Rick's Cabaret International, Inc. Nightclub Sales Increase 15.2% In Third Quarter To $23.6 Million
HOUSTON, July 10, 2012 /PRNewswire/ -- Rick's Cabaret International, Inc. (NASDAQ: RICK), the nation's premier group of gentlemen's clubs, said strong performances by newly acquired nightclubs in Dallas, Tootsie's Cabaret in Miami and Club Onyx locations in Philadelphia and Charlotte helped to drive a 15.2 percent increase in revenues for the quarter ending June 30th.
The company said it recorded $23.6 million in revenues for the quarter, compared with $20.6 million in the same quarter in 2011. Same location-same period sales at clubs open for more than one year increased by five percent.
The Rick's Cabaret at Dallas-Ft. Worth Airport, which was granted a license to serve alcohol earlier this year, reported a strong increase in sales compared with the same quarter last year, when it operated as a BYOB establishment. Sales at the company's other BYOB establishments, which operate under the XTC Cabaret brand, also increased.
"We are very pleased with the results for the quarter," said Eric Langan, President and CEO of Rick's Cabaret International, Inc. "Our newest upscale clubs in Dallas and Minneapolis are contributing significantly to our results, together adding nearly $1.8 million in revenues. The Club Onyx locations in Philadelphia and Charlotte also performed exceptionally well."
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, 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 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.