Rick's Cabaret International, Inc. Nightclub Sales Climb To Record $26.8 Million In Company's First Quarter
HOUSTON, Jan. 8, 2013 /PRNewswire/ -- Nightclub sales for the Rick's Cabaret International, Inc. (NASDAQ: RICK) group of gentlemen's clubs climbed to a record $26.8 million for the company's first quarter ended December 31, 2012. Overall sales were up $5.1 million or 23.4 percent over the $21.7 million registered in the first quarter of the 2012 fiscal year.
The Jaguars clubs integrated following the company's newest multi-property acquisition added $3.6 million to sales figures for the quarter.
Sales at clubs owned and operated for more than one year were $22 million, an increase of 1.8 percent over the previous year. Sales at the key Rick's Cabaret/New York City were down slightly as a result of a three-day closure following Superstorm Sandy.
"Our overall sales are on course to reach our targets for fiscal 2013. In coming quarters we will open new locations, including Vee Lounge this month and Bombshells in February, and we will continue to make new acquisitions that are accretive to our earnings," said Eric Langan, President and CEO of the company.
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 as "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 email@example.com 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.