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Rick’s Cabaret International, Inc. Reports Nightclub Sales Gain 20% to $6.5 Million in July; Same Location Sales Increased 5.26%
Posted by: gurufocus (IP Logged)
Date: August 11, 2009 08:20AM
Press Release: Rick’s Cabaret International, Inc. Reports Nightclub Sales Gain 20% to $6.5 Million in July; Same Location Sales Increased 5.26%
HOUSTON--(BUSINESS WIRE)--Rick’s Cabaret International, Inc., (NASDAQ: RICK), the nation’s premier operator of upscale gentlemen’s clubs, said today revenues at its adult nightclubs in July were $6.5 million, a 20 percent increase over the July 2008 revenues of $5.4 million. Same club sales for locations open more than a year increased 5.26 percent over the previous July.
“The revenue report for July indicates that our key clubs are doing very well in this difficult economic period,” said Eric Langan, president and CEO of Rick’s Cabaret. “We had positive growth in key markets such as New York, Miami, Minneapolis and San Antonio. While we still face challenges in several markets we are addressing them aggressively. “
Rick’s Cabaret/New York City and Tootsie’s Cabaret had very strong July revenues, with increases of more than seven percent each over the previous July. Sales at the new Club Onyx in Philadelphia were 65 percent above the previous July, when the location was operated as a Rick’s Cabaret.
Mr. Langan said he would discuss the revenue results in more detail during the company’s third quarter earnings conference call on Wednesday August 12th at 4:30 pm ET. The call is being webcast by Vcall and can be accessed at the Rick’s Cabaret website, ricks.com or www.InvestorCalendar.com. The toll free live participant dial-in number is 877-407-8033; international callers should dial 201-689-8033. The toll free replay number is 877-660-6853 (international callers dial 201-612-7415) and the call will be available until when August 19, 2009. Please enter the number 286 when asked for the account, and then conference ID number 329965.
The conference call will be followed by a Due Diligence Ball at Rick’s Cabaret/New York City, 50 West 33rd Street between Fifth Avenue and Broadway. Those wishing to attend can RSVP to email@example.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 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 NASDAQ under the symbol RICK. For further information contact firstname.lastname@example.org.
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 ricks.com.Source: BusinessWire
Stocks Discussed: RICK,