Rick’s Cabaret International, Inc. Reports $16.94 Million in Nightclub Sales for Its First Quarter, Vs. $10.88 Million a Ye...
January 12 2009 - 9:00AM
Business Wire
Rick�s Cabaret International, Inc. (NASDAQ: RICK), the premier
chain of upscale gentlemen�s clubs, said its nightclub sales in its
first quarter ending December 31, 2008 were $16,942,864 versus
$10,774,293 for the same period a year earlier, a 57 percent
improvement. Sales for clubs it has operated for more than one year
were $8,767,191 for the quarter, essentially level with the
$8,772,902 reported in the same period a year ago. �Despite strong
sales at Rick�s Cabaret in New York City our overall same location
sales were flat compared with last year and our margins are being
squeezed, so we believe our first quarter earnings will fall below
our earlier expectations,� said Eric Langan, President and CEO of
the company. �We have begun to make operating changes in the clubs
that are not meeting expectations and this is already having an
impact. For example, we have converted our Philadelphia location to
a Club Onyx and have seen an immediate improvement there. We will
re-brand our Rick�s Cabaret in Dallas as an all-nude XTC Cabaret
later this week and we expect a quick and positive impact. Our
primary focus at this time is improving revenues and margins, and
if we determine that certain clubs do not have the potential for
improvement we will sell them or shut them.� 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;
a network of online adult auction sites under the flagship URL
naughtybids.com; ED Publications, the national trade magazine and
convention for the adult nightclub industry; and Storerotica, the
national trade magazine and convention for the adult product and
intimate apparel industries." Rick�s Cabaret common stock is traded
on the NASDAQ Global Market 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 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. 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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