VCG Holding Corp. Reports Its July 2006 Nightclub Revenues
August 17 2006 - 12:46PM
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 July 2006 decreased to
$1,155,973 as compared to $1,184,569 in July 2005. VCG's
consolidated same-store sales comparisons were mixed for the period
as compared to the same period in 2005. Namely, sales in July 2006
for the clubs in St. Louis, the Penthouse Denver, Penthouse
Phoenix, and Centerfolds were down 7.3%, 11.3%, 35.6% and 2.5%
respectively as compared to July 2005. Indianapolis and Diamond
Cabaret Denver were up 3.3% and 16.2% respectively 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, although due to a storm in late
July the St. Louis club was closed for six days. The Penthouse
Phoenix sales are down as compared to its opening numbers in 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 July 2006,
the Company expects income from operations to stay on the same pace
as the first six months of this year based on preliminary financial
statements for July 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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