VCG Holding Corp. Reports Its April 2006 Nightclub Revenues
May 23 2006 - 11:25AM
Business Wire
VCG Holding Corp. (AMEX:PTT) ("VCG"), a leading owner, operator and
consolidator of adult nightclubs, today reported that its
consolidated nightclub revenues in April 2006 decreased to
$1,165,884 as compared to $1,222,023 in April 2005. VCG's
consolidated same store sales comparisons were mixed for the period
as compared to the same period in 2005. Namely, sales in April 2006
for the clubs in Indianapolis, St. Louis, the Penthouse Denver and
Centerfolds were down 1.6%, 14.2%, 11.1% and 7.7%, respectively.
Penthouse Phoenix was down 25.3% and Diamond Cabaret was up 13.7%
as compared to the same period in 2005. The Company believes that a
number of factors influenced these mixed sales numbers. The clubs
in St. Louis, Penthouse Denver and Indianapolis are mature clubs
that have small changes in sales numbers. The Penthouse Phoenix
sales are down as compared to its opening numbers in early 2005 and
the rate of revenue decline at this location has slowed. The rate
of increase in the Diamond Cabaret's sales continues to increase as
it builds the downtown market. Centerfolds Club has entered its
third year of business and is expected to exhibit the more stable
revenue figures as it is becoming a mature, established club.
Notwithstanding a small decrease in revenue for April 2006, the
Company expects income from operations to stay on the same pace as
the first quarter of this year based on preliminary financial
statements for April 2006. About VCG Holding Corp. VCG Holding
Corp. is an owner, operator and consolidator of adult nightclubs
throughout the United States. The Company currently owns six adult
nightclubs, one upscale dance lounge and operates seven other adult
nightclubs under management agreements. The owned and managed clubs
are located in Indianapolis, St. Louis, Denver, Phoenix, and
Louisville. Forward-Looking Statements Statements contained in this
press release concerning future results, performance or
expectations are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include statements regarding the intent, belief or
current expectations of the Company and members of its management
team, as well as assumptions on which such statements are based.
All forward-looking statements in this press release are based upon
information available to the Company on the date of this press
release. Forward-looking statements involve a number of risks and
uncertainties, and other factors, that could cause actual results,
performance or developments to differ materially from those
expressed or implied by those forward-looking statements including
the following: failure of facts to conform to necessary management
estimates and assumptions; the Company's ability to identify and
secure suitable locations for new nightclubs on acceptable terms,
open the anticipated number of new nightclubs on time and within
budget, achieve anticipated rates of same-store sales, hire and
train additional nightclub personnel and integrate new nightclubs
into its operations; the continued implementation of the Company's
business discipline over a large nightclub base; unexpected
increases in cost of sales or employee, pre-opening or other
expenses; the economic conditions in the new markets into which the
Company expands and possible uncertainties in the customer base in
these areas; fluctuations in quarterly operating results;
seasonality; changes in customer spending patterns; the impact of
any negative publicity or public attitudes; competitive pressures
from other national and regional nightclub chains; business
conditions, such as inflation or a recession, or other negative
effect on nightclub patterns, or some other negative effect on the
economy, in general, including (without limitation) growth in the
nightclub industry and the general economy; changes in monetary and
fiscal policies, laws and regulations; war, insurrection and/or
terrorist attacks on United States soil; and other risks identified
from time to time in the Company's SEC reports, including the
Annual Report on Form 10-KSB for 2005, Quarterly Reports on Form
10-QSB and Current Reports on Form 8-K, registration statements,
press releases and other communications, and amendments thereto.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
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