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Stocks D / Dave & Buster's, Inc.
|Subject: Dave and Buster's Stockholders Meeting||Date: 6/7/2000 11:02 PM|
|Author: CWRailroad||Number: 335 of 401|
Dave and Buster's
Monday June 5th 2000
The regular shareholder meeting of Dave and Buster's was held at 1:00 Pm Monday June 5th 2000 at corporate headquarters in Dallas Texas. The meeting was held in the original Dave and Buster's restaurant located at 10727 Composite Drive in Northwest Dallas. The original Dave and Busters opened this very same week in this converted warehouse in June of 1982.
The meeting was brought to order at 1:00 by co founder and co CEO Dave Corruveau. Introductions were made of the Board of Directors, Senior Management and other individuals that will have a impact on the performance of the company in the following year. One of the introductions was Stuart Myers new Vice President of the newly created Marketing Department. Election of the Board of the Director took place as well as the one item on the agenda of restatement of the Dave and Buster's Stock Option Plan. Both the Board of Directors and the Stock Option plan were excepted as declared and at about 1:15 CDT the formal meeting was adjourned.
Now the fun begins.
Co founder and Co CEO Buster Corley opened the next part of the meeting by going over the 1999 year. It was not a good year for the company and this was made clear at this time. To say that both CEO's and other members of senior management were not happy was made clear. Their forward projections for 1999 were grossly overstated and the problems of the California stores not meeting return customer and new customer expect ions clearly hurt the bottom line. Both CEO's clearly pointed out that the market in the LA basin is difficult to crack but made even more difficult by what they termed the laid back management style that was determined not to fit what Dave and Buster's is all about thus the changes in management on several levels in the stores in the LA Basin. It was also stated that these changes has already paid off in all stores now meeting or beating comp sales from last year, with the best turnaround in the original California store in Ontario California. It was also mentioned the new store in San Jose store opened at record openings and that they feel this store could be one of the best stores in the chain. Plans for 4 more stores instead of the 8, down 4 from last years meeting was also presented for the fiscal year 2001. These stores will be located through out the United States with Ft Worth Tx, Miami Florida and the northeast United States getting the new stores.
Also the expansion of the company in the international market continues with new store opening the day before on Sunday June 4th in a new ma