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August 13, 2001 02:26pm
Rick's Cabaret International Announces Record Quarterly Earnings, Revenue Increase
Source: Rick's Cabaret International Inc.
by: Press Release

(HOUSTON, TX) -- Rick's Cabaret International Inc.today announced record quarterly net income of $602,000, or 14 cents per share, for the three months ended June 30, 2001, on revenues of $5.1 million. This compares to net income of $73,000, or 2 cents per share, for the same quarter last year on revenues of $3.1 million.

For the nine months ended June 30, 2001, the Company reported net income of $1.0 million, or 23 cents per share, on revenues of $15.5 million. For the same period a year earlier, the Company's net income was $44,000, or 1 cent per share, on revenues of $8.6 million.

For the trailing 12 months ended June 30, 2001, the Company's net income was $1.2 million, or 27 cents per share, on revenues of $19.7 million, compared to a loss of $464,000, or 13 cents per share, on revenues of $10.6 million in the same period a year earlier.

Eric Langan, president and CEO of Rick's, commented, ``We are very pleased with these record quarterly results, which included profit contributions from both our club and Internet operations. For the nine months ended June 30, 2001, Internet operations produced 35% of revenues and 38% of gross profit, before deduction of corporate expenses. This rapid growth in both revenues and profits from our Internet operations has coincided with excellent results from our clubs -- all six of which operated profitably during the quarter.''

Mr. Langan continued, ``The record results increased book value, or stockholders' equity, to $9.7 million, or approximately $2.25 per share. At current market prices, Rick's common stock is selling at less than 10 times earnings trailing 12 months earnings and below book value. Earlier this year, the Board of Directors adopted a plan to repurchase up to $500,000 of the Company's stock. In view of current circumstances, we plan to proceed with the plan. To date, the Company has repurchased approximately $42,000 of common stock at an average price of $2.36 per share.''

Rick's Cabaret International Inc. opened its first ``Rick's Cabaret'' in Houston in 1983 and went public with its IPO in 1995, making Rick's the world's first publicly traded topless entertainment business. Rick's owns and operates premier adult entertainment Internet Web sites, such as www.DancerDorm.com and www.xxxpassword.com. The Company's Internet site for the auction of adult items, www.NaughtyBids.com, was launched during the last quarter. Rick's also owns and/or operates four Rick's Cabaret locations, three of which are in Houston and one of which is in Minneapolis. Rick's also owns XTC Cabaret in San Antonio and XTC Cabaret in Austin, Texas, through its 93% owned subsidiary, Taurus Entertainment Companies Inc. Rick's and its subsidiaries own all the real estate properties where their cabarets and Internet production studio are located except its south Houston location, which is leased.

Other companies in the adult entertainment industry include Playboy Enterprises Inc., New Frontier Media Inc. and Private Media Group Inc.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause Rick's actual results to differ materially from those indicated in this press release include the risks and uncertainties related to the growth of Rick's Internet operations, the future operational strength of Voice Media, whether the definitive documentation will ultimately be executed, the growth of Rick's cabaret operations, the laws governing the operation of adult entertainment businesses, competitive factors, dependence on key personnel and the ability to manage operations. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

(Data redacted)

Rick's Cabaret International Inc., Houston
Eric Langan, 281/820-1181
E-mail: eric@ricks.com
The Howell Group, Dallas
Larry Howell, 214/368-1592
E-mail: howgroup@ricks.com

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