Rick’s Cabaret International, Inc. Reports First Quarter Revenues of $20 Million, Up 16.8%; Net Income Impacted by Aggressive Marketing and Acquisition Costs
Rick’s Cabaret International, Inc. (NASDAQ: RICK) today reported consolidated total revenues of $20 million for its first quarter ending Dec. 31, 2009, a 16.8 percent increase over the same period a year ago. The increase was primarily attributed to a 14.5 percent increase in same store sales plus revenues from new nightclubs in Austin and Ft. Worth.
Net income attributable to Rick’s shareholders for the period was $782,688, compared with $790,832 in the same quarter in the previous year or eight cents per fully diluted share, the same as in 2009. Income from continuing operations before income tax was $1.4 million for the quarter, compared with $1.6 million for the same quarter in the previous year.
Eric Langan, President and CEO of Rick’s Cabaret International, said net income was impacted by expenses associated with acquisition activities and aggressive marketing costs, which totaled $2.9 million compared with $1.2 million in the same quarter one year ago.
“These expenses are largely behind us now and we are on track with our earnings guidance,” Mr. Langan said.
“Our income was impacted by a very aggressive and successful campaign in Las Vegas to capture market share and prepare for upcoming national conventions,” Mr. Langan said. “This program is already paying off because we had a profit of about $100,000 in Las Vegas in January, and we have now been able to significantly lower our Vegas marketing costs. We also spent considerable sums on marketing in advance of the Super Bowl, Pro-Bowl and NBA All-Star Game, and for the launch of newly acquired clubs. These costs have now been largely eliminated.”
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