Dave & Buster's Reports Second Quarter 2001 Results.Business Editors DALLAS--(BUSINESS WIRE)--Sept. 6, 2001 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). ) reported results for its second quarter ended August 5, 2001, of earnings 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 of $0.13, in line with the Company's recently revised expectations. Revenues increased eight percent and 11 percent over the second quarter and first half 2000, respectively. As discussed in the Company's earlier news release, comparable store sales for the second quarter decreased 1.9 percent primarily due to a decline in corporate sponsored parties and special events. Dave & Buster's has 20 stores in the 2001 comparable store base compared to 14 stores during 2000. For the second quarter ended August 5, 2001, the Company reported total revenues of $83.6 million. 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 quarter was $4.7 million and net income was $1.7 million, or $0.13 per diluted share. For the 26 weeks ended August 5, 2001, total revenues were $171.8 million. Operating income for the period was $11.9 million and net income was $4.8 million, or $0.37 per diluted share. "The Company's core walk-in walk-in A new brokerage customer who simply walks into the office. Although walk-ins are generally assigned to brokers, they have the right to specify a preferred broker. business remains strong, our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. are being carefully managed and the new store opening schedule remains on track," 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. , cofounder co·found tr.v. co·found·ed, co·found·ing, co·founds To establish or found in concert with another or others. co·found of Dave & Buster's. "However, the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in corporate parties and special events we experienced in the first quarter has continued to affect our revenues. For the second quarter, party sales represented 10.5 percent of comparable store revenues as compared to 12.0 percent for the same period last year and 11.9 percent in the first quarter this year. We are aggressively addressing these trends." "We have taken several actions designed to turn around the decline we have seen in our corporate event business," stated Dave Corriveau, cofounder of Dave & Buster's. "In addition to the sales programs we launched in the first quarter, we have added a successful industry veteran as our new vice-president vice president or vice-pres·i·dent n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. of business development to expand our market presence in the corporate event and meeting industry. While addressing the corporate party and event business, we are continuing to maintain the high appeal of the Dave & Buster's concept to our core walk-in traffic." In addition to the new Miami location that opened in the first quarter and the newest location that opened in August in Frisco, Texas Frisco is a city in Collin County and Denton County, Texas (USA). It is a northern suburb of Dallas. As of the 2000 census, the city population was 33,714, while according to 2007 estimate, the city's population is approximately 95,000. , two more Dave & Buster's stores are scheduled to open during 2001. The new Honolulu Honolulu (hŏn'əl  `l, hōnō–), city (1990 pop. location is scheduled to open in October October: see month. and the
fourth new 2001 store will open in Cleveland Cleveland, former county, EnglandCleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and in the fourth quarter. The Company anticipates opening four additional new stores in 2002. The Company will hold a conference call with management to discuss its results and current outlook. The call will be held on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant morning, September September: see month. 7 at 7:30 am CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . Interested parties may listen to the conference call over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through the Dave & Buster's website www.daveandbusters.com. To listen to the live call, please access the web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the website. The archived call will be available for two weeks. Founded in 1982, Dave & Buster's is one of the country's leading upscale, restaurant/entertainment concepts and currently operates 29 Dave & Buster's 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 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 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 , the Middle East and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . 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. (tables follow)
DAVE & BUSTER'S, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
(unaudited)
13 Weeks Ended 13 Weeks Ended
August 5, 2001 July 30, 2000
-------------- -------------
Food and beverage revenues $41,542 49.7% $38,490 49.6%
Amusement and other revenues 42,080 50.3% 39,076 50.4%
------- -------
Total revenues 83,622 100.0% 77,566 100.0%
Cost of revenues 15,761 18.8% 14,539 18.7%
Operating payroll and benefits 25,410 30.4% 23,291 30.0%
Other store operating expenses 24,782 29.6% 21,773 28.1%
General and administrative expenses 4,958 5.9% 4,804 6.2%
Depreciation and amortization expense 7,157 8.6% 6,248 8.1%
Preopening costs 821 1.0% 1,502 1.9%
------- -------
Total costs and expenses 78,889 94.3% 72,157 93.0%
Operating income 4,733 5.7% 5,409 7.0%
Interest expense, net 2,058 2.5% 2,012 2.6%
------- -------
Income before provision for income
taxes 2,675 3.2% 3,397 4.4%
Provision for income taxes 968 1.2% 1,247 1.6%
------- -------
Net income $1,707 2.0% $2,150 2.8%
======= =======
Net income per share:
Basic $0.13 $0.17
Diluted $0.13 $0.17
Weighted average shares outstanding:
Basic 12,954 12,953
Diluted 13,028 12,954
Other information:
Company operated stores open 28 26
DAVE & BUSTER'S, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
(unaudited)
26 Weeks Ended 26 Weeks Ended
August 5, 2001 July 30, 2000
-------------- -------------
Food and beverage revenues $ 85,154 49.6% $ 77,470 49.8%
Amusement and other revenues 86,678 50.4% 77,945 50.2%
----------- -----------
Total revenues 171,832 100.0% 155,415 100.0%
Cost of revenues 32,256 18.8% 28,554 18.4%
Operating payroll and benefits 52,634 30.6% 46,556 30.0%
Other store operating expenses 48,991 28.5% 43,611 28.1%
General and administrative
expenses 10,254 6.0% 9,654 6.2%
Depreciation and amortization
expense 13,908 8.1% 11,982 7.7%
Preopening costs 1,900 1.1% 3,557 2.2%
----------- -----------
Total costs and expenses 159,943 93.1% 143,914 92.6%
Operating income 11,889 6.9% 11,501 7.4%
Interest expense, net 4,380 2.5% 3,539 2.3%
----------- -----------
Income before provision for
income taxes 7,509 4.4% 7,962 5.1%
Provision for income taxes 2,718 1.6% 2,922 1.9%
----------- -----------
Net income $ 4,791 2.8% $ 5,040 3.2%
=========== ===========
Net income per share:
Basic $ 0.37 $ 0.39
Diluted $ 0.37 $ 0.39
Weighted average shares
outstanding:
Basic 12,954 12,953
Diluted 13,049 12,957
Other information:
Company operated stores open 28 26
DAVE & BUSTER'S, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
August 5, 2001 February 4, 2001
--------------- ----------------
ASSETS
Current assets
Cash and cash equivalents $ 2,718 $ 3,179
Other current assets 29,291 27,208
--------------- ----------------
Total current assets 32,009 30,387
Property and equipment, net 269,047 260,467
Other assets 12,856 13,021
--------------- ----------------
$ 313,912 $ 303,875
=============== ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 29,431 25,261
Other long-term liabilities 14,193 12,367
Long-term debt 103,063 103,860
Stockholders' equity
Common stock 131 131
Paid in capital 115,659 115,659
Restricted stock awards 290 243
Retained earnings 52,991 48,200
--------------- ----------------
169,071 164,233
Less: Treasury stock 1,846 1,846
--------------- ----------------
Total stockholders' equity 167,225 162,387
$ 313,912 $ 303,875
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