Business
Dave & Buster’s Reports Fourth Quarter and Full Year 2019 Results; Details Comprehensive Response to COVID-19 Pandemic
DALLAS, April 02, 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, April 02, 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 preliminary unaudited financial results for its fourth quarter and fiscal year 2019, which ended on February 2, 2020. The Company also detailed its comprehensive response to the evolving COVID-19 pandemic.\n The preliminary and unaudited 2019 results reported below are subject to review and change in connection with the Company’s 2019 audit that is yet to be completed. As set forth in a Current Report on Form 8-K filed today with the Securities and Exchange Commission (the “SEC”), the Company is utilizing temporary relief provided by the SEC to delay the filing of the Company’s 2019 Annual Report on Form 10-K for up to 45 days. As noted in that Current Report, among other factors, the shutdown of all of the Company’s stores and related disruptions to the Company’s business and operations have necessitated, and continue to necessitate, a series of actions by management, including actions related to the Company’s outlook for the next twelve months of liquidity, and completion of the audit of the 2019 financial statements. These actions, over and above targeted reductions in discretionary operating expenses and capital expenditures, are ongoing, and include exploring financing opportunities and seeking further covenant relief and counterparty concessions. Key Preliminary Fiscal Year 2019 Highlights (all comparisons to fiscal year 2018) Total revenues increased 7.1% to $1,355 million from $1,265 millionNumber of stores increased 12.4% to 136 from 121Comparable store sales decreased 2.6%Net income totaled $100.3 million, or $2.94 per diluted share (34.1 million shares outstanding), vs. net income of $117.2 million, or $2.93 per diluted share (40.0 million shares outstanding)EBITDA increased less than 1% to $280.5 million from $279.3 million Key Preliminary Fourth Quarter 2019 Highlights (all comparisons to fourth quarter 2018) Total revenues increased 4.6% to $347.2 million from $331.8 millionNumber of stores increased 12.4% to 136 from 121Comparable store sales decreased 4.7%Net income totaled $25.0 million, or $0.80 per diluted share (31.2 million shares outstanding), vs. net income of $29.4 million, or $0.75 per diluted sha...