Dave & Buster's Discusses Fiscal 2002 Outlook; Earnings Anticipated to Increase Approximately 28 Percent Over 2001.Business Editors DALLAS--(BUSINESS WIRE)--Jan. 14, 2002 Dave & Buster's, Inc. (NYSE NYSE See: New York Stock Exchange :DAB (Digital Audio Broadcasting) The digital radio standard in most countries except for the U.S., which uses iBiquity's HD Radio, and Japan, which uses Terrestrial Integrated Services Digital Broadcasting (ISDB-T). ) today announced financial guidance for its fiscal year 2002 which begins on Monday, February 5. Based on the current outlook, the Company believes that there continues to be risks in the overall economy through at least the second quarter of fiscal 2002. Accordingly, comparable store revenues for fiscal 2002 are anticipated to be in the range of flat to increased 1.0 percent. There will be 26 stores in the comparable base in fiscal 2002 versus 20 stores in 2001. Total revenues will additionally be favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted as a result of full year sales from the four new stores opened during fiscal 2001. Store margins are expected to decrease slightly from those achieved in 2001 primarily from additional occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal resulting from the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. transactions the Company recently announced. Overall, the impact of these transactions should not be significant since they will also result in a reduction of both interest and depreciation expense. The Company anticipates general and administrative expenses to approximate those of fiscal 2001 on a percentage of revenues basis. Pre-opening expenses will decrease compared to fiscal 2001 due to opening three fewer stores in fiscal 2002. As previously announced, the one store opening in 2002 is expected in mid- to late summer. The Company stated its current expectations are for earnings per share in the range of $0.73 to $0.77 for fiscal 2002, an approximate 28 percent increase over anticipated results for its 2001 fiscal year. Dave & Buster's reaffirmed its earlier guidance of $0.57 to $0.60 earnings per share for fiscal 2001 that ends February 3, 2002. Quarterly Outlook for Fiscal 2002 For the first two quarters, Dave & Buster's expects comparable store sales to be down in the range of 0.5 percent to 1.0 percent due to the above mentioned economic environment; then up 2.0 percent to 2.5 percent in the third quarter, and flat to up 1 percent in the fourth quarter. Earnings per share are expected to be in the range of $0.20 to $0.21 in the first quarter, $0.13 to $0.14 in the second quarter, $0.00 to $0.01 in the third quarter, and $0.40 to $0.41 in the fourth quarter. The Company's 2002 fiscal quarters will end on May 5, 2002; August 4, 2002; November 3, 2002; and February 2, 2003. Founded in 1982, Dave & Buster's is one of the country's leading upscale restaurant/entertainment concepts with 31 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. . Additionally, Dave & Buster's has international license agreements for the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. , Canada, the Middle East and Mexico. Dave & Buster's stock is traded on the NYSE under the symbol DAB. Further information on the Company can be found on its website, www.daveandbusters.com. 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. that 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. Information on risk factors affecting the Company's results can be found in its filings with the Securities and Exchange Commission, including its latest 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. . |
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