Rick’s Cabaret International, Inc. (NASDAQ: RICK) today
reported consolidated total revenues of $20 million for its first
quarter ending Dec. 31, 2009, a 16.8 percent increase over the same
period a year ago. The increase was primarily attributed to a 14.5
percent increase in same store sales plus revenues from new
nightclubs in Austin and Ft. Worth.
Net income attributable to Rick’s shareholders for the period
was $782,688, compared with $790,832 in the same quarter in the
previous year or eight cents per fully diluted share, the same as
in 2009. Income from continuing operations before income tax was
$1.4 million for the quarter, compared with $1.6 million for the
same quarter in the previous year.
Eric Langan, President and CEO of Rick’s Cabaret
International, said net income was impacted by expenses associated
with acquisition activities and aggressive marketing costs, which
totaled $2.9 million compared with $1.2 million in the same quarter
one year ago.
“These expenses are largely behind us now and we are on track
with our earnings guidance,” Mr. Langan said.
“Our income was impacted by a very aggressive and successful
campaign in Las Vegas to capture market share and prepare for
upcoming national conventions,” Mr. Langan said. “This program is
already paying off because we had a profit of about $100,000 in Las
Vegas in January, and we have now been able to significantly lower
our Vegas marketing costs. We also spent considerable sums on
marketing in advance of the Super Bowl, Pro-Bowl and NBA All-Star
Game, and for the launch of newly acquired clubs. These costs have
now been largely eliminated.”
Mr. Langan will discuss the results in a conference call at 4:30
p.m. ET today. The call is being webcast by Vcall and can be
accessed at the Rick’s Cabaret website, ricks.com or
www.InvestorCalendar.com. The toll free Live Participant
Dial In number is 877-407-8033, while international callers should
use 201-689-8033. The toll free replay number 877-660-6853,
while international callers should use 201-612-7415. Replay
passcodes required for playback are: Account #: 286 and Conference
ID #: 344435.
RICK'S CABARET INTERNATIONAL,
INC.
CONSOLIDATED STATEMENTS OF
INCOME
Three Months Ended
December 31,
2009
2008
(UNAUDITED) Revenues: Sales of alcoholic beverages $
8,049,465 $ 6,633,571 Sales of food and merchandise
1,590,011 1,420,066 Service revenues 9,292,249 8,139,890 Internet
revenues 145,005 176,763 Media revenues 256,757 183,636 Other
671,099 579,769 Total revenues 20,004,586 17,133,695
Operating expenses: Cost of goods sold 2,456,107 2,229,474
Salaries and wages 4,310,305 4,220,886 Stock-based compensation
44,037 20,044 Other general and administrative: Taxes and permits
2,835,564 2,319,300 Charge card fees 346,188 338,541 Rent 993,133
917,962 Legal and professional 649,609 504,049 Advertising and
marketing 2,938,173 1,172,371 Depreciation and amortization 842,358
844,352 Insurance 261,851 239,237 Utilities 405,869 428,918 Other
1,535,644 1,422,340 Total operating expenses
17,618,838 14,657,474 Income from operations
2,385,748 2,476,221 Other income (expense): Interest income
3,673 5,734 Interest expense (1,028,583 ) (833,471 ) Gain on change
in fair value of derivative instruments 44,275 -
Income from continuing operations before income taxes
1,405,113 1,648,484 Income taxes 513,548
576,746 Income from continuing operations 891,565 1,071,738
Loss from discontinued operations, net of income taxes of $19,899
and $111,680 (35,377 ) (207,406 ) Net income
856,188 864,332 Less: net income attributable to noncontrolling
interests (73,500 ) (73,500 ) Net income
attributable to Rick’s Cabaret International, Inc. $ 782,688 $
790,832 Basic earnings (loss) per share attributable to Rick’s
shareholders: Income from continuing operations $ 0.09 $ 0.11 Loss
from discontinued operations (0.00 ) (0.02 ) Net
income $ 0.08 $ 0.08 Diluted earnings (loss) per share attributable
to Rick’s shareholders: Income from continuing operations $ 0.09 $
0.10 Loss from discontinued operations (0.00 ) (0.02 ) Net
income $ 0.08 $ 0.08 Weighted average number of common
shares outstanding: Basic 9,370,175 9,366,033 Diluted 9,385,209
9,599,954
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 ricks.com.
About Rick’s Cabaret: Rick’s Cabaret International, Inc.
(NASDAQ: RICK) is home to upscale adult nightclubs serving
primarily businessmen and professionals that offer live
entertainment, dining and bar operations. Nightclubs in New York
City, Miami, Philadelphia, New Orleans, 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
ir@ricks.com.
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