Dave & Buster’s, Inc., a leading operator of high volume entertainment/dining complexes, has announced results for its first quarter ended May 1, 2011.
Total revenues increased 5.0% to $148.6 million in the first quarter of 2011, compared to $141.6 million in the first quarter of 2010. The year-over-year revenue increase was driven by a 6.2% increase in comparable store sales and a $1.4 million increase in revenues from non-comparable stores and other revenue sources. These revenue increases were partially offset by the loss of $2.7 million in revenues associated with the May 2010 flood-related closure of our store in Nashville, Tennessee. Total Food and Beverage revenues increased 4.1%, while revenues from Amusements and Other increased 5.9%.
Adjusted EBITDA increased 24.7% to $33.6 million versus $27.0 million in the first quarter of fiscal 2010. The Adjusted EBITDA for the quarter was not adversely affected by the closure of our Nashville store as the result of coverage under our business interruption insurance policy. “I’m very proud of the record breaking Adjusted EBITDA we achieved in the first quarter. Our efforts to build comparable store sales paid off as we realized solid growth in both walk in and special events sales,” said Steve King, Chief Executive Officer. “The team did an outstanding job of controlling our costs and we were able to flow most of the sales increase to the bottom line.”
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s is the premier national owner and operator of 56 high-volume venues that offer interactive entertainment options for adults and families, such as skill/sports-oriented redemption games and technologically advanced video and simulation games, combined with a full menu of high quality food and beverages. Dave & Buster’s currently has stores in 24 states and Canada.