November 07, 2005 12:28am
Rick's October Sales Up 56.2%
Source: Rick's Cabaret International, Inc.
by: Company Press Release
(HOUSTON, TX) -- Rick's Cabaret International, Inc. (NASDAQ: Rick) said today its consolidated club sales for October 2005 increased by 56.2 percent over the same month last year, driven in large part by revenue from new nightclubs in New York City and Charlotte, NC, and a sharp increase in alcoholic beverage and service sales. Rick's Cabaret operates adult nightclubs in four states.
Total nightclub revenue for the month of October 2005 was $1,778,639, compared with $1,138,742 in October 2004. Same club-same period nightclub revenue also rose by 10.3 percent in October over the same month last year, to $1,256,010 from $1,138,742. The figures do not include the former Rick's South Houston location, which was sold in March 2005.
"The increased revenue demonstrates the significant impact of our new midtown Manhattan location, which opened in September, and the growing brand name recognition that New York City brings to the company's other markets " according to Eric Langan, CEO of Rick's Cabaret. "We believe this increased brand recognition will allow us to remain a leader in the industry consolidation that is taking place at this time," he added.
The consolidated revenue figures included a 70.6 percent rise in alcoholic beverage sales, from $428,015 to $730,330, and a 49.7 percent increase in service revenues, from $552,550 to $827,071.
About Rick's Cabaret Rick's Cabaret International, Inc. (NASDAQ: Rick, Ricks.com) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns, operates or licenses adult nightclubs in New York City, New Orleans, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Hummers." No sexual contact is permitted at any of these locations. Rick's Cabaret also owns the adult Internet membership Web site, CouplesTouch.com, and a network of nine online auction sites for adult products under the flagship URL NaughtyBids.com. Rick's Cabaret common stock is traded on the NASDAQ SmallCap market under the symbol Rick. For further information contact IR@Ricks.com.
This document contains 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 document, including the risks and uncertainties associated with operating and managing an adult business, the business climates in New York City and elsewhere, the success or lack thereof in launching and building the company's businesses in New York City and elsewhere, 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 go to Ricks.com.
Contact for further information: Allan Priaulx, 212-338-0050, IR@Ricks.com