Dave & Buster’s, Inc. Reports Fourth Quarter and Fiscal Year 2009 Financial Results
Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its fourth quarter and fiscal year ended January 31, 2010.
“Given the unprecedented environment we faced in 2009, we are very pleased that we were able to continue our unit growth, improve our operating margins, and also deliver over $82 million in Adjusted EBITDA for the year”
Total revenues decreased 0.9% to $133.6 million in the fourth quarter of 2009, compared to $134.9 million in the fourth quarter of 2008. This revenue decline was comprised primarily of a 5.8% decrease in comparable store sales offset by a $6.1 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 3.4%, while revenues from Amusements and Other increased 2.0%.
EBITDA (Modified) for the fourth quarter of 2009 of $23.4 million was greater than prior year EBITDA (Modified) of $22.3 million by 5.1%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $24.6 million versus $25.5 million in the fourth quarter of fiscal 2008.
Total revenues for the 52-week period decreased 2.4% to $520.8 million from $533.4 million for the comparable period last year. This revenue reduction was comprised of a 7.8% decrease in comparable store sales partially offset by a $27.8 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.2%, while revenues from Amusements and Other increased 0.9%.
EBITDA (Modified) for the 52-week period of $77.1 million was less than prior year EBITDA (Modified) of $80.0 million by 3.6%. Adjusted EBITDA decreased 4.1% to $82.2 million, versus $85.7 million for the comparable period last year.
“Given the unprecedented environment we faced in 2009, we are very pleased that we were able to continue our unit growth, improve our operating margins, and also deliver over $82 million in Adjusted EBITDA for the year,” said Steve King, Chief Executive Officer.
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 fourth quarter results on Wednesday, April 14, 2010, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). To participate in the conference call, please dial (866) 765-2661a few minutes prior to the start time and reference code #68005867. Additionally, a live and archived webcast of the conference call will be available on the Company's Web site, www.daveandbusters.com.
Celebrating over 27 years of operations, Dave & Buster's was founded in 1982 and is one of the country's premier entertainment/dining concepts. We currently operate 56 locations and franchise one location in the United States and in Canada. 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 and corporate spending, changes in demographic trends, changes in governmental regulations, unfavorable publicity, our ability to open new stores, and acts of God.
