Rick's Cabaret International, Inc. Nightclub Sales Up 4.3 Percent In It's First Quarter
HOUSTON - (January 11, 2011) – Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], the nation's leading group of upscale gentlemen's clubs, had sales of $20.4 million at its nightclubs in its first quarter of fiscal 2011, a gain of 4.3 percent over the previous year total of $19.6 million.
Revenues for October, November and December rose at the company's two largest clubs, Tootsie's Cabaret in Miami and Rick's Cabaret in New York City. Other clubs showing significant gains were the Rick's Cabarets in Fort Worth and San Antonio, Cabaret North in Fort Worth and Club Onyx in Dallas.
Sales at locations open for more than 12 months were $18.8 million during the quarter, a decline of 3.7 percent, due primarily to an anticipated decline in revenues at Rick's Cabaret Las Vegas where sales were $1.1 million in the first quarter of this fiscal year, compared with $3.2 million in the previous year following the rollback of a costly marketing program.
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]