Rick's Cabaret International Reports 165 Percent Rise in First Quarter Income on Higher Revenues and Reduced Expenses

Rick's Cabaret International, Inc. RICK today reported net income of $2.1 million for the period ending December 31, 2010, compared with $783,000 in the same period last year, a 165 percent increase. Net income per fully diluted share for the quarter was 21 cents, compared with 8 cents in the previous year. The company had revenues of $20.9 million in its first quarter, compared with $20 million for the same period last year. The improvement in net income was due primarily to a combination of the higher revenues and lower operating expenses, which dropped to $16.7 million compared with $17.6 million for the same quarter last year. The increase in total revenue was attributed primarily to the addition of $1.4 million in sales from two new clubs in Fort Worth and one in Austin.