Missouri
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001-15007
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43-1532756
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(State
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
Number)
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|
99
|
Press
release dated June 11, 2009.
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DAVE & BUSTER’S, INC. | |||
Date:
June 15, 2009
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By:
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/s/ Jay L. Tobin | |
Jay L. Tobin | |||
Senior
Vice President, General Counsel and Secretary
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|||
ASSETS
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May 3, 2009
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February 1, 2009
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||||||
(unaudited)
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(audited)
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|||||||
Current
assets:
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||||||||
Cash and cash
equivalents
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$ | 9,135 | $ | 8,534 | ||||
Other current
assets
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30,933 | 30,619 | ||||||
Total current
assets
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40,068 | 39,153 | ||||||
Property
and equipment,
net
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292,478 | 296,805 | ||||||
Intangible
and other assets,
net
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144,356 | 144,978 | ||||||
Total
assets
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$ | 476,902 | $ | 480,936 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
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||||||||
Total
current
liabilities
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$ | 70,562 | $ | 74,349 | ||||
Other
long-term
liabilities
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81,991 | 85,314 | ||||||
Long-term
debt, less current
installments
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227,125 | 229,250 | ||||||
Stockholders’
equity
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97,224 | 92,023 | ||||||
Total
liabilities and stockholders’
equity
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$ | 476,902 | $ | 480,936 |
13
Weeks Ended
May
3, 2009
|
13
Weeks Ended
May
4, 2008
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|||||||||||||||
Food
and beverage revenues
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$ | 71,000 | 51.3 | % | $ | 74,665 | 52.4 | % | ||||||||
Amusement
and other revenues
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67,426 | 48.7 | % | 67,798 | 47.6 | % | ||||||||||
Total revenues
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138,426 | 100.0 | % | 142,463 | 100.0 | % | ||||||||||
Cost
of products
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26,955 | 19.5 | % | 27,095 | 19.0 | % | ||||||||||
Store
operating expenses
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77,136 | 55.7 | % | 80,051 | 56.2 | % | ||||||||||
General
and administrative expenses
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7,405 | 5.4 | % | 8,482 | 6.0 | % | ||||||||||
Depreciation
and amortization
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12,733 | 9.2 | % | 12,439 | 8.7 | % | ||||||||||
Startup
costs
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1,146 | 0.8 | % | 282 | 0.2 | % | ||||||||||
Total operating
expenses
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125,375 | 90.6 | % | 128,349 | 90.1 | % | ||||||||||
Operating income
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13,051 | 9.4 | % | 14,114 | 9.9 | % | ||||||||||
Interest
expense, net
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5,549 | 4.0 | % | 6,146 | 4.3 | % | ||||||||||
Income before provision for
income taxes
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7,502 | 5.4 | % | 7,968 | 5.6 | % | ||||||||||
Provision
for income taxes
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2,335 | 1.7 | % | 2,958 | 2.1 | % | ||||||||||
Net income
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$ | 5,167 | 3.7 | % | $ | 5,010 | 3.5 | % | ||||||||
Other
information:
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||||||||||||||||
Company operated stores open at
end of period
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53 | 49 | ||||||||||||||
The
following table sets forth a reconciliation of net loss to EBITDA
(Modified) and Adjusted EBITDA for the periods shown:
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||||||||||||||||
Total
net income
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$ | 5,167 | $ | 5,010 | ||||||||||||
Add
back: Provision for income taxes
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2,335 | 2,958 | ||||||||||||||
Interest
expense, net
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5,549 | 6,146 | ||||||||||||||
Depreciation
and amortization
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12,733 | 12,439 | ||||||||||||||
Loss
(gain) on asset disposal
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173 | 382 | ||||||||||||||
Share-based
compensation
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9 | 295 | ||||||||||||||
Currency
transaction (gain)
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(24 | ) | - | |||||||||||||
EBITDA
(Modified) (1)
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25,942 | 27,230 | ||||||||||||||
Add
back: Startup costs
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1,146 | 282 | ||||||||||||||
Wellspring
expense reimbursement
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188 | 188 | ||||||||||||||
Severance
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31 | - | ||||||||||||||
Adjusted
EBITDA (1)
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$ | 27,307 | $ | 27,700 |
(1)
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EBITDA
(Modified), a non-GAAP measure, is defined as net income (loss) before
income tax expense (benefit), interest expense (net), depreciation,
amortization, loss (gain) on asset disposal and stock-based compensation
expense. Adjusted EBITDA, also a non-GAAP measure, is defined
as EBITDA (Modified) plus startup costs, Wellspring expense reimbursement,
non-cash and non-recurring charges. The company believes that
EBITDA (Modified) and Adjusted EBITDA (collectively, “EBITDA – Based
Measures”) provide useful information to debt holders regarding the
Company’s operating performance and its capacity to incur and service debt
and fund capital expenditures. The Company believes that the
EBITDA – Based Measures are used by many investors, analysts and rating
agencies as a measure of performance. In addition, Adjusted EBITDA is
approximately equal to “Consolidated EBITDA” as defined in our Senior
Credit Facility and indentures relating to the Company’s senior
notes. Neither of the EBITDA – Based Measures is defined by
GAAP and neither should be considered in isolation or as an alternative to
other financial data prepared in accordance with GAAP or as an indicator
of the Company’s operating performance. EBITDA (Modified) and
Adjusted EBITDA as defined in this release may differ from similarly
titled measures presented by other
companies.
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