IRVING, Texas, Feb. 26, 2015 /PRNewswire/ -- CEC
Entertainment, Inc. (the "Company") today announced financial
results for its fourth quarter ended December 28, 2014.
"We are encouraged by the momentum of our business, as we showed
stronger performance in the second half of the year than the first
half," said Tom Leverton, Chief
Executive Officer. "We have assembled an outstanding management
team that is focused on driving improvements in all aspects of our
operations, marketing and support of our Chuck E. Cheese's stores and brand. In addition,
we are pleased with the performance of our Peter Piper Pizza stores
and excited about opportunities to further enhance their
growth."
Fourth Quarter Results
Total revenues for the fourth quarter of 2014 increased 6.8%, or
$12.2 million, over the prior year to
$190.7 million. The increase
primarily related to additional revenues of $12.3 million resulting from the Peter Piper
Pizza acquisition, which closed in October
2014. Same store sales for the fourth quarter for
Chuck E. Cheese's stores declined
1.4% from the prior year period. Same store sales for the fourth
quarter for Peter Piper Pizza stores increased 3.4% over the prior
year, which includes periods in which the Company did not own Peter
Piper Pizza.
Adjusted EBITDA for the fourth quarter of 2014 increased 8.4%,
or $2.5 million, over the prior year
to $31.8 million. The increase
primarily related to $2.9 million in
additional Adjusted EBITDA resulting from the Peter Piper Pizza
acquisition. Adjusted EBITDA represents net loss adjusted to
exclude income taxes, interest income and expense, asset
impairments, depreciation and amortization, the effects of
acquisition accounting adjustments, transaction costs and certain
non-cash and unusual items, as well as other adjustments required
or permitted in calculating covenant compliance under the
agreements governing the Company's indebtedness. Refer to the
further discussion of Adjusted EBITDA under the heading "Non-GAAP
Financial Measures" below, which includes a reconciliation of net
loss to Adjusted EBITDA.
The Company reported a net loss of $22.2
million for the fourth quarter of 2014, compared to a net
loss of $0.1 million for the fourth
quarter of 2013. The increase in the net loss is primarily due to
transaction costs related to the acquisition of Peter Piper Pizza,
an increase in depreciation and amortization expense resulting from
purchase accounting and additional interest expense.
Fiscal Year Results
Total revenues for the fiscal year 2014 increased 1.4%, or
$11.1 million, over the prior year to
$832.8 million. The increase
primarily related to additional revenues from new Chuck E. Cheese's store openings and additional
revenues of $12.3 million resulting
from the Peter Piper Pizza acquisition, which closed in
October 2014. Same store sales for
the fiscal year 2014 for Chuck E.
Cheese's stores declined 2.2% from the prior year. Same
store sales for the fiscal year 2014 for Peter Piper Pizza stores
increased 4.6% over the prior year, which includes periods in which
the Company did not own Peter Piper Pizza.
Adjusted EBITDA for the fiscal year 2014 increased 5.0%, or
$9.3 million, over the prior year to
$195.4 million. The increase is a
result of increased revenues from new store openings in 2014, store
and corporate cost reduction efforts and $2.9 million in additional Adjusted EBITDA
resulting from the Peter Piper Pizza acquisition.
The Company reported a net loss of $61.4
million for the fiscal year 2014, compared to net income of
$47.8 million for the fiscal year
2013. The change to a net loss is primarily due to transaction
costs related to the Company's going-private transaction,
sale-leaseback arrangements of certain of its stores, and the
acquisition of Peter Piper Pizza; an increase in depreciation and
amortization expense resulting from purchase accounting; and
additional interest expense.
Balance Sheet and Liquidity
As of December 28, 2014, cash and
cash equivalents were $111.0 million
with no borrowings drawn under the Company's $150.0 million revolving credit facility. Capital
expenditures were $74.4 million for
the fiscal year 2014, of which $39.8
million related to growth, including new store development,
major remodels, store expansions and major attractions.
As of December 28, 2014, the
Company's system-wide portfolio consisted of:
|
Chuck E.
Cheese's
|
|
Peter Piper
Pizza
|
|
Total
|
|
Company
operated
|
527
|
|
32
|
|
559
|
|
Domestic
franchised
|
32
|
|
62
|
|
94
|
|
International
franchised
|
30
|
|
48
|
|
78
|
|
Total
|
589
|
|
142
|
|
731
|
Conference Call Information:
The Company will host a conference call for investors and other
interested parties beginning at 9:00 a.m.
Central Time on Friday, February 27,
2015. The call can be accessed by dialing (844) 339-5300 or
(815) 680-6282 for international participants and conference code
87179745. The replay of the call will be available from
12:00 p.m. Central Time on
February 27, 2015 through
midnight Central Time on March 6, 2015. The replay of the call can be
accessed by dialing (855) 859-2056 or (404) 537-3406 for
international participants.
About CEC Entertainment, Inc.
For more than 35 years, CEC Entertainment has served as a
nationally recognized leader in family dining and entertainment.
The Company and its franchisees operate a system of more than 575
Chuck E. Cheese's stores and 140 Peter Piper Pizza stores, with
stores located in 47 states and 11 foreign countries or
territories. For more information, please visit
www.chuckecheese.com.
Non-GAAP Financial Measures
The Company reports and discusses its operating results using
financial measures consistent with accounting principles generally
accepted in the United States
("GAAP"). From time to time in the course of financial
presentations, earnings conference calls or otherwise, the Company
may disclose certain non-GAAP financial measures such as Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA"). The Company believes Adjusted EBITDA is a
measure that provides investors with additional information to
measure our performance. We believe that the presentation of
Adjusted EBITDA is appropriate to provide additional information to
investors about certain material non-cash items and about unusual
items that we do not expect to continue at the same level in the
future, as well as other items. Further, we believe Adjusted EBITDA
provides a meaningful measure of operating profitability because we
use it for evaluating our business performance and understanding
certain significant items. The non-GAAP financial measures
presented in this earnings release should not be viewed as
alternatives or substitutes for the Company's reported GAAP
results. A reconciliation of the GAAP financial measure most
directly comparable to Adjusted EBITDA is set forth in tables
accompanying this release.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this report, other than historical
information, may be considered "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, and are subject to
various risks, uncertainties and assumptions. Statements that are
not historical in nature and which may be identified by the use of
words such as "may," "should," "could," "believe," "predict,"
"potential," "continue," "plan," "intend," expect," "anticipate,"
"future," "project," "estimate," and similar expressions (or the
negative of such expressions) 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 "Risk Factors" of the Company's
prospectus filed with the Securities and Exchange Commission on
October 14, 2014. 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:
- The success of our capital initiatives, including new store
development and existing store evolution;
- Our ability to successfully implement our marketing
strategy;
- Competition in both the restaurant and entertainment
industries;
- Changes in consumer discretionary spending;
- Impacts on our business and financial results from economic
uncertainty in the United States
and Canada;
- Negative publicity concerning food quality, health, general
safety and other issues;
- Expansion in international markets;
- Our ability to successfully integrate the operations of
companies we acquire;
- Our ability to generate sufficient cash flow to meet our debt
service payments;
- Increases in food, labor and other operating costs;
- Disruptions of our information technology systems and
technologies;
- Changes in consumers' health, nutrition and dietary
preferences;
- Any disruption of our commodity distribution system;
- Our dependence on a limited number of suppliers for our games,
rides, entertainment-related equipment, redemption prizes and
merchandise;
- Product liability claims and product recalls;
- Government regulations;
- Litigation risks;
- Adverse effects of local conditions, natural disasters and
other events;
- Existence or occurrence of certain public health issues;
- Fluctuations in our quarterly results of operations due to
seasonality;
- Inadequate insurance coverage;
- Loss of certain key personnel;
- Our ability to adequately protect our trademarks or other
proprietary rights;
- Risks in connection with owning and leasing real estate;
and
- Litigation risks associated with our merger.
The forward-looking statements made in this report relate only
to events as of the date on which the statements were made. Except
as may be required by law, we undertake no obligation to update our
forward-looking statements to reflect events and circumstances
after the date on which the statements were made or to reflect the
occurrence of unanticipated events.
Merger
On February 14, 2014, the Company
announced the completion of the acquisition of CEC Entertainment,
Inc. by an affiliate of Apollo Global Management,
LLC ("Apollo"). The acquisition is referred to as the
"Merger". The accompanying consolidated statements of earnings and
related information present the Company's results of operations for
the period preceding the acquisition (Predecessor) and the period
succeeding the acquisition (Successor) based on the mathematical
combination of the Successor and Predecessor periods in the twelve
months ended December 28, 2014.
Although this combined presentation does not comply with GAAP, the
Company believes that it provides a meaningful method of
comparison.
- financial tables follow -
|
CEC ENTERTAINMENT,
INC.
CONSOLIDATED
STATEMENT OF EARNINGS
(Unaudited)
(in
thousands)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 28,
2014
|
|
December 29,
2013
|
|
December 28,
2014
|
|
December 29,
2013
|
|
(Successor)
|
|
(Predecessor)
|
|
(Combined)
|
|
(Predecessor)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage
sales
|
$
|
83,499
|
|
43.8%
|
|
$
|
79,096
|
|
44.3%
|
|
$
|
358,593
|
|
43.1%
|
|
$
|
368,584
|
|
44.9%
|
|
Entertainment and
merchandise sales
|
104,253
|
|
54.7%
|
|
98,198
|
|
55.0%
|
|
467,061
|
|
56.1%
|
|
448,155
|
|
54.5%
|
|
Total Company store
sales
|
187,752
|
|
98.4%
|
|
177,294
|
|
99.3%
|
|
825,654
|
|
99.1%
|
|
816,739
|
|
99.4%
|
|
Franchise fees and
royalties
|
2,990
|
|
1.6%
|
|
1,274
|
|
0.7%
|
|
7,170
|
|
0.9%
|
|
4,982
|
|
0.6%
|
|
Total
revenues
|
190,742
|
|
100.0%
|
|
178,568
|
|
100.0%
|
|
832,824
|
|
100.0%
|
|
821,721
|
|
100.0%
|
|
OPERATING COSTS
AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company store
operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of food and
beverage (exclusive of items shown separately below)
(1)
|
22,746
|
|
27.2%
|
|
20,548
|
|
26.0%
|
|
92,281
|
|
25.7%
|
|
90,363
|
|
24.5%
|
|
Cost of entertainment
and merchandise (exclusive of items shown separately below)
(2)
|
7,182
|
|
6.9%
|
|
6,519
|
|
6.6%
|
|
28,337
|
|
6.1%
|
|
29,775
|
|
6.6%
|
|
Total cost of food,
beverage, entertainment and merchandise (3)
|
29,928
|
|
15.9%
|
|
27,067
|
|
15.3%
|
|
120,618
|
|
14.6%
|
|
120,138
|
|
14.7%
|
|
Labor expenses
(3)
|
57,074
|
|
30.4%
|
|
54,763
|
|
30.9%
|
|
232,853
|
|
28.2%
|
|
229,172
|
|
28.1%
|
|
Depreciation and
amortization (3)
|
31,810
|
|
16.9%
|
|
19,501
|
|
11.0%
|
|
125,684
|
|
15.2%
|
|
78,167
|
|
9.6%
|
|
Rent expense
(3)
|
23,686
|
|
12.6%
|
|
19,815
|
|
11.2%
|
|
89,063
|
|
10.8%
|
|
78,463
|
|
9.6%
|
|
Other store operating
expenses (3)
|
35,795
|
|
19.1%
|
|
32,260
|
|
18.2%
|
|
135,656
|
|
16.4%
|
|
131,035
|
|
16.0%
|
|
Total Company store
operating costs (3)
|
178,293
|
|
95.0%
|
|
153,406
|
|
86.5%
|
|
703,874
|
|
85.3%
|
|
636,975
|
|
78.0%
|
|
Other costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
expense
|
8,900
|
|
4.7%
|
|
8,257
|
|
4.6%
|
|
39,605
|
|
4.8%
|
|
41,217
|
|
5.0%
|
|
General and
administrative expenses
|
17,393
|
|
9.1%
|
|
13,741
|
|
7.7%
|
|
57,932
|
|
7.0%
|
|
56,691
|
|
6.9%
|
|
Transaction and
severance costs
|
5,495
|
|
2.9%
|
|
316
|
|
0.2%
|
|
60,392
|
|
7.3%
|
|
316
|
|
—%
|
|
Asset
impairments
|
407
|
|
0.2%
|
|
2,288
|
|
1.3%
|
|
407
|
|
—%
|
|
3,051
|
|
0.4%
|
|
Total operating costs
and expenses
|
210,488
|
|
110.4%
|
|
178,008
|
|
99.7%
|
|
862,210
|
|
103.5%
|
|
738,250
|
|
89.8%
|
|
Operating income
(loss)
|
(19,746)
|
|
(10.4)%
|
|
560
|
|
0.3%
|
|
(29,386)
|
|
(3.5)%
|
|
83,471
|
|
10.2%
|
|
Interest
expense
|
17,696
|
|
9.3%
|
|
1,944
|
|
1.1%
|
|
62,103
|
|
7.5%
|
|
7,453
|
|
0.9%
|
|
Income (loss) before
income taxes
|
(37,442)
|
|
(19.6)%
|
|
(1,384)
|
|
(0.8)%
|
|
(91,489)
|
|
(11.0)%
|
|
76,018
|
|
9.3%
|
|
Income tax (benefit)
expense
|
(15,289)
|
|
(8.0)%
|
|
(1,273)
|
|
(0.7)%
|
|
(30,105)
|
|
(3.6)%
|
|
28,194
|
|
3.4%
|
|
Net income
(loss)
|
$
|
(22,153)
|
|
(11.6)%
|
|
$
|
(111)
|
|
(0.1)%
|
|
$
|
(61,384)
|
|
(7.4)%
|
|
$
|
47,824
|
|
5.8%
|
________________
|
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
reflected as a percentage of Company store sales.
|
|
|
(Note - 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 store
sales.)
|
|
|
CEC ENTERTAINMENT,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in
thousands)
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
(Successor)
|
|
(Predecessor)
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
110,994
|
|
$
|
20,686
|
|
Other current
assets
|
62,651
|
|
66,333
|
|
Total current
assets
|
173,645
|
|
87,019
|
|
Property and
equipment, net
|
681,972
|
|
691,454
|
|
Goodwill
|
483,444
|
|
3,458
|
|
Intangible assets,
net
|
491,400
|
|
—
|
|
Deferred financing
costs, net
|
24,087
|
|
1,268
|
|
Other noncurrent
assets
|
9,595
|
|
8,412
|
|
Total
assets
|
$
|
1,864,143
|
|
$
|
791,611
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Bank indebtedness and
other long-term debt, current portion
|
$
|
9,545
|
|
$
|
—
|
|
Capital lease
obligations, current portion
|
408
|
|
1,014
|
|
Other current
liabilities
|
107,242
|
|
85,692
|
|
Total current
liabilities
|
117,195
|
|
86,706
|
|
Capital lease
obligations, less current portion
|
15,476
|
|
20,365
|
|
Bank indebtedness and
other long-term debt, less current portion
|
998,441
|
|
361,500
|
|
Deferred tax
liability
|
222,915
|
|
57,831
|
|
Other noncurrent
liabilities
|
217,530
|
|
104,441
|
|
Total
liabilities
|
1,571,557
|
|
630,843
|
|
Stockholders'
equity:
|
|
|
|
|
Predecessor: Common
stock, $0.10 par value; authorized 100,000,000 shares; 61,865,495
shares issued as of December 29, 2013
|
—
|
|
6,187
|
|
Successor: Common
stock, $0.01 par value; authorized 1,000 shares; 200 shares issued
as of December 28, 2014
|
—
|
|
—
|
|
Capital in excess of
par value
|
355,587
|
|
453,702
|
|
Retained earnings
(deficit)
|
(62,088)
|
|
853,464
|
|
Accumulated other
comprehensive income (loss)
|
(913)
|
|
4,764
|
|
Less Predecessor
treasury stock, at cost; 44,341,225 shares as of December 29,
2013
|
—
|
|
(1,157,349)
|
|
Total stockholders'
equity
|
292,586
|
|
160,768
|
|
Total liabilities and
stockholders' equity
|
$
|
1,864,143
|
|
$
|
791,611
|
|
CEC ENTERTAINMENT,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in
thousands)
|
|
|
Twelve Months
Ended
|
|
December 28,
2014
|
|
December 29,
2013
|
|
(Combined)
|
|
(Predecessor)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
Net income
(loss)
|
$
|
(61,384)
|
|
$
|
47,824
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
128,439
|
|
79,028
|
|
Deferred income
taxes
|
(62,996)
|
|
(3,025)
|
|
Stock-based
compensation expense
|
12,928
|
|
8,481
|
|
Amortization of
lease-related liabilities
|
72
|
|
(2,355)
|
|
Amortization of
original issue discount and deferred financing costs
|
4,020
|
|
448
|
|
Loss on asset
disposals, net
|
7,943
|
|
3,309
|
|
Asset
impairments
|
407
|
|
3,051
|
|
Other
adjustments
|
1,339
|
|
135
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Operating
assets
|
272
|
|
(1,060)
|
|
Operating
liabilities
|
39,365
|
|
2,828
|
|
Net cash provided by
operating activities
|
70,405
|
|
138,664
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Acquisition of
Predecessor
|
(946,898)
|
|
—
|
|
Acquisition of Peter
Piper Pizza
|
(113,142)
|
|
—
|
|
Purchases of property
and equipment
|
(72,267)
|
|
(74,085)
|
|
Other investing
activities
|
(1,637)
|
|
3,143
|
|
Net cash used in
investing activities
|
(1,133,944)
|
|
(70,942)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from secured
credit facilities, net of original issue discount
|
756,200
|
|
—
|
|
Proceeds from senior
notes
|
255,000
|
|
—
|
|
Repayment of
Predecessor Facility
|
(348,000)
|
|
—
|
|
Repayments on senior
term loan
|
(3,807)
|
|
—
|
|
Net repayments on
revolving credit facility
|
(13,500)
|
|
(28,000)
|
|
Proceeds from sale
leaseback transaction
|
183,685
|
|
—
|
|
Payment of debt
financing costs
|
(27,575)
|
|
—
|
|
Equity
contribution
|
350,000
|
|
—
|
|
Other financing
activities
|
2,601
|
|
(38,031)
|
|
Net cash provided by
(used in) financing activities
|
1,154,604
|
|
(66,031)
|
|
Effect of foreign
exchange rate changes on cash
|
(757)
|
|
(641)
|
|
Change in cash and
cash equivalents
|
90,308
|
|
1,050
|
|
Cash and cash
equivalents at beginning of year
|
20,686
|
|
19,636
|
|
Cash and cash
equivalents at end of year
|
$
|
110,994
|
|
$
|
20,686
|
|
CEC ENTERTAINMENT,
INC.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(in
thousands)
|
|
|
The following table
sets forth a reconciliation of net income to Adjusted EBITDA
expressed as a percentage of total revenues for the periods
shown:
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 28,
2014
|
|
December 29,
2013
|
|
December 28,
2014
|
|
December 29,
2013
|
|
(Successor)
|
|
(Predecessor)
|
|
(Combined)
|
|
(Predecessor)
|
|
|
|
Total
revenues
|
$
|
190,742
|
|
$
|
178,568
|
|
$
|
832,824
|
|
$
|
821,721
|
|
Net income (loss) as
reported
|
$
|
(22,153)
|
|
$
|
(111)
|
|
$
|
(61,384)
|
|
$
|
47,824
|
|
Interest
expense
|
17,696
|
|
1,944
|
|
62,103
|
|
7,453
|
|
Income
tax expense (benefit)
|
(15,289)
|
|
(1,273)
|
|
(30,105)
|
|
28,194
|
|
Depreciation and amortization
|
33,173
|
|
19,759
|
|
128,439
|
|
79,028
|
|
Non-cash impairments,
gain or loss on disposal
|
4,618
|
|
4,893
|
|
10,135
|
|
6,360
|
|
Non-cash stock-based
compensation
|
512
|
|
2,012
|
|
13,342
|
|
8,481
|
|
Rent expense book to
cash
|
2,147
|
|
43
|
|
9,426
|
|
714
|
|
Franchise revenue,
net cash received
|
381
|
|
—
|
|
2,585
|
|
—
|
|
Impact of purchase
accounting
|
473
|
|
—
|
|
1,496
|
|
—
|
|
Store pre-opening
costs
|
681
|
|
779
|
|
1,297
|
|
2,057
|
|
One-time
items
|
8,577
|
|
(467)
|
|
54,944
|
|
(40)
|
|
Cost savings
initiatives
|
947
|
|
1,725
|
|
3,145
|
|
6,060
|
|
Adjusted
EBITDA
|
$
|
31,763
|
|
$
|
29,304
|
|
$
|
195,423
|
|
$
|
186,131
|
|
Adjusted EBITDA as a
percent of total revenues
|
16.7%
|
|
16.4%
|
|
23.5%
|
|
22.7%
|
|
|
Adjusted EBITDA, a
measure used by management to assess operating performance, is
defined as Net income (loss) plus interest expense, income taxes
and depreciation and amortization and adjusted to exclude asset
impairments, the effects of acquisition accounting adjustments,
transaction costs, and certain non-cash and unusual items, as well
as other adjustments required or permitted in calculating covenant
compliance under the indenture and/or our Secured Credit
Facilities.
|
|
CEC ENTERTAINMENT,
INC.
STORE COUNT
INFORMATION
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 28,
2014
|
|
December 29,
2013
|
|
December 28,
2014
|
|
December 29,
2013
|
|
(Successor)
|
|
(Predecessor)
|
|
(Combined)
|
|
(Predecessor)
|
|
Number of
Company-owned stores:
|
|
|
|
|
|
|
|
|
Beginning of
period
|
522
|
|
518
|
|
522
|
|
514
|
|
New
(1)
|
5
|
|
5
|
|
11
|
|
13
|
|
Acquired by the
Company (2)
|
32
|
|
—
|
|
32
|
|
—
|
|
Acquired from
franchisee
|
—
|
|
—
|
|
1
|
|
—
|
|
Closed
(1)
|
—
|
|
(1)
|
|
(7)
|
|
(5)
|
|
End of
period
|
559
|
|
522
|
|
559
|
|
522
|
|
Number of franchised
stores:
|
|
|
|
|
|
|
|
|
Beginning of
period
|
57
|
|
53
|
|
55
|
|
51
|
|
New
(3)
|
6
|
|
2
|
|
10
|
|
6
|
|
Acquired by the
Company (2)
|
110
|
|
—
|
|
110
|
|
—
|
|
Acquired from
franchisee
|
—
|
|
—
|
|
(1)
|
|
—
|
|
Closed
(3)
|
(1)
|
|
—
|
|
(2)
|
|
(2)
|
|
End of
period
|
172
|
|
55
|
|
172
|
|
55
|
|
Total number of
stores:
|
|
|
|
|
|
|
|
|
Beginning of
period
|
579
|
|
571
|
|
577
|
|
565
|
|
New
(4)
|
11
|
|
7
|
|
21
|
|
19
|
|
Acquired by the
Company (2)
|
142
|
|
—
|
|
142
|
|
—
|
|
Acquired from
franchisee
|
—
|
|
—
|
|
—
|
|
—
|
|
Closed
(4)
|
(1)
|
|
(1)
|
|
(9)
|
|
(7)
|
|
End of
period
|
731
|
|
577
|
|
731
|
|
577
|
___________________
|
(1)
|
The number of new and
closed Company-owned stores during 2014 and 2013 included two and
one stores, respectively, that were relocated.
|
|
(2)
|
In October 2014 we
acquired Peter Piper Pizza, including 32 company-owned stores and
110 franchised stores.
|
|
(3)
|
The number of new and
closed franchise stores during 2014 and 2013 included one store
that was relocated.
|
|
(4)
|
The number of new and
closed stores during 2014 and 2013 included three and one stores,
respectively, that were relocated.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cec-entertainment-inc-reports-financial-results-for-the-2014-fourth-quarter-and-fiscal-year-300042622.html
SOURCE CEC Entertainment, Inc.