Rick's Cabaret International, Inc. March Nightclub Sales Exceed $2.7 Million, Up 27 Percent Over Last Year And A Record For Monthly Sales
HOUSTON -(April 10, 2007)
- Rick's Cabaret International,
Inc. [NASDAQ:RICK],
which
operates a national chain of gentlemen's clubs, today reported record
monthly nightclub sales in March of $2,749,625, an increase of more
than 29 percent over the previous year total of $2,121,348.
The company said March sales for its New York City club were its
highest since the club opened in September 2005, up more than 40
percent from 2006. Same store sales were $2,413,172, up from the
$2,121,348 reported in March 2006.
"Our revenue projections are on track for the year and we are
pleased that we set a monthly record for nightclub sales,"
said Eric Langan, President and CEO of the company.
"Our Midtown Manhattan Rick's Cabaret continues to grow and
we are also happy with the ramp up in revenue that we are seeing
at our new Rick's Cabaret locations in Austin and San Antonio."
For the three months ending March 31 the company now has reported
revenue of $7,384,090, compared with $5,914,004 in 2006, an increase
of about 25 percent. The company said it expects to close this month
on its newest acquisition in the Dallas-Ft. Worth Metroplex, a transaction
expected to add about $4 million in annual revenue.
About Rick's Cabaret
Rick's Cabaret International, Inc. (NASDAQ: RICK, www.ricks.com)
operates upscale adult nightclubs serving primarily businessmen
and professionals that offer live adult entertainment, restaurant
and bar operations. The company owns and operates or licenses adult
nightclubs in New York City, New Orleans, Charlotte, Houston, Minneapolis
and other cities under the names "Rick's Cabaret," "XTC"
and "Club Onyx." No sexual contact is permitted at any
of these locations. Rick's Cabaret also owns the adult Internet
membership Web site, www.couplestouch.com,
and a network of online adult auction sites under the flagship URL
www.naughtybids.com. Rick's
Cabaret common stock is traded on NASDAQ under the symbol RICK.
For further information contact [email protected]
or visit www.ricks.com.
Forward-Looking
Statements:
This document contains 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
document, including: the risks and uncertainties associated
with operating and managing an adult business; the business
climates in New York City and elsewhere; the success or lack thereof
in launching and building the company's businesses in New York City
and elsewhere; the Company's ability to identify and secure suitable
locations for new nightclubs on acceptable terms, open the anticipated
number of new nightclubs on time and within budget; achieve anticipated
rates of same-store sales; hire and train additional nightclub personnel
and integrate new nightclubs into its operations; unexpected increases
in costs of sales or employee, pre-opening or other expenses; the
economic conditions in the new markets into which the Company expands
and possible uncertainties in the customer base in these areas;
fluctuations in quarterly operating results; the impact of any negative
publicity or public attitudes; competitive pressure from other national
and regional nightclub chains; 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. For further information
go to www.ricks.com.