Rick's Cabaret International, Inc. Believes Its Growth Through Acquisition Strategy for 2008 Will Add More Than $40 Million in Revenues
Rick's Cabaret International, Inc. (NASDAQ/GM: RICK), operator of upscale gentlemen's clubs, said today it believes its ongoing growth-through-acquisition strategy in 2008 will add in excess of $40 million in new revenues.
Eric Langan, President and CEO of Rick's Cabaret, said the company intends to complete several acquisitions before the end of the company's fiscal year on September 30, 2008, but because of non-disclosure clauses it cannot discuss details of any of the transactions until they are consummated.
'Assuming completion of acquisitions that are now covered by letters of intent or are in review by our legal counsel, we believe we will begin fiscal 2009 with a revenue run rate of approximately $100 million and our earnings will be approximately $2.00 per share,' Mr. Langan said. 'We also believe we will make further acquisitions in 2009 that will be accretive.'
He said the new outlook assumes the company will have approximately 10 million shares outstanding by the end of 2008. He emphasized that these projections are subject to change depending upon several factors, including the number of new shares actually issued, the share price at the time transactions are finalized, and the mix of debt and equity financing to fund the acquisitions.
The planned acquisitions are subject to the completion of due diligence, execution of definitive documents, securing appropriate financing, plus the transfer of all necessary permits and other authorizations.
Rick's Cabaret currently owns and operates 15 adult nightclubs in Texas, Minnesota, New York, North Carolina and Florida.
Logos, product and company names mentioned are the property of their respective owners.
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