Rick’s Cabaret International, Inc. Reports Record $7.65 Million Nightclub Sales in February; Same Club Comps Rise 28.2%
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier operator of upscale gentlemen’s clubs, said sales at its nightclubs in February were $7.65 million, a 34.7 percent increase over sales of $5.58 million in February 2009.
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier operator of upscale gentlemen’s clubs, said sales at its nightclubs in February were $7.65 million, a 34.7 percent increase over sales of $5.58 million in February 2009.
Revenues at clubs open more than 12 months were $7.15 million, a 28.2 percent increase over sales of $5.58 million recorded at those clubs in February 2009.
“We had the anticipated positive results during the Super Bowl and Pro Bowl weekends in Miami and the NBA All-Star Game in Dallas, which together contributed an estimated $1 million in additional revenues,” said Eric Langan, President and CEO of Rick’s Cabaret International. “We are also pleased that we achieved strong results despite severe snowstorms in several markets that often made it difficult for customers to get to our clubs. Aggressive marketing programs in the first quarter have paid off and we are continuing to benefit from them even though marketing spending has been cut dramatically.”
Mr. Langan said that while the company continues to battle the effects of weak economic conditions in certain markets, particularly Philadelphia and Charlotte, the overall trend of the company’s nightclubs reflects higher numbers of entertainers generally and more customers coming to the clubs, who are spending more on drinks and entertainment than they were a year ago.
On February 16, 2010 Rick's Cabaret International, Inc announced it had signed a letter of intent to acquire the outstanding shares of VCG Holding Corp (NASDAQ: VCGH) to form the largest publicly traded operator of upscale gentlemen's clubs in North America. The two companies are working on definitive documents for this transaction.
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