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SAFE HARBOR

SAFE HARBOR.

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SAFE HARBOR

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  1. SAFE HARBOR Certain statements contained in this presentation regarding Rick's Cabaret future operating results or performance or business plans or prospects and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.  Where possible, the words "believe," "expect," "anticipate," "intent," "would," "will," "planned," "estimated," "potential," "goal," "outlook," and similar expressions, as they relate to the company or its management have been used to identify such forward-looking statements.  All forward-looking statements reflect only current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to the Company.   Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause the Company‘s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements.  Such risks, uncertainties and contingencies include, but are not limited to, risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where the company operates, (iii) the success or lack thereof in launching and building the company’s businesses, (iv) the operational and financial results of the company's adult nightclubs, (v) conditions relevant to real estate transactions, (vi) the loss of key personnel, and (vii) laws governing the operation of adult entertainment businesses.  Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements are described in forms filed with the SEC from time to time and available at www.ricksinvestor.com or on the SEC's internet website at www.sec.gov. Unless required by law, Rick's Cabaret does not undertake any obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

  2. Definition of Adjusted EBITDA During this Conference Call you may hear us refer to Adjusted EBITDA. We consider Adjusted EBITDA to be a key metric to measure our performance. It is a financial statement measure that was not derived in accordance with GAAP. In calculating Adjusted EBITDA the company excludes the largest recurring non-cash charge, depreciation, amortization and impairment charges. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for Federal, state and local taxes, which have considerable variation between domestic jurisdictions.  Also, the company excludes interest cost in the calculation of Adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. The company uses Adjusted EBITDA as one guideline to assess unleveraged performance return on investments. Adjusted EBITDA is also the target benchmark for acquisitions of nightclubs.

  3. CONFERENCE CALL OVERVIEWMay 10, 2012 Summary of Q2 Chief Drivers of Revenue, Earnings, EBITDA & Cash Flow Discussion of Acquisition Program Outlook for Remainder of 2012 Q & A

  4. SNAPSHOT: Q2 ‘12 vs ‘11 Q2 ‘12 Revenue $25.4 million vs $21.6 million in Q2 ‘11, a 17.8% Increase Q2 ’12 Same Store Sales Rose 8.1% over Q2 ‘11, to $22.6 million Q2 ’12 Net Income (Without Legal Settlement) $3.3 million vs. $2.9 in Q2 ’11 Q2 ’12 Adjusted EBITDA* $7.5 million (Without Legal Settlement), vs. $6.9 million Net Cash Provided by Operating Activities in the Six Months Ended March 31, 2012 Was $12.0 million Compared to $8.5 million

  5. … SNAPSHOT (Cont.) Q2 ’12 Expenses Include One-Time $1.8 million Reserve to Settle Shareholder Lawsuit Exclusive of Legal Settlement, Operating Margins Improved to 22.2% vs. 19.8% in Previous Quarter

  6. Current Update Rick’s Cabaret/DFW Grand Opening Party This Week – Great Start Silver City Cabaret Gives Us Further Strength in DFW Metroplex Basketball Crowds Are Back Have Implemented Minor Price Increases in Recent Weeks

  7. Current Debt 3/31/12 at $47 million, $27.9 million of Which is Real Estate Reduced Debt by $2.9 million in Three Months ended 3/31/13 $6 million To Be Paid Down Over Next Year DEBT UPDATE

  8. Forward Growth Strategy Have Focused Our Search On Multi-Club Operators Will Continue Emphasis on Organic Growth & Cash Generation Goal Is Accretive Acquisitions Adding Quickly to Bottom Line Performance

  9. Outlook • We Continue to Produce Solid & Consistent Numbers • Examining Several Opportunities for Significant Growth of Top and Bottom Lines • Clubs Acquired in Past Year Meeting or Exceeding Expectations • Remain Highly Confident in Our Management & Our Business Model

  10. THANK YOU! If you are in the New York Area Please Attend Tonight’s Due Diligence Ball at Rick’s Cabaret, 50 West 33rd Street

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