HOUSTON - (Business Wire) 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.
Rick’s Cabaret International, Inc.
Allan Priaulx, 212-338-0050
ir@ricks.com
