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Restaurant Industry News |
Sunday September 7th, 2008 |
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Dave & Buster's, Inc. Reports Fourth Quarter and Fiscal Year 2007 Results |
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Total revenue increased 1.0% to $145.4 million from $143.9 million in the fourth quarter of 2006. |
Click here for financial tables
Dave & Buster´s, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its fourth quarter and fiscal year ended February 3, 2008.
Highlights for the 13 week fourth quarter of 2007 compared to the 14 week fourth quarter of 2006 were as follows:
Total revenue increased 1.0% to $145.4 million from $143.9 million in the fourth quarter of 2006.
Same store sales increased 4.0% over the comparable 13 week period in 2006.
Operating income increased to $13.1 million from $5.3 million in the fourth quarter of 2006.
Highlights for the 52 week fiscal year 2007 compared to the 53 week fiscal year 2006 were as follows:
Total revenue increased 5.1% to $536.3 million from $510.2 million.
Same store sales increased 4.1% compared to a 52 week 2006 period.
Operating income increased to $21.1 million from $8.0 million.
'We are thrilled that we were able to sustain over 4% same store sales growth throughout Fiscal 2007,' said Steve King, Chief Executive Officer. 'Our unique combination of food and games, supported by a strong national cable value message in the Eat and Play Combo, provided our guests an opportunity to escape from their everyday routine for a few hours and have fun at Dave & Buster's.'
Review of Operating Results
Total reported revenues increased 1.0% to $145.4 million in the fourth quarter of 2007, compared to $143.9 million in the fourth quarter of 2006. Total revenue growth based on the comparable 13 week period in 2006 increased 7.3%, due primarily to a 4.0% increase in comparable store sales. Reported Food and Beverage revenues increased 4.7% while revenues from Amusements and Other increased 10.9%, respectively on a comparable 13 week basis.
Reported revenues for the 52 week fiscal year ended February 3, 2008 increased to $536.3 million from $510.2 million in Fiscal 2006. Total revenue growth based on the 52 week 2006 increased 6.9%, due primarily to a comparable stores sales increase of 4.1%. Reported Food and Beverage revenues increased 3.1%, while revenues from Amusements and Other increased 7.6% (increases of 4.9% and 9.4% respectively on a comparable 52 week basis).
EBITDA (Modified) for the fourth quarter of 2007 increased to $27.1 million from $19.6 in the fourth quarter of 2006. Adjusted EBITDA, which excludes non-recurring charges, increased 2.2% to $27.3 million versus $26.7 million in the fourth quarter of 2006.
For the fiscal year 2007, EBITDA (Modified) of $75.9 million increased by $19.2 million versus $56.7 million in fiscal year 2006. Adjusted EBITDA improved 14.8% to $81.0 million in fiscal 2007 versus $70.5 million in fiscal 2006.
'Our outstanding EBITDA performance in 2007 was fueled by strong sales and our operating team's ability to implement key improvement initiatives throughout the year,' said Mr. King, 'We are very pleased with the results of this year and believe our momentum is sustainable into 2008.'
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