CEC Entertainment, Inc. (NYSE: CEC) today announced its financial results for its first quarter ended April 1, 2012. Total revenues for the first quarter of 2012 decreased 3.8%, or $9.6 million, to $246.8 million from $256.4 million for the first quarter of 2011. Comparable store sales decreased 4.2% for the first quarter of 2012 as compared to the first quarter of 2011.
Net income for the first quarter ended April 1, 2012 decreased 5.2% to $32.3 million as compared to $34.1 million for the first quarter of 2011. Diluted earnings per share for the first quarter of 2012 were $1.81 per share as compared to $1.71 per share for the first quarter of 2011. Diluted earnings per share during the first quarter of 2012 benefited from our repurchase of approximately 2.3 million shares of our common stock since the beginning of the first quarter of 2011 through the end of the first quarter of 2012.
On May 1, 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 July 5, 2012 to stockholders of record as of June 7, 2012.
Michael Magusiak, President and Chief Executive Officer, stated that, “I am disappointed with the decrease in comparable store sales during the first quarter. Overall, we believe our greatest opportunity in generating increased customer traffic, and ultimately comparable store sales, is through a new comprehensive marketing and advertising campaign that will be introduced in the second half of this year. Our strategy for growth will also continue to focus on reinvesting in our existing store base to continue to provide guests with our best-in-class product and experience, as well as expanding domestically and franchising internationally.”
Mr. Magusiak continued, “As we move forward in 2012 and implement our new strategies, we believe we will see meaningful improvement in results.”