Rick's Cabaret International, Inc. Nightclub Sales Rise 30.27 Percent In Quarter Ended June 30th, Setting New Record
HOUSTON- (July 7, 2009) - Rick's Cabaret International,
, the nation's premier operator of upscale gentlemen's cubs, said revenues at its nightclubs rose 30.3 percent in the quarter ending June 30, 2009, to $20.7M, setting a new company record for quarterly sales.
The increase in revenues was attributed primarily to improving sales at the company's Rick's Cabaret Las Vegas club.
For the quarter, company-wide same store sales declined 5.5 percent, to $14.1M, although the company noted that overall same store sales in June showed an increase of .25 percent, with gains at the Rick's Cabaret clubs in New York City and San Antonio.
"This is the first time we've ever exceeded $20 million in sales in a single quarter," said Eric Langan
, President and CEO of Rick's Cabaret. "We are starting to see some winners emerge in certain markets. The marketing and operational changes we have made throughout the organization should put us in an excellent position to grow organically as the economy recovers and we will continue to focus our resources on increasing market share."
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, operates or licenses adult nightclubs in New York City, Miami, Philadelphia, Las Vegas, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at these locations. Rick's Cabaret also operates a media division, ED Publication, and owns the adult Internet membership Web site, couplestouch.com as well as a network of online adult auction sites under the flagship URL naughtybids.com. Rick's Cabaret common stock is traded on the NASDAQ Global Market 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 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.ricks.com.
Media Contact: Allan Priaulx, 212-338-0050, [email protected]