![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cec Entertainment, Inc. | NYSE:CEC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.98 | 0.00 | 01:00:00 |
|
|
|
|
|
Kansas
|
|
1-13687
|
|
48-0905805
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
|
|
Exhibit
Number
|
Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC ENTERTAINMENT, INC.
|
||
|
|
|
|
|||
Date: May 9, 2018
|
|
|
|
By:
|
|
/s/ Dale R. Black
|
|
|
|
|
|
|
Dale R. Black
|
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
(1)
|
For our definition of Adjusted EBITDA, see the financial table “Reconciliation of Non-GAAP Financial Measures” included within this press release.
|
|
|
Chuck E. Cheese’s
|
|
Peter Piper Pizza
|
|
Total
|
|||
Company operated
|
|
519
|
|
|
42
|
|
|
561
|
|
Domestic franchised
|
|
26
|
|
|
60
|
|
|
86
|
|
International franchised
|
|
63
|
|
|
46
|
|
|
109
|
|
Total
|
|
608
|
|
|
148
|
|
|
756
|
|
•
|
our strategy, outlook and growth prospects;
|
•
|
our operational and financial targets and dividend policy;
|
•
|
our planned expansion of the venue base and the implementation of the new design in our existing venues;
|
•
|
general economic trends and trends in the industry and markets; and
|
•
|
the competitive environment in which we operate.
|
•
|
negative publicity and changes in consumer preferences;
|
•
|
our ability to successfully expand and update our current venue base;
|
•
|
our ability to successfully implement our marketing strategy;
|
•
|
our ability to compete effectively in an environment of intense competition;
|
•
|
our ability to weather economic uncertainty and changes in consumer discretionary spending;
|
•
|
increases in food, labor and other operating costs;
|
•
|
our ability to successfully open international franchises and to operate under the United States and foreign anti-corruption laws that govern those international ventures;
|
•
|
risks related to our substantial indebtedness;
|
•
|
failure of our information technology systems to support our current and growing businesses;
|
•
|
disruptions to our commodity distribution system;
|
•
|
our dependence on third-party vendors to provide us with sufficient quantities of new entertainment-related equipment, prizes and merchandise at acceptable prices;
|
•
|
risks from product liability claims and product recalls;
|
•
|
the impact of governmental laws and regulations and the outcomes of legal proceedings;
|
•
|
potential liability under certain state property laws;
|
•
|
fluctuations in our financial results due to new venue openings;
|
•
|
local conditions, natural disasters, terrorist attacks and other events and public health issues;
|
•
|
the seasonality of our business;
|
•
|
inadequate insurance coverage;
|
•
|
labor shortages and immigration reform;
|
•
|
loss of certain personnel;
|
•
|
our ability to protect our trademarks or other proprietary rights;
|
•
|
risks associated with owning and leasing real estate, as well as the risks from any forced venue relocation or closure;
|
•
|
our ability to successfully integrate the operations of companies we acquire;
|
•
|
impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets;
|
•
|
our failure to maintain adequate internal controls over our financial and management systems; and
|
•
|
other risks, uncertainties and factors set forth in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2017
, filed with the SEC on
March 28, 2018
.
|
|
|
Three Months Ended
|
||||||||||||
|
|
April 1,
2018 |
|
April 2,
2017 |
||||||||||
|
|
|||||||||||||
REVENUES:
|
|
|
|
|
||||||||||
Food and beverage sales
|
|
$
|
118,377
|
|
|
46.4
|
%
|
|
$
|
124,419
|
|
|
47.0
|
%
|
Entertainment and merchandise sales
|
|
131,117
|
|
|
51.4
|
%
|
|
135,917
|
|
|
51.3
|
%
|
||
Total company venue sales
|
|
249,494
|
|
|
97.9
|
%
|
|
260,336
|
|
|
98.3
|
%
|
||
Franchise fees and royalties
|
|
5,410
|
|
|
2.1
|
%
|
|
4,623
|
|
|
1.7
|
%
|
||
Total revenues
|
|
254,904
|
|
|
100.0
|
%
|
|
264,959
|
|
|
100.0
|
%
|
||
OPERATING COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
||||||
Company venue operating costs (excluding Depreciation and amortization):
|
|
|
|
|
|
|
|
|
||||||
Cost of food and beverage
(1)
|
|
27,360
|
|
|
23.1
|
%
|
|
28,218
|
|
|
22.7
|
%
|
||
Cost of entertainment and merchandise
(2)
|
|
9,382
|
|
|
7.2
|
%
|
|
8,487
|
|
|
6.2
|
%
|
||
Total cost of food, beverage, entertainment and merchandise
(3)
|
|
36,742
|
|
|
14.7
|
%
|
|
36,705
|
|
|
14.1
|
%
|
||
Labor expenses
(3)
|
|
67,349
|
|
|
27.0
|
%
|
|
66,388
|
|
|
25.5
|
%
|
||
Rent expense
(3)
|
|
24,049
|
|
|
9.6
|
%
|
|
23,319
|
|
|
9.0
|
%
|
||
Other venue operating expenses
(3)
|
|
38,062
|
|
|
15.3
|
%
|
|
36,750
|
|
|
14.1
|
%
|
||
Total company venue operating costs
(3)
|
|
166,202
|
|
|
66.6
|
%
|
|
163,162
|
|
|
62.7
|
%
|
||
Other costs and expenses:
|
|
|
|
|
|
|
|
|
||||||
Advertising expense
|
|
13,974
|
|
|
5.5
|
%
|
|
13,382
|
|
|
5.1
|
%
|
||
General and administrative expenses
|
|
12,909
|
|
|
5.1
|
%
|
|
15,371
|
|
|
5.8
|
%
|
||
Depreciation and amortization
|
|
26,572
|
|
|
10.4
|
%
|
|
28,305
|
|
|
10.7
|
%
|
||
Transaction, severance and related litigation costs
|
|
534
|
|
|
0.2
|
%
|
|
80
|
|
|
—
|
%
|
||
Total operating costs and expenses
|
|
220,191
|
|
|
86.4
|
%
|
|
220,300
|
|
|
83.1
|
%
|
||
Operating income
|
|
34,713
|
|
|
13.6
|
%
|
|
44,659
|
|
|
16.9
|
%
|
||
Interest expense
|
|
18,557
|
|
|
7.3
|
%
|
|
17,061
|
|
|
6.4
|
%
|
||
Income before income taxes
|
|
16,156
|
|
|
6.3
|
%
|
|
27,598
|
|
|
10.4
|
%
|
||
Income tax expense
|
|
3,933
|
|
|
1.5
|
%
|
|
10,378
|
|
|
3.9
|
%
|
||
Net income
|
|
$
|
12,223
|
|
|
4.8
|
%
|
|
$
|
17,220
|
|
|
6.5
|
%
|
|
|
April 1,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
98,686
|
|
|
$
|
67,200
|
|
Restricted cash
|
|
86
|
|
|
112
|
|
||
Other current assets
|
|
69,802
|
|
|
73,419
|
|
||
Total current assets
|
|
168,574
|
|
|
140,731
|
|
||
Property and equipment, net
|
|
561,241
|
|
|
570,021
|
|
||
Goodwill
|
|
484,438
|
|
|
484,438
|
|
||
Intangible assets, net
|
|
479,504
|
|
|
480,377
|
|
||
Other noncurrent assets
|
|
18,650
|
|
|
19,477
|
|
||
Total assets
|
|
$
|
1,712,407
|
|
|
$
|
1,695,044
|
|
LIABILITIES AND STOCKHOLDER’S EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Bank indebtedness and other long-term debt, current portion
|
|
$
|
7,600
|
|
|
$
|
7,600
|
|
Other current liabilities
|
|
107,894
|
|
|
102,689
|
|
||
Total current liabilities
|
|
115,494
|
|
|
110,289
|
|
||
Capital lease obligations, less current portion
|
|
12,852
|
|
|
13,010
|
|
||
Bank indebtedness and other long-term debt, net of deferred financing costs, less current portion
|
|
964,449
|
|
|
965,213
|
|
||
Deferred tax liability
|
|
113,572
|
|
|
114,186
|
|
||
Other noncurrent liabilities
|
|
231,448
|
|
|
230,198
|
|
||
Total liabilities
|
|
1,437,815
|
|
|
1,432,896
|
|
||
Stockholder’s equity:
|
|
|
|
|
||||
Common stock, $0.01 par value; authorized 1,000 shares; 200 shares issued as of April 1, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Capital in excess of par value
|
|
359,300
|
|
|
359,233
|
|
||
Accumulated deficit
|
|
(82,976
|
)
|
|
(95,199
|
)
|
||
Accumulated other comprehensive loss
|
|
(1,732
|
)
|
|
(1,886
|
)
|
||
Total stockholder’s equity
|
|
274,592
|
|
|
262,148
|
|
||
Total liabilities and stockholder’s equity
|
|
$
|
1,712,407
|
|
|
$
|
1,695,044
|
|
|
|
Three Months Ended
|
||||||
|
|
April 1,
2018 |
|
April 2,
2017 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|||||||
Net income
|
|
$
|
12,223
|
|
|
$
|
17,220
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
26,572
|
|
|
28,305
|
|
||
Deferred income taxes
|
|
(672
|
)
|
|
(861
|
)
|
||
Stock-based compensation expense
|
|
64
|
|
|
151
|
|
||
Amortization of lease related liabilities
|
|
(211
|
)
|
|
(139
|
)
|
||
Amortization of original issue discount and deferred debt financing costs
|
|
1,137
|
|
|
1,137
|
|
||
Loss on asset disposals, net
|
|
1,237
|
|
|
1,755
|
|
||
Non-cash rent expense
|
|
1,181
|
|
|
832
|
|
||
Other adjustments
|
|
(26
|
)
|
|
1
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Operating assets
|
|
1,872
|
|
|
(4,998
|
)
|
||
Operating liabilities
|
|
9,187
|
|
|
15,400
|
|
||
Net cash provided by operating activities
|
|
52,564
|
|
|
58,803
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(18,060
|
)
|
|
(22,793
|
)
|
||
Development of internal use software
|
|
(515
|
)
|
|
(1,129
|
)
|
||
Proceeds from sale of property and equipment
|
|
158
|
|
|
105
|
|
||
Net cash used in investing activities
|
|
(18,417
|
)
|
|
(23,817
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Repayments on senior term loan
|
|
(1,900
|
)
|
|
(1,900
|
)
|
||
Other financing activities
|
|
(833
|
)
|
|
758
|
|
||
Net cash used in financing activities
|
|
(2,733
|
)
|
|
(1,142
|
)
|
||
Effect of foreign exchange rate changes on cash
|
|
46
|
|
|
67
|
|
||
Change in cash, cash equivalents and restricted cash
|
|
31,460
|
|
|
33,911
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
67,312
|
|
|
61,291
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
98,772
|
|
|
$
|
95,202
|
|
|
|
Three Months Ended
|
||||||
|
|
April 1,
2018 |
|
April 2,
2017 |
||||
|
|
|
|
|
||||
Total revenues
|
|
$
|
254,904
|
|
|
$
|
264,959
|
|
Net income as reported
|
|
12,223
|
|
|
17,220
|
|
||
Interest expense
|
|
18,557
|
|
|
17,061
|
|
||
Income tax expense
|
|
3,933
|
|
|
10,378
|
|
||
Depreciation and amortization
|
|
26,572
|
|
|
28,305
|
|
||
Loss on asset disposals, net
|
|
1,237
|
|
|
1,755
|
|
||
Unrealized loss on foreign exchange
|
|
356
|
|
|
—
|
|
||
Non-cash stock-based compensation
|
|
64
|
|
|
151
|
|
||
Rent expense book to cash
|
|
2,174
|
|
|
980
|
|
||
Franchise revenue, net cash received
|
|
421
|
|
|
(90
|
)
|
||
Impact of purchase accounting
|
|
—
|
|
|
215
|
|
||
Venue pre-opening costs
|
|
23
|
|
|
239
|
|
||
One-time and unusual items
|
|
762
|
|
|
2,267
|
|
||
Change in deferred amusement revenue
|
|
3,231
|
|
|
5,044
|
|
||
Adjusted EBITDA
|
|
$
|
69,553
|
|
|
$
|
83,525
|
|
Adjusted EBITDA Margin
|
|
27.3
|
%
|
|
31.5
|
%
|
|
|
Three Months Ended
|
||||
|
|
April 1,
2018 |
|
April 2,
2017 |
||
Number of Company-owned venues:
|
|
|
|
|
||
Beginning of period
|
|
562
|
|
|
559
|
|
New
|
|
—
|
|
|
1
|
|
Closed
|
|
(1
|
)
|
|
—
|
|
End of period
|
|
561
|
|
|
560
|
|
Number of franchised venues:
|
|
|
|
|
||
Beginning of period
|
|
192
|
|
|
188
|
|
New
|
|
4
|
|
|
3
|
|
Closed
|
|
(1
|
)
|
|
—
|
|
End of period
|
|
195
|
|
|
191
|
|
Total number of venues:
|
|
|
|
|
||
Beginning of period
|
|
754
|
|
|
747
|
|
New
|
|
4
|
|
|
4
|
|
Closed
|
|
(2
|
)
|
|
—
|
|
End of period
|
|
756
|
|
|
751
|
|
1 Year Cec Entertainment Chart |
1 Month Cec Entertainment Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions