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February 11, 2003 04:19pm
News from Rick's Cabaret
Source: Rick's Cabaret International Inc.
by: Company Press Release

(HOUSTON, TX) -- Rick's Cabaret International, Inc. (Nasdaq: Rick), the publicly traded company that operates a chain of upscale gentlemen's clubs, today reported net income of $94,674 or three cents per share for its first quarter in fiscal 2003 ending December 31, 2002, compared with $247,222 or six cents per share in the previous year. Consolidated total revenue for the quarter was $3,731,408, compared with $4,054,425 in previous year due to a decrease in its Internet revenues.

"Our core nightclub revenues and net income rose year over year, despite worsening economic conditions and the beating that entertainment industry in general has taken post Sept. 11th," said Eric S. Langan, CEO of Rick's Cabaret.

Mr. Langan said that the company would continue to implement tighter cost controls at the company's seven nightclubs and in its Internet activities. "Overall we are very pleased with the Company's performance during this first quarter," said Mr. Langan. "We believe planned reductions in revenues from Internet content membership sites have reached their targeted bottom. With the recent addition of our newest subscription website, CouplesTouch.com, we anticipate better results for the rest of the fiscal year."

Revenue from club operations totaled $3,399,408 for the period ending December 31, 2002, compared with $3,390,705 in the previous year, while net income from clubs was $387,842 compared with $320,406. "It is a modest gain, but in this economy we think it is significant," said Mr. Langan.

Cash provided by operating activities for the first three months of the current fiscal year totals $313,339, compared with $428,508 in the previous year. The Company had cash at the end of the period of $875,200, compared with $838,103 at the end of the same period in the previous year.

About Rick's Cabaret Rick's Cabaret International, Inc. (Nasdaq: Rick) is organized into two business lines: 1) Nightclubs and entertainment, comprising four Rick's Cabaret clubs in Houston and Minneapolis, two XTC Clubs in San Antonio and Austin, plus the Encounters club in Houston catering to couples in the swingers' lifestyle; 2) Internet activities, which encompass adult entertainment sites such as the, membership portals that provides access to third-party adult-oriented Websites, XXXPassword.com and CouplesTouch.com, a subscription-based website for couples that enjoy the "swingers' lifestyle, and seven auction sites such as NaughtyBids.com that operate on a single proprietary technology platform and earn revenue by providing a marketplace for adult paraphernalia and through Webmaster referral fees. For further information visit Ricks.com.

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.

Rick's Cabaret International, Inc. Operating Results:
(in thousands, except for per share data)

Three months ending December 31, 2002 2001
Revenues $ 3,731 $ 4,054
Net Income 95 247
Per share 0.03 0.06
Weighted average shares outstanding 3,759 4,595

Investor Contact:
Allan Priaulx, 212-338-0050, IR@Ricks.com

Media Contact:
Ellie Reeve, 212-338-0050, EllieReeve@AOL.com

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