Quick Index
 Adult Industry News
Search AINews Database
Type Keyword or Phrase Here
Advertise with AINews Pornography feminists unshackle their desires and celebrate their sexuality in the patriarchal world

Front Page
Film News
Media News
Business News
Clubs & Appearances
Law & Politics
Internet & Mobile News
Lifestyles Arts Health Charity
Letters to the Editor
Movie Spotlight Reviews
Pornstar Pages
AINews Staff
Ad Rates
PR 101: Press Release Service

Porn for GEEKS! Meet me & my friends!

Brea Bennett at Twistys

January 05, 2005 12:00am
Rick's Cabaret 2004 Earnings & Income Up Sharply
Source: Rick's Cabaret International, Inc.
by: Allan Priaulx

(HOUSTON, TX) -- Rick's Cabaret International, Inc. (NASDAQ:RICK), operator of a chain of gentlemen's clubs, reported income from operations of $1,065,569 for its 2004 fiscal year ending September 30, 2004, nearly three times the $357,947 reported in the previous year. The company reported revenue of $15,959,684 for 2004 compared with $15,059,569 reported in 2003.

Net income was $775,253 compared with $438,294 in 2003 and earnings were 21 cents per share compared to 12 cents per share in 2003.

"We are highly pleased with our results for the year," said Eric Langan, CEO of Rick's Cabaret. "Our core nightclub business showed significant progress from the previous two years. When the club we are purchasing in New York City begins operations in 2005 we expect to accelerate our growth." the company has secured financing to purchase the former Paradise Club in midtown Manhattan in a transaction expected to close on or before January 15, 2005. After remodeling, the club will be reopened as the flagship nightclub in the Rick's Cabaret chain.

"This was an exciting year for us operationally and strategically," Mr. Langan noted. "We converted the original Rick's Cabaret in the Galleria area of Houston into Club Onyx, and the new club has already become one of the top night spots in the Southwest for urban gentlemen, particularly pro athletes and professionals." He said the company also successfully opened its fifth XTC Cabaret all-nude dance club, after purchasing and remodeling an existing 7,000 square foot gentlemen's club in North Houston.

Other highlights for the 2004 fiscal year:

-- Operating income for nightclub businesses was $2,542,482 for 2004 compared with $1,934,150 for previous the year. Same-location-same-period operating income increased by 34.17 percent on an increase in revenues from nightclub operations for same-location same-period of 5.88 percent.

-- The cost of goods sold for nightclub operations was 12.55 percent of total club revenues compared to 14.40 percent for the previous year, the result of the addition of an XTC club with a lower cost of goods sold and of continued efforts to improve inventory management. Margins from liquor and food sales and food service efficiency also improved.

-- Operating income for Internet businesses was $88,958 for the year ended September 30, 2004 compared with $36,421 for the year ended September 30, 2003, although revenues of Internet businesses for same-sites same-period decreased by 24.38 percent as the company continues to de-emphasize subscription-based websites and focus on auction sites and Web-based meeting sites. Net income for Internet operations for the same-web-site-same-period increased by 144.25 percent and efforts continue to reduce costs for Internet activities.

-- Total payroll and related costs for 2004 were $5,491,401 compared to $5,393,708 for the previous year, an increase that was primarily due to opening the new XTC club. As of September 30, 2004 Rick's had approximately 529 employees.

-- At September 30, 2004, Rick's had cash and cash equivalents of $278,185 compared to $604,865 at September 30, 2003, a decrease due to funds placed in an escrow account in connection with the purchase of the New York City nightclub.

[Rick's Cabaret International Inc. Operating Results Year Ending Sept. 30 redacted for formatting purposes.]

About Rick's Cabaret

Rick's Cabaret International, Inc. (Ricks.com) currently owns and operates seven upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns and operates adult nightclubs under the name "Rick's Cabaret" and "XTC" in Houston, Austin and San Antonio, Texas, and Minneapolis, Minnesota, and licenses Rick's Cabaret in New Orleans, and owns a Houston sports bar called "Hummers." No sexual contact is permitted at any of these locations. Rick's Cabaret also owns two adult Internet membership Web sites at CouplesTouch.com and OthersTouch.com and a network of nine online auction sites under the flagship site NaughtyBids.com where sellers are charged a fee for each successful auction. Rick's Cabaret common stock is traded on the NASDAQ Small Cap market under the symbol Rick. For further information contact IR@Ricks.com.

Forward-Looking Statements:

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934 that involves significant risks and uncertainties, and is subject to the safe harbors created by this section. Important factors that could cause actual results for Rick's Cabaret 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, conditions relevant to real estate transactions, the future operational performance of our partners, the laws governing the operation of adult entertainment businesses, competitive and economic factors, dependence on key personnel and the ability to manage operations. Rick's Cabaret has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. Please refer to the documents Rick's Cabaret files from time to time with the Securities and Exchange Commission, in particular the most recent quarterly reports on Form 10-QSB and annual report on Form 10-KSB.

Contacts for Rick's Cabaret International, Inc.
Allan Priaulx, 212-338-0050 IR@Ricks.com

At a Glance
Rick's Cabaret International, Inc.
Headquarters: Houston, TX
Website: Ricks.com
CEO: Eric Langan
Employees: 529
Ticker: Rick (NASDAQ)
Revenues: $16 million (2003)
Net OP Income: $1.1 million (2003)

Advertise with AINews

Related Stories

Related Sites - WARNING! Graphic Content



Top Stories

MWA: 02/22/18

Daughter Swap ~ Reviewer Rated

MWA: 02/18/2018

Misty Stone Goes Mainstream

Black Loads Matter

Alexis Amore to Hall of Fame

Baumgartners Wins Best Polyamory

Ryder Wins Best Screenplay

PPK = Porn Party Karaoke

Losers Never Get Laid ~ Reviewer Rated

Pornstar Signature Series

LewdWork Adult Job Board

Scott Taylor Interview

MWA: 01/16/18

Happy New Year 2018

MWA: 12/26/17

MWA: 12/21/17

2018 AVN Awards Nominees

MWA: 12/16/17

MWA: 12/10/17

MWA: 12/09/17

A Season for Hope

MWA: 12/06/17

MWA: 12/05/17

Gonzo with Eddie Powell

Guild Demands New HIV Testing!

ED Award Winners

MWA: 11/07/17

Burlesque Documentary

Farrah Abraham Fired for Porn Return

Heaven and Hell 2017

Stories From

Business News

LewdWork Adult Job Board

Romantic Depot Harlem

Paradise, Astroglide StorErotica Nom

Spotlight Studios Adult Industry Party

Valentina Nappi Available in 2017

Osa Lovely Signs Skyn

Genuine Sin VR

Brothel Seeks Britney Spears Lookalike

Winter Wonderland at XBIZ

Press Release Service

Nina Kayy with Skyn

Coxxx Models Licensed in CA

Bukkake Participants Needed

Lolly Ink Self Booking

XBIZ 2017 Show

Allison Kilgore Returns

Tera Patrick Available

Skyler Nicole Available

Angela White US Resident

Valentina Nappi Available

Prague for TES

Invitation to the Venus

Business News Section Index

NightMoves Call for Sponsors

Dava Foxx Self-Booking

Kahlista Stonem Available

The Hedge Against Exploitation

Toy with Raquel Sultra

XBIZ Berlin Schedule

Savana Styles Available

ChargeSavvy at ED Show

Driller Signs The Rub

NightMoves Calls for Sponsors

Casting Call

ABK Beta Users Free

OC Signs Darcie Dolce

Brittany is Back

Dollie Darko with 101 Modeling

Mercy West Available

The V Agency Joins LATATA

Sin Claire with Foxxx

New Smash VP Wyatt Case

Epoch Club Special Event

Ink Inks OC, The Rub

XBIZ 2016 Announced

RAW Signs Sasha Bradshaw

Direct Reps Harper

SashaBrabuster's XXX Comeback

AJ Applegate Available

Freedom Acres Open House

AINews New Look

Copyright © 1998 - 2018 Adult Industry News (AINews.com)
All materials constituting text, articles, press releases, stories, columns, photographs, graphics, and code on the AINews.com domain are protected by copyright, and either owned by Adult Industry News (AINews.com), or reproduced with permission from other copyright owners. It may be downloaded and printed for personal reference, but not otherwise copied, altered in any way, or transmitted to others, without the written permission of Adult Industry News (AINews.com).