Business
Dave & Buster’s Reports First Quarter 2020 Results; Provides Update on Status of Store Reopenings and COVID-19 Safeguards
DALLAS, June 11, 2020 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of
About this update from Dave & Buster's Entertainment, Inc.
[{"type":"text","content":"DALLAS, June 11, 2020 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), (\"Dave & Buster's\" or \"the Company\"), an owner and operator of entertainment and dining venues, today announced financial results for its first quarter of fiscal year 2020, which ended on May 3, 2020.\n As of March 20, 2020, all of the Company’s 137 stores were temporarily closed for the remainder of the first quarter in compliance with state-by-state COVID-19 mitigation mandates to halt dine-in & entertainment operations, severely impacting the Company’s first quarter results. In response, the Company took aggressive steps to conserve and attract new sources of capital in order to extend its liquidity horizon, while also preserving critical store re-opening capabilities. The Company began reopening stores on April 30 as individual states began easing dine-in & entertainment restrictions. As of last week, the Company had reopened 28 stores, and by the end of this week will have 48 stores open in 15 states under reduced hours of operation and capacity limitations as dictated by each locality. Each of the reopened stores has implemented extensive incremental cleaning and sanitation procedures, new seating and game configurations to promote social distancing, and a temporarily condensed food & beverage menu. Key First Quarter 2020 Highlights (all comparisons to first quarter 2019) Revenues totaled $159.8 million compared with $363.6 millionNumber of stores increased 8% to 137 from 127Comparable store sales decreased 58.6% (all stores were temporarily closed beginning March 20, 2020 under COVID-19 mitigation mandates)Net loss totaled $(43.5) million, or $(1.37) per share (31.8 million weighted average shares), compared with net income of $42.4 million, or $1.13 per diluted share (37.6 million weighted average shares)EBITDA loss totaled $(26.1) million compared with EBITDA of $88.9 millionAdjusted EBITDA loss totaled $(10.8) million compared with adjusted EBITDA of $98.2 millionSuspended quarterly cash dividend and share repurchase programEnded the quarter with $157 million in cash and equivalents, including funds from the draw-down of its credit facility and $75 million in gross proceeds raised via an At-The-Market equity offering of 6.1 million shares at an average price of $12.20 per share.Subsequent to the end of the quarter, on May ...