Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant To Section 13 or 15(d) Of
The Securities Exchange Act of 1934
Date of Report: October 6, 2005
RICK'S CABARET INTERNATIONAL, INC.
(Exact Name of Registrant As Specified in Its Charter)
Texas 000-26958 76-0037324
(State Or Other Jurisdiction (Commission File (IRS Identification
Employer of Incorporation) Number) No.)
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10959 Cutten Road
Houston, Texas 77066
(Address Of Principal Executive Offices, Including Zip Code)
(281) 397-6730
(Registrant's Telephone Number, Including Area Code)
ITEM 7.01 REGULATION FD DISCLOSURE
Pursuant to FD Rules 100(a) and Rule 101(e), a copy of the Registrant's press release regarding the potential revenue and income forecast for fiscal year 2006 is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits Exhibit Number Description -------------- ----------- 99.1 Press Release dated October 7, 2005 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
RICK'S CABARET INTERNATIONAL, INC.
By: /s/ Eric Langan
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Date: October 7, 2005 Eric Langan
Chairman, President, Chief Executive Officer
and Chief Financial Officer
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RICK'S
CABARET
RICK'S CABARET EXPECTS NEW YORK CITY CLUB WILL ADD SIGNIFICANTLY TO THE COMPANY'S REVENUE AND INCOME
Mr. Langan said the New York City club should be immediately accretive to profit and could bring total net income for the company to $2 million in fiscal 2006. Rick's Cabaret reported net income of $ .8 million in 2004; the 2005 figures are not yet available.
While Mr. Langan did not discuss results for the company's 2005 fiscal year he did reiterate an earlier statement that fourth quarter fiscal 2005 earnings would be negatively impacted by the costs associated with the launch of the New York City club.
He said revenue projections are being met in the first weeks following the launch of the luxurious new three-story Rick's Cabaret-NYC, located at 50 West 33rd Street between Madison Square Garden and the Empire State Building. More than 500 patrons visited the club on the first night of a four-day grand opening celebration September 21st. Reviews in the media and from patrons have been positive.
Mr. Langan also told the FAMMS group that Rick's Cabaret intends to participate in what he predicted will be the rapid consolidation of the adult nightclub industry over the next few years. He noted that so far in 2005 the company has acquired clubs in New York City and Charlotte, NC.
He said there are about 3,000 upscale gentlemen's clubs in the U.S., many of them owned by individual "baby boomers" who he believes are entering a time in their lives when they want to monetize their assets. Rick's Cabaret hopes to acquire additional clubs through a combination of cash and issuance of its common stock in a model similar to that of the casino industry during the past decade.