CEC Entertainment, Inc. (NYSE: CEC) today reported net earnings of $34.1 million for the first quarter ended March 29, 2009, compared to net earnings of $32.9 million in the first quarter of 2008. Diluted earnings per share increased to $1.48 for the first quarter of 2009, compared to $1.24 in the first quarter of 2008. Total quarterly revenues increased 1.2% to $248.1 million during the first quarter of 2009 from total quarterly revenues of $245.2 million in the first quarter of 2008. Comparable store sales for the first quarter of 2009 declined 0.1%.

In accordance with new accounting guidance, FSP EITF 03-6-1, which became effective during the first quarter of 2009, the Company now reflects EPS results under what is called the “two-class” EPS method. This new method has the result of increasing the dilutive impact from unvested restricted stock. The Company’s unvested restricted stock grants include a non-forfeitable right to receive cash dividends, whether paid or not. This new guidance causes the unvested restricted stock to be considered a “participating security” and as a result, basic and diluted EPS results reflect greater dilution. The impact of adopting this new guidance caused diluted EPS to be $0.04 lower than what would have been reported absent this new guidance. Furthermore, the transition provisions of this new accounting guidance require retrospective adjustment of prior-period EPS data. A table reconciling the previously reported prior-period EPS data with the adjusted EPS data has been provided within this earnings release.

Michael Magusiak, President and Chief Executive Officer, stated that, “We are obviously pleased with the results for the first quarter of 2009. We have decided to delay our scheduled conference call until 7:00am (CST), Friday, May 1, 2009. We believe that this will better afford management the time to assess our business outlook given the swine flu outbreak in the country and its potential implications to our business.”

The Company intends to issue a press release prior to its conference call tomorrow morning discussing its business outlook for 2009.

Revised Schedule for First Quarter 2009 Conference Call:

The Company will host a conference call Friday, May 1, 2009, at 7:00 a.m. Central Time to discuss its first quarter 2009 financial results and outlook for the remainder of the year. A live webcast of the call (listen only) can be accessed through the Company's website, www.chuckecheese.com. Shortly after its conclusion, a replay of the call will be available for a minimum of 90 days on the website.

About CEC Entertainment, Inc.:

Celebrating over 30 years of success as a place Where a Kid can be a Kid®, CEC Entertainment, Inc. is a nationally recognized leader in family dining and entertainment. Chuck E. Cheese's stores feature musical and comic entertainment by robotic and animated characters, arcade-style and skill oriented games, video games, rides and other activities intended to appeal to families with children between the ages of two and 12 and offers a variety of pizzas, sandwiches, appetizers, a salad bar and desserts. The Company and its franchisees operate a system of 542 Chuck E. Cheese's stores located in 48 states (excluding Wyoming and Vermont) and six foreign countries or territories. Currently, 495 locations in the United States and Canada are owned and operated by the Company. For more information, see the Company’s website at www.chuckecheese.com.

Forward-Looking Statements:

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. Statements that are not historical in nature, and which may be identified by the use of words such as “may,” “should,” “could,” “believe,” “predict,” “potential,” “continue,” “plan,” “intend,” “expect,” “anticipate,” “future,” “project,” “estimate” and similar expressions (or the negative of such expressions) are forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future events and, therefore, involve a number of assumptions, risks and uncertainties, including the risk factors described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2008. 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. Factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to:

• Changes in consumer discretionary spending and general economic conditions;
• Disruptions in the financial markets affecting the availability and cost of credit and our ability to maintain adequate insurance coverage;
• Our ability to successfully implement our business development strategies;
• Costs incurred in connection with our business development strategies;
• Competition in both the restaurant and entertainment industries;
• Loss of certain key personnel;
• Increases in food, labor and other operating costs;
• Changes in consumers’ health, nutrition and dietary preferences;
• Negative publicity concerning food quality, health, safety and other issues;
• Public health issues such as the swine flu;
• Disruption of our commodity distribution system;
• Our dependence on a few global providers for the procurement of games and rides;
• Adverse affects of local conditions, events and natural disasters;
• Fluctuations in our quarterly results of operations due to seasonality;
• Conditions in foreign markets;
• Risks in connection with owning and leasing real estate;
• Our ability to adequately protect our trademarks or other proprietary rights;
• Government regulations, litigation, product liability claims and product recalls;
• Disruptions of our information technology systems;
• Changes in financial accounting standards or our interpretations of existing standards; and
• Failure to establish, maintain and apply adequate internal control over financial reporting.

The forward-looking statements made in this press release relate only to events as of the date on which the statements were made. Except as may be required by law, the Company undertakes no obligation to update its forward-looking statements to reflect events and circumstances after the date on which the statements were made or to reflect the occurrence of unanticipated events.

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Percentages are expressed as a percent of total revenues (except as otherwise noted).

Due to rounding, percentages may not add.

The following table sets forth the adoption of Financial Accounting Standards Board Staff Position EITF No. 03-6-1 “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities,” had on prior-period earnings per share data for 2008:

CEC Entertainment, Inc.
Christopher D. Morris, 972-258-4525
Executive Vice President
Chief Financial Officer