• Chuck E. Cheese's 2Q same-store sales drop, revenues rise

IRVING, Texas -- CEC Entertainment, Inc. (NYSE:CEC), parent company of Chuck E. Cheese's, reported that its second quarter same-store sales were off 1.5 percent, though its revenues rose solidly to 7.4 percent for the three-month period ended June 29, 2003.

Revenues increased to $152.9 million from $142.4 million in the comparable period in 2002. Net income for the period, however, decreased to $14.8 million from $15.3 million in the comparable period.

Earnings per share on a diluted basis were 54 cents for the period, identical to the comparable period in 2002.

Revenues for the first six months of 2003 increased to $337 million from $315.2 million in 2002. Net income rose to $42.2 million, up from $42.1 million in the same period of 2002. Earnings per share on a diluted basis in the first six months of 2003 were $1.54 per share compared to $1.47 in the same period last year.

"Despite a difficult economic environment, the company is generating increased earnings and solid cash flow that enable us to continue executing a strong capital expenditure plan of reinvestment in our core stores and increasing the number of stores through new store development," said Richard M. Frank, chairman and chief executive officer said in the release. "We also believe our strategies of enhancing value to our guests and building on operational execution will drive guest visit frequency and create long-term value for our shareholders."

CEC Entertainment, Inc. operates 443 Chuck E. Cheese's restaurants in 47 states. The company owns and operates 392 units.

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