Dave & Buster's reports fiscal Q3 loss of US$4.4M, compared with loss of US$6.2M in year-ago period; total revenues up 3.2% to US$120.3M
December 13, 2011
– Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its third quarter ended October 30, 2011.
Total revenues increased 3.2% to $120.3 million in the third quarter of 2011, compared to $116.6 million in the third quarter of 2010. The year-over-year revenue increase was driven by a $4.7 million increase in revenues from non-comparable stores and other revenue sources and was partially offset by a 0.9% decrease in comparable store sales. Across all stores, Amusements and Other revenues increased $3.8 million or 6.6% on a year-over-year basis and Food and Beverage revenues declined slightly from the third quarter of 2010.
Adjusted EBITDA increased 15.4% to $15.1 million in the third quarter of 2011 versus $13.1 million in the third quarter of fiscal 2010.
Total revenues for the 39-week period increased 3.0% to $397.6 million from $386.1 million for the comparable period last year. This revenue increase was comprised of a 2.7% increase in comparable store sales, as well as an increase of $5.9 million in revenues from non-comparable stores and other revenue sources, and was partially offset by a $2.7 million revenue reduction associated with the late first quarter 2010 flood-related closure of the Company’s store in Nashville, Tennessee, and a $1.5 million revenue reduction related to the second quarter 2011 closure of a store in Dallas, Texas. Total Food and Beverage revenues increased $2.2 million or 1.1% and revenues from Amusements and Other increased $9.3 million or 4.9%.
Adjusted EBITDA for the 39-week period increased 17.4% to $68.4 million versus $58.3 million for the comparable period last year.
The Adjusted EBITDA for all periods were not adversely affected by the above mentioned closure of our Nashville store as the result of coverage under our business interruption insurance policy.
"Given the current economic backdrop, our ability to deliver more than 15% Adjusted EBITDA growth during the quarter was extremely impressive," said Steve King, Chief Executive Officer. "We are also very excited that we are continuing to expand the Dave & Buster's brand with our recent openings in Nashville, Tennessee and Braintree, Massachusetts as well as our upcoming 2012 opening in Oklahoma City."
Non-GAAP Financial Measures
A reconciliation of EBITDA 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 third quarter results on Tuesday, December 13, 2011, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). To participate in the conference call please dial (877) 317-6789 a few minutes before call start time and reference conference ID# 10007520. Canadian callers should dial (866) 605-3852; callers from all other international locations should dial 1 (412) 317-6789 to participate in the call. Additionally, a live and archived webcast of the conference call will be available on the Company's website, www.daveandbusters.com.
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s is the premier national owner and operator of high-volume venues that offer interactive entertainment options for adults and families, such as skill/sports-oriented redemption games and technologically advanced video and simulation games, combined with a full menu of high quality food and beverages. Dave & Buster’s currently owns and operates 57 stores in 24 states and Canada. For additional information on Dave & Buster’s, please visit www.daveandbusters.com.
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