Issue Date: Vol. 43, No. 5 / May 25, 2003 - June 24, 2003, Posted On: 6/3/2003
Dave & Buster's Reports First Quarter Earnings
DALLAS, TX-- (Posted June 3) Dave & Buster's today reported earnings for its first quarter ended May 4, 2003. Net income for the quarter was $3million and operating income was $6.7 million. Officials said D&B's achieved an increase in net income (prior to a change in accounting for goodwill) even though total revenues declined for the quarter as compared to the prior year. These results indicate that Dave & Buster's strategic initiatives to reduce costs are yielding results, the company said. Total revenues decreased 5.8% to $91.6 million from $97.2 million in the prior year's comparable quarter. The softness, blamed in part on distractions such as the recent Iraq war, was led by amusements with a decline of just over 9%. Food and beverage revenue declined slightly more than 2%. Revenues for comparable stores decreased 7.5% during the quarter. Management said it will continue cost-cutting and revenue-building efforts. D&B's recently announced the appointment of Maria Miller as senior vice-president for marketing.