Rick's Cabaret International, Inc. Reports $27.2 Million Total Sales In Fourth Quarter, Up 19.5%
HOUSTON, Oct. 8, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc., (NasdaqGM: RICK), a leading nationwide group of restaurants and gentlemen's clubs, said sales at its nightclubs and restaurants in the fourth quarter ended September 30th were $27.2 million, a 19.5% gain over the previous year. The sales figures do not include the company's internet or media divisions.
The increased sales were driven primarily by contributions from the Jaguars adult clubs acquired in September 2012, the new Bombshells restaurant and sports bar and Ricky Bobby Sports Saloon in the Dallas/Ft. Worth market, as well as gains at the two Minneapolis adult clubs, XTC Cabaret clubs in Dallas and Austin, Rick's Cabaret in New York City and Club Onyx in Dallas.
Sales at nightclubs open for more than one year declined for the quarter by 4.2%, to $21.3 million from $22.3 million.
"We are very pleased with the contributions from our newly acquired adult clubs and our restaurant/sports bar division," said Eric Langan, president and CEO of Rick's Cabaret. "Although same store sales were down somewhat overall, we are seeing the return of big ticket customers who tend to contribute to higher margins."
The company expects to announce its full fiscal year results on December 16.
About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Tootsie's Cabaret," "Ricky Bobby Sports Saloon," "Bombshells" 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.