Rick's Cabaret International, Inc. Reports December Nightclub Sales Exceed $5 Million, Up 98.7 Percent Over Previous Year
HOUSTON-(January 8, 2008)-Rick's Cabaret International, Inc.
operator of upscale gentlemen's clubs, today reported sales of $5,035,367
at its 15 nightclubs for December 2007, a 98.7 percent increase over the
previous year‚s total of $2,534,659.
The strong growth was largely attributable to the acquisition of Tootsie's
in Miami Gardens, FL, where sales exceeded the revenues
anticipated when the company bought the club.
Same club sales were $2,684,124, up 5.9 percent over the December 2006
period, driven by continued strong growth at Rick's Cabaret in
New York City, Club Onyx in Charlotte, NC, and several other clubs
"We are highly pleased with the performance of Tootsie's in our first
month of ownership," said Eric Langan
and CEO of the company. "The contribution from our newest addition
was even stronger than we had anticipated."
The December sales bring nightclub revenues for the company's first quarter
to $10,774,293, a 57.8 percent increase over the $6,829,350 registered
in the first quarter of 2006.
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; the Company's ability to identify and secure suitable
locations for new nightclubs on acceptable terms, open the anticipated
number of new nightclubs on time and within budget; achieve anticipated
rates of same-store sales; hire and train additional nightclub personnel
and integrate new nightclubs into its operations; unexpected increases
in costs of sales or employee, pre-opening or other expenses; the
economic conditions in the new markets into which the Company expands
and possible uncertainties in the customer base in these areas;
fluctuations in quarterly operating results; the impact of any negative
publicity or public attitudes; competitive pressure from other national
and regional nightclub chains; 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.
for further information: Allan Priaulx, 212-338-0050, [email protected]