Rick’s Cabaret International, Inc. Reports Third Quarter Revenue of $19.93 Million
August 16 2010 - 4:01PM
Business Wire
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the
nation’s leading group of upscale gentlemen’s clubs, had revenues
of $19.93 million in its third quarter ending June 30, 2010. After
one-time non-cash write-offs the company had net income of $856,701
and earnings per share of nine cents for the quarter.
The 2010 results compared with revenues for the same quarter in
2009 of $21.03 million, net income of $1.78 million and earnings
per share of nineteen cents.
Eric Langan, President and CEO of Rick’s Cabaret, said:
“Several factors contributed to the net income result, including a
one-time $275,000 write off taken in connection with an early loan
redemption; a loss on change in fair value of derivative
instruments of approximately $400,000; high legal expenses in
connection with a New York City law suit; and an increase in income
taxes, which rose to 41.5 percent from 35.2 percent of pretax
income, because of the change in the fair value of derivative
instruments that is not deductible for tax purposes.”
He added: “I think it is important to focus on the fact that we
generated cash from operations of $12.2 million in the first nine
months of this fiscal year. Even after three acquisitions in the
past twelve months we have about $18.4 million in cash available to
continue our expansion program or for other uses.”
Despite a $2.5 million drop in revenues at the Rick’s Cabaret in
Las Vegas, that club cut its before tax loss to about $200,000 for
the quarter compared to a loss of approximately $300,000 in the
2009 quarter, due to lower marketing costs. The Las Vegas sales
decline was the largest factor in an overall 13.5 percent decline
in same store sales for the quarter. Overall sales benefited from
contributions by new clubs in Fort Worth and Austin.
Mr. Langan will discuss the results in a conference call today
at 4:30 p.m. EDT that is being webcast by Vcall and can be accessed
at the Rick’s Cabaret website, ricks.com or
www.InvestorCalendar.com. The toll free participant dial-in number
is 877-407-8033 (International 201-689-8033). The toll free replay
numbers are: domestic 877-660-6853, international 201-612-7415.
Replay passcodes required for playback are: Account #: 286 and
Conference ID #: 354976.
The company’s Form 10-Q as filed with the SEC is now available
on the Rick’s Cabaret investor website at ricksinvestor.com and the
company’s main website, 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.
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.
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