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Issue Date: Vol. 52, No. 1, January 2012, Posted On: 1/6/2012

Dave & Buster's Has Strong Q3; EBITDA Up 15%, Amusements 6.6%

Marcus Webb
Dave & Buster's, Steve King, Dave & Buster's third quarter, D&B's, amusement business, arcade chain, family entertainment center, FEC

DALLAS -- Dave & Buster's Inc. said adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 15.4% to $15.1 million in the third quarter of 2011, compared with $13.1 million for the same period last year.

Across all stores for the third quarter, amusements and "other" revenues increased $3.8 million, or 6.6%, on a year-over-year basis. Food and beverage revenue declined slightly from the previous third quarter.

Additional results for the company's third quarter ended Oct. 30, 2011, saw total revenue increase 3.2% to $120.3 million, compared with $116.6 million in the third quarter of 2010.

D&B's said the year-over-year revenue increase was driven by a $4.7 million increase in revenues from non-comparable stores and other income sources, and was slightly offset by a 0.9% decrease in comparable store sales.

Total revenue for the 39-week period increased 3% to $397.6 million from $386.1 million for the comparable period last year. This improvement was comprised of increases of 2.7% in comparable store sales and $5.9 million in revenues from non-comparable stores and other revenue sources.

The positive 39-week results were partially offset by a $2.7 million revenue reduction associated with the late first-quarter 2010 flood-related closure of the D&B's store in Nashville, and a $1.5 million reduction related to closure of a store in Dallas in the second quarter of 2011.

For the 39-week period, total food and beverage revenue increased $2.2 million, or 1.1%, and amusement and other income increased $9.3 million, or 4.9%.

Adjusted EBITDA for the 39-week period increased 17.4% to $68.4 million, compared with $58.3 million for the comparable period last year.

D&B's chief executive Steve King said the company recently opened stores in Nashville and in Braintree, MA, and plans another store opening this year in Oklahoma City.

Dave & Buster's owns and operates 57 stores in the U.S. and Canada.

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