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CEC Entertainment Reports Financial Results For The Second Quarter Of 2012

Stocks in this article: CEC

CEC Entertainment, Inc. (NYSE: CEC) today announced its financial results for its second quarter ended July 1, 2012. Total revenues for the second quarter of 2012 decreased 2.0%, or $3.8 million, to $182.4 million from $186.2 million for the second quarter of 2011. The decrease primarily related to a 2.4% decrease in comparable store sales, slightly offset by additional revenues generated from new stores.

Net income for the second quarter ended July 1, 2012 decreased 37.3%, or $2.4 million, to $4.1 million as compared to $6.5 million for the second quarter of 2011. Diluted earnings per share decreased to $0.23 per share for the second quarter of 2012 from $0.34 per share for the second quarter of 2011. The decrease primarily related to the decrease in net income.

For the first six months of 2012, total revenues decreased 3.0%, or $13.4 million, to $429.2 million as compared to $442.6 million for the first six months of 2011. The decrease in total revenues was primarily related to a 3.4% decrease in comparable store sales, slightly offset by additional revenues generated from new stores.

Net income for the first six months of 2012 decreased 10.4%, or $4.2 million, to $36.4 million as compared to $40.6 million for the first six months of 2011. Despite the decrease in net income, diluted earnings per share remained relatively flat for the first six months of 2012 at $2.05 per share as compared to diluted earnings per share of $2.06 per share for the first six months of 2011. Diluted earnings per share for the first six months of 2012 benefitted approximately $0.16 from our repurchase of 2.7 million shares of our common stock since the beginning of 2011 fiscal year.

On July 31, 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 October 4, 2012 to stockholders of record as of September 6, 2012.

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