MarketWatch: Rick's Cabaret International, Inc. Nightclub Sales Increase

From MarketWatch:

Rick's Cabaret International, Inc., the nation's premier group of gentlemen's clubs, said strong performances by newly acquired nightclubs in Dallas, Tootsie's Cabaret in Miami and Club Onyx locations in Philadelphia and Charlotte helped to drive a 15.2 percent increase in revenues for the quarter ending June 30th.

The company said it recorded $23.6 million in revenues for the quarter, compared with $20.6 million in the same quarter in 2011. Same location-same period sales at clubs open for more than one year increased by five percent.

The Rick's Cabaret at Dallas-Ft. Worth Airport, which was granted a license to serve alcohol earlier this year, reported a strong increase in sales compared with the same quarter last year, when it operated as a BYOB establishment. Sales at the company's other BYOB establishments, which operate under the XTC Cabaret brand, also increased.

"We are very pleased with the results for the quarter," said Eric Langan, President and CEO of Rick's Cabaret International, Inc. "Our newest upscale clubs in Dallas and Minneapolis are contributing significantly to our results, together adding nearly $1.8 million in revenues. The Club Onyx locations in Philadelphia and Charlotte also performed exceptionally well."

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