Rick's Cabaret International, Inc. Expects Positive Guidance Update During Second Quarter Conference Call In May
HOUSTON - (April 10, 2008) - Rick's Cabaret International,
, the nation's premier operator of upscale gentlemen's clubs, said today it expects to exceed current earnings guidance when it updates its projections during its second quarter conference call in May.
"Planned acquisitions and organic growth are coming in on schedule," said Eric Langan
, President and CEO of the company. "We will file our quarterly report on time and will also update guidance during the call. We believe we will exceed the current consensus for second quarter results that will be reported in May, given that we have not seen any falloff in nightclub revenues. Sales totaled $15,286,097 in the second quarter, equivalent to a 107 percent increase over the same quarter 2007, and we had an 8.3 percent increase in same store sales in the quarter over the previous year. This increase exceeds our current projections of 6 percent annual organic growth."
The company also has scheduled several investor events in April, including a presentation at the 57th Equities Magazine Conference
in New York City on April 18, and the LD Micro Cap Conference
in Los Angeles April 29. In addition the company will host a "Philadelphia Due Diligence Party
" for investors during the grand opening of its new club in Philadelphia, on April 24. For further information, visit the Rick's Cabaret website at www.ricks.com
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]