HOUSTON, May 1, 2013 /PRNewswire/ -- Management of Rick's Cabaret International, Inc. (NasdaqGM: RICK) completed the authorized repurchase of $5 million of its stock. The Board of Directors of the company has authorized the repurchase of up to an additional $3 million worth of shares from time to time on the open market or in privately negotiated transactions.
The $5 million buy-back was authorized by the Board on September 29, 2008. Under this buy-back plan, the company repurchased 756,087 shares of stock in the open market at an average price of $6.61.
"This buy-back program has worked exactly as intended and has enhanced value for our shareholders," said Eric Langan, president and CEO of Rick's Cabaret, the publicly traded group of gentlemen's clubs. "We purchased our own shares when they were the best acquisition we could make at the time, and we are pleased that our Board has authorized us to continue to do so when it is in the company's best strategic interest."
The timing and the amount of any further repurchases of common stock will be determined by management based on its evaluation of market conditions and other factors. Management and the Board of Directors will continue to monitor the repurchase program, and it may be modified, suspended or discontinued at any time.
The repurchase program will be funded using Rick's Cabaret's working capital.
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, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities are named "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact firstname.lastname@example.org or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
Forward-looking Statements: This press release may contain 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 press release, 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.ricksinvestor.com.
SOURCE Rick's Cabaret International, Inc.