Sunday, February 10, 2008

Rick's Cabaret International, Inc.

Rick's Cabaret International, Inc. (NASDAQ/GM: RICK), operator of upscale gentlemen's clubs, said today it believes its ongoing growth-through-acquisition strategy in 2008 will add in excess of $40 million in new revenues.

Eric Langan, President and CEO of Rick's Cabaret, said the company intends to complete several acquisitions before the end of the company's fiscal year on September 30, 2008, but because of non-disclosure clauses it cannot discuss details of any of the transactions until they are consummated.

"Assuming completion of acquisitions that are now covered by letters of intent or are in review by our legal counsel, we believe we will begin fiscal 2009 with a revenue run rate of approximately $100 million and our earnings will be approximately $2.00 per share," Mr. Langan said. "We also believe we will make further acquisitions in 2009 that will be accretive."
He said the new outlook assumes the company will have approximately 10 million shares outstanding by the end of 2008. He emphasized that these projections are subject to change depending upon several factors, including the number of new shares actually issued, the share price at the time transactions are finalized, and the mix of debt and equity financing to fund the acquisitions.

The planned acquisitions are subject to the completion of due diligence, execution of definitive documents, securing appropriate financing, plus the transfer of all necessary permits and other authorizations.

Rick's Cabaret currently owns and operates 15 adult nightclubs in Texas, Minnesota, New York, North Carolina and Florida.

About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns, operates or licenses adult nightclubs in New York City, Miami, New Orleans, Charlotte, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at any of these locations. Rick's Cabaret also owns the adult Internet membership Web site,, and a network of online adult auction sites under the flagship URL Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact

Forward-looking Statements: This document contains 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 document, including the risks and uncertainties associated with operating and managing an adult business, the business climates in New York City and elsewhere, the success or lack thereof in launching and building the company's businesses in New York City and elsewhere, 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

CONTACT: Rick's Cabaret International, Inc.
Allan Priaulx, 212-338-0050

SOURCE: Rick's Cabaret International, Inc