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Rick's Cabaret Slates 'Due Diligence Ball' for Tuesday

Rick's Cabaret Slates 'Due Diligence Ball' for Tuesday
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May 4, 2011 10:45 AM PDT    Text size: 

NEW YORK — Rick's Cabaret International Inc. is swinging open its doors to current and future investors at its "Due Diligence Ball" slated for Tuesday in New York.

Every year, after the company's second-quarter conference call, Rick's Cabaret gives investors an opportunity to see the company's operations firsthand and talk personally with CEO Eric Langan and other executives at the company's New York nightclub across from the Empire State Building.

"The ball gives the Wall Street crowd an up-close and personal look at how the club operates," Rick's Cabaret's Allan Priaulx told XBIZ. "We give them a behind-the-scenes tour on how the club works with its cash management system operations, its independent contractor performers and more."

Priaulx said the event is free to all and includes complimentary hors d'oeuvres and drinks at discount prices. The ball generally draws about 100 each year, he said.

Tuesday's conference call allows securities analysts and shareholders to hear management discuss results for the company's second quarter ending March 31. Priaulx said that one of the larger topics of the call will be the company's Las Vegas club.

Rick's Cabaret last month said it had "sharply reduced" operations at its 25,000-square-foot, two-level Las Vegas location and is seeking a buyer for the off-strip property.

Last year, the company had consolidated total revenues of $83 million, an increase of 9.4 percent over the $75.8 million reported in the previous year. But the company reported a loss from continuing operations of $7.6 million for the year.

Rick's Cabaret operates 23 nightclubs in New York City, Miami, Philadelphia, Charlotte, Dallas, Houston, Minneapolis and other cities operate under the names Rick's Cabaret, XTC, Club Onyx and Tootsie's Cabaret. It also owns Exotic Dancer and Storerotica and trades on the Nasdaq.

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