Rick's Cabaret International, Inc. Says April Nightclub Sales Roared To New High Of $7.37 Million, Driven By Las Vegas Club Contribution
HOUSTON- (May 6, 2009) - Rick's Cabaret International,
, premier operator of upscale gentlemen's clubs, said today its sales in April climbed to a record $7.37 million, a 44.6 percent gain over April 2008 revenues.
"Our newest acquisition in Las Vegas is becoming a powerful contributor with sales of $1.86 million in April, as our aggressive marketing approach has made us one of the top adult entertainment destinations in Vegas," said Eric Langan
, President and CEO of Rick's Cabaret.
The strong sales results were also fueled by Rick's Cabaret New York City, which continued its record-setting gains; Tootsie's Cabaret in Miami, which was ahead of its 2008 numbers; and by strong performances from two newly re-branded locations, Club Onyx in Philadelphia and XTC Cabaret in Dallas.
Same store sales were down 4.8 percent from April 2008, to $4.67 million, but the results were an improvement over the 7.6 percent drop during the most recent quarter ended March 31st.
"Current trends are making us optimistic that we will continue to see stronger overall results moving forward if the economy continues to strengthen, including an increase in same store sales in future months," said Mr. Langan. He noted that increased marketing costs in April will continue to keep margins tight for the period.
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, operates or licenses adult nightclubs in New York City, Miami, Philadelphia, Las Vegas, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at these locations. Rick's Cabaret also operates a media division, ED Publication, and owns the adult Internet membership Web site, couplestouch.com as well as a network of online adult auction sites under the flagship URL naughtybids.com. Rick's Cabaret common stock is traded on the NASDAQ Global Market 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 cities where it operates, the success or lack thereof in launching and building the company’s businesses, 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 visit www.ricks.com.
Media Contact: Allan Priaulx, 212-338-0050, [email protected]