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May 08, 2008 01:24pm
Rick's Record 2Q
Source: Rick’s Cabaret International, Inc.
by: Company Press Release

(HOUSTON, TX) -- Rick’s Cabaret International, Inc., the premier operator of upscale gentlemen’s clubs, today reported record revenues of $15.46 million for its second quarter ended March 31, 2008 with net earnings of $2.60 million compared with $7.57 million and $492,344, respectively, for the same period last year. Earnings per diluted share for the quarter were 32 cents, compared with 9 cents the year before.

''This significant increase in our revenues and earnings demonstrates that our strategy of acquiring outstanding nightclubs in key markets is yielding the expected results in improving margins and cash flow,'' said Eric Langan, President and CEO of Rick’s Cabaret. Mr. Langan will comment on the results in a conference call scheduled for today at 4:30 p.m. The call is being webcast by VCall (click here) and can be accessed at the Rick’s Cabaret website, www.ricks.com or www.InvestorCalendar.com. The 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).

The revenue increase for the three months ended March 31, 2008 was driven primarily by new clubs in Miami and Ft. Worth, which together added nearly $7.29 million, while organic growth from existing clubs added $609,109, an 8.24 percent increase.

The increase in net income was primarily due to higher same-locations-same- period club sales and by revenues from the newly acquired clubs in Miami and Ft. Worth. Income before income taxes for same-location-same-period of club operations for the quarter increased to $1.72 million, a 30.5 percent increase over the same period in 2007.

Cash provided by operating activities for the six months ended March 31, 2008 was $6.4 million, compared with $1.3 million for the same period in 2007.

For the six months ended March 31, 2008, revenues for the company were $26.42 million, compared with $14.6 million for the first half of 2007. Net income was $4.39 million compared with $844,964, and earnings per diluted share for the first six months were 56 cents compared with 15 cents last year.

At the end of the second quarter the company showed $94.48 million in total assets on its balance sheet, compared with $ 47.07 million at the same point last year.

Mr. Langan noted that new clubs in Philadelphia and Dallas opening in the third quarter will add more new revenues but he cautioned that start up expenses to launch the new clubs would also be a factor in results for the period. He said the company would update guidance for 2008 during the conference call.

Rick's Cabaret International, Inc. And Subsidiaries Consolidated Statements of Operations [have been redacted from this press release, please see company website linked in the box to the right.]

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.

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