The company told investors that it expects sales for the fiscal year ending in September 2008 to total around $54 million, with a net income of $7.7 million, with earnings of approximately $1.03 per basic share.
Through the end of the calendar year, the company expects those numbers to increase to $60 million in revenue, $9.8 million in after-tax income, and earnings of approximately $1.30 per share.
Eric Langan, president and CEO of Rick’s Cabaret, said the projections are based on the anticipated revenue from the company’s current portfolio of 15 nightclubs across the country. Langan said that further acquisitions of clubs in 2008 will impact the projections, and the company expects to issue new guidance to investors in January based on its planned acquisitions.
Earlier this month, Rick’s Cabaret announced the acquisition of Tootsies Cabaret, a 47,000-square-foot adult club in Miami Gardens, Fla., for a reported $25 million.
In addition to Tootsies, Rick’s Cabaret owns, operates or licenses adult clubs in Charlotte, Houston, Miami, Minneapolis, New Orleans and other cities, operating under the names Rick’s Cabaret, XTC and Club Onyx.
The company also owns the adult website CouplesTouch.com, a membership site for swingers, and a network of adult auction sites under the flagship brand NaughtyBids.com.
Rick’s Cabaret common stock is traded on Nasdaq under the symbol RICK.
