Rick�s Cabaret International, Inc., operator of upscale gentlemen�s
clubs, today reported net income of $1,031,727 for its third
quarter ending June 30, 2007, an increase of 62 percent over the
$635,857 reported for the three months ended June 30, 2006. Net
income per basic share was 17 cents, compared with 13 cents in the
previous year. Income before income taxes for
same-location-same-period of nightclub operations increased 42
percent to $1,901,468 in the third quarter this year, from
$1,338,462 for same period last year. Rick�s Cabaret had
consolidated total revenues of $8,446,351 for the quarter, compared
to consolidated total revenues of $6,251,181 for the three months
ended June 30, 2006, an increase of 35 percent that was primarily
attributable to $1,601,224 generated by new nightclubs in San
Antonio, Austin, and Fort Worth, Texas and an increase of $599,399
from other locations. Total revenues for same-location-same-period
of club operations increased just over 10 percent. The company
reported a 2.77 percent decrease in internet revenues to $191,553.
�We are very pleased with the results for our third quarter,� said
Eric Langan, President and CEO of the company. �Revenues from the
newly acquired locations are beginning to make the contributions we
had anticipated and our existing nightclubs are also growing
steadily.� Interest expense for the period was $345,130 compared to
$267,059 for the three months ended June 30, 2006, due primarily to
new debt to finance the purchase and renovation of the new clubs.
As of June 30, 2007, the balance of long-term debt including
current maturities was $14,895,002 compared to $12,316,144 a year
earlier. Cash flows from operating activities during the first
three quarters were $2,652,237, a 52 percent increase compared with
the $1,747,107 generated during the period in 2006. Mr. Langan and
chief financial officer Phillip Marshall will discuss the third
quarter results in a conference call today at 4:30 p.m. EDT. The
call is being webcast and can be accessed through the Rick�s
Cabaret website (ricks.com). The toll free live participant dial-in
number for callers from the U.S. and Canada is 800-361-0912, while
international callers can use 913-981-5559. The conference call
will be available for replay for 14 days after the event at
888-203-1112 (U.S. and Canada) and 719-457-0820 (international).
Replay passcode: 9453772. RICK'S CABARET INTERNATIONAL, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS � � FOR THE
THREE MONTHS ENDED JUNE 30, FOR THE NINE MONTHS ENDED JUNE 30, �
2007 2006 2007 2006 (UNAUDITED) (UNAUDITED) Revenues: Sales of
alcoholic beverages $ 3,254,244 $ 2,214,651 $ 8,661,248 $ 6
,600,135 Sales of food and merchandise 869,853 679,049 2,302,568
1,995,048 Service revenues 3,864,108 2,931,801 10,753,923 8,367,721
Internet revenues 191,553 196,948 557,033 609,857 Other � 266,593 �
228,732 � 770,925 � 577,673 Total revenues 8,446,351 6,251,181
23,045,697 18,150,434 � Operating expenses: Cost of goods sold
1,077,984 715,949 2,931,620 2,170,481 Salaries and wages 2,238,630
1,776,181 6,465,822 5,124,704 Stock compensation 48,134 -- 178,846
-- Other general and administrative: Taxes and permits 1,088,917
763,337 2,943,189 2,238,103 Charge card fees 157,932 140,115
439,440 346,425 Rent 388,702 261,863 1,137,974 855,440 Legal and
professional 279,339 256,938 766,615 592,885 Advertising and
marketing 297,494 285,171 981,290 891,721 Insurance 192,225 104,726
501,490 273,100 Utilities 189,562 157,574 560,063 437,281
Depreciation and amortization 410,507 258,409 1,161,535 726,679
Other � 765,146 � 635,868 � 2,352,315 � 1,850,914 Total operating
expenses � 7,134,572 � 5,356,131 � 20,420,199 � 15,507,733 Income
from operations 1,311,779 895,050 2,625,498 2,642,701 � Other
income (expense): Interest income 28,940 5,316 41,994 20,702
Interest expense (345,130) (267,059) (999,146) (801,581) Minority
interests 120,997 2,550 293,204 1,206 Other � -- � -- � -- � 4,354
Income before income taxes 1,116,586 635,857 1,961,550 1,867,382
Deferred income taxes � 84,859 � -- � 84,859 � -- Net income $
1,031,727 $ 635,857 $ 1,876,691 $ 1,867,382 � Basic and diluted
earnings per share: Net income, basic $ 0.17 $ 0.13 $ 0.34 $ 0.41
Net income, diluted $ 0.16 $ 0.12 $ 0.32 $ 0.38 Weighted average
number of common shares outstanding: Basic 6,112,678 4,835,502
5,539,923 4,521,600 Diluted 6,789,647 5,752,084 6,044,398 5,211,700
Comprehensive income for the three months ended June 30, 2007 and
2006 were $1,031,727 and $613,612, and for the nine months were
$1,874,466 and $1,867,382, 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 business executives and
professionals that offer live adult entertainment, restaurant and
bar operations. The company owns, 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.� Sexual contact is not 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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