SINGAPORE -- Timezone reports that sales increased 12% in the first quarter of 2013 over the comparable prior-year quarter. Net income grew by 161%, and earnings before income tax, depreciation, amortization and rent (EBITDAR) went up by nearly 170 basis points. Operating income more than doubled, increasing 119%.
The sales gain was driven in large part by like-store growth of 9%, the company said.
"Our strategy to drive more value from selected locations is gaining traction and having a profound impact on the bottom line," said Timezone group chief executive Sonaal Chopra. "We are witnessing over 20% like-store growth consistently in some of our markets. We foresee healthy like-store growth for 2013."
Timezone is the leading chain of family entertainment centers in the Australasian and adjacent regions, offering popular interactive games, rides and attractions in a safe, friendly, happy and brightly lit environment. The company operates 230 FEC locations in Australia and New Zealand, Indonesia and India, the Philippines and Vietnam, and in its Singapore home base. Timezone is part of the LAI Group, which also includes LAI Games, an amusement machine manufacturer, and Embed, which markets a card-based payment, administrative and management information system for site-based entertainment businesses.