VCG Holding Corp. Reports Its May 2006 Nightclub Revenues Increased 12.8% Over May 2005
June 15 2006 - 9:15AM
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 May 2006 increased to
$1,239,986, or 12.8%, as compared to $1,099,953 in May 2005. VCG's
consolidated same store sales comparisons were mixed for the period
as compared to the same period in 2005. Namely, sales in May 2006
for the clubs in Indianapolis, St. Louis, the Penthouse Denver,
Diamond Cabaret, and Centerfolds were up 13.3%, 10.1%, 7.8%, 47.3%
and 6.4%, respectively, as compared to the same period in 2005.
Penthouse Phoenix was down 32.9% 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. The increase in revenue for
May 2006 over May 2005 adds to the Company's expectation that
income from operations will stay at the same pace as the first
quarter of 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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