Business
Dave & Buster’s Reports Fourth Quarter and Full-Year Financial Results; First Quarter Outlook Highlights Encouraging Business Recovery Trends
DALLAS, March 31, 2021 (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, March 31, 2021 (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 fourth quarter and fiscal year ended January 31, 2021. The Company’s financial results for the reported periods were severely impacted by the effects of the COVID-19 pandemic when compared against results of the comparable periods in 2019. The Company began the fourth quarter with 104 open stores, or approximately 74 percent of its total store base. As of January 31, the Company had 107 open stores. All stores open during the quarter operated under reduced hours and capacity limitations as dictated by each jurisdiction. Key Fourth Quarter 2020 Highlights (all comparisons to fourth quarter 2019) Revenues totaled $116.8 million compared with $347.2 millionOverall comparable store sales declined 70%Sales at fully operational comparable stores were 52% of 2019 salesNet loss totaled $56.8 million, or $1.19 per share (47.6 million shares), compared with net income of $25.0 million, or $0.80 per diluted share (31.2 million diluted shares)EBITDA loss totaled $20.1 million compared with EBITDA of $72.9 millionAdjusted EBITDA loss totaled $16.0 million compared with adjusted EBITDA of $77.8 millionStore-level operating income before depreciation and amortization was positive in 71 stores during the quarter and in 85 stores for the month of JanuaryEBITDA totaled $1.8 million in January 2021Ended the quarter with approximately $280 million of liquidity available under the Company’s revolving credit facility, net of a $150 million minimum liquidity covenant and $10 million in letters of credit Key Fiscal Year 2020 Highlights (all comparisons to fiscal year 2019) Revenues totaled $436.5 million compared with $1,354.7 millionOverall comparable store sales declined 70%Number of stores increased 2.9% to 140 from 136 (six openings and two closures)Net loss totaled $207.0 million, or $4.75 per share (43.5 million shares), vs. net income of $100.3 million, or $2.94 per diluted share (34.1 million diluted shares)EBITDA loss totaled $113.8 million compared with EBITDA of $280.5 millionAdjusted EBITDA loss totaled $81.3 million compared with adjusted EBITDA of $308.2 million Brian Jenkins, Dave & Buster’s Chief Executi...