Dave & Buster's, Inc. Retains Jefferies & Company to Explore a Possible Sale; Announces Debt Reduction.DALLAS -- Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced that it has retained Jefferies & Company, Inc. to assist the company in exploring a possible sale and has reduced debt under its senior credit facility. "The decision to engage Jefferies & Company and reduce debt is a direct result of our continued strong comparable store sales growth, substantial earnings growth and significant free cash flow generation," 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. , Chief Executive Officer. "We are pleased that we have been able to maintain our strong sales and earnings momentum through the fourth quarter despite a tough economic environment, and continue to successfully execute the strategic initiatives that we have put in place." The company plans to issue its audited financial results for the fiscal year ended February 3, 2008 at the end of April. The company also announced that it has made payments totaling $10.0 million toward the early retirement of its senior credit facility during the fourth quarter of fiscal 2007 and currently has no borrowings outstanding under its Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility. The additional debt reduction was funded by cash generated from operations. Celebrating over 25 years of operations, Dave & Buster's was founded in 1982 and is one of the country's premier entertainment/dining concepts with 49 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. More information is available on the Company's website, 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. " Statement 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: Statements in this press release regarding Dave & Buster's business which are not historical facts are "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. " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year. |
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