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Rick's Cabaret Hopes To Add $5 Million In New Revenue In 2006 Through Acquisitions
(July 13, 2006)
- Eric Langan
, CEO of
Rick's Cabaret International, Inc.
, said the company hopes to add as much as $5 million in new revenue through acquisitions in 2006.
Mr. Langan was commenting on the company's acquisition plans following its announcement on July 13 of a letter of intent to purchase the upscale Centerfolds Gentlemen's Club in San Antonio for $2.9 million. Earlier in the week the company had announced its purchase of the smaller Club Exotica in San Antonio.
Mr. Langan told the Wall Street Journal Thursday in an interview following the close of market: "Our goal is to buy $5 million in revenues by the end of the year. This (the two San Antonio acquisitions) will get us to $3 million. I think we'll add another $2 million this year, and approximately $15 million next year."
Mr. Langan has stated previously that he believes the adult nightclub industry is in a consolidation phase and that Rick's Cabaret intends to participate actively in it through acquisitions of clubs that can be quickly accretive to revenue and income.
About Rick's Cabaret
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 and operates or licenses adult nightclubs in New York City, New Orleans, Charlotte, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC" and "Club Onyx." No sexual contact is permitted at any of these locations. Rick's Cabaret also owns the adult Internet membership Web site,
, and a network of online adult auction sites under the flagship URL
. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact
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
Contact for further information: Allan Priaulx, 212-338-0050,