Dave & Buster's Reports First Quarter 2004 Earnings.Business Editors DALLAS--(BUSINESS WIRE)--June 7, 2004 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). ), a leading operator of upscale restaurant/entertainment complexes, announced earnings for its first quarter ended May 2, 2004. Total revenue for the first quarter increased 3.7 percent, or $3.4 million, to $95.0 million from $91.6 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 2.8 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 4.6 percent. Revenue from comparable stores increased 1.7 percent for the quarter. Special event revenue on a comparable store basis was 12.6 percent of total revenue compared to 12.2 percent of total revenue in the first quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the period increased 4.2 percent to $7.0 million compared to $6.7 million last year. Net income for the quarter was $3.6 million, or $.25 per 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. share, compared to net income in the same period last year of $3.0 million, or $.23 per diluted share. Consensus earnings estimates for the quarter were $.23 per diluted share. The number of diluted shares outstanding increased 22.1 percent to 16.192 million shares in the current quarter compared to 13.264 million shares last year, primarily as a result of the convertible debt issued during last fiscal year. "We are pleased to see the comparable store revenues turn positive in the first quarter, and the increase in amusement revenues is certainly encouraging," stated 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. , the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The earnings improvement continues to show that our ongoing plan of reducing costs while increasing our comparable store revenues is working. We remain focused on these objectives and believe we will be successful in finding additional efficiencies in our operations." "It is important to note that we improved our earnings for the fifth consecutive quarter, even with the more than 22 percent increase in diluted shares outstanding," commented Dave Corriveau, the Company's President. Mr. Corriveau continued, "We are pleased to announce that our Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. opened their second store in Monterrey Monterrey (mōntārā`), city (1990 pop. 1,068,996), capital of Nuevo León state, NE Mexico, the third largest city of Mexico. Located c.150 mi (240 km) S of Laredo, Tex. last month. In addition, we are on target to open our new Santa Anita Santa Anita may refer to:
The Company will hold a conference call to discuss first quarter results on Monday Monday: see week. , June June: see month. 7, 2004, at 11:30 a.m. Eastern Time (10:30 a.m. Central Time). The call will be Webcast by both CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and Vcall and can be accessed at Dave & Buster's Web site, www.daveandbusters.com. Individual investors can listen to the call through CCBN's individual investor center www.companyboardroom.com or PrecisionIR's Webcast site www.vcall.com. In addition, investors can access the call by visiting any of the investor sites in the CCBN or PrecisionIR Individual Investor Network. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. can access the call via CCBN's password-protected event management site (www.streetevents.com). The Webcast will be archived on the company's Web site and available for replay through June 21, 2004. Celebrating 21 years of operations, Dave & Buster's was founded in 1982 and is one of the country's leading upscale, restaurant/entertainment concepts with 33 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 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 . For more information on the Company, including the latest investor presentation, please visit the Company's website, www.daveandbusters.com. 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. Certain information contained in this press release includes forward-looking statements. 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 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 continuation - continuation passing style 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 result 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)
(unaudited)
May 2, February 1,
2004 2004
ASSETS
Current assets
Cash and cash equivalents $5,850 $3,897
Other current assets 33,221 31,460
---------- -----------
Total current assets 39,071 35,357
Property and equipment, net 246,480 247,161
Other assets and deferred charges 13,125 13,371
---------- -----------
$298,676 $295,889
========== ===========
LIABILITIES AND STOCKHOLDERS EQUITY
Total current liabilities $34,563 $35,577
Other long-term liabilities 27,664 27,222
Long-term debt 48,968 50,201
Stockholders' equity
Common stock 133 132
Paid in capital 119,569 118,669
Restricted stock awards 986 905
Retained earnings 68,639 65,029
---------- -----------
189,327 184,735
Less: Treasury stock (1,846) (1,846)
---------- -----------
Total stockholders' equity 187,481 182,889
---------- -----------
$298,676 $295,889
========== ===========
DAVE & BUSTER'S, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
(unaudited)
13 Weeks Ended 13 Weeks Ended
May 2, 2004 May 4, 2003
Food and beverage revenues $49,021 51.6% $47,664 52.0%
Amusement and other revenues 45,945 48.4% 43,923 48.0%
-------- ------ -------- ------
Total revenues 94,966 100.0% 91,587 100.0%
Cost of revenues 17,721 18.7% 16,671 18.2%
Operating payroll and benefits 26,928 28.4% 26,799 29.3%
Other store operating expenses 29,592 31.2% 28,192 30.8%
General and administrative expenses 6,299 6.6% 5,939 6.5%
Depreciation and amortization expense 7,466 7.9% 7,307 8.0%
-------- --------
Total operating expenses 88,006 92.7% 84,908 92.7%
Operating income 6,960 7.3% 6,679 7.3%
Interest expense, net 1,478 1.6% 2,060 2.3%
-------- ------ -------- ------
Income before provision for
income taxes 5,482 5.8% 4,619 5.0%
Provision for income taxes 1,864 2.0% 1,570 1.7%
-------- ------ -------- ------
Net income $3,618 3.8% $3,049 3.3%
======== ====== ======== ======
Net income per share
Basic $0.27 $0.23
Diluted $0.25 $0.23
Weighted average shares outstanding
Basic weighted average shares
outstanding 13,205 13,090
Diluted weighted average shares
outstanding 16,192 13,264
Other information:
Company operated stores open 33 32
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 $3,618 $3,049
Add back: depreciation and
amortization 7,466 7,307
interest
expense, net 1,478 2,060
provision for
income taxes 1,864 1,570
-------- --------
$14,426 $13,986
DAVE & BUSTER'S, INC.
Consolidated Statements of Cash Flow
(dollars in thousands, except per share amounts)
(unaudited)
13 Weeks 13 Weeks
Ended Ended
May 2, May 4,
2004 2003
Cash flows from operating activities:
Income $3,618 $3,049
Adjustments to reconcile income to net cash
provided by operating activities:
Depreciation and amortization 7,466 7,307
Deferred income tax expense (140) (9)
Tax benefit related to stock options 140 --
Restricted stock awards 81 66
Warrants related to convertible debt 63 --
(Gain) loss on sale of assets (43) 160
Other 29 --
Changes in operating assets and liabilities
Inventories (700) 321
Prepaid expenses (1,960) (1,972)
Other current assets 899 313
Other assets and deferred charges 246 239
Accounts payable (847) (785)
Accrued liabilities 878 908
Income taxes payable (905) 1,683
Other liabilities 442 451
--------- ---------
Net cash provided by operating activities 9,267 11,731
Cash flows from investing activities:
Capital expenditures (7,067) (7,424)
Proceeds from sale of property and equipment 325 87
--------- ---------
Net cash used in investing activities (6,742) (7,337)
Cash flows from financing activities:
Borrowings under long-term debt 1,500 1,750
Repayments of long-term debt (2,833) (5,875)
Proceeds from exercises of common stock options 761 135
--------- ---------
Net cash (used) in financing activities (572) (3,990)
--------- ---------
Increase in cash and cash equivalents 1,953 404
Beginning cash and cash equivalents 3,897 2,530
--------- ---------
Ending cash and cash equivalents $5,850 $2,934
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