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Dave & Buster's Hails Record FY 2011; Q4 Amusement Revenue Jumps 9%

Posted On: 4/24/2012

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DALLAS -- Bolstered by a strong fourth-quarter that saw amusement revenues increase almost 9%, Dave & Buster's Inc. said it achieved its best-ever adjusted EBITDA during fiscal 2011. For the 52-week period, adjusted EBITDA increased 14% to $98.4 million. The prior fiscal year recorded the same percentage improvement at $86.3 million.

Total revenues for Dave & Buster's 2011 fiscal year increased to $541.5 million, or 3.8%, from $521.5 million for the comparable period last year.

For the year, total food and beverage revenues increased $5.1 million, or 1.9%, and revenues from amusements and other sources increased $14.9 million, or 5.9%.

The company said the yearlong revenue increases were comprised of a 2.2% increase in comparable store sales, and a net $11.6 million increase in revenues from non-comparable stores and other revenue sources. It also reported that positive revenue gains were partially offset by a $2.4 million revenue reduction related to the closing of a store in Dallas a year ago.

Dave & Buster's also announced fourth-quarter revenues. For the fourth quarter, which ended Jan. 29, the operator of big box entertainment-dining complexes reported that its profit dipped to $1.8 million from $4.5 million in the prior-year period. However, revenues increased to $144 million, or 6.3%, compared with $135.5 million in the fourth quarter of 2010. That improvement was driven by a $1 million increase in comparable store sales and a net $7.5 million increase in revenues from non-comparable stores and other revenue sources.

Adjusted EBITDA increased 7.1% to $29.9 million in the fourth quarter of 2011 versus $28 million in the fourth quarter in the prior year.

Dave & Buster's owns and operates 59 stores in 25 states and Canada. Oak Hill Capital Partners in mid-2010 purchased the chain.