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SHOWBIZ ANNOUNCES SECOND QUARTER RESULTS; STOCK BUY-BACK OF UP TO $10 MILLION

 IRVING, Texas, July 16 /PRNewswire/ -- ShowBiz Pizza Time, Inc. (NASDAQ: SHBZ) today announced that revenues and earnings for the three and six months ended July 2, 1993 were negatively impacted by declines in comparable store sales of the company's Chuck E. Cheese's/ShowBiz restaurants during the second quarter of 1993.
 Revenues for the three months ended July 2, 1993 increased by 9.8 percent to $64.7 million from $58.9 million in the comparable period of 1992 due to the impact of new restaurants which opened in 1992 and 1993. Net income for the second quarter of 1993 decreased to $1.8 million from $3.2 million in the second quarter of 1992 largely as a result of a decline of 8.1 percent in comparable store sales of the company's Chuck E. Cheese's/ShowBiz restaurants for the three months ended July 2, 1993, including a 13.2 percent decline for the last four weeks of the second quarter. The company earned $.13 per share for the second quarter of 1993 as compared to $.23 for the second quarter of the prior year.
 Revenues for the first six months of 1993 increased by 11.6 percent to $138.1 million from $123.7 million in the first half of 1992. Net income for the first half of 1993 declined to $8.4 million from $8.8 million earned in the first half of 1992. The company earned $.60 per share in the first half of 1993 as compared to $.63 per share earned in the comparable period of 1992. Comparable store sales of Chuck E. Cheese's/ShowBiz restaurants for the first six months of 1993 declined by 4.9 percent over the first half of 1992.
 Comparable store sales for the company's Chuck E. Cheese's/ShowBiz restaurants for the first 11 days of the third quarter of 1993 have increased by 7.5 percent over the comparable period of the prior year. This increase may not be significant due to the limited period of comparison and non-comparable holiday periods involved. There can therefore by no assurance that the weakness of the company's sales and earnings will not continue. The company also announced that its board of directors has approved a plan to purchase, from time to time in the open market or through negotiated trades with persons who are not affiliates of the company, shares of the company's common stock at an aggregate purchase price of up to $10 million. The company's decision was based on its belief that its common stock is presently undervalued and represents an attractive long-term investment opportunity for the company. The funds required for the stock purchase will be provided from the company's operating cash flow and anticipated borrowing under the company's $25 million revolving credit facility. To the extent that the company utilizes its credit facility to finance such stock purchases, the company may not achieve its objective of becoming virtually debt free by the end of fiscal 1993. The company's plans for new restaurant development remain unchanged and it anticipates opening about 35 new restaurants in 1993 and approximately 45 new units in 1994.
 ShowBiz operates a system of 309 Chuck E. Cheese's and ShowBiz Pizza Place restaurants, of which 199 are company operated in 28 states, and 28 Monterey's Tex-Mex Cafe restaurants in Texas, Oklahoma and Alabama.
 SHOWBIZ PIZZA TIME, INC. AND SUBSIDIARY
 RESULTS OF OPERATIONS
 (Thousands, except per share data)
 Three Months Ended Six Months Ended
 7/02/93 6/28/92 7/02/93 6/28/92
 Revenues $ 64,669 $ 58,896 $138,050 $123,747
 Operating Income 2,962 5,494 13,816 14,878
 Income Before Taxes 2,867 5,227 13,608 14,293
 Income Taxes:
 Current Expense 216 69 967 672
 Deferred Expense 852 1,955 4,259 4,860
 1,068 2,024 5,226 5,532
 Net Income $ 1,799 $ 3,203 $ 8,382 $ 8,761
 Earnings Per Share:
 Primary and
 Fully Diluted $.13 $.23 $.60 $.63
 Weighted Average
 Shares Outstanding:
 Primary 13,664 13,633 13,668 13,656
 Fully Diluted 13,666 13,633 13,674 13,657
 -0- 7/16/93
 /CONTACT: Michael H. Magusiak, executive vice president and chief financial officer of ShowBiz Pizza Time, Inc., 214-258-8507/
 (SHBZ)


CO: ShowBiz Pizza Time, Inc. ST: Texas IN: LEI SU: ERN

TM-MG -- NY054 -- 2664 07/16/93 17:05 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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