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CEC's revenues rise 13.1%

IRVING Texas CEC Entertainment Inc., parent company to the 529-unit Chuck E. Cheese's chain, posted a 13.3-percent jump in fourth-quarter profit that the company said was driven by a tightened focus on existing unit sales and operations.

The company's corporate revenues rose 13.1 percent to $12.1 million for the quarter ended Dec. 31. Same-store sales increased 3.8 percent.

CEC earned $12.1 million, or 37 cents per share, in the latest fourth quarter, compared with profit of $10.7 million, 31 cents per share, in the year-earlier fourth quarter.

For the full year, however, increased costs led to a 1.9-percent drop in profit to $68.5 million versus $69.8 million. Per-share, full-year earnings totaled $2.05 in fiscal 2006, up from $1.93 in fiscal 2005, a result aided by year-over-year reduction in the number of shares outstanding during the latest year.

CEC said its results are preliminary, pending the completion of a review of financial statements to correct accounting errors surrounding stock option grants, first announced last October. The company reported it would book pretax stock-based compensation charges totaling $18.1 million for fiscal years 1989 through 2005.

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