May 08, 2008 06:24am
Rick's Revenues More Than Double
Source: Rick’s Cabaret International, Inc.
by: Company Press Release
(HOUSTON, TX) -- Rick's Cabaret International, Inc., premier operator of upscale gentlemen's clubs, said today it more than doubled nightclub sales in April from 2007 and had an 11.5 percent gain in same location sales over the previous year.
Total sales at the company’s 18 adult nightclubs for April were $5.1 million, a 105 percent increase over the $2.48 million recorded in April 2007. Same store sales were $2.68 million compared with $2.40 million last year, an 11.5 percent increase.
''Tootsie's Cabaret in Miami continues to be the biggest driver of our yearly increase and our New York City club continued its powerful growth with a gain of 46.8 percent over April of last year,'' said Eric Langan, President and CEO of the company. He noted that new acquisitions in Philadelphia and Dallas made modest contributions in April since they were under the control of the company for only a few days.
Mr. Langan said he would be available to discuss the April numbers in more detail during the company’s second quarter earnings conference call today at 4:30 PM EDT. The call is being webcast by VCall and can be accessed at the Rick’s Cabaret website,www.ricks.com or www.InvestorCalendar.com. Toll free live participant dial-in number is 877-407-8031, and international callers are invited to dial 201-689-8031. The toll free replay number is 877-660-6853 (international callers dial 201-689-8031), account 286, conference Id 284203. .
Mr. Langan also said that the April 2008 sales report would be the last such monthly report the company will give and that future sales reports will be issued at the end of each quarter, a practice that will bring Rick’s Cabaret in line with the trend toward quarterly sales reports issued by other publicly traded retail firms.
About Rick’s Cabaret:
Rick’s Cabaret International, Inc. (NASDAQ: Rick) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns, operates or licenses adult nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities under the names ''Rick's Cabaret,'' ''Xtc,'' ''Club Onyx'' and ''Tootsie’s Cabaret''. Sexual contact is not permitted at these locations. Rick’s Cabaret also owns the adult Internet membership Web site,couplestouch.com, and a network of online adult auction sites under the flagship URL naughtybids.com. Rick’s Cabaret common stock is traded on NASDAQ under the symbol Rick. For further information contact ir@ricks.com.
Forward-looking Statements:
This document contains 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 document, including the risks and uncertainties associated with operating and managing an adult business, the business climates in New York City and elsewhere, the success or lack thereof in launching and building the company’s businesses in New York City and elsewhere, 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.ricks.com.
Contact: Allan Priaulx,
212-338-0050,
ir@ricks.com
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