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Dave & Buster's Entertainment, Inc.(PLAY), a leading entertainment and dining desti nation, announced its financial results for the first quarter of 2023. The company reported a net income of $70.1 million, demonstrating a strong performance during the period. The revenue for the quarter reached $597.3 million, indicating significant growth compared to the same period last year. Let's delve deeper into the financial information provided by Dave & Buster's Entertainment, Inc.
Dave & Buster's Entertainment, Inc. reported total assets of $3,694.4 million as of April 30, 2023. The company's current assets stood at $207.6 million, including $91.5 million in cash and cash equivalents. Additionally, inventories amounted to $47.9 million, while prepaid expenses reached $27.2 million. Dave & Buster's Entertainment, Inc. also held $20.7 million in income taxes receivable and $20.3 million in accounts receivable.
For the thirteen weeks ended April 30, 2023, Dave & Buster's Entertainment, Inc. generated entertainment revenues of $393.1 million, reflecting a substantial increase from $299.2 million in the corresponding period of the previous year. Food and beverage revenues also witnessed growth, reaching $204.2 million compared to $151.9 million in the same period last year. Consequently, the total revenues for the quarter amounted to $597.3 million.
The company reported operating income of $121.4 million, showing improvement from $98.7 million in the same period last year. Net income for the first quarter of 2023 reached $70.1 million, up from $67.0 million in the corresponding period of the previous year.
Dave & Buster's Entertainment, Inc. had a total stockholders' equity of $359.9 million as of April 30, 2023. The company's common stock stood at $0.6 million, while the paid-in capital amounted to $584.3 million. The treasury stock, representing 17.63 shares, was valued at $(766.5) million. Dave & Buster's Entertainment, Inc. retained earnings reached $542.4 million.
During the first quarter of 2023, Dave & Buster's Entertainment, Inc. reported net cash provided by operating activities of $92.4 million. The company made capital expenditures amounting to $51.2 million and received proceeds of $0.4 million from the sales of property and equipment. In terms of financing activities, Dave & Buster's Entertainment, Inc. repurchased common stock worth $126.9 million. The company ended the quarter with cash and cash equivalents of $91.5 million.
Dave & Buster's Entertainment, Inc. will continue to focus on its strategic initiatives to drive growth and enhance the entertainment experience for its customers. With its strong financial performance in the first quarter of 2023, the company remains committed to providing outstanding entertainment and dining options to its valued guests.
All financial information provided above is unaudited.
Dave & Buster's Entertainment, Inc. is a leading entertainment and dining destination, offering a unique combination of food, beverages, and a wide range of entertainment options. The company operates a network of locations across the United States and Canada,
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