Dave & Buster's announces third quarter results.DALLAS--(BUSINESS WIRE)--Dec. 5, 1995--Dave & Buster's, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DANB DANB Dental Assisting National Board ) announced its results of operations for its third fiscal quarter ended Oct. 29, 1995. The company reported net income of $.6 million for the third fiscal quarter ended Oct. 29, 1995, compared to $.4 million for the same quarter of fiscal 1994, while earnings per share was $.10 as compared to $.08. Income before income taxes was $1.0 million compared to $.8 million reported in fiscal 1994. Revenues were $11.7 million compared to $12.1 million for the same quarter of fiscal 1994. The decrease was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher revenues at comparable stores offset by a normal reduction in revenues in the company's Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. location following its first year of operation. Net income for the 39 weeks ended Oct. 29, 1995, was $1.6 million as compared to $2.0 million for the same period in 1994, while earnings per share was $.30 as compared to $.38. Excluding earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. and special compensation expense, net income in fiscal 1995 would have been $2.5 million or $.47 per share as compared to $2.7 million or $.52 per share on a comparable basis. Income before income taxes was $2.7 million as compared to $3.4 million for the same period last fiscal year. Revenues were $35.8 million compared to $36.8 million for the same period last fiscal year. The decrease was attributable to higher revenues at stores open the entire period for both fiscal years offset by a normal reduction in revenues in the company's Philadelphia location following its first year of operation. The company also announced that it opened its sixth location in suburban Chicagoland (Addison Addison, village (1990 pop. 32,058), Du Page co., NE Ill.; inc. 1884. An industrial suburb of Chicago, it manufactures machinery and plastic items. , Ill.) on Nov. 16, 1995. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dave Corriveau, president and co-chief executive officer, "the opening has been a huge success and the revenue volumes have exceeded our expectations." Corriveau further stated the company's seventh location in downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. 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. (Clark street at Oak street) is on schedule to open in late January January: see month. 1996. Dave & Buster's operates six large, high volume restaurant/entertainment complexes under the Dave & Buster's name in the following locations: two 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. and one each in 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; , suburban Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , near downtown Philadelphia and suburban Chicago.
Dave & Buster's, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(unaudited)
13 Weeks Ended 13 Weeks Ended
Oct. 29, 1995 Oct. 30, 1994
Revenues $ 11,720 $ 12,106
Income Before Income Taxes 983 754
Net Income 569 435
Earnings Per Common Share $ 0.10 $ 0.08(a)
Weighted Average Common Shares 5,514 5,197
39 Weeks Ended 39 Weeks Ended
Oct. 29, 1995 Oct. 30, 1994
Revenues $ 35,842 $ 36,755
Income Before Income Taxes $ 2,735 $ 3,397
Net Income $ 1,580 $ 1,959
Earnings Per Common Share $ 0.30 $ 0.38(a)
Weighted Average Common Shares 5,303 5,197
(a) Earnings per common share for 1994 is based on the assumption
that 5,197 shares of common stock of the company were outstanding
throughout each period.
Dave & Buster's, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
13 Weeks Ended 39 Weeks Ended
Oct. 29, Oct. 30, Oct. 29, Oct. 30,
1995 1994 1995 1994
Food and beverage revenues $ 6,261 $ 6,623 $ 19,202 $ 20,410
Amusement and other revenues 5,459 5,483 16,640 16,345
Total revenues 11,720 12,106 35,842 36,755
Cost of revenues 2,395 2,539 7,343 7,566
Operating payroll and benefits 3,564 3,773 10,666 11,081
Other operating expenses 2,735 3,014 8,116 8,757
General and administrative
expenses 1,135 655 2,902 1,806
Depreciation expense 847 715 2,375 2,108
Preopening cost amortization 0 282 0 846
Earn-out and special compensation 0 425 1,607 1,275
Total costs and expenses 10,676 11,403 33,009 33,439
Operating income 1,044 703 2,833 3,316
Interest (income) expense, net 61 (51) 98 (81)
Income before income taxes 983 754 2,735 3,397
Income tax provision 414 319 1,155 1,438
Net income $569 $435 $1,580 $1,959
Earnings per common share $0.10 $0.08 $ 0.30 $ 0.38
Weighted average common shares 5,514 5,197 5,303 5,197
Dave & Buster's, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
Oct. 29, Jan. 29,
1995 1995
Assets
Current assets:
Cash $10,318 $ 1,233
Inventories 1,990 1,687
Prepaid expenses 451 248
Deferred preopening costs 1,043 69
Deferred income taxes 0 3,712
Other current assets 778 225
Total current assets 14,580 7,174
Property and equipment, net 49,343 40,281
Intangible assets, net 9,732 840
Other assets 56 735
------ ------
$73,711 $49,030
Liabilities, Investment by Edison Brothers and Stockholders' Equity
Current liabilities:
Accounts payable 2,850 1,618
Accrued payroll and
vacations 420 764
Non-income taxes payable 614 416
Accrued earn-out compensation 499 6,326
Other current liabilities 741 687
Total current liabilities 5,124 9,811
Deferred income taxes 1,048 1,087
Other liabilities 930 491
Payable to Edison Brothers 0 9,986
Long-term debt 500 0
Investment by Edison Brothers 0 27,655
Stockholders' equity
Common stock 70 0
Paid in capital 65,427 0
Retained earnings 612 0
Total stockholders' equity 66,109 0
====== ======
$73,711 $49,030
CONTACT: Dave & Buster's, Inc. Chas CHAS Charles CHAS Charleston CHAS Comprehensive Housing Affordability Strategy CHAS Contractors Health and Safety Assessment Scheme (UK) CHAS Center for Health Administration Studies CHAS Chicago High School for Agricultural Sciences 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. , 214/357-9588 |
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