Rick's Cabaret International, Inc. Issues New Guidance For 2008 And Outlook For 2009
HOUSTON-(December 21, 2007)-Rick's Cabaret International, Inc.
operator of upscale gentlemen's clubs, provided new guidance for its 2008
revenues and income.
For the 2008 fiscal year ending September 30 the company said it expects
to have sales of approximately $54 million, with net after tax income
of about $7.7 million on which it anticipates earning $1.03 cents per
If calculated over the full year, the company said it expects calendar
2008 revenues to be about $60 million, with net after tax income of about
$9.8 million and projected earnings of approximately $1.30 per share.
Calendar year projections have been stated for ease in comparison with
, President and CEO of Rick's Cabaret, said
these projections are based revenues anticipated from the current lineup
of 15 adult nightclubs. He said that any further acquisitions in 2008
would impact guidance and added that the company expects to reissue guidance
in January 2008 based on acquisitions it anticipates making in 2008.
The company said that its guidance is contingent upon its ability to continue
to grow revenues at existing clubs as well as any unforeseen events that
may impact the company's ability to complete the assumed acquisitions
as anticipated. These projections update the company's previous guidance
issued on October 31, 2007.
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; 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; unexpected increases
in costs 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; the impact of any negative
publicity or public attitudes; competitive pressure from other national
and regional nightclub chains; 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
go to www.ricks.com.
for further information: Allan Priaulx, 212-338-0050, [email protected]