Rick’s Cabaret International Announces Year-End Results

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Source: BUSINESS WIRE

By: Company Press Release

(HOUSTON, TX)–Rick’s Cabaret International Inc. (Nasdaq:RICK – news), the Houston-based adult Internet content provider and entertainment chain, announced today the filing of its Annual Report on Form 10-KSB for the year ended Sept. 30, 1999. The Company had consolidated total revenues of $10,381,427, an increase of 32% or an increase of $2,549,896 above fiscal 1998 revenues of $7,831,531. The Company experienced a net loss of $40,572 for fiscal 1999 compared to a net loss of $604,864 for fiscal 1998. The increase in total revenues was due to an increase in the number of our locations and increases in our same store sales.

"The Company invested heavily in the adult Internet market during the last six months of fiscal 1999," said Eric Langan, CEO and president of the Company. Langan continued, "We launched our members only web site, www.dancerdorm.com, in November 1999. Our web site is not only generating a new source of revenue but it is also increasing Rick’s International’s presence."

Langan also stated, "We are currently receiving over 70,000 visitors a day to our web sites. We are in the process of revamping one of our web sites at www.ricks.com and expect to relaunch it in January 2000." Langan continued, "We are looking forward to attending this year’s IA2000 in Las Vegas for an opportunity to add to our Internet presence."

Rick’s Cabaret International Inc. opened its first Rick’s Cabaret in Houston in 1983 and went public with its IPO in 1995, making it the world’s first publicly traded topless entertainment business. The Company currently operates premiere adult entertainment Internet web sites that were launched in October 1999 as well as three “Rick’s Cabaret” locations, two of which are in Houston and one of which is in Minneapolis. The Company also owns XTC Cabaret in San Antonio and owns XTC Cabaret in Austin, Texas, through its 93% owned subsidiary, Taurus Entertainment Companies Inc. The Company currently owns all the real estate properties where its clubs are located as well as the property where its Internet production studio is located.

Other companies in the adult entertainment industry include New Frontier Media Inc. (Nasdaq:NOOF – news), Playboy Enterprises Inc. (NYSE:PLA – news) and Private Media Group Inc. (Nasdaq:PRVT – news).

This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated include risks and uncertainties related to laws governing the operation of adult entertainment establishments, the timing of the opening of other clubs, the availability of acceptable financing to fund corporate expansion efforts, competitive factors, dependence on key personnel, and the Company’s ability to manage operations. The Company has no obligations to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.