News

Profits and revenues rise in '04 at Chuck E. Cheese's Pizza

March 16, 2005

IRVING, Texas — CEC Entertainment, Inc., parent of Chuck E. Cheese's Pizza, reported solid increases in revenues, profits and same-store sales for 2004.

According to a regulatory filing, full-year revenues for the period, ended Jan. 2, 2005, were $728.1 million, up from $654.6 million in 2003. Net income was $82.5 million, up from $67.4 million in 2003. Comparable-store sales increased a modest 2 percent for the year.

Revenues for Q4 '04 (a period which consisted of 14 weeks and ended Jan. 2), rose to $172.1 million, up from $147.4 million in the comparable period in '03 (which consisted of 13 weeks). Net income for the period was $15.6 million, up from $10.9 million in the prior year. Comps, helped by the extra week in the company's fiscal year, rose 3.1 percent during the period.

"We achieved this significant increase ... despite a $3.4 million increase in food costs associated with higher cheese prices in 2004 compared to 2003," said Chris Morris, senior vice president and chief financial officer.