VCG Holding Corp. Reports Its August 2006 Nightclub Revenues
September 20 2006 - 2:53PM
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 August 2006 decreased to
$1,236,703 as compared to $1,256,974 in August 2005. VCG's
consolidated same store sales comparisons were mixed for the period
as compared to the same period in 2005. Namely, sales in August
2006 for the clubs in Indianapolis, the Penthouse Denver, Penthouse
Phoenix, and Centerfolds were down 6.3%, 6.8%, 31.1% and 2.3%,
respectively, as compared to August 2005. Saint Louis and Diamond
Cabaret Denver was up 10.3% and 13.3%, 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. 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 August 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
August 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 six 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.
Vcg (AMEX:PTT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vcg (AMEX:PTT)
Historical Stock Chart
From Jul 2023 to Jul 2024