Rick's Cabaret International, Inc. Reports Quarterly Adult Nightclub Sales of $22.5 Million
HOUSTON - (April 7, 2011) – Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], the nation's leading group of upscale gentlemen's clubs, generated sales of $22,541,440 at its nightclubs in the quarter ended March 31st.
Companywide sales were 2.57 percent higher than the $21,976,859 generated in the same quarter last year. Revenues at clubs open for more than 12 months, excluding Las Vegas, increased by 8.25 percent from the same period last year. If Las Vegas is included in the calculation, companywide sales decreased by 3.14 percent at clubs open for more than 12 months.
Revenue totals were negatively impacted by continuing weak sales at Rick's Cabaret in Las Vegas, due to the discontinuance of a costly taxicab marketing program that had generated sales but no profits, and the slow economic recovery in Nevada.
"Except for the declines in Las Vegas, overall sales in January and February were fairly consistent with last year, and we again had a very strong March at several of our key clubs, especially Rick's Cabarets in New York City and Austin, Tootsie's Cabaret in Miami, XTC in Dallas, and the Charlotte Club Onyx location," said Eric Langan, President and CEO of the company.
About Rick’s Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to 22 upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate 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 Publications, and owns the adult Internet membership Website 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 NASDAQ under the symbol RICK. For further information contact [email protected] or visit www.ricksinvestor.com.
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. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements are described in forms filed with the SEC from time to time and available at www.ricksinvestor.com or on the SEC's internet website at www.sec.gov. 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.ricksinvestor.com.
Contact: Allan Priaulx, 212-338-0050, [email protected]