Rick's Cabaret International, Inc. Reports 39 Cents Per Share Non-GAAP Earnings; GAAP Earnings Of 29 Cents PR Newswire HOUSTON, May 9, 2013 HOUSTON, May 9, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc. (NasdaqGM: RICK) today reported financial results for the second quarter, which ended March 31, 2013. Revenues were $28.7 million, up 13% from the $25.4 million recorded in the second quarter of 2012. Non-GAAP* net income was $3.8 million or 39 cents per share fully diluted, with GAAP net income of $2.7 million or 29 cents per share fully diluted. (Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO) Rick's Cabaret will host a conference call to discuss the results at 4:30 p.m. EDT on May 9^th. Participant dial-in is 877-407-0778 (International): 201-689-8565. The live webcast can be accessed at the company's investor Relations website, www.ricksinvestor.com along with the company's earnings press release, financial tables and slide presentation. Following the call, a replay is available until June 9^th at 877-660-6853 (International): 201-612-7415 with Conference ID 413980. "Our growth continues as planned, with outstanding performance from our Jaguars acquisition, a terrific rollout of our new restaurant/nightclub concept in Dallas, and excellent progress on the five additional locations currently in the works," said Eric Langan, president and CEO of Rick's Cabaret. The increase in revenues was primarily attributable to clubs acquired during the last year, which contributed $3.7 million. Total revenues for same-location-same-period of club operations decreased slightly to $24.1 million from $25.0 million for the same period, principally due to the Super Bowl not being in a city where we have a club and also due to certain other sporting events impacted by player strikes and lower attendance. Second Quarter 2013 Financial Summary (In millions, except per share amounts) Q2 '13 Q2 '12 Revenue $ 28.7 $ 25.4 Income from Operations Non-GAAP* 7.5 7.3 GAAP 6.2 4.5 Net Income Non-GAAP* 3.8 4.0 GAAP 2.7 2.1 Fully Diluted Earnings Per Share Non-GAAP .39 .42 GAAP .29 .22 RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share FOR THE THREE MONTHS FOR THE SIX MONTHS data) ENDED MARCH 31, ENDED MARCH 31, 2013 2012 2013 2012 (UNAUDITED) (UNAUDITED) Revenues: Sales of alcoholic beverages $ 11,044 $ 10,406 $ 21,449 $ 19,322 Sales of food and merchandise 2,878 2,335 5,456 4,333 Service revenues 13,052 11,281 25,707 21,167 Other 1,754 1,392 3,257 2,610 Total revenues 28,728 25,414 55,869 47,432 Operating expenses: Cost of goods sold 3,495 3,390 6,881 6,322 Salaries and wages 6,149 5,204 12,187 10,130 Stock compensation 281 12 563 21 Other general and administrative: Taxes and permits 4,573 3,953 8,794 7,404 Charge card fees 342 373 716 681 Rent 783 721 1,353 1,424 Legal and professional 980 741 1,621 1,441 Advertising and marketing 1,162 1,040 2,271 2,035 Insurance 570 347 1,069 638 Utilities 552 406 1,041 807 Depreciation and amortization 1,312 1,190 2,632 2,310 Settlement of lawsuit - 1,831 - 1,831 Other 2,353 1,750 4,631 3,568 Total operating expenses 22,552 20,958 43,759 38,612 Operating income 6,176 4,456 12,110 8,820 Other income (expense): Interest income 1 1 8 3 Interest expense (1,762) (1,106) (3,405) (2,079) Gain on change in fair value of 1 40 1 138 derivative instruments Income from continuing 4,416 3,391 8,714 6,882 operations before income taxes Income taxes 1,615 1,134 3,199 2,342 Income from continuing 2,801 2,257 5,515 4,540 operations Loss from discontinued (3) (87) (17) (133) operations, net of income taxes Net income 2,798 2,170 5,498 4,407 Less: net income attributable (53) (53) (106) (106) to noncontrollinginterests Net income attributable to Rick's Cabaret International, $ 2,745 $ 2,117 $ 5,392 $ 4,301 Inc. Basic earnings (loss) per share attributable to Rick's shareholders: Income from continuing $ 0.29 $ 0.23 $ 0.57 $ 0.46 operations Loss from discontinued $ (0.00) $ (0.01) $ (0.00) $ (0.01) operations Net income $ 0.29 $ 0.22 $ 0.56 $ 0.44 Diluted earnings (loss) per share attributable to Rick's shareholders: Income from continuing $ 0.29 $ 0.23 $ 056 $ 0.46 operations Loss from discontinued $ (0.00) $ (0.01) $ (0.00) $ (0.01) operations Net income $ 0.29 $ 0.22 $ 0.56 $ 0.44 Weighted average number of commonshares outstanding: Basic 9,514 9,720 9,544 9,703 Diluted 9,988 9,731 9,871 9,710 * Non-GAAP Net Income. We exclude from non-GAAP net income amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock based compensation, litigation and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities. * Non-GAAP Operating Income. We exclude from Non-GAAP operating income amortization of intangibles, patron taxes, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations. Our Form 10-K contains additional details relative to each of the non-GAAP financial measures and is posted on our website at www.ricksinvestor.com. About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities are named "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact email@example.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl. Forward-looking Statements: This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information visit www.ricksinvestor.com. SOURCE Rick's Cabaret International, Inc. Website: http://www.ricks.com Contact: Allan Priaulx, 212-338-0050, firstname.lastname@example.org
Rick's Cabaret International, Inc. Reports 39 Cents Per Share Non-GAAP Earnings; GAAP Earnings Of 29 Cents
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