Dave & Buster's Says It Will Not Open Stores In 2003

DALLAS (Posted December 23)- Dave & Buster's Inc. reported that a soft economy for weak third-quarter revenues in fiscal 2002 and projected that fourth-quarter and 2003 earnings would remain flat or in the 2% growth range, prompting a decision not to open any new stores in 2003. The announcement came on Dec. 5 as D&B's released financial results for its third quarter and 39 weeks ended Nov. 3, 2002. Total revenue for the quarter increased 3.9% to $84.6 million from $81.4 million in the prior year's comparable quarter while revenues for comparable stores declined 3.5%. The operating loss for the quarter was $1.3 million compared with $1.3 million in the prior year. Net loss was $1.7 million, or $0.13 per diluted share compared to $1.9 million, or $0.14 per diluted share in the prior year.