CEC Entertainment (ticker: CEC, exchange: New York Stock Exchange (.N))
News Release -
Chuck E. Cheese's Announces New Senior Vice President, Chief Operating Officer of International Development
Chuck E. Cheese's Hires Michael Beacham to Lead the Company's Growing Presence across the GlobeIRVING, Texas, Dec 18, 2008 (BUSINESS WIRE) -- CEC Entertainment, Inc. (NYSE: CEC) today announced the appointment of
Michael Beacham as Senior Vice President-Chief Operating Officer of
International Development. Beacham is responsible for directing the
company's growth internationally as well as managing its domestic
franchise growth. Currently CEC Entertainment operates company-owned
stores in Canada, as well as franchise-owned stores in Latin America,
Puerto Rico, Saudi Arabia and Dubai.
Beacham joins CEC Entertainment from TGI Friday's where he was Vice
President of International Development, responsible for international
corporate and franchise sales and development. At TGI Friday's, Beacham
managed a franchise network totaling approximately 340 stores that
stretched to more than 60 countries in all regions of the world.
"Michael's extensive background in international development will be a
tremendous asset to our team in furthering our development of Chuck E.
Cheese's globally," said Mike Magusiak, President and Chief Executive
Officer. "I believe we have a long-term opportunity to expand
internationally. We are the nation's leader in family entertainment and
dining and believe our concept provides an attractive business
opportunity for international owners providing outstanding operating
margins and return on investment. I think that fun is universal and that
families around the world will enjoy celebrating at Chuck E. Cheese's,"
"I am excited about the opportunity to be part of the industry leader in
the family restaurant and entertainment segment, and introducing this
fun and exciting concept to families around the world," said Beacham.
"Based on my extensive international experience, I'm ready to introduce
this tremendous opportunity and expand globally with quality partners."
Certain statements in this press release, other than historical
information, may be considered forward-looking statements, within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, and are subject to various risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may differ from those anticipated, estimated
or expected. Among the key factors that may have a direct bearing on the
Company's operating results, performance or financial condition are its
ability to implement its growth strategies; national, regional and local
economic conditions affecting the entertainment/dining industry;
consumers' health, nutrition and dietary preferences; competition within
each of the restaurant and entertainment industries; ability to retain
key personnel; success of its franchise operations; negative publicity;
disruption of its commodity distribution system; ability to protect its
trademarks and other proprietary rights; health epidemics or pandemics;
acts of God; terrorists acts; litigation; product liability claims and
product recalls; demographic trends; fluctuations in quarterly results
of operations, including seasonality; government regulations; weather;
school holidays; and increased commodity, utility, insurance,
advertising and labor costs.
About CEC Entertainment, Inc:
Celebrating more than 30 years of success as a place Where a Kid can
be a Kid (R), CEC Entertainment, Inc. is a nationally recognized
leader in full-service family entertainment and dining. The company's
stores feature musical and comic entertainment by robotic and animated
characters, games, rides and arcade-style activities intended to appeal
to families with children between the ages of two and 12. The company
and its franchisees operate a system of 540 Chuck E. Cheese's stores
located throughout the United States (excluding Wyoming and Vermont),
Canada and abroad. Currently, 494 locations in the United States and
Canada are owned and operated by the company. For more information,
visit the company's website: www.chuckecheese.com
SOURCE: CEC Entertainment, Inc.
CEC Entertainment, Inc.
Chris Morris, 972-258-4525
Executive Vice President, CFO