Rick's Acquires Flagship Club In Midtown Manhattan

[Guest danax]

HOUSTON BUSINESS JOURNAL

9:48 AM CST Wednesday

Rick's acquires flagship club in Midtown Manhattan

Christine Hall

Houston-based Rick's Cabaret International has completed the acquisition of the Paradise Club in Midtown Manhattan.

The Houston-based owner and operator of upscale adult nightclubs plans to make Rick's Cabaret-NYC the company's flagship establishment.

Following the $2 million remodeling of the three-level site near Penn Station and Madison Square Garden, the gentlemen's club will open with a gala launch this summer.

Rick's Cabaret paid a total of $7.625 million for the assets and stock of the former Paradise Club, which had operated on the site for more than a decade.

The transaction consisted of $2.5 million in cash and $5.125 million in a promissory note.

Rick's Cabaret (NASDAQ: RICK) recently reported that 2004 net income rose 77 percent to $775,253, or 21 cents per share, compared to $438,294, or 12 cents per share, in 2003.

Annual revenue climbed 6 percent in 2004 to $16 million versus $15.1 million in 2003.

[kzseattle]

HOUSTON BUSINESS JOURNAL

9:48 AM CST Wednesday

Rick's acquires flagship club in Midtown Manhattan

Christine Hall

Houston-based Rick's Cabaret International has completed the acquisition of the Paradise Club in Midtown Manhattan.

 

The Houston-based owner and operator of upscale adult nightclubs plans to make Rick's Cabaret-NYC the company's flagship establishment.

Following the $2 million remodeling of the three-level site near Penn Station and Madison Square Garden, the gentlemen's club will open with a gala launch this summer.

Rick's Cabaret paid a total of $7.625 million for the assets and stock of the former Paradise Club, which had operated on the site for more than a decade.

The transaction consisted of $2.5 million in cash and $5.125 million in a promissory note.

Rick's Cabaret (NASDAQ: RICK) recently reported that 2004 net income rose 77 percent to $775,253, or 21 cents per share, compared to $438,294, or 12 cents per share, in 2003.

Annual revenue climbed 6 percent in 2004 to $16 million versus $15.1 million in 2003.

<{POST_SNAPBACK}>

Thats great! While companies from other cities are going into different cities building malls, lifestyle centers, office towers, high-rise condominions, homes etc, Houston-based companines are out there aquiring nudie joints!

[Lowbrow]

It's all a thinly veiled scheme to get press on Stern's new XM show.

[Artgirl]

Anyone know who actually owns Ricks?

[Lowbrow]

Rick's