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Double digit earnings growth is on tap for fiscal 2012 for Rick's Cabaret International, Inc. (RICK) as the consumer appears to be coming out of hibernation. But an investor isn't just getting growth with this entertainment company. This Zacks #1 Rank (Strong Buy) is also a value stock, with a forward P/E of just 8.4.
Rick's is considered one of the "sin" stocks, along with alcoholic beverage manufacturers and tobacco companies, among others. It operates 23 upscale adult nightclubs in at least 9 major U.S. cities under the names Rick's Cabaret, XTC, Club Onyx and Tootsie's Cabaret.
The company also operates a media division which owns an adult Internet membership site couplestouch.com and a network of online adult auction sites under the site naughtybids.com.
Sales Jump by the Double Digits in Fiscal Q1
On Jan 10, Rick's provided an update on fiscal first quarter sales. Sales rose 12.5% to $21.7 million from $19.3 million. December was strong, rising 18.5%, coming off of modest gains in October and November.
Same store sales rose 6.7% to $20.6 million.
Given the strength of the Texas economy, it's not surprising that a lot of the company's Texas locations had a strong quarter including Rick's Cabaret/Austin, XTC Cabaret/Dallas, Cabaret East/Ft. Worth, Rick's Cabaret/San Antonio as well as Rick's Cabaret/Minneapolis. Club Onyx locations in Philadelphia, Charlotte and Houston also had a solid quarter.
Zacks Consensus Estimate for Fiscal 2012 Rises
There is only one estimate for fiscal 2012 but it has been rising in the last 60 days.
The Zacks Consensus Estimate has jumped to $1.21 from $1.09 per share. That is earnings growth of 19.8% as the company made just $1.01 in fiscal 2011.
The company closed its Las Vegas location in Apr 2011 after it was determined it was not a viable location. Las Vegas had been a drag on sales and earnings.
It is expected to report full fiscal first quarter results on Feb 9.
Attractive Valuations
Shares have not yet recovered their 2007 highs. Like every other stock, shares were pounded during the Great Recession and then had a rebound in 2010 but have since sunk again. Check out the five year chart.
With earnings expected to rise again in fiscal 2012, this makes shares cheap.
In addition to a P/E of just 8.4, which is well under the S&P 500 average of 12.5, it also has a price-to-book ratio of 1.3.
A P/B under 3.0 usually indicates value.
The company also has other solid fundamentals including a 1-year return on equity (ROE) of 11.7%.
As the recovery continues, consumers are looking to spend on entertainment again. Rick's is ready to cash in on the adult nightclub scene. Investors get both growth and value, a rare combination.
Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Turnaround Trader and Insider Trader services. You can follow her on twitter at traceyryniec.
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