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December 18, 2001 08:50am
Rick's Cabaret Reports Record Revenue for Topless Clubs & Adult Sites
Source: Rick's Cabaret International, Inc.
by: Company Press Release

(HOUSTON, TX) -- Rick's Cabaret International, Inc. [NASDAQ: RICK] today reported record net income of $1.3 million with earnings of 30 cents per share for the fiscal year ending September 30, compared to $202,587 and five cents in the previous year. Revenue reached a record total of $19.7 million for the year, a 54 percent increase over the $12.7 million reported in fiscal 2000.

Revenue for the fourth quarter ending September 30, 2001 was $4.1 million, approximately equal to the previous year, while net income was $303,000, compared to $159,000 in the same period last year, with earnings of seven cents per share compared with four cents.

Rick's Cabaret operates upscale gentlemen's clubs and has developed adult Websites and a network of six Internet auction sites for adult products and erotica.

"Our revenue growth and dramatic net income increase from the previous year confirm our strategy of offering high quality, upscale adult entertainment through facilities and Websites that have proved resilient so far in this economic environment," according to Eric S. Langan, President and CEO of Rick's Cabaret. He added: "Although sales were affected by the aftermath of September 11th that hurt the entire travel and entertainment industries, we have taken steps to maintain our profitability. We are currently exploring new cabaret locations with exceptional potential, and we may form joint ventures where the value of our brand name and management expertise can serve us well. We believe the adult entertainment industry will expand at above average rates for the foreseeable future and our shareholder value will continue to grow."

The Rick's Cabaret nightclub business generated $12.8 million in revenue and had income from operations of $ 1.5 million in fiscal 2001, compared with $11.2 million and $1.2 million respectively in the previous year. Internet revenue rose to $6.8 million from $1.6 million, with operating income rising to $649,887 from a loss of $308,210 in the previous year. Corporate costs for the year were $664,567 compared with $698,626 in the previous year.

The company had working capital of $501,256 at September 30, 2001, compared to a working capital deficit of $133,686 at September 30, 2000. Net cash provided by operating activities in the fiscal year just ended was $ 2,169,490 compared to $774,077 for the previous year. The increase in cash provided by operating activities was due to a significant profit before depreciation in fiscal 2001. The company also implemented a stock buy back program in fiscal 2001, purchasing 30,700 shares on the open market for $73,619.

"Our strategies for growth are focused on providing exceptional value by operating clubs where customers are assured of an enjoyable, stress-free experience," Mr. Langan said. "We are building sustainable assets with the real estate we own or control through long-term leases, and by increasing the brand-name value of clubs operating under the Rick's Cabaret and XTC banners. Our business systems provide excellent cash and personnel management procedures that are in place wherever we operate. We have the means to expand and we plan to do so in a way that benefits our shareholders."

Rick's Cabaret is organized into two distinct business lines: 1) Nightclubs and entertainment, comprising four Rick's Cabaret clubs in Houston and Minneapolis, two XTC Clubs in San Antonio and Austin, and the Encounters club in Houston catering to couples in the swingers' lifestyle that opened in November 2001and, 2) Internet activities, which encompass adult entertainment sites such as the www.xxxpassword.com membership portal that provides access to 127,000 adult oriented Websites, and six auction sites led by www.naughtybids.com operating on a single proprietary technology platform that earn revenue from commissions on auctions of adult paraphernalia and on Webmaster referral fees.

Forward-Looking Statements:

This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause Rick's actual results to differ materially from those indicated in this press release include the risks and uncertainties as to the future operational and financial results of our Web sites, the future operational performance of our partners, the laws governing the operation of adult entertainment businesses, competitive factors, dependence on key personnel and the ability to manage operations. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

[Operating Results Redacted]
Rick's Cabaret International, Inc.

Media: Ellie Reeve, 212-338-0050, elliereeve@aol.com
Investors: Allan Priaulx, 212-338-0050, ir@ricks.com

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