Dave & Buster's, Inc. Reports Financial Results for its Fiscal 2009 First Quarter
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.
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."
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