Rick's Cabaret International, Inc. Updates Guidance For 2008 And Outlook FOR 2009
HOUSTON - (May 9, 2008) - Rick's Cabaret International,
, During a conference call with investors on May 8, 2008, Rick's Cabaret International, Inc. (NASDAQ: RICK), operator of upscale gentlemen's clubs, issued new guidance for its revenues and income for the 2008 fiscal year and its outlook for 2009.
For its 2008 fiscal year the
company said it expects to have sales of approximately $61 to $62 million, with after tax net income of about $10.5 to $11 million, on which it anticipates earning between $1.25 and $1.30 per fully diluted share. If spread over all of calendar 2008 revenues should equal about $68-$70 million, with net income of about $13 to $14 million and projected earnings of approximately $1.55 to $1.60 per fully diluted share.
The company's outlook for fiscal 2009 anticipates revenues of exceeding $100 million, with earnings per share in the $2.30 to $2.50 range per fully diluted share.
The 2008 projections do not include the closing of a previously announced acquisition in Las Vegas while the
2009 outlook does include the Las Vegas transaction and continued execution of the company's acquisition strategy.
projections update the company's previous guidance issued on February 13,
2007 and April 1, 2008. The company operates on a fiscal year ending September 30. Some projections have also been stated on a calendar year basis for ease in comparison with other companies.
Cabaret International, Inc. (NASDAQ: RICK) operates upscale
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
Web site, couplestouch.com,
and a network of online adult auction sites under the flagship URL naughtybids.com.
Cabaret common stock is traded on NASDAQ under the symbol RICK.
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
of same-store sales; hire and train additional nightclub
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.
no obligation to update or revise the forward-looking statements
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]