HOUSTON, July 9, 2013 /PRNewswire/ -- Rick's Cabaret
International, Inc. (NasdaqGM:RICK) today reported nightclub
revenues in its third quarter ended June 30,
2013 were $27.9 million, an
increase of 18.4 percent over the $23.6
million reported in the same period last year.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
The company said sales increases at its clubs in New York City and Minneapolis were significant compared with the
same quarter last year, but the primary driver of the increase was
the nearly $3.5 million contributed
by the Jaguars club chain acquired in late 2012 and $1.1 million by the new Bombshells and Vee Lounge
restaurant/nightclubs launched earlier this year in Dallas and Ft.
Worth.
Revenues at clubs open for more than one year were $23.0 million, compared with $23.6 million in the same period last year, a
decline of 2.4 percent.
"Same location sales are in line with our expectations,"
said Eric Langan, president
and CEO of Rick's Cabaret. "The slightly lower comparative numbers
are primarily a result of cutting back on certain marketing and
discounting in several markets, which have also lowered our
costs."
The company expects to announce its third quarter earnings on
August 8, 2013.
About Rick's Cabaret: Subsidiaries of Rick's Cabaret
International, Inc. (NASDAQ: RICK) own upscale adult nightclubs
serving primarily businessmen and professionals that offer live
entertainment, dining and bar operations. Nightclubs called "Rick's
Cabaret," "XTC Cabaret," "Club Onyx" and "Tootsie's Cabaret" and
other brand names are located in New York
City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities. Sexual
contact is not permitted at any locations. A subsidiary of Rick's
Cabaret also owns a media division, ED Publications. 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.
Twitter: @rickscabaret; Facebook:
http://www.facebook.com/rickscabaretintl.
Forward-looking Statements: This press release may
contain 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 press release,
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.ricksinvestor.com.
SOURCE Rick's Cabaret International, Inc.