Dave & Buster's, Inc. Reports Financial Results for Its Fiscal 2008 Third Quarter
Total revenues decreased 3.2% to $119.7 million in the third quarter of 2008, compared to $123.7 million in the third quarter of 2007.
Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its third quarter ended November 2, 2008.
Total revenues decreased 3.2% to $119.7 million in the third quarter of 2008, compared to $123.7 million in the third quarter of 2007. This revenue decline was comprised primarily of a 6.0% decrease in comparable store sales offset by a $3.2 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 4.7%, while revenues from Amusements and Other decreased 1.4%.
EBITDA (Modified) for the third quarter of 2008 of $10.9 million was less than prior year EBITDA (Modified) of $11.5 million by 4.8%. Adjusted EBITDA, which excludes Startup costs and other non-recurring charges, decreased 4.8% to $11.8 million versus $12.4 million in the third quarter of fiscal 2007.
Total revenues for the 39-week period increased 1.9% to $398.4 million from $390.8 million for the comparable period last year. This revenue growth was comprised primarily of a 0.2% decrease in comparable store sales and an $8.2 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 0.4%, while revenues from Amusements and Other revenue increased 4.7%.
EBITDA (Modified) for the 39-week period of $57.8 million exceeded prior year EBITDA (Modified) of $48.7 million by 18.5%. Adjusted EBITDA, which excludes Startup costs and other non-recurring charges, increased 12.2% to $60.2 million, versus $53.7 million for the comparable period last year.
'Macroeconomic factors made for an extremely challenging sales environment, and hurricane Ike forced the closure of two of our stores for two weeks,' said Steve King, the Company's Chief Executive Officer. 'The result was that our top line suffered during the quarter. Despite these obstacles, our operating team did a great job of executing against our initiatives, and improving efficiency.'
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