RICK'S CABARET INTERNATIONAL, INC. REPORTS MAY ADULT NIGHTCLUB SALES OF $6.7 MILLION
HOUSTON – (June 10, 2010) – Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier group of upscale gentlemen’s clubs, reported sales of $6.7 million for its adult nightclubs in May.
The overall gross revenue decline from the $7.2 million reported in May 2009 was chiefly due to lower sales at the company’s Rick’s Cabaret in Las Vegas, where sales dropped from nearly $1.6 million in 2009 to about $635,000 because the company stopped paying extraordinarily high taxi cab-related marketing costs.
"The Las Vegas sales were lower, but the net impact on the company is minimal because we achieved our revenues with much lower marketing cost," said Eric Langan, President and CEO of Rick’s Cabaret. "We are monitoring the taxi cab marketing costs closely."
Among its clubs showing year-over-year sales increases in May, the company cited strong performances from Rick’s Cabaret in New York City, the XTC Cabaret locations in Dallas, San Antonio and Austin, and from Club Onyx in Dallas.
If Las Vegas is removed from the calculation, overall same club sales for May compared with 2009 showed a 3.3 percent decline.
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 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 NASDAQ under the symbol RICK. For further information contact [email protected]
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 http://www.ricks.com/.
Contact: Allan Priaulx, 212-338-0050, [email protected]