Rick's Cabaret International, Inc. Reports Record Third Quarter Revenues Exceeding $20 Million, up 31% from Previous Year; Net Income at $1.78 Million
Rick's Cabaret International, Inc. (NASDAQ: RICK), the leading operator of upscale gentlemen's clubs nationwide, today reported record consolidated revenues of $20.9 million for its third quarter ended June 30, 2009, a 31 percent increase over the $15.9 million reported in the same period last year. The previous revenue high was $18.36 million in the second quarter of fiscal 2009.
Net after tax income was $1.78 million, compared with $1.83 million in the same quarter a year ago, a drop primarily attributed to higher marketing costs in connection with the nightclub in Las Vegas. Fully diluted income per share was 19 cents, compared with 21 cents a year ago. Compared with the results of the previous quarter ended March 31, 2009, after tax income was more than double the $839,471 reported for the second quarter and fully diluted earnings per share were also more than double the nine cents reported in the last quarter.
'We are pleased with the third quarter results, which clearly show a continuing improvement in both revenue and income,' said Eric Langan, President and CEO of the company.
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