Rick's Cabaret International, Inc. Reports April Nightclub Sales Of $6.56 Million
HOUSTON - (May 11, 2010) - Rick's Cabaret International, Inc. [NASDAQ-GM:RICK] the nation's leading chain of upscale gentlemen's clubs, had revenues of $6.56 million at its nightclubs in April.
Eric Langan, President and CEO of the company, said: "Our April sales have developed nicely across the company. We cut our taxi-related marketing costs in Las Vegas dramatically – to just $91,250 in April this year, compared with $1,417,285 last year – which had an obvious impact on gross sales. However, if you factor in these lower costs, our gross sales minus marketing costs actually increased year over year in Las Vegas. This tells us that the program we announced last quarter to shift our attention to bottom line results has begun to pay off."
Same club-same month revenues compared with 2009 were off 18.7 percent, primarily because of lower revenues at the Las Vegas club.Mr. Langan said that if Las Vegas is removed from the equation, companywide same store sales would have decreased 1.4 percent.
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 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.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate 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 Publications, and owns the adult internet membership website www.couplestouch.com as well as a network of online adult auction sites under the flagship URL www.naughtybids.com. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected].
Contact: Allan Priaulx, 212-338-0050, [email protected]