Rick's Cabaret International, Inc. reports first quarter 2014 total sales of $29.1 million, up 8.4% year over year
HOUSTON-- January 9, 2014 – Rick’s Cabaret International, Inc. (NasdaqGM: RICK) today announced total sales at adult clubs and sports bar/restaurants for the first quarter ended December 31, 2013.
Total sales were $29.1 million, a quarterly record, up 8.4% from $26.8 million in the year ago quarter. There were 41 units in the 1Q14 count versus 34 in the year ago quarter. The figures do not include the Company’s internet or media divisions.
Sales at units open more than one year were $26.6 million, also a quarterly record, up 0.3% from a year ago. There were 33 units in this category in 1Q14.
Total sales were positively impacted by the performance of adult clubs acquired and sports bar/restaurants launched within the past year, as well as sales growth at existing adult clubs.
The quarter’s sales were achieved despite mid-December ice storms that caused Rick’s to close many units in Texas for as many as five days, resulting in at least $500,000 in lost sales. Most of these clubs were among those open more than a year. Texas is Rick’s largest single market.
The Company expects to announce 1Q14 results on February 10, 2014.
Eric Langan, President and CEO, commented, “We continue to be very pleased with our overall performance, including our recently acquired adult clubs and newly launched sports bar/restaurants, with the exception of bad weather in Texas. Sales at clubs open more than a year were up year over year for the first time since the December 2012 quarter. This reflects the initial benefits of our post-recession strategy of increasing patronage from bigger ticket, higher margin customers at many of our locations.”
About Rick’s Cabaret
With 41 units, Rick’s Cabaret International, Inc. (NasdaqGM: RICK) is the leading hospitality company operating adult gentlemen’s clubs and sports bar/restaurants in the US. Adult clubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names such as “Rick's Cabaret,” “XTC,” “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret.” Sports bar/restaurants, which also feature live entertainment, operate under the brand names “Bombshells” and “Ricky Bobby Sports Saloon.”
This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company’s businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
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