Dave & Buster's Inc. reports record revenues and net income for the first fiscal quarter ended May 4, 1997.DALLAS--(BUSINESS WIRE)--June 3, 1997--Dave & Buster's Inc. (Nasdaq:DANB DANB Dental Assisting National Board ) announced its results of operations for its first fiscal quarter ended May 4, 1997. The company reported net income of $2.0 million for the first fiscal quarter ended May 4, 1997, compared to $1.4 million for the same quarter of fiscal 1996, an increase of 41 percent. Earnings per share was $.28 on weighted average common shares of 7.3 million as compared to $.20 on weighted average common shares of 7.3 million for the same period in the prior year, an increase of 40 percent. Income before provision for income taxes was $3.3 million compared to $2.4 million reported in fiscal 1996, an increase of 34 percent. Revenues were $28.6 million compared to $20.2 million for the same quarter of fiscal 1996, an increase of 42 percent. The increase was attributable to the Hollywood Hollywood. 1 Community within the city of Los Angeles, S Calif., on the slopes of the Santa Monica Mts.; inc. 1903, consolidated with Los Angeles 1910. , Fla., and North Bethesda Bethesda, city, United States Bethesda, uninc. city (1990 pop. 62,936), Montgomery co., W central Md., an affluent residential and commercial suburb of Washington, D.C. The area was settled in the late 17th cent. , Md., locations which were opened in fiscal year 1996; the opening of the newest location in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Calif., which opened on March 13, 1997; and increased revenues at comparable stores. "We are excited with our results for the first quarter," said Dave Corriveau, co-founder of Dave & Buster's Inc., "and we are looking forward to the remainder of the year." "The new year has gotten off to a great start," 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. The company also announced the acceleration of the opening of the Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. location to the fourth quarter of 1997. The previously announced Rockland Rockland, industrial town (1990 pop. 16,123), Plymouth co., E Mass.; settled 1673, set off from Abington and inc. 1874. There is light manufacturing. County location will now open in the first quarter of 1998. In addition, the company announced the signings of letters-of-intent on three new planned 1998 locations: Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. , Md.; Orange, Calif.; and Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif. Dave & Buster's currently operates ten large, high-volume restaurant/entertainment complexes under the Dave & Buster's name in 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. (two locations); Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; ; Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. (two locations); Atlanta; Philadelphia; 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 ; and the newest location in Ontario, Calif. Under a UK licensing agreement with Bass Plc of London the company opened its first international site in Birmingham, England, on May 22, 1997. The company plans to add two additional domestic locations in 1997 with the next location being in 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. , in the fall of 1997. 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, 2751 Electronic Lane, 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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)
13 Weeks Ended 13 Weeks Ended
May 4, 1997 May 5, 1996
-------------- --------------
Revenues $28,632 $20,217
Income before provision for
income taxes $ 3,279 $ 2,448
Net income $ 2,001 $ 1,419
Earnings per common share $ 0.28 $ 0.20
Weighted average common shares 7,268 7,267
DAVE & BUSTER'S INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
May 4, February 2,
1997 1997
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 125 $ 358
Other current assets 9,368 7,737
---------- ----------
Total current assets 9,493 8,095
Property and equipment, net 85,588 82,037
Other assets 9,207 9,304
---------- ----------
$104,288 $ 99,436
---------- ----------
---------- ----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 8,416 7,018
Other long-term liabilities 2,886 2,802
Long-term debt 15,619 14,250
Stockholders' equity
Common stock 73 73
Paid-in capital 66,999 66,999
Retained earnings 10,295 8,294
---------- ----------
Total stockholders' equity 77,367 75,366
---------- ----------
$104,288 $ 99,436
DAVE & BUSTER'S INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
13 Weeks 13 Weeks
Ended Ended
May 4, 1997 May 5, 1996
----------- -----------
Food and beverage revenues $14,778 $11,085
Amusement and other revenues 13,854 9,132
----------- -----------
Total revenues 28,632 20,217
----------- -----------
Cost of revenues 5,533 4,176
Operating payroll and benefits 7,972 5,809
Other restaurant operating expenses 7,143 4,748
General and administrative expenses 1,886 1,335
Depreciation and amortization expense 1,844 1,230
Preopening cost amortization 778 486
----------- -----------
Total costs and expenses 25,156 17,784
----------- -----------
Operating income 3,476 2,433
Interest (income) expense, net 197 (15)
----------- -----------
Income before provision for
income taxes 3,279 2,448
Provision for income taxes 1,278 1,029
----------- -----------
Net income $ 2,001 $ 1,419
----------- -----------
----------- -----------
Earnings per common share $ 0.28 $ 0.20
----------- -----------
----------- -----------
Weighted average number of common
shares outstanding 7,268 7,267
CONTACT: Dave & Buster's Inc., Dallas Chas Michel, 214/357-9588 |
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