Rick's Cabaret International Inc. Earns 16 Cents Per Share In Second Quarter Ended March 31, 2006
CEO Eric Langan Will Discuss Results in Conference Call Today at
4:30 p.m. EDT
HOUSTON-(May 15, 2006)- Rick's Cabaret International, Inc.
[NASDAQ:RICK],
operator of upscale gentlemen's
clubs,reported net income of $706,070 for its second quarter compared
with $62,078 in the same period last year. Basic earnings per share
were 16 cents for the quarter, compared with two cents in the year
earlier.
"The significant
increase in revenue and earnings was a result of the contribution
of our new clubs in New York City and Charlotte, plus sales growth
in our existing clubs and in internet revenues," said Eric
Langan, President and CEO of Rick's Cabaret. He noted that
the company also benefited from the NBA All Star Game in Houston
in February, which increased sales at the company's four Houston
nightclubs.
The company reported total revenues for the second quarter of $6,119,516,
compared with $3,443,390 last year. Alcoholic beverage sales increased
to $2,215,489 from $1,192,768 last year; service revenues were $2,841,119
compared with $1,586,890 last year while sales of food and merchandise
were $677,275 compared with $413,996.
For the first half of the 2006 fiscal year ended March 31st the
company reported total revenues of $11,899,253 compared with $6,775,600
last year. Net income for the first two quarters was $1,231,526,
compared with $55,594 during the same period last year. Basic earnings
per share for the first half were 28 cents, compared with two cents
in the same period last year.
Mr. Langan will discuss the results in a conference call/webcast
later today. The conference call is scheduled to begin at 4:30 p.m.
EDT to allow securities analysts and shareholders the opportunity
to hear management discuss the company's quarterly results. The
call is being webcast by Vcall (www.InvestorCalendar.com)
and can also be accessed at the Rick’s Cabaret website (www.ricks.com).
Toll free live participant dial in number in the U.S. is 877-407-8031;
international callers should dial 201-689-8031. Mr. Langan is also
hosting a "Due Diligence Ball" tonight
for financial industry professionals at the company's New York City
nightclub (50 West 33rd St.). Admission is free and all drinks are
$7.
RICK'S CABARET INTERNATIONAL,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS
FOR THE SIX
MONTHS
ENDED MARCH 31,
ENDED MARCH 31,
Continuing Operations:
Revenues:
Total revenues
6,119,516 3,443,390 11,899,253 6,775,600
Operating expenses:
Cost of
goods sold
745,295
448,165
1,454,533
845,935
Salaries
and wages
1,678,813 1,203,595
3,348,524 2,411,544
Other general
and administrative:
Taxes and permits
779,450
477,037
1,474,765 921,627
Charge card fees
104,074
55,609
206,310
115,296
Rent
296,732
105,875
593,578
177,823
Legal and professional
185,288
178,753
335,946
346,079
Advertising and marketing
315,882
215,796
606,550
357,602
Depreciation and amortization
235,788
140,453
468,269
267,242
Total operating expenses
5,156,035 3,443,364
10,151,602 6,620,347
------------- -------------
-------------
-------------
Income from continuing operations
963,481
26
1,747,651 155,253
Other income (expense):
Interest
income
8,950
11,556
15,386
20,745
Net income (loss) from continuing
operations
706,070
(163,084)
1,231,526 (88,099)
Discontinued operations:
Loss from discontinued operations
--- (66,825)
---
(148,294)
Net income
$ 706,070 $ 62,078 $ 1,231,526 $ 55,594
========= =========
========= =========
Basic and diluted earnings (loss) per share:
Income (loss)
from continuing operations
$ 0.16 $ (0.04)
$ 0.28 $ (0.02)
Income from
discontinued operations
---
0.06
---
0.04
Net income,
basic
$ 0.16
$ 0.02 $ 0.28 $ 0.02
========= ========= ========== =========
Net income, diluted
$ 0.14 $ 0.02 $ 0.26 $ 0.01
========= ========= ========== =========
Weighted average number of
common
Comprehensive
income (loss) for the three months ended March 31, 2006 and 2005
were $728,315 and $28,710, and for the six months were $1,253,771
and ($22,265), respectively. This includes the changes in
available-for-sale securities and net income (loss).
About Rick's Cabaret
Rick's Cabaret International, Inc. (NASDAQ: RICK, www.ricks.com)
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, New Orleans, Houston, Minneapolis,
Charlotte and other cities under the names "Rick's Cabaret,"
"XTC," "Club Onyx" and "Hummers."
No sexual contact is permitted at any of these locations. Rick's
Cabaret also owns the adult Internet membership Web site, www.couplestouch.com,
and a network of nine online auction sites for adult products under
the flagship URL www.naughtybids.com.
Rick's Cabaret common stock is traded on the NASDAQ SmallCap market
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 New York City and elsewhere, the success or lack thereof
in launching and building the company’s businesses in New
York City and elsewhere, 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]