Rick's Cabaret International, Inc. Revises Guidance For 2008
HOUSTON-(February 13, 2008) -
During a conference call with investors on February 12, 2008 Rick's Cabaret International,
operator of upscale gentlemen's clubs, provided new guidance for its 2008 revenues and income.
, President and CEO of Rick's Cabaret, told investors that for the 2008 fiscal year ending September 30 the company expects to have sales of approximately $55 million, with net after tax income of about $8.4 million and earnings per basic share of $1.10. In guidance given on December 21, 2007 the company said it expected to earn about $1.03 per basic share.
If calculated over full calendar 2008, he said the company expects calendar 2008 revenues to be about $61 million, with net after tax income of about $10.4 million and projected earnings of approximately $1.35 per basic share. Calendar year projections have been stated for ease in comparison with other companies and carry the same conditions as fiscal year projections.
Mr. Langan added that these projections do not assume any additional acquisitions. He noted that further acquisitions, if closed when anticipated, could add up to 15 cents to the earnings per basic share.
Mr. Langan said the increased earnings should be the result of improving margins at its chain of 15 gentlemen's clubs. He added that this guidance assumes continued organic growth, ability to close acquisitions, and no unforeseen events.
Rick’s Cabaret International, Inc. (NASDAQ: RICK) 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, couplestouch.com,
and a network of online adult auction sites under the flagship URL naughtybids.com.
Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK.
For further information contact [email protected].
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.
for further information: Allan Priaulx, 212-338-0050, [email protected]