Dave & Buster's, Inc. Reports Record Financial Results for the Quarter Ended May 3, 1998.DALLAS--(BUSINESS WIRE)--June 9, 1998--Dave & Buster's, Inc. (Nasdaq: DANB DANB Dental Assisting National Board ) reported record financial results for the first quarter ended May 3, 1998. Total revenues for the quarter ended May 3, 1998 increased 36% to $38.9 million compared to $28.6 million for the quarter ended May 4, 1997. The increase was attributable to revenues from new complexes and a 9% increase in comparable complex revenues. Income before provision for income taxes for the quarter ended May 3, 1998 was $4.6 million compared to $3.3 million for the same period in the prior year, an increase of 41%. Net income for the quarter ended May 3, 1998 increased 43% to $2.9 million compared to $2.0 million for the quarter ended May 4, 1997. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share for the current quarter increased 22% to $.22 from $.18 for the same period in the prior year. Diluted weighted average shares increased 21% to 13.3 million shares from 11.0 million shares for the same period in the prior year. "We've we've Contraction of we have. we've have headed into the most aggressive expansion in our 15 year history, so we're we're Contraction of we are. we're we are certainly pleased with such an excellent start for fiscal 1998", said Dave Corriveau, co-founder of Dave & Buster's, Inc. "We've gotten the year off to a great beginning with the record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for opening of our thirteenth location in Utica, Michigan Utica is a city in Macomb County in the U.S. state of Michigan. The population was 4,577 at the 2000 census. History The city now known as Utica was platted by Joseph Stead in 1829, who preferred to call it "Harlow. ", added Buster Corley Corley (or Corley Ash) is a village and civil parish in the North Warwickshire district of Warwickshire, England. It is located about five miles north west of Coventry and is adjacent to Fillongley. , co-founder of Dave & Buster's, Inc. Dave & Buster's currently operates thirteen large, high volume restaurant/entertainment complexes under the Dave & Buster's name in Dallas (two locations), Houston, Atlanta, Philadelphia, Chicago (two locations), Hollywood, Florida Hollywood is a city in Broward County, Florida, United States. As of 1 July 2006, the population estimated by the U.S. Census Bureau is 145,879.[3] Founded in 1925, the city grew rapidly in the 1950s and 1960s, and is now the ninth largest city in Florida. , North Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from , Ontario, California Ontario is a city located in San Bernardino County, California, United States. As of the 2000 Census, the city had a total population of 170,373. It is the home of LA/Ontario International Airport and the huge Ontario Mills shopping mall (the largest in Southern California and one , Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , Denver, Colorado and Utica, Michigan, which opened May 7, 1998. Under an UK licensing agreement with Bass Plc of London the Company opened its first international site in Birmingham, England in May 1997 with a second location due to open in Bristol, England in the summer of 1998. For further information, please contact: Chas Michel Michel named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. , Chief Financial Officer, 2481 Manana ma·ña·na adv. 1. Tomorrow. 2. At an unspecified future time. n. An indefinite time in the future. [Spanish, from Vulgar Latin , Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , 75220, 214/357-9588. This release contains 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. which involve assumptions regarding Company operations and future prospects. Although the Company believes its expectations are based on reasonable assumptions, such statements are subject to risk and uncertainty, including, among other things, certain economic conditions, competition, development factors and operating costs operating costs npl → gastos mpl operacionales . Caution should be taken that these factors could cause the actual results to differ from those stated or implied in this and other Company communications. -0-
DAVE & BUSTER'S, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
(unaudited)
13 Weeks 13 Weeks
Ended Ended
May 3, May 4,
1998 1997
Food and beverage revenues $ 19,192 49.3% $ 14,778 51.6%
Amusement and other revenues 19,725 50.7% 13,854 48.4%
-------- --------
Total revenues 38,917 100.0% 28,632 100.0%
Cost of revenues 7,630 19.6% 5,533 19.3%
Operating payroll and benefits 10,893 28.0% 7,972 27.9%
Other operating expenses 10,246 26.3% 7,143 25.0%
General and administrative expenses 2,407 6.2% 1,886 6.6%
Depreciation expense 2,448 6.3% 1,844 6.4%
Preopening cost amortization 975 2.5% 778 2.7%
-------- --------
Total costs and expenses 34,599 88.9% 25,156 87.9%
Operating income 4,318 11.1% 3,476 12.1%
Interest (income) expense, net (291) -0.7% 197 0.6%
-------- --------
Income before provision for
income taxes 4,609 11.8% 3,279 11.5%
Provision for income taxes 1,743 4.4% 1,278 4.5%
-------- --------
Net income $ 2,866 7.4% $ 2,001 7.0%
======== ========
Basic net income per share $ 0.22 $ 0.18
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Basic weighted average
shares outstanding 13,031 10,902
Diluted net income per share $ 0.22 $ 0.18
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Diluted weighted average
shares outstanding 13,274 10,994
DAVE & BUSTER'S, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
May 3, February 1,
1998 1998
ASSETS
Current assets:
Cash and cash equivalents $ 10,363 $ 14,309
Other current assets 18,148 21,396
---------- ---------
Total current assets 28,511 35,705
Property and equipment, net 127,283 114,060
Other assets 9,478 9,224
---------- ----------
$ 165,272 $ 158,989
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LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 11,643 9,297
Other long-term liabilities 4,462 4,336
Long-term debt 12,500 12,000
Stockholders' equity
Common stock 130 130
Paid in capital 116,499 116,054
Retained earnings 20,038 17,172
---------- ----------
Total stockholders' equity 136,667 133,356
$ 165,272 $ 158,989
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CONTACT: Dave & Buster's, Dallas Chas Michel, 214/357-9588 |
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