Home > News > Rick’s Cabaret Reports Increased Earnings • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

Rick’s Cabaret Reports Increased Earnings

Rick’s Cabaret Reports Increased Earnings
Get XBIZ News
XBIZ Research
Will virtual reality boost the paysite market?
Yes, it will soon
  39.66%
Yes, but in a few years
  36.87%
No
  23.46%
Out of 179 votes. Results based on votes submitted by members of XBIZ.net social network.
Dec 30, 2008 6:00 AM PST    Text size: 
NEW YORK — Gentlemen's club chain Rick’s Cabaret International Inc. has reported $7.66 million net income for the year ended Sept. 30, a 151 percent increase over the $3.05 million reported the previous year.

Consolidated total revenue for the publicly traded company was $59.93 million, compared to $32.01 million for the previous year, an increase of 87.2 percent.

The company had earnings per fully diluted share of 91 cents for the year, compared with 50 cents per share in 2007.

In a statement, the company said the revenue increase was primarily due to the performance of five new clubs acquired during the fiscal year and continued strong growth from existing clubs, especially Rick’s Cabaret-New York City. Sales from nightclub operations for same-location, same-period increased by a reported 14.6 percent.

The company said the cost of goods sold for the year ended Sept. 30 was 11.6 percent of total revenue compared to 12.6 percent in the previous year, as the company took advantage of volume discounts, improved inventory management and better margins from liquor and food sales.

Long-term debt was $33.56 million at the end of the fiscal year, compared to $14.39 million a year earlier.

At the end of the 2008 fiscal year the company had cash and cash equivalents of $5.60 million compared to $2.99 million at Sept. 30, 2007.

The company said it believes its nightclub operations can continue to grow organically and through careful entry into markets and demographic segments with high growth potential.

During fiscal 2008, Rick's acquired five nightclub operations, including the former Scores Las Vegas, and the remaining 49 percent of its Austin location. The company also acquired a media division for approximately $1 million, which will enable the company to create new marketing synergies with industry product suppliers and new national advertising opportunities. It also provides additional diversification of revenue and income streams while remaining within the Rick’s Cabaret core competency.

Rick’s Cabaret International Inc. owns, operates or licenses adult nightclubs in New York City, New Orleans, Charlotte, Dallas, Houston, Philadelphia, Minneapolis and other cities under the names Rick's Cabaret, XTC and Club Onyx. Rick’s Cabaret common stock is traded on Nasdaq under the symbol RICK.

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !

BUSINESS ANALYSIS

Uncovering the Newest Trends in Alternative Billing

For adult merchants, especially adult website operators, the notion of “alternative billing” hasn’t really evolved from its Ameri-centric “anything but MasterCard or Visa”... More »

Sexual Enhancement Market Sees Growth From Couples-Friendly Approach

From cock rings and penis pumps to creams, gels and sprays, male sexual enhancement products have long been a fixture in the pleasure products/sex toys sector. But the marketing of those products has evolved... More »

Lubes, Lotions and Potions: Manufacturers Talk Gateway Products

Sensual body care products have strong consumer interest and plenty of appeal for customers of all types. With lubes, massage oils, creams, lotions, and sprays all bringing in significant sales, manufacturers... More »
XBIZ NEWSLETTERS
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.






POPULAR PRODUCTS & SERVICES
Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Access the latest issues of the industry's leading trade publications in digital form. View online or download for offline viewing.

UPCOMING EVENTS

XBIZ.net Paysite Meetup

May 04 - May 04
Prague, Czech Republic

Eurowebtainment 2017

May 17 - May 20
Majorca, Spain

XBIZ Retreat

May 30 - Jun 03
Miami, Florida

XBIZ Miami 2017

May 30 - Jun 02
Miami, Florida
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!