VCG Holding Corp. Announces Record Second Quarter Results
August 14 2007 - 9:07PM
Business Wire
VCG Holding Corp. (AMEX:PTT), a leading consolidator and operator
of adult nightclubs, today announced its financial results for the
quarter ended June 30, 2007. Total revenues for the three months
ended June 30, 2007 increased 138% to $9.52 million from $4.0
million for the same fiscal period 2006. Net cash provided by
operating activities in the three months ended June 30, 2007
totaled $2.4 million, up substantially from $114,000 for the three
months ended June 30, 2006. The Company reported income applicable
to common shareholders of $1.74 million, or $0.11 per share, for
the three months ended June 30, 2007 as compared with income
applicable to common shareholders of $315,000 or $0.04 per share
for the second quarter of 2006. As of June 30, 2007, VCG had
stockholder's equity of $41.7 million as compared to $12.8 million
at December 31, 2006. The Company had pro forma income that
included the results from its seven acquisitions and the related
anticipated cost of financing. On a pro forma basis, revenues for
the three months ended June 30, 2007 would have been $10.6 million.
Pro forma income applicable to common shareholders for the second
quarter would have been $2.02 million, or $0.12 per share. �We are
pleased with the strong increases in revenues and net income that
we reported in our second quarter,� said Chairman and CEO Troy
Lowrie. �These results indicate that our acquisition strategy is
working and we are confident that we have untold opportunities to
grow through accretive acquisitions. We are reaffirming our EPS
guidance for 2007 of $0.43 per share and our 2008 run rate EPS of
$0.68 per share. In addition, the filing of the acquisition 8-K/A�s
and this 10QSB should bring us in compliance with the American
Stock Exchange.� Management will host a webcast and conference call
to discuss second quarter results Wednesday August 15th at 9:00
a.m. ET. The presentation can be accessed at www.viavid.net, or
participants can call 1-888-802-2269 (domestic) or 1-913-312-1272
(international). A recording of the conference call will be
available until August 22, 2007 by dialing 1-888-203-1112 or
1-719-457-0820 for international callers, and entering the passcode
of 5233343. Financial Tables: � Summary Financial Information June
30, Income Statement Data 2006 2007 % Change Total Revenue $
7,827,455 $ 15,904,372 103.2 Cost of Sales 1,171,978 2,173,770 85.5
SG&A 4,951,363 9,883,582 99.6 Income from operations 1,704,114
3,847,020 82.0 Interest Expense 681,676 1,118,686 64.1 Net Income
from continuing operations 1,033,504 2,774,926 168.5 Preferred
Dividend 447,256 -- N/A Net income applicable to common
shareholders $ 455,513 $ 2,752,203 504.2 Net Income from continuing
operations per share $ 0.12 $ 0.17 Preferred Dividend (0.05) -- Net
(loss) applicable to common shareholders $ 0.05 $ 0.17 � Balance
Sheet Data December 31,2006 � June 30,2007 � Current Assets $
3,518,641 $ 6,820,523 Net Property, Plant, and Equipment 12,025,627
22,002,204 Other Assets 19,535,430 44,882,449 Total Assets $
35,079,698 $ 73,705,176 Current Liabilities $ 3,783,339 $ 4,522,386
Total Liabilities $ 21,313,043 $ 28,381,546 Preferred Stock $
325,000 $ -- Shareholders Equity $ 12,795,623 $ 41,662,889 � Cash
Flow Data June 30, 2006 June 30, 2007 Cash Flow from Operating
Activities $ 1,237,436 $ 3,460,040 Cash Flow from (used) Investing
Activities $ 334,179 $ (27,444,660) Cash Flow from (used) Financing
Activities $ (1,418,567) $ 28,169,242 About VCG Holding Corp. VCG
Holding Corp. is an owner, operator and consolidator of adult
nightclubs throughout the United States. The Company currently owns
fourteen adult nightclubs and one upscale dance lounge. The night
clubs are located in Indianapolis, St. Louis, Denver, Colorado
Springs, Raleigh, Minneapolis, and Louisville. Forward-looking
statements Statements contained in this press release concerning
future results, performance or expectations are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements include statements regarding
the intent, belief or current expectations of the Company and
members of its management team, as well as assumptions on which
such statements are based. All forward-looking statements in this
press release are based upon information available to the Company
on the date of this press release. Forward-looking statements
involve a number of risks and uncertainties, and other factors,
that could cause actual results, performance or developments to
differ materially from those expressed or implied by those
forward-looking statements including the following: failure of
facts to conform to necessary management estimates and assumptions;
the Company�s ability to identify and secure suitable locations for
new nightclubs on acceptable terms, open the anticipated number of
new nightclubs on time and within budget, achieve anticipated rates
of same-store sales, hire and train additional nightclub personnel
and integrate new nightclubs into its operations; the continued
implementation of the Company�s business discipline over a large
nightclub base; unexpected increases in cost of sales or employee,
pre-opening or other expenses; the economic conditions in the new
markets into which the Company expands and possible uncertainties
in the customer base in these areas; fluctuations in quarterly
operating results; seasonality; changes in customer spending
patterns; the impact of any negative publicity or public attitudes;
competitive pressures from other national and regional nightclub
chains; business conditions, such as inflation or a recession, or
other negative effect on nightclub patterns, or some other negative
effect on the economy, in general, including (without limitation)
growth in the nightclub industry and the general economy; changes
in monetary and fiscal policies, laws and regulations; war,
insurrection and/or terrorist attacks on United States soil; and
other risks identified from time to time in the Company�s SEC
reports, including the Annual Report on Form 10-KSB for 2006,
Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K,
registration statements, press releases and other communications.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
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