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Rick's Cabaret International fiscal Q3 profit climbs 7.6% YOY

Rick's Cabaret International Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to 28 cents per share, compared with 28 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 $3.0 million, a gain of 7.6% from $2.8 million in the year-earlier period.

The normalized profit margin rose to 9.0% from 8.4% in the year-earlier period.

Total revenue grew 7.3% year over year to $35.8 million from $33.3 million, and total operating expenses climbed 10.1% year over year to $29.6 million from $26.9 million.

Reported net income grew year over year to $8.4 million, or 78 cents per share, from $697,760, or 7 cents per share.