Q3 earnings flat for CEC
Despite recording an increase in third-quarter revenues, earnings have remained flat for CEC Entertainment, the operator of the popular Chuck E. Cheese’s family entertainment centre brand.
Revenues for the Irving, Texas-based group rose 4.7 per cent to US$207.1m in the third quarter of fiscal 2010. Profits, however totalled $12.6m, down slightly on the $12.7m in the prior-year period due primarily to asset impairment charges and soft drink supplier transition costs.
Michael Magusiak, president and chief executive officer, said: "Our third quarter financial performance reflects the strength of our industry-leading brand and the quality implementation of our strategies."