Rick’s Cabaret International, Inc. Reports Quarterly Adult Nightclub Sales of $22.5 Million
April 07 2011 - 9:01AM
Business Wire
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the
nation’s leading group of upscale gentlemen’s clubs, generated
sales of $22,541,440 at its nightclubs in the quarter ended March
31st.
Companywide sales were 2.57 percent higher than the $21,976,859
generated in the same quarter last year. Revenues at clubs open for
more than 12 months, excluding Las Vegas, increased by 8.25
percent from the same period last year. If Las Vegas is
included in the calculation, companywide sales decreased by 3.14
percent at clubs open for more than 12 months.
Revenue totals were negatively impacted by continuing weak sales
at Rick’s Cabaret in Las Vegas, due to the discontinuance of a
costly taxicab marketing program that had generated sales but no
profits, and the slow economic recovery in Nevada.
“Except for the declines in Las Vegas, overall sales in January
and February were fairly consistent with last year, and we again
had a very strong March at several of our key clubs, especially
Rick’s Cabarets in New York City and Austin, Tootsie’s Cabaret in
Miami, XTC in Dallas, and the Charlotte Club Onyx location,” said
Eric Langan, President and CEO of the company.
About Rick’s Cabaret: Rick’s Cabaret International, Inc.
(NASDAQ: RICK) is home to 22 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
or visit www.ricksinvestor.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. Additional
factors that could cause the Company’s results to differ materially
from those described in the forward-looking statements are
described in forms filed with the SEC from time to time and
available at www.ricksinvestor.com or on the SEC's internet website
at www.sec.gov. 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.ricksinvestor.com.
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