CEC Entertainment Reports Financial Results For The 2012 Fourth Quarter And Fiscal Year

CEC Entertainment, Inc. (NYSE: CEC) today announced its financial results for its fourth quarter ended December 30, 2012. Total revenues for the fourth quarter of 2012 decreased 0.4%, or $0.8 million, to $177.8 million from $178.6 million for the fourth quarter of 2011. The decrease primarily related to a 2.2% decrease in comparable store sales, partially offset by additional revenues from thirteen new stores opened or acquired, net of six closed stores, since the end of 2011.

The fourth quarter 2012 was a net loss of $0.6 million compared to net income of $2.7 million for the fourth quarter of 2011. The $0.6 million net loss in the fourth quarter of 2012 includes $2.0 million of asset impairment charges, net of tax. Diluted loss per share was $0.03 for the fourth quarter of 2012 compared to diluted earnings per share of $0.15 for the fourth quarter of 2011.

Total revenues for fiscal year 2012 decreased 2.2%, or $17.7 million, to $803.5 million compared to $821.2 million for the fiscal year 2011. The decrease in total revenues was primarily related to a 2.9% decrease in comparable store sales, partially offset by additional revenues from thirteen new stores opened or acquired, net of six stores closed, since the end of 2011.

Net income for the fiscal year 2012 decreased 20.7%, or $11.4 million, to $43.6 million compared to $55.0 million for the fiscal year 2011. Diluted earnings per share decreased to $2.47 per share in fiscal year 2012 from $2.88 per share in fiscal year 2011. The decrease primarily related to the decrease in net income. Diluted earnings per share for the fiscal year 2012 benefitted approximately $0.17 from our repurchase of 2.7 million shares of our common stock since the beginning of fiscal year 2011.

On February 19, 2013, the Company’s Board of Directors declared a cash dividend of $0.24 per share. This cash dividend is scheduled to be paid on April 18, 2013 to stockholders of record as of March 21, 2013.

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