IRVING, Texas -- CEC Entertainment, Inc., announced on April 16 that revenue for the first quarter ended March 31, 2002, increased to $172.8 million from $163.2 million in the same period last year. Net income rose to $27 million from $25.2 million in the same period of 2001, and diluted earnings per share 94 cents per share, compared to 88 cents.
In a release, Rodney Carter, CEC chief financial officer, said comparable store sales in the quarter declined 2.2 percent, primarily due to the shift of the Easter holiday into this year's first quarter. Core store sales declined $3.2 million during the first quarter, but rose $4 million during the initial two weeks of the second quarter. The boost set comparable store sales on a year-to-date basis on the positive side by 0.4 percent.
Richard M. Frank, chairman and CEO, said that despite the shift of Easter into the quarter, the company generated nearly $60 million in operating cash flow, invested $22 million in new stores and remodels, and reduced its debt by $30 million. The company plans to remodel about 120 stores this year and grow its corporate store base by about 10 percent.