Rick's Cabaret International, Inc. Reports Nightclub Sales For Third Quarter Up 92 Percent Over Last Year
HOUSTON - (July 8, 2008) - Rick's Cabaret International,
, premier operator of upscale gentlemen's clubs, said today nightclub sales for its third quarter ended June 30th totaled $15.89 million, a 92.1 percent increase over the previous year.
The company said same club-same period sales for the quarter were $8 million, an 8.43 percent increase over the same period in the previous year.
"We are very pleased with the quarterly nightclub sales results, particularly with the same store comparison gain," said Eric Langan, President and CEO of Rick's Cabaret. The company considers nightclubs it has operated for 12 months or more for comparable sales. The company will report its full results for the third quarter, including its internet and media divisions, in August.
Mr. Langan said the company's New York City club continued its strong year-over-year growth. He noted that the company's new clubs in Dallas and Philadelphia have begun contributing revenues and Tootsie's Cabaret in Miami continued to exceed initial expectations.
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.
Media Contact: Allan Priaulx, 212-338-0050, [email protected]