Dave & Buster's Entertainment (NASDAQ: PLAY) reported Q4 EPS of $0.80, $0.11 better than the analyst estimate of $0.69. Revenue for the quarter came in at $347.2 million versus the consensus estimate of $344.46 million.

Preserving Financial Flexibility: The Company has implemented steps focused on conserving existing capital and is working to maintain operating liquidity while preserving critical store restart capabilities.

These efforts include:

• A significant reduction in capital spending: All new store construction has been halted, and capital spending on strategic initiatives, store remodels, games and maintenance has been severely curtailed.
• A significant reduction in operating expenses: Until the Company is able to begin reopening stores, all of the Company’s more than 15,000 store hourly team members have been placed on temporary furlough, store management and corporate staff have been reduced by nearly 90 percent, compensation of the senior leadership team has been reduced by 50 percent, and the Board of Directors has suspended Directors’ cash compensation for the remainder of the year. The Company has also taken numerous actions to reduce store operating expenses, G&A and marketing spend.
• Suspension of quarterly dividend and share repurchase program: The board has suspended the Company’s quarterly dividend and share repurchase program. The Company has not repurchased any shares since September 2019 and has no plans to do so in the foreseeable future.
• Drawdown of revolving credit facility: With its recent full drawdown of its revolving credit facility, the Company had approximately $100 million cash on hand as of March 31, 2020.

Ongoing Discussions to Further Enhance Liquidity:The Company is pursuing discussions with landlords and vendors to reduce expenses, extend payment terms, and obtain other payment concessions. The Company is also in discussions with its lenders and outside debt & equity providers to amend necessary terms of its credit facility and further supplement its liquidity.

Mr. Jenkins concluded, “We continue to closely monitor this fluid situation while complying with all federal, state and local health and safety guidelines, as well as government mandates. The primary objectives of our comprehensive response to this unprecedented challenge are to position us to emerge on the other side even stronger than before, and to welcome our valued team members and guests back as soon as circumstances enable us to safely reopen.”

For earnings history and earnings-related data on Dave & Buster's Entertainment (PLAY) click here.