Rick's Cabaret International, Inc. Reports 17.89 Percent Increase In February Same Store Nightclub Sales; Total Sales Are Up 126 Percent And Set A New Record
HOUSTON - (March 6 , 2008) - Rick's Cabaret International,
, the premiere publicly traded operator of gentlemen's clubs, said it had sales of $5,140,721 at its nightclubs in February, a record for the company. The previous sales record for the company's nightclubs was $5,035,367 set in December 2007.
Total sales were up 126 percent over the $2,273,347 registered in 2007. Same store sales were $2,680,004, a 17.89 percent increase for the month compared with last February.
Principal drivers of the February increase were the contribution of the company's newest acquisition, Tootsie's Cabaret in Miami, which continued to exceed original sales estimates with sales exceeding $2 million; robust sales at Rick's Cabaret in Ft. Worth; and a nearly 74 percent increase in same club sales at Rick's Cabaret in New York City over February 2007.
"We benefited from an additional day because of Leap Year, which just added an extra bonus to a stunning month," said Eric Langan
, President and CEO of Rick’s Cabaret. "We are particularly pleased with our same store sales growth of almost 18 percent."
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, couplestouch.com,
and 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].
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]