Tuesday, March 18, 2014

Rick's Cabaret International Announces Sale Of Cessna TTx; Also Selling Cessna Citation Mustang

HOUSTON, March 18, 2014 /PRNewswire/ -- Rick's Cabaret International, Inc. today announced that its wholly owned subsidiary, TT Leasing, LLC, has sold its 2013 Cessna TTx aircraft.

The Cessna TTx, a single engine, four place, piston aircraft, was purchased in July of 2013. The company realized a small profit from the transaction.

Rick's also reported that it has listed for sale its 2010 Cessna Citation Mustang. Recent market research indicates a tight supply of late model Mustangs, and the company expects the aircraft to sell in the near future.

About Rick's Cabaret

With 43 units, Rick's Cabaret International, Inc. (NasdaqGM: RICK) is the leading hospitality company operating adult gentlemen's clubs and sports bar/restaurants in the US. Adult clubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports bar/restaurants, which also feature live entertainment, operate under the brand names "Bombshells" and "Ricky Bobby Sports Saloon."

For More Information

   -- Web: http://www.ricksinvestor.com

   -- Twitter: https://twitter.com/rickscabaretinc

   -- Facebook: https://www.facebook.com/rickscabaretintl

Forward-looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Logo - http://photos.prnewswire.com/prnh/20110418/MM85342LOGO

SOURCE Rick's Cabaret International, Inc.

Web site: http://www.ricks.com 

Robert Watters

PRESIDENT, Rick’s Cabaret

 Cessna Corvalis 400 

“Flying lessons were my ‘surviving Katrina’ self-reward and served to give me something to look forward to during the painful recovery. Now, five years and 750 hours of flying time later, my plane is the fastest fixed gear single, and this amazing machine takes me all over the country on business at speeds up to 250 miles per hour. I love everything about flying; the pure excitement of wheels up and the visceral thrill of a successful instrument approach can’t be beat. Private aviation is one of the great American freedoms that I count myself fortunate to be able to enjoy.” 

Guys Who Fly: http://www.myneworleans.com

Rick’s Cabaret
Sabrina Hart, et al. v. Rick’s Cabaret International, Inc., RCI Entertainment (New York) Inc. and Peregrine Enterprises, Inc. Staff: Heather O'Neil, Wade Underwood 
Attorneys: E. Michelle Drake, Anna P. Prakash, Steven Andrew Smith
This is a collective and class action lawsuit under the federal Fair Labor Standards Act and New York Labor law.  This lawsuit was brought in 2009 on behalf of entertainers who worked at Rick’s Cabaret.  The lawsuit alleges, among other things, that: (1) Defendants misclassified entertainers as independent contractors when, in reality, the entertainers are employees; (2) Defendants violated state and federal law by requiring entertainers to pay “house fees” and fines in order to work; and (3) Defendants violated state and federal law by failing to pay entertainers the minimum wage and that amounts entertainers received from customers were tips, not wages, and could not be used to satisfy the Defendants’ minimum wage obligations. 

In 2013, the Court ruled that Rick’s Cabaret in New York misclassified its entertainers as independent contractors and that, as a matter of law, the entertainers are employees under the Fair Labor Standards Act and New York Labor Law.  The Court ruled that Rick’s NY’s statutory duty to pay the minimum wage was not satisfied by the money that entertainers received from customers.

The current Complaint in this case is available here.

The Court’s September 2013 Summary Judgment Order is available here.

Source:    http://www.nka.com/case/ricks-cabaret-new-york/