Missouri
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001-15007
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43-1532756
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(State of
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(Commission File
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(IRS Employer
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incorporation)
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Number)
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Identification Number)
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¨
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Written communications pursuant to Rule 425 under the Securities Act
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¨
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Soliciting material pursuant to Rule 14a-12 of the Exchange Act
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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99
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Press release dated April 14, 2011.
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DAVE & BUSTER’S, INC.
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Date: April 18, 2011
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By:
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/s/ Jay L. Tobin
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Jay L. Tobin
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Senior Vice President, General Counsel
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and Secretary
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![]() |
EXHIBIT 99
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News Release
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For further information contact:
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Geralyn DeBusk
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Halliburton Investor Relations
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972-458-8000
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January 30, 2011
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January 31, 2010
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||||||
(audited)
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(audited)
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|||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 34,407 | $ | 16,682 | ||||
Other current assets
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42,284 | 30,104 | ||||||
Total current assets
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$ | 76,691 | $ | 46,786 | ||||
Property and equipment, net
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304,819 | 294,151 | ||||||
Intangible and other assets, net
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383,032 | 142,703 | ||||||
Total assets
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$ | 764,542 | $ | 483,640 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Total current liabilities
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$ | 81,877 | $ | 80,708 | ||||
Other long-term liabilities
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96,417 | 83,872 | ||||||
Long-term debt, net of unamortized discount
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346,418 | 226,414 | ||||||
Stockholders' equity
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239,830 | 92,646 | ||||||
Total liabilities and stockholders' equity
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$ | 764,542 | $ | 483,640 |
13 Weeks Ended
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13 Weeks Ended
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|||||||||||||||
January 30, 2011
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January 31, 2010
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|||||||||||||||
Food and beverage revenues
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$ | 72,012 | 53.2 | % | $ | 71,833 | 53.7 | % | ||||||||
Amusement and other revenues
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63,446 | 46.8 | % | 61,812 | 46.3 | % | ||||||||||
Total revenues
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135,458 | 100.0 | % | 133,645 | 100.0 | % | ||||||||||
Cost of products
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26,525 | 19.6 | % | 27,340 | 20.5 | % | ||||||||||
Store operating expenses
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71,261 | 52.7 | % | 74,612 | 55.8 | % | ||||||||||
General and administrative expenses
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8,161 | 6.0 | % | 8,158 | 6.1 | % | ||||||||||
Depreciation and amortization
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12,906 | 9.5 | % | 13,825 | 10.3 | % | ||||||||||
Pre-opening costs
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452 | 0.3 | % | 700 | 0.5 | % | ||||||||||
Total operating expenses
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119,305 | 88.1 | % | 124,635 | 93.2 | % | ||||||||||
Operating income
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16,153 | 11.9 | % | 9,010 | 6.8 | % | ||||||||||
Interest expense, net
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8,321 | 6.1 | % | 5,340 | 4.0 | % | ||||||||||
Income before provision for income taxes
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7,832 | 5.8 | % | 3,670 | 2.8 | % | ||||||||||
Income tax provision
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3,331 | 2.5 | % | 3,760 | 2.8 | % | ||||||||||
Net income (loss)
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$ | 4,501 | 3.3 | % | $ | (90 | ) | 0.0 | % | |||||||
Other information:
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||||||||||||||||
Stores open at end of period (2)
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58 | 56 |
13 Weeks Ended
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13 Weeks Ended
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|||||||
January 30, 2011
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January 31, 2010
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|||||||
Total net income (loss)
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$ | 4,501 | $ | (90 | ) | |||
Add back: Provision for income taxes
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3,331 | 3,760 | ||||||
Interest expense, net
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8,321 | 5,340 | ||||||
Depreciation and amortization
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12,906 | 13,825 | ||||||
EBITDA
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29,059 | 22,835 | ||||||
Add back: (Gain) Loss on asset disposal
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(3,326 | ) | 330 | |||||
Share-based compensation
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263 | 247 | ||||||
Currency transaction (gain) loss
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(54 | ) | 1 | |||||
Pre-opening costs
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452 | 700 | ||||||
Reimbursement of affiliate expenses
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204 | 342 | ||||||
Severance
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216 | 101 | ||||||
Deferred amusement revenue and ticket
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||||||||
redemption liability adjustments
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693 | 345 | ||||||
Transaction costs
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464 | - | ||||||
Adjusted EBITDA (3)
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$ | 27,971 | $ | 24,901 |
52 Weeks Ended
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52 Weeks Ended
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|||||||||||||||
January 30, 2011 (1)
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January 31, 2010
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|||||||||||||||
Food and beverage revenues
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$ | 267,514 | 51.3 | % | $ | 269,973 | 51.8 | % | ||||||||
Amusement and other revenues
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254,025 | 48.7 | % | 250,810 | 48.2 | % | ||||||||||
Total revenues
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521,539 | 100.0 | % | 520,783 | 100.0 | % | ||||||||||
Cost of products
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103,981 | 19.9 | % | 104,137 | 20.0 | % | ||||||||||
Store operating expenses
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300,498 | 57.7 | % | 306,799 | 59.0 | % | ||||||||||
General and administrative expenses
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42,734 | 8.2 | % | 30,437 | 5.8 | % | ||||||||||
Depreciation and amortization
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50,018 | 9.6 | % | 53,658 | 10.3 | % | ||||||||||
Pre-opening costs
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2,289 | 0.4 | % | 3,881 | 0.7 | % | ||||||||||
Total operating expenses
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499,520 | 95.8 | % | 498,912 | 95.8 | % | ||||||||||
Operating income
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22,019 | 4.2 | % | 21,871 | 4.2 | % | ||||||||||
Interest expense, net
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32,462 | 6.2 | % | 22,122 | 4.2 | % | ||||||||||
Loss before provision for income taxes
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(10,443 | ) | -2.0 | % | (251 | ) | 0.0 | % | ||||||||
Income tax provision (benefit)
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(3,148 | ) | -0.6 | % | 99 | 0.0 | % | |||||||||
Net loss
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$ | (7,295 | ) | -1.4 | % | $ | (350 | ) | 0.0 | % | ||||||
Other information:
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||||||||||||||||
Stores open at end of period (2)
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58 | 56 |
52 Weeks Ended
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52 Weeks Ended
|
|||||||
January 30, 2011 (1)
|
January 31, 2010
|
|||||||
Total net loss
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$ | (7,295 | ) | $ | (350 | ) | ||
Add back: Provision (benefit) for income taxes
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(3,148 | ) | 99 | |||||
Interest expense, net
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32,462 | 22,122 | ||||||
Depreciation and amortization
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50,018 | 53,658 | ||||||
EBITDA
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72,037 | 75,529 | ||||||
Add back: (Gain) Loss on asset disposal
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(2,397 | ) | 1,361 | |||||
Gain on acquisition of limited partnership
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- | (357 | ) | |||||
Share-based compensation
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2,491 | 722 | ||||||
Currency transaction gain
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(143 | ) | (123 | ) | ||||
Pre-opening costs
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2,289 | 3,881 | ||||||
Reimbursement of affiliate expenses
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626 | 750 | ||||||
Severance
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1,183 | 295 | ||||||
Deferred amusement revenue and ticket
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||||||||
redemption liability adjustments
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1,276 | 932 | ||||||
Transaction costs
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8,918 | 155 | ||||||
Adjusted EBITDA (3)
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$ | 86,280 | $ | 83,145 |
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