IRVING, Texas -- CEC Entertainment, Inc. (NYSE:CEC), parent company of Chuck E. Cheese's Pizza, announced it beat its first quarter earnings projections, but suffered a 2.9 percent same-store sales decline during the period ended March 30, 2003.

According to a release, new store openings helped drive revenues up 6.6 percent to $184.1 million, compared to $172.8 million in Q1 2002.

Net income increased 3 percent to $27.4 million, up from $26.8 million in the same period last year.

Earnings per share on a diluted basis in the first quarter were $1, compared to 94 cents in the comparable period last year. The quarter's earnings beat analysts' expectations by a penny.

The period's comp-store sales dip was attributed to the challenging economy and harsh winter weather that pounded the Eastern U.S. during the period.

In the release, Rodney Carter, CEC chief financial officer, warned that comp-sales in the second quarter likely will fall due to the timing of the Easter holiday.

During an April 15 conference call, the company said it will reduce the cost of all rides and games to one token, while also increasing the ticket "payoffs" for games. Chuck E. Cheese's tested the half-price initiative in four major markets over the past several months. It hopes the move will better position it to compete with movie theaters for entertainment dollars.

Related Content

User Comments – Give us your opinion!
Products & Services

Luzianne iced tea


Nationwide Criminal Records


Restaurant Digital Signage Advertising Network


Operations Support


Digital Menu Boards


Group Purchasing Services


Self Serve iPad Ordering


iiX Custom Points Program




Cured Meats


Digital Menu Boards and ROI
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.