Washington, D.C. 20549




Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): June 12, 2012



(Exact name of registrant as specified in its charter)



(State of



(Commission File



(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




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 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.


On June 12, 2012, Dave & Buster’s, Inc. issued a press release announcing its first quarter 2012 results. A copy of this Press Release is attached hereto as Exhibit 99.


Item 9.01. Financial Statements and Exhibits.


(d) Exhibits.


99Press release dated June 12, 2012.





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.


Date: June 14, 2012 By: /s/ Jay L. Tobin  _                         _
    Jay L. Tobin
    Senior Vice President, General Counsel
    and Secretary





   News Release EXHIBIT 99 

For further information contact:

Geralyn DeBusk

Halliburton Investor Relations




Dave & Buster’s, Inc. Reports Record Quarterly

Adjusted EBITDA of $39.7 Million


DALLAS—June 12, 2012—Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its first quarter ended April 29, 2012.

Total revenues increased 10% to $163.5 million in the first quarter of 2012, compared to $148.6 million in the first quarter of 2011. The year-over-year revenue increase was primarily driven by a $16.1 million increase in revenues from non-comparable stores. Revenues at our comparable stores were essentially flat compared to the first quarter of 2011. Across all stores, Food and Beverage revenues increased $4.9 million or 6.6% and Amusements and Other revenues increased $10 million or 13.4% compared to the first quarter of 2011.

Adjusted EBITDA increased 18.0% to $39.7 million in the first quarter of 2012 versus $33.6 million in the first quarter of fiscal 2011.

“We achieved record Adjusted EBITDA results, primarily fueled by the stores we opened in 2011 and early 2012,” said Steve King CEO of Dave & Buster's. “While the exceptionally mild winter across the country hurt our comparable store sales, our margin enhancing initiatives enabled us to deliver exceptional results.”

Non-GAAP Financial Measures

A reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable financial measure presented in accordance with GAAP, is set forth in the attachment to this release.


The Company will hold a conference call to discuss first quarter results on Tuesday, June 12, 2012, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). To participate in the conference call please dial (877) 317-6789 a few minutes before call start time and reference “The Dave & Buster’s Conference Call” (conference ID# 10015030). Canadian callers should dial (866) 605-3852; callers from all other international locations should dial 1 (412) 317-6789 to participate in the call. Additionally, a live and archived webcast of the conference call will be available on the Company's website,


Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s is the premier national owner and operator of high-volume venues that offer interactive entertainment options for adults and families, such as skill/sports-oriented redemption games and technologically advanced video and simulation games, combined with a full menu of high quality food and beverages. Dave & Buster’s currently owns and operates 59 stores in 25 states and Canada. For additional information on Dave & Buster’s, please visit


The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by our level of indebtedness, general business and economic conditions, the impact of competition, the seasonality of the company’s business, adverse weather conditions, future commodity prices, guest and employee complaints and litigation, fuel and utility costs, labor costs and availability, changes in consumer and corporate spending, changes in demographic trends, changes in governmental regulations, unfavorable publicity, our ability to open new stores, and acts of God.





Condensed Consolidated Balance Sheets

(in thousands)


ASSETS   April 29, 2012    January 29, 2012 
    (unaudited)    (audited) 
Current assets:          
Cash and cash equivalents  $58,860   $33,684 
Other current assets   38,463    41,310 
Total current assets  $97,323   $74,994 
Property and equipment, net   313,720    323,342 
Intangible and other assets, net   379,670    380,326 
Total assets  $790,713   $778,662 
Total current liabilities  $87,618   $86,643 
Other long-term liabilities   104,975    104,987 
Long-term debt, less current liabilities, net unamortized discount   344,889    345,167 
Stockholders' equity   253,231    241,865 
Total liabilities and stockholders' equity  $790,713   $778,662 





Consolidated Statements of Operations

(dollars in thousands)



   13 Weeks Ended   13 Weeks Ended 
   April 29, 2012   May 1, 2011 
Food and beverage revenues  $79,144    48.4%  $74,262    50.0%
Amusement and other revenues   84,330    51.6%   74,341    50.0%
Total revenues   163,474    100.0%   148,603    100.0%
Cost of products   30,954    18.9%   28,299    19.0%
Store operating expenses   85,491    52.3%   79,371    53.5%
General and administrative expenses   9,017    5.5%   8,811    5.9%
Depreciation and amortization   14,795    9.1%   13,070    8.8%
Pre-opening costs   150    0.1%   740    0.5%
Total operating expenses   140,407    85.9%   130,291    87.7%
Operating income   23,067    14.1%   18,312    12.3%
Interest expense, net   8,342    5.1%   8,243    5.5%
Income before income tax provision   14,725    9.0%   10,069    6.8%
Income tax provision   3,741    2.3%   3,351    2.3%
Net income  $10,984    6.7%  $6,718    4.5%
Other information:                    
Company-owned and operated stores open at end of period (1)   59         57      


The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods shown:


   13 Weeks Ended   13 Weeks Ended 
   April 29, 2012   May 1, 2011 
Total net income  $10,984   $6,718 
Add back:  Interest expense, net   8,342    8,243 
Income tax provision   3,741    3,351 
Depreciation and amortization   14,795    13,070 
EBITDA   37,862    31,382 
Add back:  Loss on asset disposal   336    428 
Share-based compensation   292    360 
Currency transaction gain   (47)   (195)
Pre-opening costs   150    740 
Reimbursement of affiliate expenses   201    65 
Deferred amusement revenue and ticket          
  redemption liability adjustments   779    618 
Transaction and other costs   101    237 
Adjusted EBITDA (2)  $39,674   $33,635 






(1) The store count as of May 1, 2011, includes a store in Dallas, Texas, which was permanently closed on May 2, 2011.


(2) EBITDA, a non-GAAP measure, is defined as net income (loss) before income tax provision (benefit), interest expense (net) and depreciation and amortization. Adjusted EBITDA, also a non-GAAP measure, is defined as EBITDA plus (gain) loss on asset disposal, share-based compensation expense, pre-opening costs, reimbursement of affiliate expenses, and other non-cash or non-recurring charges. The company believes that EBITDA 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 secured 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 and Adjusted EBITDA as defined in this release may differ from similarly titled measures presented by other companies.