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This excerpt taken from the RICK 8-K filed Apr 21, 2008. Langan, President and CEO of
the company. “It also provides us with additional diversification of our revenue
and income streams while remaining within our core competency.”
"After 17
years operating the adult nightclub industry's only national trade magazine and
industry convention, I look forward to being associated with Rick's Cabaret,
which as a major industry player has an infrastructure in place that will allow
us to take the service we offer to a much higher level," said
Mr. Waitt. "We have very exciting new media ventures and national
promotions in the works that will benefit Rick’s Cabaret and the industry as a
whole, as well as broaden the appeal of adult nightclub entertainment to
consumers."
The two
groups have combined revenues of over $2 million per year and earnings before
income tax, depreciation and amortization (EBITDA) of approximately
$670,000. The company believes this will add earnings of
approximately $.05 per share on an annualized basis.
Founded
in 1991, Exotic Dancer
is the only national business magazine serving the 3,800 adult nightclubs
in North America, which have annual revenues in excess of $2 billion, according
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