Dave & Buster’s, Inc. Reports Financial Results for its Fiscal 2009 Third Quarter

Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008.

Dave & Buster’s, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its third quarter ended November 1, 2009.

Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008. This revenue decline was comprised primarily of a 7.4% decrease in comparable store sales offset by a $5.9 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.3%, while revenues from Amusements and Other increased 1.4%.

EBITDA (Modified) for the third quarter of 2009 of $10.2 million was less than prior year EBITDA (Modified) of $10.9 million by 6.9%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $11.3 million versus $11.8 million in the third quarter of fiscal 2008.

Total revenues for the 39-week period decreased 2.8% to $387.1 million from $398.4 million for the comparable period last year. This revenue reduction was comprised of an 8.5% decrease in comparable store sales partially offset by a $21.7 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.8%, while revenues from Amusements and Other increased 0.5%.

EBITDA (Modified) for the 39-week period of $53.7 million was less than prior year EBITDA (Modified) of $57.8 million by 7.0%. Adjusted EBITDA decreased 4.2% to $57.7 million, versus $60.2 million for the comparable period last year.

‘We are encouraged that the key differentiator of the Dave & Buster’s brand, our Amusements business, has remained relatively strong during this economic downturn,’ said Steve King, Chief Executive Officer. ‘This gives us confidence that as the economy recovers, we are well positioned to take advantage of renewed discretionary spending.’