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Issue Date: Vol. 53, No. 9, September 2013, Posted On: 8/6/2013

Chuck E. Cheese's Q2 Profit Soars, Comparable Store Sales Grow 2.9%

Emily Jed
TAGS: CEC second quarter profit, CEC Entertainment, Chuck E. Cheese's, family entertainment chain, Michael Magusiak, CEC fiscal 2013, amusement business

IRVING, TX -- Second quarter profit climbed 78% for CEC Entertainment, parent of the Chuck E. Cheese's family entertainment chain. Profit rose to $7.2 million during the quarter ending June 30, up from $4.1 million during the same period a year ago.

Revenue increased 5.2% to $191.9 million from $182.4 million for the second quarter of 2012. The company attributed the increase primarily to a 2.9% increase in same-store sales and revenue from new store development.

Net income for the first six months of 2013 increased 11.3%, or $4.1 million, to $40.5 million from $36.4 million year over year. For the six-month period, total revenues increased 4.2%, or $18 million, to $447.2 million, up from $429.2 million for the first six months of 2012.

"We believe that we have developed a solid plan to increase comparable store sales, grow our concept with both domestic and international new locations and improve our profitability," said Michael Magusiak, president and chief executive of CEC Entertainment. "Our team is focused and dedicated to executing and continuously improving our strategy."

The company stood by its projection for comparable store sales of 1.5% to 2.5% for fiscal 2013. It increased its diluted earnings per share guidance to be in a range of $2.90 to $3.05.

The Irving, TX-based company reported first-quarter net income of $33.3 million, or $1.90 a share, up 3% from $32.3 million, or $1.81 per share, last year. | SEE STORY

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