DALLAS -- The operator of big box entertainment-dining facilities finished its fourth quarter and full year 2012, which ended Feb. 3, 2013, on a high note. An extra week, an income tax benefit and two new locations helped Dave & Buster’s bring in profit.
Dave & Buster's latest fourth quarter, which was 14 weeks, compared with the previous fourth quarter's 13 weeks, posted revenue of $165.6 million, compared with $144 million, a 15% increase. Comparable store sales increased 3.7%, on an equal 13-week basis.
During the last quarter, adjusted EBITDA increased 20.5% to $36.1 million from $29.9 million. As a percentage of total revenues, Dave & Buster's reported, adjusted EBITDA increased nearly 100 basis points to 21.8%.
Dave & Buster's operating income increased 24.7% to $14.8 million from $11.9 million. As a percentage of total revenues, operating income increased 69 basis points to 9%.
During the quarter, two new stores were opened, one in Dallas and the other in Boise, ID. The company also had a $1.8 million tax benefit in the most recent quarter.
For the full year 2012, which had 53 weeks, compared with 2011's 52 weeks, total revenues increased 12.3% to $608.1 million from $541.5 million. Comparable store sales increased 3%, on an equivalent 52-week basis.
Last year's adjusted EBITDA increased 22.5% to $120.5 million, from $98.4 million. As a percentage of total revenues, the company said, adjusted EBITDA rose about 165 basis points to 19.8%.
Dave & Buster's annual operating income increased 28% to $43.7 million, from $34.1 million. As a percentage of total revenues, operating income rose by 88 basis points to 7.2%.
"Our same-store sales gain substantially outpaced the casual dining industry benchmark, while the expansion in operating income and adjusted EBITDA exceeded the top-line increase," said Dave & Buster's chief executive Steve King. "The dynamic, high-energy and social experience of Dave & Buster's is clearly resonating with a growing customer base and underscores our opportunity to grow sales and profits while pursuing disciplined new development."
For the remainder of the year, King said the big box arcade and restaurant chain will open four to six new locations, and remodel seven existing stores. Chain-wide plans call for new menu items and improvements for sports viewing, parties and corporate events.