August 15, 2000 05:36am
Rick's Cabaret International Announces Third Quarter Profit
Source: Rick's Cabaret International
by: Company Press Release
(HOUSTON, TX) -- Rick's Cabaret International Inc. (Nasdaq:RICK - news), the Houston-based adult Internet content provider and entertainment chain, announced today the filing of its Quarterly Report on Form 10-QSB for the quarter ended June 30, 2000.
The Company had consolidated total revenues of $3,066,228, an increase of 51% or $1,040,32 above third quarter 1999 revenues of $2,025,907. The Company experienced a net profit of $73,078 for third quarter 2000 compared to a net loss of $224,855 for third quarter 1999. The increase in total revenues was due to an increase of $220,665 in same store revenues and revenues of $819,656 in the companies new locations and internet properties. ``We are very pleased with the results of our management teams ability to increase the revenues from our club operations and we are looking forward to increased internet revenues from the acquisition of xxxpassword.com,'' said Eric Langan, CEO and president of the Company.
Net income before extraordinary items for the nine months ended June 30, 2000 was $43,825, compared with net income before extraordinary items for the nine months ended June 30, 1999 of $211,380. The decrease was due to the initial cost in the company's internet operations during this fiscal year. Langan added, ``I anticipate continued growth in both our club and Internet revenues which would fuel continued increases in earnings during the fourth quarter.''
Rick's Cabaret International Inc. opened its first ``Rick's Cabaret'' in Houston in 1983 and went public with its IPO in 1995, making Rick's the world's first publicly traded topless entertainment business. Rick's owns and operates premier adult entertainment Internet Web sites, such as www.DancerDorm.com and www.xxxpassword.com. Rick's also owns and/or operates four Rick's Cabaret locations, three of which are in Houston and one of which is in Minneapolis. Rick's also owns XTC Cabaret in San Antonio and owns XTC Cabaret in Austin, Texas, through its 93% owned subsidiary, Taurus Entertainment Companies Inc. Rick's and its subsidiaries own all the real estate properties where their cabarets and Internet production studio are located except its south Houston location, which is leased.
Other companies in the adult entertainment industry include Playboy Enterprises Inc., New Frontier Media Inc. and Private Media Group Inc.
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 whether the definitive documentation will ultimately be executed, the future operational and financial results of the newly acquired Web site, the future operational strength of Voice Media, 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.