On November 14, 2006, VCG Holding Corp. (VCG), a leading
consolidator and operator of adult nightclubs, filed its 10-QSB for
the quarter and nine months ended September 30, 2006. Total revenue
for the nine months ended September 30, 2006 was $12.7 million, a
1.1% increase over the nine months of 2005. Total revenue for the
quarter ended September 30, 2006 was $4.1 million, a 4% decrease
from the third quarter of 2005. For the nine months ended September
30, 2006, the Company reported net income of $1,355,940 or $0.16
per share as compared to $472,045 or $0.06 for the nine months of
2005. For the quarter ended September 30, 2006, the Company
reported net income of $453,172 or $0.05 per share as compared to
$230,467 or $0.03 for the third quarter of 2005. Income from
operations increased to $2,417,534 resulting in a 67.5% increase
for the nine months ended September 30, 2006 as compared to
$1,443,526 for the same period of 2005. Income from operations
increased to $844,753 resulting in a 49.1% increase for the three
months ended September 30, 2006 as compared to $566,503 for the
same period of 2005. Net operating cash flow, defined as income
from operations plus depreciation and amortization, increased to
$3,063,907 for the nine months ended September 30, 2006 as compared
to $2,107,474 for the same nine months of 2005, an increase of
45.4%. Net operating cash flow, defined as income from operations
plus depreciation and amortization, increased to $1,059,173 for the
quarter ended September 30, 2006 versus $784,643 for the third
quarter of 2005, an increase of over 35%. Revenues from the
Company�s owned nightclubs include revenues from the sale of
alcoholic beverages, food and merchandise, and service revenues,
which include the fees entertainers pay to be allowed to perform at
the nightclubs, fees the Company charges for admission to our
clubs, ATM fees and other ancillary revenues. Those revenues
increased from $9,319,328 for the nine months ended September 30,
2005 to $9,395,406 for the nine months ended September 30, 2006,
resulting in a same store revenue increase of 0.8%. Those revenues
decreased from $3,171,788 for the three months ended September 30,
2005 to $3,114,775 for the three months ended September 30, 2006,
resulting in a same store revenue decrease of 1.8%. The change in
these revenues at our �existing clubs� ranged from a decrease of
30.5% to an increase of 18.8%. The consolidated nightclub revenues
in September 2006 increased to $1,191,749 as compared to $1,174,250
in September 2005. Our consolidated same store sales comparisons
were mixed for the period as compared to the same period in 2005.
The sales in September 2006 for the clubs in the Penthouse Denver,
and Penthouse Phoenix, were down 3.5%, and 30.5% respectively as
compared to September 2005. The sales in September 2006 in
Indianapolis, Saint Louis, Centerfolds, and Diamond Cabaret Denver
was up 2.7%, 1.6%, 0.05%, and 14.8% respectively as compared to the
same period in 2005. During the nine months ended September 30,
2006, the Company reported a net income to common shareholders of
$703,952 or a net income per share applicable to the common
shareholder of $0.08 compared to the same period 2005 net loss to
common shareholder of $(924,190) or a net loss per share applicable
to the common shareholder of $(0.11). During the third quarter
ended September 30, 2006, the Company reported a net income to
common shareholders of $248,439 or a net income per share
applicable to the common shareholder of $0.03 compared to the same
quarter 2005 net loss to common shareholder of $(240,083) or a net
loss per share applicable to the common shareholder of $(0.03). The
increase of $0.19 per share to the common shareholders is the
result of a number of factors relating to budgeting procedures that
we implemented in late 2004. In addition, we reduced the divided
paid to the preferred holders from 18% to 10%. As of September 30,
2006, the Company had cash and cash equivalents of $798,000
investments of $260,000 total debt and capitalized leases of $13.7
million, and preferred stock of $7 million. Troy Lowrie, Chairman
and Chief Executive Officer of VCG Holding Corp stated, "We have
been executing our operating strategy by the continued improvement
of our balance sheet, the acquisition of the nightclub in Colorado
Springs, hitting our guidance, and continuing to develop strategies
for our long term growth. During the first part of 2006 we have
increased shareholder value, began acquiring nightclubs, improved
our financing arrangements and are now working on a plan to finance
our acquisition growth.� About VCG Holding Corp. VCG Holding Corp.
is an owner, operator and consolidator of adult nightclubs
throughout the United States. The Company currently owns seven
adult nightclubs, one upscale dance lounge and operates six other
adult nightclubs under management agreements. The owned and managed
clubs are located in Indianapolis, St. Louis, Denver, Colorado
Springs, Phoenix, 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 2005,
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. On November 14, 2006, VCG Holding Corp. (VCG), a
leading consolidator and operator of adult nightclubs, filed its
10-QSB for the quarter and nine months ended September 30, 2006.
Total revenue for the nine months ended September 30, 2006 was
$12.7 million, a 1.1% increase over the nine months of 2005. Total
revenue for the quarter ended September 30, 2006 was $4.1 million,
a 4% decrease from the third quarter of 2005. For the nine months
ended September 30, 2006, the Company reported net income of
$1,355,940 or $0.16 per share as compared to $472,045 or $0.06 for
the nine months of 2005. For the quarter ended September 30, 2006,
the Company reported net income of $453,172 or $0.05 per share as
compared to $230,467 or $0.03 for the third quarter of 2005. Income
from operations increased to $2,417,534 resulting in a 67.5%
increase for the nine months ended September 30, 2006 as compared
to $1,443,526 for the same period of 2005. Income from operations
increased to $844,753 resulting in a 49.1% increase for the three
months ended September 30, 2006 as compared to $566,503 for the
same period of 2005. Net operating cash flow, defined as income
from operations plus depreciation and amortization, increased to
$3,063,907 for the nine months ended September 30, 2006 as compared
to $2,107,474 for the same nine months of 2005, an increase of
45.4%. Net operating cash flow, defined as income from operations
plus depreciation and amortization, increased to $1,059,173 for the
quarter ended September 30, 2006 versus $784,643 for the third
quarter of 2005, an increase of over 35%. Revenues from the
Company's owned nightclubs include revenues from the sale of
alcoholic beverages, food and merchandise, and service revenues,
which include the fees entertainers pay to be allowed to perform at
the nightclubs, fees the Company charges for admission to our
clubs, ATM fees and other ancillary revenues. Those revenues
increased from $9,319,328 for the nine months ended September 30,
2005 to $9,395,406 for the nine months ended September 30, 2006,
resulting in a same store revenue increase of 0.8%. Those revenues
decreased from $3,171,788 for the three months ended September 30,
2005 to $3,114,775 for the three months ended September 30, 2006,
resulting in a same store revenue decrease of 1.8%. The change in
these revenues at our "existing clubs" ranged from a decrease of
30.5% to an increase of 18.8%. The consolidated nightclub revenues
in September 2006 increased to $1,191,749 as compared to $1,174,250
in September 2005. Our consolidated same store sales comparisons
were mixed for the period as compared to the same period in 2005.
The sales in September 2006 for the clubs in the Penthouse Denver,
and Penthouse Phoenix, were down 3.5%, and 30.5% respectively as
compared to September 2005. The sales in September 2006 in
Indianapolis, Saint Louis, Centerfolds, and Diamond Cabaret Denver
was up 2.7%, 1.6%, 0.05%, and 14.8% respectively as compared to the
same period in 2005. During the nine months ended September 30,
2006, the Company reported a net income to common shareholders of
$703,952 or a net income per share applicable to the common
shareholder of $0.08 compared to the same period 2005 net loss to
common shareholder of $(924,190) or a net loss per share applicable
to the common shareholder of $(0.11). During the third quarter
ended September 30, 2006, the Company reported a net income to
common shareholders of $248,439 or a net income per share
applicable to the common shareholder of $0.03 compared to the same
quarter 2005 net loss to common shareholder of $(240,083) or a net
loss per share applicable to the common shareholder of $(0.03). The
increase of $0.19 per share to the common shareholders is the
result of a number of factors relating to budgeting procedures that
we implemented in late 2004. In addition, we reduced the divided
paid to the preferred holders from 18% to 10%. As of September 30,
2006, the Company had cash and cash equivalents of $798,000
investments of $260,000 total debt and capitalized leases of $13.7
million, and preferred stock of $7 million. Troy Lowrie, Chairman
and Chief Executive Officer of VCG Holding Corp stated, "We have
been executing our operating strategy by the continued improvement
of our balance sheet, the acquisition of the nightclub in Colorado
Springs, hitting our guidance, and continuing to develop strategies
for our long term growth. During the first part of 2006 we have
increased shareholder value, began acquiring nightclubs, improved
our financing arrangements and are now working on a plan to finance
our acquisition growth." About VCG Holding Corp. VCG Holding Corp.
is an owner, operator and consolidator of adult nightclubs
throughout the United States. The Company currently owns seven
adult nightclubs, one upscale dance lounge and operates six other
adult nightclubs under management agreements. The owned and managed
clubs are located in Indianapolis, St. Louis, Denver, Colorado
Springs, Phoenix, 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 2005,
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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