Rick�s Cabaret International, Inc. (NASDAQ: RICK), operator of
upscale gentlemen�s clubs, said today it had total revenues of
$7,569,589 for its second quarter ending March 31st, the highest
quarterly revenue in the company�s history �We are pleased with the
overall growth in our club structure,� said Eric Langan, President
and CEO of the company. �With the new club in Ft. Worth also
beginning to contribute we are on track to meet our targets for
fiscal 2007.� Rick�s Cabaret now operates 14 adult nightclubs in
four states. The company generated cash of $1,303,374 from
operating activities during the quarter compared with $1,021,885 in
the previous year. Cash on hand at the end of the quarter was
$6,510,683 compared with $1,473,186 last year, primarily
attributable to proceeds from the sale of common stock in two
private placements, some of which was subsequently used for the
acquisition of the Ft. Worth club. Net income for the period was
$492,344 compared with $706,070, a decrease primarily due to costs
associated with opening new clubs in San Antonio and Austin such as
marketing, advertising, legal and professional, permitting and
other expenses. Net income for same-club-same-period operations
increased 22.3 percent to $1,599,288 million from $1,307,495
million, even though the company had benefited from extraordinary
revenues and earnings associated with the NBA All Star Week in
Houston during the second period last year. The company earned nine
cents basic per share, compared with 16 cents in the second quarter
last year. Second quarter revenues were up 23.7 percent from last
year�s consolidated total of $6,119,516, a result of an increase of
nearly 10.4 percent in same-club-same-period revenues during the
period over the previous year and the opening of new clubs in San
Antonio and Austin. The company�s previous quarterly income record
was $7 million set in the first quarter of this fiscal year. Cost
of goods sold for the second quarter was 12.7 percent of total
revenues compared to 12.2 percent in the previous year, primarily
due to the addition of clubs that have higher costs and the cost of
maintaining internet operations. Likewise, payroll and related
costs were up during the period due to the addition of new clubs.
Revenue for the company�s Internet operations were down during the
period nearly 12.9 percent to $177,503, and net income from
Internet operations was $5,962 compared with $30,447 a year ago.
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS � � FOR THE THREE MONTHS ENDED MARCH 31,
FOR THE SIX MONTHS ENDED MARCH 31, 2007� 2006� 2007� 2006�
(UNAUDITED) (UNAUDITED) � Revenues: Sales of alcoholic beverages $
2,812,406� $ 2,215,489� $ 5,407,004� $ 4,385,484� Sales of food and
merchandise 768,628� 677,275� 1,432,715� 1,315,999� Service
revenues 3.538,017� 2,841,119� 6,889,815� 5,435,920� Internet
revenues 177,502� 203,751� 365,481� 412,909� Other � 273,036� � �
181,882� � � 504,332� � � 348,941� Total revenues 7,569,589�
6,119,516� 14,599,347� 11,899,253� � Operating expenses: Cost of
goods sold 962,469� 745,295� 1,853,636� 1,454,533� Salaries and
wages 2,156,054� 1,678,813� 4,227,192� 3,348,524� Stock
compensation 65,356� ---� 130,712� ---� Other general and
administrative: Taxes and permits 981,327� 779,450� 1,854,272�
1,474,765� Charge card fees 137,505� 104,074� 281,507� 206,310�
Rent 396,040� 296,732� 749,272� 593,578� Legal and professional
248,418� 185,288� 487,276� 335,946� Advertising and marketing
325,027� 315,882� 683,797� 606,550� Insurance 180,812� 101,799�
309,265� 168,374� Utilities 204,083� 150,579� 370,501� 279,707�
Depreciation and amortization 386,427� 235,787� 751,027� 468,269�
Other � 798,908� � � 562,336� � � 1,587,170� � � 1,215,046� Total
operating expenses � 6,842,426� � � 5,156,035� � � 13,285,627� � �
10,151,602� Income from operations 727,163� 963,481� 1,313,720�
1,747,651� � Other income (expense): Interest income 2,420� 8,950�
13,054� 15,386� Interest expense (328,454) (271,469) (654,017)
(534,521) Minority interests 91,215� (2,731) 172,207� (1,344) Other
� ---� � � 7,839� � � ---� � � 4,354� Net income $ 492,344� � $
706,070� � $ 844,964� � $ 1,231,526� � Basic and diluted earnings
per share: Net income, basic $ .09� � $ 0.16� � $ 0.16� � $ 0.28�
Net income, diluted $ .08� � $ 0.14� � $ 0.15� � $ 0.26� Weighted
average number of common shares outstanding: Basic � 5,528,888� � �
4,408,237� � � 5,335,189� � � 4,364,649� Diluted � 5,810,728� � �
5,347,386� � � 5,621,876� � � 4,973,583� Comprehensive income for
the three months ended March 31, 2007 and 2006 were $505,691 and
$728,315, and for the six months were $842,739 and $1,253,771,
respectively. This includes the changes in available-for-sale
securities and net income. About Rick�s Cabaret: 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
ir@ricks.com. Forward-looking Statements: 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,
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
ricks.com.
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