Rick's Cabaret International, Inc. Issues New Guidance For 2008 And Outlook For 2009

HOUSTON-(December 21, 2007)-Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], 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 basic share.

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 other companies.

Eric Langan, 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.

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; 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.

Contact for further information: Allan Priaulx, 212-338-0050, [email protected]