Dave & Buster's, Inc. Reports 5.6 Percent Increase in Same Store Sales for the Fiscal 2006 Second Quarter.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- Dave & Buster's, Inc., a leading operator of upscale restaurant/entertainment complexes, today announced results for its second quarter ended July July: see month. 30, 2006. Total revenue for the second quarter increased 11.1 percent, or $12.3 million, to $123.2 million from $110.8 million in the prior year's comparable quarter. Food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. revenue increased 11.6 percent, and amusement Amusement is the state of experiencing humorous and usually entertaining events or situations, and is associated with enjoyment, happiness, laughter and pleasure. Amusement may also be experienced through the recollection of events which have given rise to amusement in the past. and other revenue increased 10.6 percent. In addition, the Company reported a 5.6 percent increase in same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the second quarter, and a 5.2 percent increase in same store sales for its previously acquired Jillian's Jillian's is a restaurant and arcade chain with about 20 locations in the United States. Jillian's is currently owned and operated by JCB Entertainment Corporation, a subsidiary of Dave & Buster's. Its slogan is "Eat, Drink, Play". stores. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become remained flat on a year over year basis at $12.0 million for the second fiscal quarter. Results for the quarter were impacted by $2.4 million in pre-opening and merger related costs compared to $1.4 million of pre-opening and non-recurring Jillian's costs in the second quarter of 2005. Total revenues for the 26-week period increased 10.3 percent to $250.0 million from $226.6 million for the comparable period last year. Food and beverage revenue increased 12.0 percent, and amusement and other revenue increased 8.4 percent. Year to date, same store sales for the Dave & Buster's concept increased by 5.4 percent, while same store sales for the previously acquired Jillian's stores increased by 2.7 percent. Year to date EBITDA decreased 13.3 percent to $26.6 million from $30.7 million last year. Year to date results were impacted by $5.9 million in pre-opening and merger related costs versus $2.8 million in pre-opening and non-recurring Jillian's costs in the prior year. "We are extremely encouraged by our team's ability to deliver such outstanding sales increases in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite an uncertain economic environment," stated Steve King For the football player of the same name see Steve King (football player). Steven Arnold "Steve" King (born May 28 1949), American politician, has been a Republican member of the United States House of Representatives since 2003. , the Company's Chief Financial Officer. "While we made progress in our EBITDA growth during the quarter, excluding pre-opening and merger costs, we remain focused on improving margins and maintaining our sales momentum." Non-GAAP Financial Measures A reconciliation of EBITDA to net income, the most directly comparable financial measure presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , is set forth in the attachment See attach a file. to this release. The Company will hold a conference call to discuss second quarter results on Tuesday Tuesday: see week. , September September: see month. 12, 2006, at 2:30 PM Central time. To participate in the conference call, please dial 877-598-7022 a few minutes prior to the start time and reference code # 6093572. An archived replay of the teleconference will be available approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. two hours following the call and will be posted on the Company's Web site. To access the replay call 800-642-1687 and reference the same confirmation code as listed above. Celebrating over 23 years of operations, Dave & Buster's was founded in 1982 and is one of the country's leading upscale restaurant/entertainment concepts with 47 locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . More information on the Company is available on the Company's Web site, www.daveandbusters.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statements Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Certain information contained in this press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, projections, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. These statements may be identified, without limitations, by the use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "may," "will," "anticipates," "expects," "projects," "believes," "intends," "should," or comparable terms or the negative thereof. All forward-looking statements included in this press release are based on information available to us on the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Such statements speak only as of the date hereof. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: our ability to open new high-volume restaurant/entertainment complexes; our ability to raise and access sufficient capital in the future; changes in consumer preferences, general economic conditions or consumer discretionary spending; the outbreak outbreak see epidemic. or continuation of war or other hostilities hos·til·i·ty n. pl. hos·til·i·ties 1. The state of being hostile; antagonism or enmity. See Synonyms at enmity. 2. a. A hostile act. b. hostilities Acts of war; overt warfare. involving the United States; potential fluctuation Fluctuation A price or interest rate change. in our quarterly operating results due to seasonality and other factors; the continued service of key management personnel; our ability to attract, motivate and retain qualified personnel; the impact of federal, state or local government regulations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our personnel or the sale of food or alcoholic beverages
When a person begins a civil lawsuit, the person enters into a process called litigation. ; the effect of competition in our industry; additional costs associated with compliance with the Sarbanes-Oxley Act See SOX. and related regulations and requirements; and other risk factors described from time to time in our reports filed with the SEC.
DAVE & BUSTER'S, INC.
Condensed Consolidated Balance Sheets
(in thousands)
July 30, January 29,
2006 2006
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 653 $ 7,582
Other current assets 26,237 19,648
-------- --------
Total current assets 26,890 27,230
Property and equipment, net 342,282 374,616
Intangible and other assets 153,414 21,216
-------- --------
Total assets $522,586 $423,062
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $ 49,486 $ 64,436
Other long-term liabilities 91,525 82,856
Long-term debt (including payable to dissenters) 279,311 70,550
Stockholders' equity 102,264 205,220
-------- --------
Total liabilities and stockholders' equity $522,586 $423,062
======== ========
DAVE & BUSTER'S, INC.
Consolidated Statements of Operations
(dollars in thousands)
(unaudited)
13 Weeks Ended 13 Weeks Ended
July 30, 2006 July 31, 2005
(Combined) (pre Merger)
Food and beverage revenues $ 67,374 54.7% $ 60,378 54.5%
Amusement and other revenues 55,777 45.3% 50,451 45.5%
------- ----- ------- -----
Total revenues 123,151 100.0% 110,829 100.0%
Cost of products 25,427 20.6% 22,650 20.4%
Store operating expenses 75,968 61.7% 68,170 61.5%
General and administrative expenses 8,959 7.3% 7,204 6.5%
Depreciation and amortization 11,455 9.3% 12,317 11.1%
Startup costs 821 0.7% 804 0.7%
------- ---- ------- -----
Total operating expenses 122,630 99.6% 111,145 100.2%
Operating income (loss) 521 0.4% (316) (0.2)%
Interest expense, net 6,525 5.3% 1,661 1.5%
Income (loss) before
provision for income taxes (6,004) (4.9)% (1,977) (1.8)%
Provision (benefit) for
income taxes (2,129) (1.7)% (721) (0.7)%
--------- ----- -------- -----
Net income (loss) $ (3,875) (3.1)% $(-1,256) (1.1)%
========= ===== ======== =====
Other information:
Company operated stores open 47 44
EBITDA, which is earnings before interest, taxes, depreciation and
amortization, is used by management, bankers and investors to evaluate
a company's ability to repay debt and for compliance of certain debt
covenants.
Total net income (loss) $ (3,875) $ (1,256)
Add back:
depreciation and amortization 11,455 12,317
interest expense, net 6,525 1,661
provision for income taxes (2,129) (721)
--------- ----------
$ 11,976 $ 12,001
========= ==========
DAVE & BUSTER'S, INC.
Consolidated Statements of Operations
(dollars in thousands)
(unaudited)
26 Weeks Ended 26 Weeks Ended
July 30, 2006 July 31, 2005
(Combined) (pre Merger)
Food and beverage revenues $136,438 54.2% $121,769 53.7%
Amusement and other revenues 113,556 45.8% 104,795 46.3%
------- ----- ------- -----
Total revenues 249,994 100.0% 226,564 100.0%
Cost of products 51,135 19.0% 45,155 19.9%
Store operating expenses 151,439 60.5% 134,932 59.6%
General and administrative
expenses 17,711 7.1% 14,893 6.6%
Depreciation and amortization 22,524 9.0% 22,058 9.7%
Startup costs 3,107 1.2% 885 0.4%
------- ---- ------- ----
Total operating expenses 245,916 98.3% 217,923 96.2%
Operating income (loss) 4,078 1.7% 8,641 3.8%
Interest expense, net 12,418 5.0% 3,434 1.5%
------- ---- ------- ----
Income(loss)before
provision for income taxes (8,340) (3.3)% 5,207 2.3%
Provision (benefit) for
income taxes (2,923) (1.1)% 1,901 0.8%
------- ----- ------- ----
Net income (loss) $ (5,417) (2.2)% $ 3,306 1.5%
======= ===== ======= ====
Other information:
Company operated stores open 47 44
EBITDA, which is earnings before interest, taxes, depreciation and
amortization, is used by management, bankers and investors to evaluate
a company's ability to repay debt and for compliance of certain debt
covenants.
Total net income (loss) $ (5,417) $ 3,306
Add back:
depreciation and amortization 22,524 22,058
interest expense, net 12,418 3,434
provision for income taxes (2,923) 1,901
-------- --------
$ 26,602 $ 30,699
======== ========
DAVE & BUSTER'S, INC.
Consolidates Statements of Cash Flow
(dollars in thousands)
(unaudited)
26 Weeks Ended 26 Weeks Ended
July 30, 2006 July 31, 2005
(Combined) (pre-Merger)
Cash flows from operating activities:
Net income (loss) $ (5,417) $ 3,306
Adjustments to reconcile income
to net cash provided by operating
activities:
Depreciation and amortization 22,524 22,058
Changes in operating assets and
liabilities 4,448 (1,378)
Other, net (2,264) 962
-------- -------
Net cash provided by operating
activities 19,291 24,948
Capital expenditures (25,342) (22,556)
Purchase of Predecessor common stock
and other (274,542) 111
--------- --------
Net cash used in investing activities (299,884) (22,445)
Net cash provided by (used in) financing
activities 273,664 (3,341)
Increase (decrease) in cash and
cash equivalents (6,929) (838)
Beginning cash and cash equivalents 7,582 7,624
--------- ---------
Ending cash and cash equivalents $ 653 $ 6,786
========= =========
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