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Rick's Cabaret International fiscal Q1 profit climbs 67.6% YOY

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Rick's Cabaret International fiscal Q1 profit climbs 67.6% YOY

Rick's Cabaret International Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was 36 cents per share, an increase of 51.1% from 24 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.9 million, a gain of 67.6% from $2.3 million in the prior-year period.

The normalized profit margin rose to 11.5% from 8.0% in the year-earlier period.

Total revenue climbed 24.0% on an annual basis to $36.5 million from $29.4 million, and total operating expenses increased 20.7% year over year to $28.7 million from $23.8 million.

Reported net income increased 45.6% on an annual basis to $3.5 million, or 32 cents per share, from $2.4 million, or 25 cents per share.