Rick's Cabaret Records Record Nightclub Revenues In June; Sales Up 72 Percent From Previous Year
HOUSTON -(July 6, 2006)- Rick's Cabaret International, Inc. [NASDAQ:RICK], today reported record gross revenues in the month of June for its national chain of gentlemen's clubs. The company recorded a 72.1 percent year-over-year increase in total nightclub sales, which rose to $2,142,148 compared with $1,244,201 in June 2005.
"We are very pleased with our performance in June, particularly since contributions to this record-setting month came from stores across the group," according to Eric Langan, CEO of Rick's Cabaret. "Our New York City club had an exceptionally strong month."
Same store sales in June 2006 were $1,509,436, up 21.3 percent over the $1,244,201 registered in June of last year. Sales from Rick's Cabaret New York City are not included in the June same store sales as that club did not open until September 2005. June 2006 sales eclipsed the previous monthly record of $2,121,369 established in March 2006.
Total nightclub sales for the full third quarter ending June 30 were up approximately 71.6 percent to $6,052,219 compared with $3,526,551 in the previous year, while same store sales were up 24.3 percent to $4,383,798 compared with $3,526,551 in the previous year.
Rick's Cabaret International, Inc. (NASDAQ: RICK, www.ricks.com) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns and operates or licenses adult nightclubs in New York City, New Orleans, Charlotte, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC" and "Club Onyx." No sexual contact is permitted at any of these locations. Rick's Cabaret also owns the adult Internet membership Web site, www.couplestouch.com, and a network of online adult auction sites under the flagship URL www.naughtybids.com. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected] or visit www.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 www.ricks.com.
Contact for further information: Allan Priaulx, 212-338-0050, [email protected]