CEC Entertainment Reports Financial Results For The Second Quarter Of 2012

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.

If you liked this article you might like

Rudolph, Chip-Equipment Suppliers Likely Next on M&A Hit List

CEC Entertainment (CEC) Hits New Lifetime High Today

Who Moved My (Chuck E.) Cheese?

Apollo Bids $1.3B for Chuck E. Cheese's

Why CEC Entertainment (CEC) Is Jumping Today