Rick's Cabaret International, Inc. Revenues Climb 18.23 Percent In Second Quarter Ending March 31, 2009
Houston - (March 30, 2009) - Rick's Cabaret International,
, says revenue from its upscale gentlemen's clubs climbed 18.23 percent to $18.07 million in the quarter ending March 31, 2009.
The company said the increase was due to contributions from its midtown Manhattan Rick's Cabaret and as a result of branding conversions of clubs in Philadelphia and Dallas. Same store sales declined by 7.60 percent to $14.05 million.
"Despite the tough economic environment we continue to make gains at our key Rick’s Cabaret/New York City club where we had a solid quarter and a particularly strong March," said Eric Langan, President and CEO of Rick's Cabaret. "While we have seen slippage in some other markets we are pleased with the results of our club rebranding in Dallas and Philadelphia, and our aggressive new marketing program in Las Vegas."
During the quarter the company converted the Rick's Cabaret in Philadelphia to a Club Onyx format catering to African-American gentlemen; converted the Rick's Cabaret in Dallas to its XTC Cabaret format serving a younger and more blue-collar clientele; and began new marketing initiatives for the Rick’s Cabaret/Las Vegas that have resulted in increased market share.
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, Las Vegas, 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 operates a media division, ED Publication, and owns the adult Internet membership Web site, couplestouch.com as well as a network of online adult auction sites under the flagship URL naughtybids.com. Rick's Cabaret common stock is traded on the NASDAQ Global Market under the symbol RICK. For further information contact [email protected].
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 cities where it operates, the success or lack thereof in launching and building the company’s businesses, 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.
Media Contact: Allan Priaulx, 212-338-0050, [email protected]