Rick's Cabaret International, Inc. Provides Second Quarter Outlook And Acquisition Strategy Update
- (April 29, 2010) - Rick's Cabaret International, Inc. [NASDAQ-GM:RICK]
Rick's Cabaret International, Inc. (NASDAQ: RICK), the nation's premier upscale gentlemen's club owner, is updating investors on anticipated earnings for the quarter ending March 31st, on acquisition plans and other corporate developments.
Eric Langan, President and CEO of Rick's Cabaret, said he believes the company's earnings for the second quarter ending March 31st will exceed current analysts' consensus.
Mr. Langan said the company is presently in negotiations for the acquisition of an existing club and anticipates announcing the closing of this transaction by June 30th. In addition the expected opening of a new club near the Dallas Fort Worth Airport is on track for the fourth quarter. The company will continue to seek accretive acquisitions during the remainder of the year. During the upcoming conference call Mr. Langan will discuss the company's current cash position and availability of funds for additional acquisitions.
"Regarding our club in Las Vegas," Mr. Langan said, "we will discuss the dramatic reduction in marketing costs per customer from the previous year. While gross revenues are down, our net gross after marketing payments has increased, with the result that Vegas was profitable in the March 31st quarter and we are optimistic we will remain profitable during the June 30th quarter."
Mr. Langan said the company plans to report its earnings and holding a conference call between May 11th and May 17th and will confirm the date and time next week along with call in and webcast access details. Following the conference call, the company will hold its traditional Due Diligence Ball at Rick's Cabaret in New York City, which Mr. Langan will attend.
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 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.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate 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 Publications, and owns the adult internet membership website www.couplestouch.com as well as a network of online adult auction sites under the flagship URL www.naughtybids.com. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected].
Contact: Allan Priaulx, 212-338-0050, [email protected]