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Oct. 20. 2003: Chuck E Cheese's Hits Profit High; Benchmark Starts Month-Long Discount Program; William 'Si' Redd Dies

Posted On: 10/20/2003

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CHUCK E. CHEESE'S RECORDS PROFIT SURGE FOR 3RD QUARTER

IRVING, TEXAS - CEC Entertainment Inc., owner of the Chuck E. Cheese's restaurant chain, announced record earnings for the third quarter ended Sept. 28, 2003. Q3 revenues increased to $170.1 million (from $148.9 million in 2002 Q3). Net income in Q3 2003 increased to $16.8 million from $16.5 million in the same period of 2002. A key indicator, same-store sales for the comparable quarter, rose 5.3% over 2002. Results include a pre-tax charge of $4.25 million related to the settlement of pending litigation over employee wage and hour claims in California. CEC Entertainment operates 455 stores in 47 states.

 

BENCHMARK LAUNCHES DIRECT-TO-OPERATOR DISCOUNT PROGRAM

HYPOLUXO, FL , Benchmark Games on Oct. 17 announced the start of "Benchmark's Big Rebate," a $1,000 discount program. The rebate will be awared directly from the manufacturer to the operator upon the purchase of any assortment of three games from among the following Benchmark titles: "Wheel Deal," "Gold Zone," "Bubba's Excavation Co.," "Drill-O-Matic," "Cat n' Mouse," "WhirlWin" and "Acme Crane Co." Benchmark officials advised operators to make their best deals with their distributors, then the company will send them a rebate check directly. The offer cannot be combined with any other promotional opportunities and ends Nov. 28.

 

WILLIAM 'SI' REDD, FOUNDER OF IGT, DIES AT 91

SOLANA BEACH, CA , William "Si" Redd, founder of world's largest slot machine manufacturer, International Game Technology, died on Oct. 14 at his home here. He was 91. Redd was known as the father of video poker and a key proponent of "megabucks" progressive jackpots, among many other innovations. Redd began as a Boston-based amusements operator, later founding Bally Distributing in 1967 in Nevada. When Bally Manufacturing balked at Redd's interest in developing video poker, he sold the company his distributorship and founded IGT, initially named Sircoma, in 1978.

 

 

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