Rick’s Cabaret International Earnings: Here’s Why Shares are Up Now
Rick’s Cabaret International Inc. (NASDAQ:RICK) delivered a profit and beat Wall Street’s expectations, but missed the revenue expectation slightly. Shares are up 1%.
Rick’s Cabaret International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 86.67% to $0.28 in the quarter versus EPS of $0.23 in the year-earlier quarter.
Revenue: Rose 23.25% to $27.14 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rick’s Cabaret International Inc. reported adjusted EPS income of $0.28 per share. By that measure, the company beat the mean analyst estimate of $0.27. It missed the average revenue estimate of $27.22 million.
Quoting Management: “Our revenue growth of approximately $5.1 million in the first quarter was primarily driven by sales of clubs purchased in 2011 and 2012, which demonstrates the value of good acquisitions as an essential part of our growth strategy,” said Eric Langan, president and CEO of Rick’s Cabaret. “Our existing clubs are also doing well, with operating income exclusive of corporate overhead for same-location-same-period clubs operations increasing by 12.5 percent to $6.1 million for the quarter over last year.”
Key Stats (on next page)…
Revenue increased 13.7% from $23.87 million in the previous quarter. EPS increased 86.67% from $0.15 in the previous quarter.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)