IRVING, Texas, Nov. 9,
2017 /PRNewswire/ -- CEC Entertainment, Inc. (the "Company")
today announced financial results for its third quarter ended
October 1, 2017.
Third Quarter Results (1)
"Our third quarter revenues continued to be impacted by the same
challenges we have faced for most of this year as we experienced
traffic declines in both our walk-in business and booked birthday
parties," said Tom Leverton, Chief
Executive Officer. "We have taken action on several fronts,
including changing our advertising approach and messaging, in order
to improve traffic in future periods. In addition, we were
negatively impacted by venue closures related to Hurricanes
Harvey and Irma at 73 of our locations."
Total revenues decreased $14.8
million to $213.3 million
during the third quarter of 2017 compared to the third quarter of
2016, primarily driven by a 6.9% decline in comparable venue sales,
offset partially by new venue sales.
The Company reported a net loss of $11.1
million for the third quarter of 2017, compared to a net
loss of $2.4 million for the third
quarter of 2016. The decrease in the net loss was driven by the
decline in Company-operated venue sales, as well as property and
inventory losses incurred in connection with Hurricanes Harvey and
Irma, offset by lower general and administrative expenses and lower
depreciation.
During the third quarter of 2017, Adjusted EBITDA decreased
$13.1 million to $38.1 million compared to the third quarter of
2016.
Balance Sheet and Liquidity
As of October 1, 2017, cash and cash equivalents were
$79.4 million, and the principal
outstanding on our debt was $988.4
million, with net availability of $140.1 million on our undrawn revolving credit
facility. During the third quarter of 2017, we had capital
expenditures of $25.3 million, of
which $6.1 million related to our
PlayPass initiative and another $8.0
million related to other growth initiatives. In addition, we
had $1.4 million in capital
expenditures related to IT initiatives, and $9.8 million related to maintenance capital
expenditures, primarily game enhancements and general venue capital
expenditures.
________________
(1)
|
For our definition of
Adjusted EBITDA, see the financial table "Reconciliation of
Non-GAAP Financial Measures" included within this press
release.
|
As of October 1, 2017, the Company's system-wide portfolio
consisted of:
|
|
Chuck E.
Cheese's
|
|
Peter Piper
Pizza
|
|
Total
|
Company
operated
|
|
523
|
|
39
|
|
562
|
Domestic
franchised
|
|
26
|
|
61
|
|
87
|
International
franchised
|
|
58
|
|
46
|
|
104
|
Total
|
|
607
|
|
146
|
|
753
|
Conference Call Information:
The Company will host a conference call beginning at
9:00 a.m. Central Time on Friday,
November 10, 2017. The call can be accessed by dialing (855)
743-8451 or (330) 968-0151 for international participants and
conference code 98534480.
A replay of the call will be available from 12:00 p.m. Central Time on November 10, 2017
through 10:30 p.m. Central Time on
November 24, 2017. The replay of the call can be accessed by
dialing (800) 585-8367 or (404) 537-3406 for international
participants and conference code 98534480.
About CEC Entertainment, Inc.
For 40 years, CEC Entertainment has served as the nationally
recognized leader in family dining and entertainment with both its
Chuck E. Cheese's and Peter Piper Pizza venues. As America's #1 place
for birthdays, Chuck E. Cheese's
goal is to create positive, lifelong memories for families through
fun, food, and play and is the place Where A Kid Can Be A
Kid ®. Committed to providing a fun, safe
environment, Chuck E. Cheese's helps
protect families through industry-leading programs such as Kid
Check®. As a strong advocate for its local communities,
over the past 13 years Chuck E.
Cheese's has donated more than $14
million to schools through its fundraising programs and
supports its national charity partner, Big Brothers Big Sisters.
Peter Piper Pizza, with its
neighborhood pizzeria feel, features dining, entertainment and
carryout. The solution to 'the family night out', Peter Piper Pizza takes pride in delivering a
food first, parent friendly experience that reconnects family and
friends. Expanding nationally, Peter Piper
Pizza recently opened locations in Oklahoma, Nevada, New
Mexico and Arizona
featuring an all new prototype design. As of October 1, 2017,
the Company and its franchisees operated a system of 607 Chuck E.
Cheese's and 146 Peter Piper Pizza venues, with locations in 47
states and 13 foreign countries and territories. For more
information, visit chuckecheese.com and peterpiperpizza.com.
Investor
Inquiries:
|
Media
Inquiries:
|
Dale R.
Black
|
Christelle
Dupont
|
EVP &
CFO
|
Public Relations
Manager
|
CEC Entertainment,
Inc.
|
CEC Entertainment,
Inc.
|
(972)
258-4525
|
(972)
258-4223
|
dblack@cecentertainment.com
|
cdupont@cecentertainment.com
|
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements, which
involve risks and uncertainties. These forward-looking statements
are generally identified by the use of forward-looking terminology,
including the terms "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "plan," "potential," "predict,"
"project," "should," "target," "will," "would" and, in each case,
their negative or other various or comparable terminology. All
statements other than statements of historical facts contained in
this press release, including statements regarding our strategy,
future operations, objectives of management and expected market
growth, are forward-looking statements. Forward-looking statements
are made based on management's current expectations and beliefs
concerning future events and, therefore, involve a number of
assumptions, risks and uncertainties, including the risk factors
described in Part I, Item 1A. "Risk Factors" of our Annual
Report on Form 10-K for the fiscal year ended January 1, 2017,
filed with the Securities and Exchange Commission on March 16,
2017. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may differ from those anticipated, estimated or
expected. There are a number of important factors that could cause
actual results or events to differ materially from those indicated
by such forward-looking statements, including but not limited
to:
- 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.
These statements involve known and unknown risks, uncertainties
and other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
our results to vary from expectations include, but are not limited
to:
- negative publicity concerning food quality, health, general
safety and other issues, 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 in both the restaurant and entertainment
industries;
- 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 U.S. 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 financials 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 January 1, 2017,
filed with the SEC on March 16,
2017.
The forward-looking statements made in this press release
reflect our views with respect to future events as of the date of
this press release and are based on assumptions and subject to
risks and uncertainties. Given these uncertainties, undue reliance
should not be placed on these forward-looking statements. These
forward-looking statements represent our estimates and assumptions
only as of the date of this press release and, except as required
by law, we undertake no obligation to update or review publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this report. We
anticipate that subsequent events and developments will cause our
views to change. Our forward-looking statements do not reflect the
potential impact of any future acquisitions, merger, dispositions,
joint ventures or investments we may undertake. We qualify all of
our forward-looking statements by these cautionary statements.
- financial tables follow -
CEC ENTERTAINMENT,
INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except percentages)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
October 1,
2017
|
|
October 2,
2016
|
|
October 1,
2017
|
|
October 2,
2016
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage
sales
|
$
|
98,255
|
|
46.1%
|
|
$
|
101,984
|
|
44.7%
|
|
$
|
320,085
|
|
46.4%
|
|
$
|
321,591
|
|
44.7%
|
Entertainment and
merchandise sales
|
110,633
|
|
51.9%
|
|
121,764
|
|
53.4%
|
|
356,274
|
|
51.6%
|
|
383,978
|
|
53.4%
|
Total company venue
sales
|
208,888
|
|
97.9%
|
|
223,748
|
|
98.1%
|
|
676,359
|
|
98.0%
|
|
705,569
|
|
98.1%
|
Franchise fees and
royalties
|
4,459
|
|
2.1%
|
|
4,322
|
|
1.9%
|
|
13,731
|
|
2.0%
|
|
13,440
|
|
1.9%
|
Total
revenues
|
213,347
|
|
100.0%
|
|
228,070
|
|
100.0%
|
|
690,090
|
|
100.0%
|
|
719,009
|
|
100.0%
|
OPERATING COSTS
AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company venue
operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of food and
beverage (exclusive of items shown separately below)
(1)
|
23,974
|
|
24.4%
|
|
25,507
|
|
25.0%
|
|
75,014
|
|
23.4%
|
|
80,702
|
|
25.1%
|
Cost of entertainment
and merchandise (exclusive of items shown separately below)
(2)
|
7,430
|
|
6.7%
|
|
8,014
|
|
6.6%
|
|
22,771
|
|
6.4%
|
|
25,004
|
|
6.5%
|
Total cost of food,
beverage, entertainment and merchandise (3)
|
31,404
|
|
15.0%
|
|
33,521
|
|
15.0%
|
|
97,785
|
|
14.5%
|
|
105,706
|
|
15.0%
|
Labor expenses
(3)
|
61,220
|
|
29.3%
|
|
61,721
|
|
27.6%
|
|
187,958
|
|
27.8%
|
|
191,170
|
|
27.1%
|
Depreciation and
amortization (3)
|
25,289
|
|
12.1%
|
|
27,667
|
|
12.4%
|
|
77,492
|
|
11.5%
|
|
85,029
|
|
12.1%
|
Rent expense
(3)
|
24,259
|
|
11.6%
|
|
24,120
|
|
10.8%
|
|
71,484
|
|
10.6%
|
|
72,318
|
|
10.2%
|
Other venue operating
expenses (3)
|
40,561
|
|
19.4%
|
|
38,757
|
|
17.3%
|
|
113,277
|
|
16.7%
|
|
112,143
|
|
15.9%
|
Total company venue
operating costs (3)
|
182,733
|
|
87.5%
|
|
185,786
|
|
83.0%
|
|
547,996
|
|
81.0%
|
|
566,366
|
|
80.3%
|
Other costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
expense
|
12,083
|
|
5.7%
|
|
11,515
|
|
5.0%
|
|
37,702
|
|
5.5%
|
|
36,777
|
|
5.1%
|
General and
administrative expenses
|
15,422
|
|
7.2%
|
|
17,284
|
|
7.6%
|
|
48,237
|
|
7.0%
|
|
51,222
|
|
7.1%
|
Transaction,
severance and related litigation costs
|
128
|
|
0.1%
|
|
166
|
|
0.1%
|
|
698
|
|
0.1%
|
|
1,349
|
|
0.2%
|
Asset
impairments
|
1,843
|
|
0.9%
|
|
772
|
|
0.3%
|
|
1,843
|
|
0.3%
|
|
772
|
|
0.1%
|
Total operating costs
and expenses
|
212,209
|
|
99.5%
|
|
215,523
|
|
94.5%
|
|
636,476
|
|
92.2%
|
|
656,486
|
|
91.3%
|
Operating
income
|
1,138
|
|
0.5%
|
|
12,547
|
|
5.5%
|
|
53,614
|
|
7.8%
|
|
62,523
|
|
8.7%
|
Interest
expense
|
17,451
|
|
8.2%
|
|
17,237
|
|
7.6%
|
|
51,574
|
|
7.5%
|
|
51,419
|
|
7.2%
|
Income (loss) before
income taxes
|
(16,313)
|
|
(7.6)%
|
|
(4,690)
|
|
(2.1)%
|
|
2,040
|
|
0.3%
|
|
11,104
|
|
1.5%
|
Income tax expense
(benefit)
|
(5,221)
|
|
(2.4)%
|
|
(2,286)
|
|
(1.0)%
|
|
1,840
|
|
0.3%
|
|
4,645
|
|
0.6%
|
Net income
(loss)
|
$
|
(11,092)
|
|
(5.2)%
|
|
$
|
(2,404)
|
|
(1.1)%
|
|
$
|
200
|
|
—%
|
|
$
|
6,459
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________
Percentages are
expressed as a percent of total revenues (except as otherwise
noted).
|
|
(1)
|
Percentage amount
expressed as a percentage of food and beverage sales.
|
|
|
(2)
|
Percentage amount
expressed as a percentage of entertainment and merchandise
sales.
|
|
|
(3)
|
Percentage amount
expressed as a percentage of total company venue sales.
|
|
Due to rounding,
percentages presented in the table above may not sum to total. The
percentage amounts for the components of cost of food and beverage
and the cost of entertainment and merchandise may not sum to
total due to the fact that cost of food and beverage and cost of
entertainment and merchandise are expressed as a percentage of
related food and beverage sales and entertainment and merchandise
sales, as opposed to total company venue sales.
|
CEC ENTERTAINMENT,
INC. CONSOLIDATED BALANCE
SHEETS (Unaudited) (in
thousands, except share information)
|
|
|
|
October
1,
2017
|
|
January 1,
2017
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
79,427
|
|
$
|
61,023
|
Other current
assets
|
|
60,416
|
|
63,938
|
Total current
assets
|
|
139,843
|
|
124,961
|
Property and
equipment, net
|
|
582,928
|
|
592,886
|
Goodwill
|
|
484,438
|
|
483,876
|
Intangible assets,
net
|
|
481,278
|
|
484,083
|
Other noncurrent
assets
|
|
20,170
|
|
24,306
|
Total
assets
|
|
$
|
1,708,657
|
|
$
|
1,710,112
|
LIABILITIES AND
STOCKHOLDER'S EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Bank indebtedness and
other long-term debt, current portion
|
|
$
|
7,600
|
|
$
|
7,613
|
Other current
liabilities
|
|
100,884
|
|
102,578
|
Total current
liabilities
|
|
108,484
|
|
110,191
|
Capital lease
obligations, less current portion
|
|
13,162
|
|
13,602
|
Bank indebtedness and
other long term debt, net of deferred financing costs, less current
portion
|
|
965,976
|
|
968,266
|
Deferred tax
liability
|
|
180,789
|
|
186,290
|
Other noncurrent
liabilities
|
|
230,876
|
|
225,758
|
Total
liabilities
|
|
1,499,287
|
|
1,504,107
|
Stockholder's
equity:
|
|
|
|
|
Common stock, $0.01
par value; authorized 1,000 shares; 200 shares issued as of
October 1, 2017 and January 1,
2017
|
|
—
|
|
—
|
Capital in excess of
par value
|
|
359,144
|
|
357,166
|
Accumulated
deficit
|
|
(148,065)
|
|
(148,265)
|
Accumulated other
comprehensive loss
|
|
(1,709)
|
|
(2,896)
|
Total stockholder's
equity
|
|
209,370
|
|
206,005
|
Total liabilities and
stockholder's equity
|
|
$
|
1,708,657
|
|
$
|
1,710,112
|
CEC ENTERTAINMENT,
INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) (in
thousands)
|
|
|
|
Nine Months
Ended
|
|
|
October 1,
2017
|
|
October 2,
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
Net income
|
|
$
|
200
|
|
$
|
6,459
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
and amortization
|
|
83,064
|
|
90,167
|
Deferred
income taxes
|
|
(5,220)
|
|
(10,329)
|
Stock-based
compensation expense
|
|
520
|
|
522
|
Amortization
of lease related liabilities
|
|
(411)
|
|
(17)
|
Amortization
of original issue discount and deferred debt
financing costs
|
|
3,410
|
|
3,410
|
Loss on asset
disposals, net
|
|
5,457
|
|
6,298
|
Asset
impairments
|
|
1,843
|
|
772
|
Non-cash rent
expense
|
|
3,562
|
|
5,261
|
Other
adjustments
|
|
18
|
|
237
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Operating
assets
|
|
(577)
|
|
3,554
|
Operating
liabilities
|
|
2,374
|
|
4,920
|
Net cash provided by
operating activities
|
|
94,240
|
|
111,254
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchases of property
and equipment
|
|
(71,910)
|
|
(66,535)
|
Development of
internal use software
|
|
(2,520)
|
|
(8,788)
|
Proceeds from sale of
property and equipment
|
|
424
|
|
426
|
Net cash used in
investing activities
|
|
(74,006)
|
|
(74,897)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Repayments on senior
term loan
|
|
(5,700)
|
|
(5,700)
|
Proceeds from sale
leaseback transaction
|
|
4,073
|
|
—
|
Other financing
activities
|
|
(695)
|
|
(1,810)
|
Net cash used in
financing activities
|
|
(2,322)
|
|
(7,510)
|
Effect of foreign
exchange rate changes on cash
|
|
492
|
|
356
|
Change in cash and
cash equivalents
|
|
18,404
|
|
29,203
|
Cash and cash
equivalents at beginning of period
|
|
61,023
|
|
50,654
|
Cash and cash
equivalents at end of period
|
|
$
|
79,427
|
|
$
|
79,857
|
CEC ENTERTAINMENT, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(in thousands, except percentages)
Non-GAAP Financial Measures
Certain financial measures presented in this press release, such
as Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") and Adjusted EBITDA as a
percentage of revenues ("Adjusted EBITDA Margin") are not
recognized terms under accounting principles generally accepted in
the United States ("GAAP"). The
Company's management believes that the presentation of these
measures is appropriate to provide useful information to investors
regarding its operating performance and its capacity to incur and
service debt and fund capital expenditures. Further, the Company
believes that Adjusted EBITDA is used by many investors, analysts
and rating agencies as a measure of performance. The Company also
presents Adjusted EBITDA because it is substantially similar to
Credit Agreement EBITDA, a measure used in calculating financial
ratios and other calculations under our debt agreements, except for
(i) adding back the change in deferred amusement revenue, and (ii)
excluding the annualized full year effect of Company-operated and
franchised venues that were opened and closed during the year. By
reporting Adjusted EBITDA, the Company provides a basis for
comparison of its business operations between current, past and
future periods by excluding items that we do not believe are
indicative of our core operating performance.
The Company's definition of Adjusted EBITDA allows for the
exclusion of certain non-cash and other income and expense items
that are used in calculating net income from continuing operations.
However, these are items that may recur, vary greatly and can be
difficult to predict. They can represent the effect of long-term
strategies as opposed to short-term results. In addition, certain
of these items can represent the reduction of cash that could be
used for other corporate purposes. These measures should not be
considered as alternatives to operating income, cash flows from
operating activities or any other performance measures derived in
accordance with GAAP as measures of operating performance, or cash
flows as measures of liquidity. These measures have important
limitations as analytical tools, and users should not consider them
in isolation or as a substitute for analysis of our results as
reported under GAAP. Because of these limitations, the Company
relies primarily on its GAAP results and uses Adjusted EBITDA and
Adjusted EBITDA Margin only supplementally.
The following table sets forth a reconciliation of net income
(loss) to Adjusted EBITDA and Adjusted EBITDA Margin for the
periods shown:
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October 1,
2017
|
|
October 2,
2016
|
|
October 1,
2017
|
|
October 2,
2016
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
213,347
|
|
$
|
228,070
|
|
$
|
690,090
|
|
$
|
719,009
|
|
Net income (loss) as
reported
|
$
|
(11,092))
|
|
$
|
(2,404)
|
|
$
|
200
|
|
$
|
6,459
|
|
Interest
expense
|
17,451
|
|
17,237
|
|
51,574
|
|
51,419
|
|
Income tax expense
(benefit)
|
(5,221)
|
|
(2,286)
|
|
1,840
|
|
4,645
|
|
Depreciation and
amortization
|
27,136
|
|
29,886
|
|
83,064
|
|
90,167
|
|
Asset
impairments
|
1,843
|
|
772
|
|
1,843
|
|
772
|
|
Loss on asset
disposals, net
|
1,741
|
|
2,225
|
|
5,457
|
|
6,298
|
|
Non-cash stock-based
compensation
|
184
|
|
185
|
|
520
|
|
522
|
|
Rent expense book to
cash
|
1,192
|
|
1,635
|
|
4,028
|
|
6,478
|
|
Franchise revenue,
net cash received
|
—
|
|
(35)
|
|
(344)
|
|
127
|
|
Impact of purchase
accounting
|
—
|
|
171
|
|
785
|
|
725
|
|
Venue pre-opening
costs
|
155
|
|
572
|
|
643
|
|
888
|
|
One-time and unusual
items
|
1,167
|
|
1,583
|
|
4,379
|
|
4,459
|
|
Cost savings
initiatives
|
—
|
|
—
|
|
—
|
|
62
|
|
Change in deferred
amusement revenue
|
3,568
|
|
1,674
|
|
7,937
|
|
2,265
|
|
Adjusted
EBITDA
|
$
|
38,124
|
|
$
|
51,215
|
|
$
|
161,926
|
|
$
|
175,286
|
|
Adjusted EBITDA
Margin
|
17.9%
|
|
22.5%
|
|
23.5%
|
|
24.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC ENTERTAINMENT,
INC. VENUE COUNT
INFORMATION (Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
October
1,
2017
|
|
October
2,
2016
|
|
October 1,
2017
|
|
October 2,
2016
|
|
Number of Company-owned
venues:
|
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
564
|
|
556
|
|
559
|
|
556
|
|
New
|
|
—
|
|
3
|
|
3
|
|
4
|
|
Acquired from
franchisee
|
|
—
|
|
—
|
|
2
|
|
—
|
|
Closed
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
End of
period
|
|
562
|
|
557
|
|
562
|
|
557
|
|
Number of franchised
venues:
|
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
193
|
|
183
|
|
188
|
|
176
|
|
New
|
|
—
|
|
2
|
|
7
|
|
11
|
|
Acquired from
franchisee
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
Closed
|
|
(2)
|
|
—
|
|
(2)
|
|
(2)
|
|
End of
period
|
|
191
|
|
185
|
|
191
|
|
185
|
|
Total number of
venues:
|
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
757
|
|
739
|
|
747
|
|
732
|
|
New
|
|
—
|
|
5
|
|
10
|
|
15
|
|
Acquired from
franchisee
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Closed
|
|
(4)
|
|
(2)
|
|
(4)
|
|
(5)
|
|
End of
period
|
|
753
|
|
742
|
|
753
|
|
742
|
|
|
|
|
|
|
|
|
|
|
|
|
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content:http://www.prnewswire.com/news-releases/cec-entertainment-inc-reports-financial-results-for-the-2017-third-quarter-300553434.html
SOURCE CEC Entertainment, Inc.