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CEC Entertainment Reports Financial Results For The Fourth Quarter And Fiscal Year-End 2011

Stocks in this article: CEC

CEC Entertainment, Inc. (NYSE: CEC) today announced its financial results for its fourth quarter ended January 1, 2012. Total revenues for the fourth quarter of 2011 decreased 2.3%, or $4.2 million, to $178.6 million from $182.8 million for the fourth quarter of 2010. Comparable store sales decreased 3.6% for the fourth quarter of 2011 as compared to the fourth quarter of 2010.

Net income for the fourth quarter ended January 1, 2012 decreased to $2.7 million as compared to $2.8 million for the fourth quarter of 2010. Diluted earnings per share for the fourth quarter of 2011 were $0.15 per share as compared to diluted earnings per share of $0.14 per share for the fourth quarter of 2010. The increase in diluted earnings per share benefited from, among other things, our repurchase of approximately 2.5 million shares of our common stock since the beginning of the fourth quarter of 2010.

Total revenues for fiscal year 2011 increased 0.5%, or $4.0 million, to $821.2 million as compared to $817.2 million for fiscal 2010. Comparable store sales decreased 2.0% for the full fiscal year 2011 as compared to fiscal 2010. The increase in total revenues was primarily related to a weighted average net increase of six stores, which was offset by lower comparable store sales.

Net income for fiscal year 2011 increased to $55.0 million as compared to $54.0 million in fiscal 2010. Diluted earnings per share were $2.88 per share for fiscal 2011 as compared to diluted earnings per share of $2.55 per share for fiscal 2010. The increase in diluted earnings per share benefited from, among other things, the unfavorable tax related adjustments recorded in fiscal 2010 and our repurchase of approximately 4.5 million shares of our common stock since the beginning of fiscal year 2010.

On February 21, 2012, the Company’s Board of Directors declared a cash dividend of $0.22 per share. This cash dividend is scheduled to be paid on April 19, 2012 to stockholders of record as of March 22, 2012.

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