Rick’s Cabaret International, Inc. Nightclub Sales Climb 113 Percent to $6.1 Million in October; Same Club Sales up 8 Percent
November 14 2008 - 9:00AM
Business Wire
Rick�s Cabaret International, Inc. (NASDAQ: RICK), the premier
chain of upscale gentlemen�s clubs, said its nightclub sales in
October were $6.1 million, a 113 percent increase over October
2007. Sales at clubs operated for more than a year were up eight
percent over the previous year�s October results. �These results
are so outstanding that we have made an exception to our policy of
announcing sales only on a quarterly basis, so that we could bring
the news out sooner,� said Eric Langan, President and CEO of Rick�s
Cabaret. Mr. Langan said that sales were up nearly 30 percent at
the company�s flagship New York City club, which had a record
month. Each of the company�s brands -- Rick�s Cabaret, XTC Cabaret
and Club Onyx -- reported sales increases over the previous year.
�Our Tootsie�s Cabaret in Miami continues to perform ahead of
original expectations,� said Mr. Langan. �Our newest club, Rick�s
Cabaret Las Vegas, is dealing with the general slowdown in Las
Vegas traffic.� Mr. Langan said the company expects its next
nightclub sales report will be made shortly after the end of the
current quarter. The company will issue its fiscal 2008 and fourth
quarter results and will hold a conference call in December, but
has not yet selected a date. 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, 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 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 visit
www.ricks.com.
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