During a conference call with investors on May 8, 2008, Rick’s
Cabaret International, Inc. (NASDAQ: RICK), operator of upscale
gentlemen’s clubs, issued new guidance for its
revenues and income for the 2008 fiscal year and its outlook for 2009.
For its 2008 fiscal year the company said it expects to have sales of
approximately $61 to $62 million, with after tax net income of about
$10.5 to $11 million, on which it anticipates earning between $1.25 and
$1.30 per fully diluted share. If spread over all of calendar 2008
revenues should equal about $68-$70 million, with net income of about
$13 to $14 million and projected earnings of approximately $1.55 to
$1.60 per fully diluted share.
The company’s outlook for fiscal 2009
anticipates revenues of exceeding $100 million, with earnings per share
in the $2.30 to $2.50 range per fully diluted share.
The 2008 projections do not include the closing of a previously
announced acquisition in Las Vegas while the 2009 outlook does include
the Las Vegas transaction and continued execution of the company’s
acquisition strategy.
These projections update the company’s
previous guidance issued on February 13, 2007 and April 1, 2008. The
company operates on a fiscal year ending September 30. Some projections
have also been stated on a calendar year basis for ease in comparison
with other companies.
About Rick’s Cabaret: Rick’s
Cabaret International, Inc. (NASDAQ: RICK) 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, Miami,
Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and
other cities under the names "Rick's Cabaret," "XTC," “Club
Onyx” and “Tootsie’s
Cabaret”. Sexual contact is not permitted at
these locations. Rick’s Cabaret also owns the
adult Internet membership Web site, couplestouch.com, and a network of
online adult auction sites under the flagship URL naughtybids.com. Rick’s
Cabaret common stock is traded on NASDAQ under the symbol RICK. For
further information contact ir@ricks.com.
Forward-looking Statements: 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
cities where we operate, the success or lack thereof in launching and
building the company’s businesses, risks and
uncertainties related to the operational and financial results of our
websites, 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 Cabaret has no obligation to update or revise the forward-looking
statements to reflect the occurrence of future events or circumstances.
For further information visit ricks.com.
