Adult entertainment company Rick’s Cabaret Inc. reported stronger annual net income and revenue Thursday, aided by robust performances [Anne adds: I’ll bet!] from both new and existing nightclubs.
“The excellent performance of Rick’s Cabaret-New York City gave us a strong revenue boost for the fiscal year and this club continues to grow steadily each month,” said Eric Langan, president and CEO of Rick’s Cabaret. “Our growth program is on track and we are looking forward to another strong year in 2007 from our existing clubs and the four acquisitions we have made recently.”
Langan added that the company plans to evaluate possible additional acquisitions that fit the company’s business model and can provide a quick boost to earnings.
Rick’s (NASDAQ: RICK) operates upscale adult nightclubs serving primarily businessmen and professionals who offer live adult entertainment, restaurant and bar operations.
When Houston Civic Center Director Jordy Tollett explained why he spent several thousand dollars in taxpayers’ money escorting visitors to Rick’s, [his answer that] “They wanted to go there” became the quote on another billboard. Tollett’s public reprimand from the mayor led to what may have been the apogee of Rick’s public acceptance, a Houston Chronicle editorial that declared, “As a city trying to attract convention business, we must spend money to make money, and if Tollett was bowing to the demands of clients to go to topless bars, we probably shouldn’t fault him too much.”
(Thanks to Charles Kuffner for posting that classic gem.)
I may be in the minority here, but I’m rooting for Jordy to keep his job. He’s quite a character!