HOUSTON—Rick's Cabaret International has reported total revenues of $22.8 million for the second quarter ending March 31, 2011, compared with $22.4 million for the same period last year. Rick's Cabaret had total net income for the quarter of $2.9 million, the same as in the previous year, with fully diluted earnings per share of 29 cents, compared with 31 cents last year. Adjusted EBITDA (earnings before income tax, depreciation and amortization) for the quarter rose to $6.6 million from $6.4 million in 2010.
The company will hold an investor conference call today at 4:30 p.m. EDT at which president and chief executive Eric Langan will discuss the results. The toll-free domestic call in number is 877-407-8033 and a webcast of the call is available here or here. The company will hold a "Due Diligence Ball" following the call at its New York City Club (50 West 33rd Street) for investors and other interested persons.
"We had a solid quarter and I'm looking forward to discussing it in detail with our investors today," said Langan. "Despite a big ice storm in Texas that weakened revenues anticipated from this year's Super Bowl compared with 2010, we still did very well for the quarter and we are happy with our overall club results. We are also pleased with the Adjusted EBITDA number, which is a key metric we use to measure our performance.
"We have begun to eliminate losses at our Las Vegas location through the sharp reduction in operations we announced last month as we seek a buyer for the club,†added Langan. “We believe that we did everything possible to make the club work, but the Las Vegas market remains troubled and we believe it is now in our shareholders' best interests to exit. Once our exit from this market it is complete we will have a better idea how we will do for the remainder of the year."
For the six-month period ending March 31, 2011, Rick's Cabaret had consolidated total revenues of $43.7 million compared to $42.4 million for the six months ended March 31, 2010. Six month net income attributable to Rick's Cabaret International was $5.0 million, compared with $3.7 million during the first six months of last year. Adjusted EBITDA for the six months ended March 31st was $11.9 million, compared with $9.5 million last year.
