Rick's Cabaret International, Inc. Says March Nightclub Sales Rose 95 Percent Over 2007 To New Record
HOUSTON - (April 8, 2008) - Rick's Cabaret International,
, today reported sales at its chain of adult nightclubs were $5,366,967, a new monthly record for the company and a 95.1 percent increase over March 2007 sales of $2,750,360.
The sharp increase was driven largely by the contribution of Tootsie's Cabaret
in Miami, which the company began operating in December 2007, as well as continued growth in the company's flagship Rick's Cabaret - New York City
location, which had growth of more than 33 percent over March 2007.
March same club sales compared with clubs open in 2007 increased by 4.39 percent, to $2,871,105. Same club sales for the second quarter ending March 31 total $7,995,760, up 8.3 percent over the first quarter of 2007.
The company reports total nightclub sales in its second quarter of $15,286,097, a 107 percent increase over the first quarter 2007.
"We are very pleased with our 8.3 percent growth for the quarter, which exceeds the 6 percent we forecast in our guidance," said Eric Langan
, President and CEO of Rick's Cabaret. "The results were particularly good in view of the general economic downturn and because we were battling the effects of the so-called Œpole tax, in Texas that has now been declared unconstitutional."
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]