Rick's Cabaret International, Inc. Reports 15.2% Rise in Third Quarter Nightclub Sales, to $20.5 Million
HOUSTON – (July 12, 2011) – Rick's Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading group of upscale gentlemen’s clubs, had total revenues in its group of 23 nightclubs of $20.5 million in the third quarter ending June 30, 2011, an increase of 15.2 percent over revenues of $17.8 million in the same quarter in 2010. The figures do not include results from Rick's Cabaret in Las Vegas, which was discontinued during the quarter.
Same store sales at clubs operated for more than one year rose 9.0 percent for the quarter, to $19.2 million from $17.6 million in the same period in 2010.
"The NBA championship series was positive for our clubs in Miami and the Dallas-Fort Worth market during this quarter," said Eric Langan, President and CEO of Rick's Cabaret. "The Rick's Cabaret locations in Minneapolis and San Antonio did very well, and our newly acquired club in Indianapolis is beginning to make contributions to our revenues." He noted that operations at the Las Vegas location were sharply curtailed in April and the club was essentially closed during May and June.
The company will announce its earnings results for the quarter in mid-August.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to 23 upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, 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 of Rick's Cabaret International, Inc., +1-212-338-0050, [email protected]