Restaurant News Resource - Rick’s Cabaret International Restaurant Industry News

Net Income Swings to $7.8 million from Loss of $8.0 million in 2010; Per Share Earnings Rise to $.79 vs. a Loss of $.82

We have done everything possible to make this location viable since its acquisition in 2008 and we now believe it is in our shareholders’ best interests not to continue these efforts

Rick’s Cabaret International, Inc. (NASDAQ: RICK) generated sales of $22,541,440 at its nightclubs in the quarter ended March 31st.

Rick’s Cabaret International, Inc. (NASDAQ: RICK) said today it has signed a letter of intent, subject to execution of definitive documents, to acquire the Minneapolis gentlemen’s club currently operating as Schiek’s Palace Royale for $3,050,000.

Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier chain of upscale gentlemen’s clubs, said today it will complete the acquisition of a new gentlemen’s club on the freeway near the busy Dallas-Ft. Worth International Airport before December 31, 2010.

The company reported a loss from continuing operations of $7.6 million for the year, primarily because of non-cash balance sheet impairment charges of $20.5 million, compared with 2009 income from continuing operations $5.5 million.

Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading chain of upscale gentlemen’s clubs, said today it will take an impairment charge of between $20 million and $23 million in fiscal 2010, primarily because of the poor performance of the Rick’s Cabaret Las Vegas nightclub it purchased in 2008.

Comparable sales at same clubs open more than one year were $5.78 million, just under one percent lower than the $5.83 million reported in 2009. If Rick’s Cabaret Las Vegas were removed from the calculation, same store sales for the month would have increased 5.9 percent.

Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading group of upscale gentlemen’s clubs, said today it renegotiated terms of the property lease for its nightclub in Las Vegas, thereby avoiding a rent increase and extending other terms.

RCI Entertainment (Fort Worth), Inc., a subsidiary of Rick’s Cabaret International, Inc. (NASDAQ: RICK), the premier publicly traded group of upscale gentlemen’s clubs, has acquired Jaguar’s Gold Club in Fort Worth, Texas, from VCG Holding Corp. (NASDAQ: VCGH).