Rick's Cabaret International, Inc. issues guidance for fiscal year 2014
HOUSTON – (December 16, 2013) – Rick’s Cabaret International, Inc. (NasdaqGM:RICK), the nationwide hospitality company operating restaurants and gentlemen’s clubs, today issued earnings guidance for the fiscal year ending September 30, 2014.
The Company said that it expects GAAP earnings per share to be approximately $1.20 for the year, with non-GAAP* EPS of $1.70.
Company president and CEO Eric Langan will discuss the guidance at a conference call/webcast today at 4:30 pm ET. The call-in number is 877-407-8033 (International: 201-689-8033), with webcast at www.ricksinvestor.com. Replay of the call is available at 877-660-6853 (ID number 13572974).
*Explanation of Non-GAAP Terms: Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share (referred to as “Non-GAAP EPS” herein). We exclude from GAAP net income and GAAP net income per diluted share amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation, loss from discontinued operations and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
Our Form 10-K for the year ended September 30, 2013 contains additional details relative to non-GAAP financial measures and is posted on our website at www.ricksinvestor.com.
About Rick’s Cabaret: Rick’s Cabaret International, Inc. (NASDAQ: RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret” and other brand names. Restaurants include “Bombshells” and “Ricky Bobby Sports Saloon.” Sexual contact is not permitted at any locations. Rick’s Cabaret also operates a media division, ED Publications. Rick’s Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected] or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
Forward-looking Statements: This press release may contain 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 press release, 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.ricksinvestor.com.
Media & Investor Contacts: Allan Priaulx, 212-338-0050, [email protected]; Gary Fishman, 212-532-3232, [email protected]