Hotels, Restaurants and Leisure
Company Overview of CEC Entertainment Inc.
CEC Entertainment, Inc. develops, operates, and franchises family dining and entertainment centers (venues) under the names of Chuck E. Cheese’s and Peter Piper Pizza in the United States and internationally. The company’s venues provide various pizzas, wings, appetizers, salads, sandwiches, and desserts, as well as certain gluten-free options; soft drinks, coffee, tea, beer, and wine; and lunch buffet options with unlimited pizza, salad, and breadsticks. Its stores also offer classic arcade, redemption, and skill games, such as air hockey, skee-ball, and basketball; rides, including mini trains, motorcycles, and various driving games; and live performances. As of January 1, 2017, the compan...
1707 Market Place Boulevard
Irving, TX 75063
Founded in 1977
Key Executives for CEC Entertainment Inc.
Chief Executive Officer and Director
Chief Financial Officer and Executive Vice President
Executive Vice President and Director of Operations
Chief Marketing Officer and Executive Vice President
Compensation as of Fiscal Year 2016.
CEC Entertainment Inc. Key Developments
CEC Entertainment Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended April 2, 2017
May 8 17
CEC Entertainment Inc. announced unaudited consolidated financial results for the first quarter ended April 2, 2017. For the first quarter, the company’s comparable venue sales for its company-operated venues decreased 2.8%. Company-operated venue sales for the first quarter of 2017 were negatively impacted by a delay in income tax refunds to much of the company's core customer base. Company-operated venue sales were also negatively impacted by approximately $4.7 million of incremental deferred revenue when compared to the first quarter of 2016, resulting from the implementation of its proprietary PlayPass card system. Total revenues decreased $9.4 million to $264.959 million during the first quarter of 2017 compared to $274.318 million for the first quarter of 2016. Before the impact of incremental deferred revenue related to PlayPass, total revenues decreased $4.7 million. Operating income was $44.659 million against $46.348 million a year ago. Income before income taxes was $27.598 million against $29.287 million a year ago. The company reported net income of $17.220 million for the first quarter of 2017, compared to net income of $17.915 million for the first quarter of 2016. The decrease in net income was driven by the decrease in Company-operated venue sales and the impact of incremental deferred revenue, offset by improved Company-operated venue cost margins and lower general and administrative expenses. Net cash provided by operating activities was $58.795 million against $43.772 million a year ago. Purchases of property and equipment were $22.793 million against $18.823 million a year ago. Development of internal use software was $1.129 million against $3.625 million a year ago. During the first quarter of 2017 adjusted EBITDA increased $1.0 million, or 1.3%, to $83.525 million compared to $82.481 million for the first quarter of 2016. During the first quarter of 2017, the company had capital expenditures were $23.9 million, of which $9.2 million related to the company’s PlayPass initiative and another $4.3 million related to other growth initiatives. In addition, the company had $2.1 million in capital expenditures related to IT initiatives.
Apollo Reportedly Is In Discussions To Sell Chuck E. Cheese Ares
May 5 17
Apollo Global Management, LLC (NYSE:APO) in discussions to sell CEC Entertainment Inc. to Ares Management, L.P. (NYSE:ARES), Bloomberg reports, citing people with knowledge of the matter. Bain Capital, Hellman & Friedman, and Warburg Pincus withdrew from the bidding process due to pricing, the report says. Apollo tapped Deutsche Bank (DB) and Credit Suisse (CS) to run an auction process for Chuck E. Cheese, with the $2 billion valuation equating to roughly 9x the company's EBITDA, the report notes.
CEC Entertainment Inc. to Report Q1, 2017 Results on May 08, 2017
May 4 17
CEC Entertainment Inc. announced that they will report Q1, 2017 results at 5:00 PM, Eastern Standard Time on May 08, 2017
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