SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 8, 2018
DAVE & BUSTER’S ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
|
Delaware (State of incorporation) |
001-35664 (Commission File Number) |
35-2382255 (IRS Employer Identification Number) |
2481 Manana Drive
Dallas TX 75220
(Address of principal executive offices)
Registrant’s telephone number, including area code: (214) 357-9588
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act |
| ¨ | Soliciting material pursuant to Rule 14a-12 of the Exchange Act |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act |
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
The information contained in Item 2.02 of this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
The information set forth below under Item 7.01 “Regulation FD Disclosure” is hereby incorporated by reference into this Item 2.02.
| Item 7.01. | Regulation FD Disclosure. |
On January 8, 2018, Dave & Buster’s Entertainment, Inc. (the “Company”) issued a press release updating its 2017 fiscal year financial outlook. A copy of this Press Release is attached hereto as Exhibit 99.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99 | Press release dated January 8, 2018. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DAVE & BUSTER’S ENTERTAINMENT, INC. | |||
| Date: January 8, 2018 | By: | /s/ Jay L. Tobin | |
| Jay L. Tobin | |||
| Senior Vice President, General Counsel | |||
| and Secretary | |||
 |
EXHIBIT 99
For Investor Relations Inquiries: Arvind Bhatia, CFA Dave & Buster’s Entertainment, Inc. 214.904.2202 |
Dave & Buster’s Entertainment, Inc. Updates Fiscal 2017 Guidance
DALLAS, January 8, 2018 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's"), an owner and operator of entertainment and dining venues, today updated guidance for its fiscal 2017, which ends on February 4, 2018. The Company expects to report its full fourth quarter and fiscal 2017 results in early April 2018.
“As indicated on our fiscal third quarter conference call, we had a slower-than-expected start to the fourth quarter. We expected sales to improve during our seasonally strong weeks in December but instead trends softened further leading us to update our financial outlook for fiscal year 2017,” said Steve King, Chief Executive Officer.
“Meanwhile, our new stores continue to perform very well. Opening new stores with outstanding returns remains a key priority and we are maintaining our plan to open fourteen to fifteen new stores in fiscal 2018. With their first year now completed, we are pleased to report year-one cash on cash returns of approximately 54% for our 2016 class of stores, exceeding returns for our very successful 2014 and 2015 classes of stores,” King concluded.
Updated Fiscal Year 2017 Financial Outlook
Quarter-to-date through January 6, 2018, comparable store sales were down 5.1%. Based on the quarter-to-date performance, the Company expects fiscal 2017 total revenue to be in the range of $1.138 billion to $1.142 billion compared to prior guidance of $1.148 billion to $1.155 billion, and expects comparable store sales (on a 52-week basis) to range from -1.0% to -0.7% compared to prior guidance of 0.0% to 0.75%.
Net income for fiscal 2017 is now expected to be in the range of $108 million to $110 million versus prior guidance of $110 million to $112 million. The effective tax rate is projected to be approximately 29.5%, including the impact of ASU 2016-09 through the first nine months of fiscal year 2017. EBITDA for fiscal 2017 is expected to be in the range of $265 million to $268 million compared to prior guidance of $268 million to $272 million.
As previously communicated, we plan to open our Bayamon, Puerto Rico store on January 15, 2018.
ICR Conference Participation
The Company announced that management will present at the 20th Annual ICR Conference at the JW Marriott Orlando, Grande Lakes in Orlando, FL. The presentation will be held on Tuesday, January 9, 2018 at 8:00 a.m. Eastern Time. Webcast information and the accompanying slides will be available at www.daveandbusters.com under the Investor Relations section.
Jefferies 7th Annual Winter Consumer Summit Participation
Management will participate in the Jefferies 7th Annual Winter Consumer Summit in Beaver Creek, Colorado from January 15 - January 17, 2018. This conference will not be webcast; however, copies of the investor relations materials will be available at www.daveandbusters.com under the Investor Relations section.
About Dave & Buster’s Entertainment, Inc.
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 105 venues in North America that combine entertainment and dining and offer customers the opportunity to "Eat, Drink, Play and Watch," all in one location. Dave & Buster's offers a full menu of "Fun American New Gourmet" entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster's currently has stores in 36 states and Canada.
For Investor Relations Inquiries:
Arvind Bhatia, CFA
214.904.2202
arvind_bhatia@daveandbusters.com