Rick's Cabaret will purchase second adult nightclub in Dallas, TX; add ~$4-5 mln in annual revs

Briefing.com

Posted: 2008-05-13 09:01:00

Co announces it has signed an agreement to buy a second Dallas adult nightclub, Platinum Club II for $1.5 mln. The co will also acquire the accompanying real estate at a cost of $6 mln, paying $1.5 million at closing and financing the balance. Co estimates the club will add ~$4-5 mln in annual revenue, with earnings before income tax, depreciation and amortization well within the co's current range for acquisitions. This transaction was not included in guidance the company issued in its May 8th earnings conference call.