Revenue, Same-Store Sales Down at Dave & Buster's
Restaurant chain Dave & Buster's Inc. reports financial results for its fiscal 2009 first quarter.
-- Chain Leader, 6/11/2009 8:34:00 AM
PRESS RELEASE: DALLAS--(BUSINESS WIRE)--Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its first quarter ended May 3, 2009. Total revenues decreased 2.8% to $138.4 million in the first quarter of 2009, compared to $142.5 million in the first quarter of 2008. This revenue decline was comprised primarily of a 7.9% decrease in comparable store sales offset by a $7.1 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 4.9%, while revenues from Amusements and Other decreased 0.5%.
EBITDA (Modified) for the first quarter of 2009 of $25.9 million was less than prior year EBITDA (Modified) of $27.2 million by 4.7%. Adjusted EBITDA, which excludes Startup costs, Wellspring expense reimbursements and non-recurring charges, decreased 1.4% to $27.3 million versus $27.7 million in the first quarter of fiscal 2008.
"We continue to manage through a very difficult sales environment, one that is especially challenging for our special events business. I am encouraged by our ability to improve margins during this period of sales decline," said Steve King, Chief Executive Officer. "Through a combination of continued margin performance and new store openings, we have maintained our adjusted EBITDA performance versus prior year."
Non-GAAP Financial Measures
A reconciliation of EBITDA (Modified) and Adjusted EBITDA to net income, the most directly comparable financial measure presented in accordance with GAAP, is set forth in the attachment to this release.
The Company will hold a conference call to discuss first quarter results on Thursday, June 11, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). To participate in the conference call, please dial (866) 765-2661 a few minutes prior to the start time and reference code # 13289977. Additionally, a live and archived webcast of the conference call will be available on the Company's Web site, www.daveandbusters.com.
Celebrating over 25 years of operations, Dave & Buster's was founded in 1982 and is one of the country's premier entertainment/dining concepts in the United States and in Canada. The Company is proud to announce the upcoming (June 15, 2009), opening of a new large format store, which is located in Indianapolis, Indiana. The Indianapolis location will be the 54th Company-operated store in North America and the second Dave & Buster's new store opening in Fiscal 2009. More information on the Company is available on the Company's Web site, www.daveandbusters.com.
The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by our level of indebtedness, general business and economic conditions, the impact of competition, the seasonality of the company's business, adverse weather conditions, future commodity prices, guest and employee complaints and litigation, fuel and utility costs, labor costs and availability, changes in consumer spending, changes in demographic trends, unfavorable publicity, our ability to open new complexes, acts of God, and governmental regulations.
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