Rick’s Cabaret International, Inc., the
premier operator of upscale gentlemen’s clubs,
today reported record revenues of $15.46 million for its second quarter
ended March 31, 2008 with net earnings of $2.60 million compared with
$7.57 million and $492,344, respectively, for the same period last year.
Earnings per diluted share for the quarter were 32 cents, compared with
9 cents the year before.
“This significant increase in our revenues and
earnings demonstrates that our strategy of acquiring outstanding
nightclubs in key markets is yielding the expected results in improving
margins and cash flow,” said Eric Langan,
President and CEO of Rick’s Cabaret. Mr.
Langan will comment on the results in a conference call scheduled for
today at 4:30 p.m. The call is being webcast by VCall (click here)
and can be accessed at the Rick’s Cabaret
website, ricks.com or www.InvestorCalendar.com.
The toll free live participant dial-in number is 877-407-8031, and
international callers are invited to dial 201-689-8031. The toll free
replay number is 877-660-6853 (international callers dial 201-689-8031).
The revenue increase for the three months ended March 31, 2008 was
driven primarily by new clubs in Miami and Ft. Worth, which together
added nearly $7.29 million, while organic growth from existing clubs
added $609,109, an 8.24 percent increase.
The increase in net income was primarily due to higher
same-locations-same-period club sales and by revenues from the newly
acquired clubs in Miami and Ft. Worth. Income before income taxes for
same-location-same-period of club operations for the quarter increased
to $1.72 million, a 30.5 percent increase over the same period in 2007.
Cash provided by operating activities for the six months ended March 31,
2008 was $6.4 million, compared with $1.3 million for the same period in
2007.
For the six months ended March 31, 2008, revenues for the company were
$26.42 million, compared with $14.6 million for the first half of 2007.
Net income was $4.39 million compared with $844,964, and earnings per
diluted share for the first six months were 56 cents compared with 15
cents last year.
At the end of the second quarter the company showed $94.48 million in
total assets on its balance sheet, compared with $ 47.07 million at the
same point last year.
Mr. Langan noted that new clubs in Philadelphia and Dallas opening in
the third quarter will add more new revenues but he cautioned that start
up expenses to launch the new clubs would also be a factor in results
for the period. He said the company would update guidance for 2008
during the conference call.
