Rick's Cabaret International, Inc. Third Quarter Nightclub Revenues Rise 18.4% To $27.9 Million
HOUSTON, July 9, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc. (NasdaqGM:RICK) today reported nightclub revenues in its third quarter ended June 30, 2013 were $27.9 million, an increase of 18.4 percent over the $23.6 million reported in the same period last year.
The company said sales increases at its clubs in New York City and Minneapolis were significant compared with the same quarter last year, but the primary driver of the increase was the nearly $3.5 million contributed by the Jaguars club chain acquired in late 2012 and $1.1 million by the new Bombshells and Vee Lounge restaurant/nightclubs launched earlier this year in Dallas and Ft. Worth.
Revenues at clubs open for more than one year were $23.0 million, compared with $23.6 million in the same period last year, a decline of 2.4 percent.
"Same location sales are in line with our expectations," said Eric Langan, president and CEO of Rick's Cabaret. "The slightly lower comparative numbers are primarily a result of cutting back on certain marketing and discounting in several markets, which have also lowered our costs."
The company expects to announce its third quarter earnings on August 8, 2013.
About Rick's Cabaret: Subsidiaries of Rick's Cabaret International, Inc. (NASDAQ: RICK) own upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs called "Rick's Cabaret," "XTC Cabaret," "Club Onyx" and "Tootsie's Cabaret" and other brand names are located in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities. Sexual contact is not permitted at any locations. A subsidiary of Rick's Cabaret also owns 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.