Rick's Cabaret International, Inc. August Nightclub Sales Up 6.9 Percent to $6.5 Million
HOUSTON - (September 9, 2010) – Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], the nation's leading chain of upscale gentlemen's clubs, said August revenues at its adult nightclubs were $6.5 million, a 6.9 percent increase over August 2009.
The company said the gains were the result of contributions from newly acquired clubs in Fort Worth and Austin, Texas, along with increased sales at most of its existing clubs.
Sales at clubs open more than 12 months were off 6.5 percent for the month, due largely to lower revenues at Rick's Cabaret Las Vegas, where the company has sharply reduced marketing expenses.
The Rick's Cabaret International group now includes 21 clubs in seven states, with a new club near the DFW International Airport that will open soon.
Eric Langan, President and CEO of Rick's Cabaret International, also announced today that the company will report monthly sales for the month of September 2010 and thereafter will report sales on a quarterly basis. "The relevancy of monthly reports has diminished and we believe we can keep our shareholders and others well-informed with quarterly reports," he said.
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].
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.
Contact: Allan Priaulx, 212-338-0050, [email protected]