February 17, 2000 02:03pm
Rick's Cabaret International Announces First Quarter Results
Source: Business Wire
(HOUSTON, TX) -- Rick's Cabaret International Inc. (Nasdaq:RICK - news), the Houston-based adult Internet content provider and entertainment chain, announced today the filing of its Quarterly Report on Form 10-QSB for the quarter ended Dec. 31, 1999.
The Company had consolidated total revenues of $2,718,175, a decrease of 19% or a decrease of $599,794 below first quarter 1999 revenues of $3,317,969. The Company experienced a net profit of $84,026 for first quarter 2000 compared to a net profit of $283,074 for first quarter 1999. The decrease in total revenues was due to the sale of the New Orleans subsidiary and losses from the operation of the companies websites.
``We invested heavily in the adult Internet market during the last nine months,'' said Eric Langan, CEO and president of the Company. Langan continued, ``Our membership base is increasing on the company's DancerDorm website located at http://www.dancerdorm.com. In addition we will be launching another pay site, http://www.smutdog.com, in the near future.''
Langan also stated, ``We completed the process of revamping the Company's main site at http://www.ricks.com and re-launched it in January 2000.''
Rick's Cabaret International Inc. opened its first Rick's Cabaret in Houston in 1983 and went public with its IPO in 1995, making it the world's first publicly traded topless entertainment business. The Company currently operates premiere adult entertainment Internet web sites that were launched in October 1999 as well as three ``Rick's Cabaret'' locations, two of which are in Houston and one of which is in Minneapolis. The Company also owns XTC Cabaret in San Antonio and owns XTC Cabaret in Austin, Texas, through its 93% owned subsidiary, Taurus Entertainment Companies Inc. The Company currently owns all the real estate properties where its clubs are located as well as the property where its Internet production studio is located.
Other companies in the adult entertainment industry include New Frontier Media Inc. (Nasdaq:NOOF - news), Playboy Enterprises Inc. (NYSE:PLA - news) and Private Media Group Inc. (Nasdaq:PRVT - news).
This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated include risks and uncertainties related to laws governing the operation of adult entertainment establishments, the timing of the opening of other clubs, the availability of acceptable financing to fund corporate expansion efforts, competitive factors, dependence on key personnel, and the Company's ability to manage operations. The Company has no obligations to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.