Rick’s Cabaret F4Q07 (Qtr End 9/30/07) Earnings Call Transcript

Rick’s Cabaret International (RICK)

F4Q07 Earnings Call

December 20, 2007 4:30 pm ET

Executives

Allan Priaulx - Investor Relations Counsel

Eric Langan - President and CEO

Phillip Marshall - CFO

Analysts

Eric Wold - Merriman Curhan

David Mau - Montgomery Street Research

Chuck Lipton - TSL

Peter Cyrus - Gorilla Capital

[Anis Arella - Avpoint Capital]

William Sebator - private investor

Peter Mark - Mark Capital Management

Presentation

Operator

Welcome to the Rick’s Cabaret International fiscal year 2007 earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host Allan Priaulx, Investor Relations Counsel for Rick’s Cabaret International. Thank you, Mr. Priaulx. You may begin.

Allan Priaulx

Thank you, Rob. Welcome, ladies and gentlemen to the fiscal year 2007 conference call and earnings report for Rick’s Cabaret. Before we begin, I’d like to remind you of our Safe Harbor statement. In this conference call you may here or see 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 inthe call. The details of our Safe Harbor statement are fully explained on slide 2 of our PowerPoint presentation and they are also included in all of our press releases.

I’d like to remind everyone also that if you wish to participate in this call by asking questions of Eric Langan or Phillip Marshall, please call 877-407-8031. You will not be able to pose questions from the webcast itself.

On the call today are Eric Langan, our President and CEO; and Phillip Marshall, our CFO. Phil will be available to answer questions as necessary from you.

It is now my pleasure to introduce you to Eric Langan, who will present our fiscal year 2007 results.

Eric Langan

Thank you, Allan. We will begin our presentation today with a review of our fourth quarter ‘07 results, followed with our fiscal year ‘07 results. We will discuss the drivers of our increases, the effect of new clubs on our income, update our acquisition strategy and review our guidance for 2008.

Fourth quarter 2007 was a fantastic quarter for us. Fourth quarter revenue increased to $8.97 million, up 41.5% over 2006. Fourth quarter net income was $1.18 million versus a loss of $114,000 in 2006. Our fourth quarter basic earnings were per share of $0.20 versus a $0.03 loss last year.

For the fiscal year 2007, revenue increased to $32 million, up 30.7% over 2006. Net income of $3 million versus net income of $1.75 million in 2006, or basic earnings per share of $0.54 versus $0.38 in 2006.

We completed two acquisitions in calendar 2007 and adjusted our acquisition strategy to purchasing mature clubs that were already up and operating and become immediately accretive to our earnings. We also became a taxpayer in 2007.

The driving factors behind our 2007 results were our New York City club, which had record revenue month after month, and we are still continuing to see increases in our sales in that location. Also, Forth Worth exceeded our expectations and we are actually seeing more revenue and more earnings out of that location than we had originally anticipated.

We currently have an expansion going on at that location. We’ll add about 4,500 to 5,000 square feet of additional space on the second floor in aVIP capacity which we believe could add an additional $1 million a year end in income to that location.

Our overall same-club same-period sales improved 11.8%, and our operating cash flow in 2007 was $4.38 million versus $2.73 million in 2007.

On the acquisition front, we closed Tootsies Cabaret inMiami Gardens, Florida and it became accretive on December 1st. It’s a fantastic location; 47,000 square feet, doing unbelievable revenues. December revenues are going to exceed the revenues that we based the acquisition on. Fort Worth continues to do very well. We’re going to be rebranding that as a Rick’s Cabaret on January 1st and doing the grand opening of the second floor around the 15th of January.

What’s been amazing for us is the pipeline of future acquisitions. After announcing the Tootsies transaction as a $25 million transaction with $15 million in cash and our stock performance over the past few months, owners are calling us everyday with offers to sell us their clubs or merge their clubs and we’re seeing a lot of owners that are really looking to do equity transactions with us more than cash transactions. So we’re weighing the differences and the clubs and the benefits to our existing shareholders of those acquisitions.

To give you an idea of the impact of the Tootsies acquisition, we paid $25 million or 2.8X EBITDA. The transaction closed November 30th and we assumed management on December 1st. Revenues from Tootsies are expected to be approximately $18 million with annual EBITDA of $8.8 million, which puts Tootsies current EBITDA margin at 48.9%.

Now in December, like I said, we are seeing an increase in those revenues over that $1.5 million average and we hope to see that continue to increase as we go. We have made a few changes in the management and some of the things that we do different than they did and we think we will continue to seean increase from those changes.

Our acquisition strategy going forward is going to be focused on clubs generating $10 million or more in annual revenue. Now that doesn’t mean we won’t purchase clubs that are smaller like our Fort Worth acquisition if the profitability and the other numbers are right, but our main focus is going to be on acquisitions of $10 million in annual revenue or higher, because we believe once those acquisitions are made, there is only a certain number of those available out there and we want to bethe one to buy those acquisitions first.

We’re also going to be targeting profitable clubs in major metropolitan areas, continue to target our 3X to 6X earnings, depending on potential and zoning and licensing and potential for new competition. We’ll continue to use our equity combination of cash and debt. We made a little mistake on the slide here -- we said cash and stock on that slide -- but we’ll be using cash and debt, in addition to our equity, to make these acquisitions.

Our guidance update for 2008 was very tough for us today, because we have a very good pipeline of future acquisitions. So, what we decided to do today was to give you a snapshot of the company as of where we are today with no other acquisitions.

Our guidance for fiscal 2008, our revenue will be $54 million with net income of $7.7 million or earning per share of $1.03 for fiscal 2008. Our calendar year 2008 guidance revenue will be $60 million with $9.8 million in income, or earnings of $1.30 per share. Any future acquisitions will impact this guidance.

Our plan is to reissue the 2008 guidance in January sometime, based on the acquisitions that we believe will close inthe calendar year 2008 as we have time to review this after the holidays.

That will conclude the formal portion of our presentation and I’ll be happy to answer any questions that anyone may have at this time.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Eric Wold - Merriman Curhan.

Eric Wold - Merriman Curhan

A bit of a follow up on your commentary on the acquisition plans. You mentioned that you’re only looking for clubs doing $10 million or more in annual revenues. Inthe guidance you gave atthe end of October, you gave ’08 and ’09 guidance and talked about one more acquisition in ’08 and two more in ’09 in that guidance. Could you give a little bit more detail on what the assumptions are behind those acquisitions?

Eric Langan

Basically, that guidance in October, we had no idea that Tootsies was going to be adding the type of revenue and increase in earnings that it has. Also, our New York location has continued to increase and is above what we thought it would be in October of 2007 when we put that guidance out. So right now we feel that without any acquisitions we’re inthe $1.03 range, $7.7 million in net income based on 7.5 million shares that we have outstanding today.

Going forward, we have several acquisitions. We are looking at $10 million plus acquisitions in revenues. Now, we are also looking at some other smaller acquisitions as well, but we’re going to keep our focus. It takes us the same amount of time to go doan acquisition and buy $18 million in revenues like we did in Tootsies as it does to do an acquisition like Fort Worth where we bought basically $4 million worth of revenue.

We’re going to try to keep our focus on the larger acquisitions because it takes the same amount of time to do those acquisitions. We can growat a much faster pace by focusing on those larger acquisitions, but that doesn’t mean that if an acquisition like Forth Worth comes along that we’re going to ignore it. We’re going to be looking at those acquisitions too.

I believe that we can probably acquire in calendar 2008 four acquisitions, fairly easily.

Eric Wold - Merriman Curhan

Just to make sure I understood, the $1.03 you are talking about for fiscal ’08 includes no additional acquisitions beyond what you’ve got?

Eric Langan

Exactly.

Eric Wold - Merriman Curhan

Does it include Philadelphia or no?

Eric Langan

Yes.

Eric Wold - Merriman Curhan

Okay, soit includes Philadelphia but nothing beyond that?

Eric Langan

Right. Keep in mind Philadelphia doesn’t really contribute a lot to the bottom line. It increases the revenue a little bit but its not a big bottom line deal, which is why right now we’re really trying to talk to the owners to purchase 100% of that location, and that’s why we held up on the closing at this point.

Eric Wold - Merriman Curhan

On the inquiries coming in since the deal was done and the Miami club was acquired, are the large clubs you want to acquire, are these the ones that are coming in with the inquiries or are those the ones you really have to reach out to?

Eric Langan

We are getting those phone calls now. We were reaching out to them, now they are calling us.

Eric Wold - Merriman Curhan

Can you give the weighted average diluted share count for the fourth quarter?

Eric Langan

For the fourth quarter I believe it is 6.245.

Phillip Marshall

The weighted average, it’s on the bottom of the consolidated statements. Atthe end of the fourth quarter the weighted average of shares outstanding was 5.548 million.

Eric Wold - Merriman Curhan

I apologize not for year for the fourth quarter only. Do you have that?

Phillip Marshall

No, I am sorry I don’t. Let mesee if I can find it out.

Eric Langan

I know I’ve seen it somewhere, I am pretty sure it’s fully diluted at 6.245, Eric. I am fairly certain of that number.

Phillip Marshall

I think that’s about right.

Eric Langan

I can verify it with you later, if you’d like but I’m fairly certain that’s the number. I just don’t have the page in front of me that I’ve seen it on, but I’m fairly certain that’s the number.

Eric Wold - Merriman Curhan

I like the memory. I appreciate it. Thanks.

Operator

Your next question comes from David Mau - Montgomery Street Research.

David Mau - Montgomery Street Research

Congratulations on a great year. You talked a little bit about the refocused acquisition strategy. Can you give us a feeling for how many opportunities are out there of that size? I’ve heard that there are 3,500 clubs out there.

Eric Langan

We figure that inthe $10 million to $20 million range, right now there is probably somewhere between 75 and 100 locations in theUnited States that are doing revenues of that magnitude.

David Mau - Montgomery Street Research

It also seems to me that over the last year to year-and-a-half that the acquisition cycle has very quickly accelerated here. We used to be waiting four or five months before an acquisition, now you seem to be announcing them much more rapidly than that. Can you comment on what’s going on?

Eric Langan

Certainly. A year ago we would by an acquisition; we would have to wait six months for the stock to react to it before we could use our equity to make an additional acquisition. Now we’re making these acquisitions. We’re letting the market know the general scope of it; the market is reacting a little bit. I mean as soon as we close the transaction, like we did with Tootsies, the market immediately reacts and gives us the value for that new acquisition.

Well, when that happens that allows us to immediately go and buy something else. So as long as the market continues to value our acquisitions as we do them and give us a fair value for that work and for those acquisitions in this timely manner, we will continue to purchase new locations inthe same manner.

David Mau - Montgomery Street Research

Would you also say that the number of opportunities being put in front of you has accelerated also?

Eric Langan

Absolutely. Here’s the deal, David, to give you an idea. If you take the average club owners I am talking to these days, they realize that their business is worth $10 million. They realize three years from now their business is still going to be worth $10 million. However, if they take equity in Rick’s and hold that equity for that same three-year period, then our growth rate could change their value to $20 million or $30 million.

So they are seeing it as a way to double or triple their asset value by rolling their assets in and merging in with us. That’s what we’re really starting to see the owners talk about now. I’m answering more questions to owners and the owners that I am talking to are becoming much more sophisticated in that they are not looking to cash out, they’re looking to gain full value, inthe public market, of their assets.

Operator

Your next question comes from [Chuck Lipton – TSL].

Chuck Lipton - TSL

Hi there, nice quarter. You acquired Tootsies for 2.8X EBIDTA. What kind of price would you have to pay for most clubs? I know that was sort of a special situation, but what multiple?

Eric Langan

Well normally we are paying 3X to 5X and the smaller deals are going closer to 5X and the larger deals are going closer to 3X, which in most people’s logic wouldn’t make sense except for when you get into an acquisition of $25 million in our industry right now, there are no buyers. Soin order for someone to cash out to that magnitude, they don’t have as many people to talk to. We are able to negotiate a little better deal and keep those multiples down a little bit.

Chuck Lipton - TSL

Who else might they be going to? Is there anybody else out there looking at those size deals?

Eric Langan

I am sure VCG Holdings is out these looking ata similar type of acquisition, but I think other than the two of us, the public companies are the only ones right now that are going to come up with that type of money. They have to talk to one of the two of us.

Chuck Lipton - TSL

Lastly, you are doing some licensing deals inSouth America. Is there anything in your numbers for potential revenues from that source?

Eric Langan

No, we didn’t put anything in there from that at this point. This guidance is what we will do with what we currently have out, open and operating.

Chuck Lipton - TSL

Would you expect any clubs to open under your name inSouth America?

Eric Langan

Yes. According to them -- of course, it’s out of our control, we are just the licensing company -- but we are being told that they are going to open in mid-February in Buenos Aires and they have signed a lease on a second location outside of Buenos Aires ina tourist area, I forgot the name of it, I would have to go look it up.

I am waiting for them to getthe first one open then I’ll really get excited about those guys. They have the money, they have the resources and I think they are definitely moving forward. I went down about a month-and-a-half ago and looked at this new location that they picked out inBuenos Aires, a fantastic location. It’s right by the convention center. There are 25 million people in Buenos Aires, so there is plenty of population.

We went and checked out some of what would be considered competition, which is not really competition for a U.S.-style gentlemen’s club. They don’t really have the foodservices, they don’t have the things, the higher end quality stuff that we have, and their prices are higher than what we charge inNew York City.

I mean, I believe the pricing pressure is there, every thing is there to make ita very successful operation once they get started.

Chuck Lipton - TSL

You get 10% of revenues?

Eric Langan

10% of gross revenues after value-added tax is deducted. They have a 21% value added tax and so basically take the gross revenues minus 21%, we get 10% of the remaining gross.

Operator

Your next question comes from Peter Cyrus - Gorilla Capital.

Peter Cyrus - Gorilla Capital

I’m new to your story. Could I get put on your email lists so I know about these conference calls?

Eric Langan

You are not getting our e-mails?

Peter Cyrus - Gorilla Capital

No, I guess sometimes when you are new to a story they don’t get you on the email list. Now that I am on the call, maybe one day I will actually come to one of your clubs.

As you expand the infrastructure of your company, how are you going to handle that?

Eric Langan

Well, right now we could easily expand three or four more clubs without any problem whatsoever. As we buy these larger clubs, we are actually picking up some pretty strong management. Most of the clubs that are operating have good systems in them already so there is not a lot of work.

We’ll integrate Miami; our POS system was changed over last Sunday night. So basically every thing at that location is converted to our system, probably by the end of December. So basically in the first 30 days we have integrated everything on that location, we are ready to move as far as our infrastructure is concerned, to the next location without any problem.

Peter Cyrus - Gorilla Capital

You talk about these large size clubs. I don’t mean this facetiously, but are there bigger than large size clubs? How bigare the biggest clubs?

Eric Langan

I don’t think there’s one bigger than 47,000 square feet that I know of, off-hand anyway. I mean Miami is definitely one of the largest clubs in the country.

Peter Cyrus - Gorilla Capital

In volume, what would be the biggest size in terms of revenues and things?

Eric Langan

The highest growth in clubs that I know of that I have actually seen numbers on was Scores New York City in 1999 did $28 million. I’ve heard that there are other clubs in Vegas that are in range that are doing the $22 million to $28 million in revenues. I think the average is going to bein that $10 million to $20 million range, in between those numbers.

Peter Cyrus - Gorilla Capital

You just mentioned Vegas; people have talked for a while about one of these clubs going into a casino at some point in time. Is that a pipe dream, is that something that could happen inthe indefinite future?

Eric Langan

We are talking to guys that are familiar with the Vegas market and the casinos and they think it’s a definite possibility. The market is warming up to the idea.

I think as we continue to grow and become a larger, publicly traded company and we continue to increase the general acceptance of our industry that it is just a matter of time. Now we’ve been saying for about two years now that we think that’s the future of Las Vegas, but eventually the clubs will be on casino properties or in casinos, and we continue to believe that and we’ll continue to explore those opportunities.

Peter Cyrus - Gorilla Capital

I would think if you could put a property in a casino that that property would probably do more volume than say the number you threw out for the Scores?

Eric Langan

I think if you were ina casino, if you were insay Caesar’s Palace or the Wynn or even something like Planet Hollywood, you would be looking at revenues probably in the $40 million to $50 million range, easily.

Peter Cyrus - Gorilla Capital

Going back to your comment about when you were talking about the acquisition, I mean I’ve been a director of a casino company so I know all of the rigmarole you have to go through to geta license. Would you assume that guys like you and VCT would have an advantage because you are public and that gives you a certain, both credibility and visibility?

Eric Langan

I think so. Our financials are audited, which has to bea plus for them. We’re governed and reviewed by the SEC. I mean all those watch things have to help. Do they give us a direct advantage? I’m not sure. I’d like to believe they do, but I guess until we can really sit down with the casino executives and really they start exploring this idea first-hand, then we’ll have a much better idea of where we rank versus other operators inthe country right now.

Peter Cyrus - Gorilla Capital

I have one last comment I want to make, which is I just want to -- I hate guys who do this on calls, but -- I want to congratulate you because when we first started talking about this industry what seems like along time ago, although I guess it wasn’t, nobody really was willing to give this industry any respect at all. I think that you’ve done a superb job and so my compliments to you.

Eric Langan

Well thank you very much. We’re certainly trying and we appreciate all your advice throughout the past and we will continue to look forward for you inthe future too. Thank you.

Allan Priaulx

Peter, if you or anybody else on the call would like to get information, you are actually on our list but for some reason we may not be getting through. Just send an email to [e-mail] and we’ll make sure that you are on the list.

Operator

Your next question comes from [Anis Arella - Avpoint Capital].

Anis Arella - Avpoint Capital

Eric, good job with the quarter and the year. I wanted to know if you guys have room to raise drink prices and improve margins from that end of it and where else you can see margin improvement?

Eric Langan

I think we can. Right now we are trying to stay very competitive. We had a recent price increase inNew York in September. We’ll probably be reviewing those prices again in March. We are still a little lowin that market, I think.

Some of our other markets, our more mature markets, I think we are pretty competitively priced. It really just depends on the conditions at the time. We’ve been pretty happy with most of our operations. We have a few locations we definitely could see some margin improvement on, but overall we’ve been pretty happy.

But to answer you question, I think we could easily raise our prices a little bit. We tend to bethe leader in most of our markets and so if we raise our prices our competitors tend to dothe same, so I think we definitely have that pricing pressure.

Anis Arella - Avpoint Capital

You haven’t seen any pushback inNew York atall on the higher prices?

Eric Langan

No, not at all. The business there is just growing, it’s fantastic. We always thought --typically most of our markets, it’s an 18 months to 24 month breakout period. I think New York, just because people are so inundated with marketing, I did a little show up there, we visited a bunch of funds on our roadshow and I was amazed. We met with 11 funds and only four of them knew that I had a location in New York City. So, when four out of eleven know I have a location in New York City and they are interested in my stock, I have to go, how many people inNew York City still don’t realize that our location is there?

We doa lot to market, 40% year-over-year growth, so its not like it is not growing, its just I think there’s just tons of room to still grow there.

Anis Arella - Avpoint Capital

Do you guys see a strategy of clustering stores to be more effective than penetrating new markets so you get a lot of leverage out of clustering on marketing dollars and things like that?

Eric Langan

We doa little bit, but the reality is in order to build the Rick’s brand, we’re going to have to bein 30 major markets or 25 major markets. So, as much as we look at clustering we’re also looking expanding the brand into these new markets.

I do think you get some advertising benefit and you getthe ease and use of change in employees and moving employees from location to location and those types of management benefits, but as far as for the real process of building the brand, we must continue to move into new markets as well.

Anis Arella - Avpoint Capital

What do you think are the top two or three cities that you’d look at next?

Eric Langan

I think we’re going to continue to look inthe New York market, definitely continue to expand inMiami. We’re probably going to look for new markets. I am starting to look in Vegas. I am starting to look in Chicago and other Midwestern cities as well. Outside of Texas, we’re pretty focused in Texas right now, so we will probably really start working on continuing to expand outside of Texas. I think our big focus is East Coast right now. Anywhere on the East Coast that we can expand into a new market we are looking at.

Operator

Your next question comes from William Sebator - private investor.

William Sebator - private investor

With the recent acquisition of Tootsies Cabaret, do you plan on staying with that name or do you plan on re-branding it Rick’s? Along that line, is the plan to develop the Rick’s brand or more acquisition focus and the brand isn’t as important?

Eric Langan

Let’s start with your first question with Tootsies. We are going to leave Tootsies as Tootsies Cabaret. We do not intend putting the Rick’s name on the club. Inthe future we may do Rick’s Cabaret presents or what we may do is take what is now called the next level, which is the second floor of the cabaret, and maybe brand that as a Rick’s Cabaret. So, we’d actually have a Rick’s Cabaret section inside of Tootsies.

Tootsies is just a landmark in Miami. It’s very well-known. They’ve operated aclub there for 17 years. Even though this new location has only been there for about two years, the other location was just right down the street, very popular. So we don’t really foresee changing the name of Tootsies at this time. That doesn’t mean we never will, but at this time we won’t.

As far as the branding and acquisitions, I think its a little combination of both. We want to continue to grow our revenue and earnings and we want to continue to build our brand. However, when we come across one-offs like Tootsies that we can buy at such a great multiple, it’s going to be very difficult to pack those types of deals up just in lieu of building our brand. The earning potential at Tootsies and the revenues that it’s generating are fantastic.

So, if we come across another city, whether it’s a one-of-a-kind type location, we will continue to buy that location as well without necessarily having to brand it as a Rick’s Cabaret.

But our real focus needs to be and we want it to be continued on building the Rick’s brand. We want to create that national brand. When you go to a city, the first thing you’re going to do as a guy is say what clubs arein this town? They name off two or three clubs and as soon as you hear Rick’s, you say “oh lets go to Rick’s. We know that location.” That’s what we want to create, is that branding. So, you know exactly what to expect when you go to one of our locations and when you go to a city, that’s the location you want to go to.

William Sebator - private investor

What effects, if any, do you see the legal uncertainties inHouston having on the company?

Eric Langan

In Houston, well, right now we don’t know what’s going on inHouston. We are currently preparing the petition for the Supreme Court. Right now the stay is still in place so there hasn’t really been any changes from status quo. We don’t know if changes from status quo will come six months from now, three years from now or six days from now. We’ve got a contingency plan that we don’t really want to discuss. We have a contingency plan that we believe will minimize any effect whatsoever on our operations. We only have one club that we think could even be negatively affected at all. It does about $60,000 a month in revenue so it’s not a big deal.

One of our other locations that we had purchased that’s outside the City of Houston would benefit greatly from any type of harm that would happen to the other location. So, really it’s awash for us and we don’t' really feel that at this time that’s going to have any major impact. That theHouston one is going to have any major impact on the company at all. It’s really becoming less and less a portion of our total revenues anyway, as we continue to expand outside of Texas and Houston.

Operator

Our final question comes from Peter Mark - Mark Capital Management.

Peter Mark - Mark Capital Management

You mentioned the market you guys are looking at is Vegas and I know when we’ve talked inthe past you were pretty negative on it, just in terms of competition and its hard to make money there, it sounds like. Would you only go in there if you could getin a casino, or is it something you need to do to help establish the brand name?

Eric Langan

To answer your question, I’d like say that I would only go there if I can getin a casino. However, we are looking at a couple of locations out there that meet our parameters and so I am not going to say no at this time that we wouldn’t purchase a location, that’s not ina casino, because we are looking; we are exploring the opportunities. If we can find the right opportunity, I think we would actually operate outside of a casino, but my past concerns are still my major concerns today in that there are a lot of clubs out there, there is a lot of competition and ithas slowed down.

Two years ago there were ten new clubs opening every year; that has slowed down. There are not as many new clubs opening. The shakeouts have started in that market right now and that’s why we are looking. If we buy a location it will be profitable already. We are not going to buy a location that’s not already making money out there, we are not going to try to buy something that we think we can fix up or make better. We want to buy something that’s already in one of the top spots and profitable.

Peter Mark - Mark Capital Management

So it is something you guys are looking at, not a definite for ‘08?

Eric Langan

Right, there is nothing definite on it yet, but it’s definitely a market we are interested in. It is the next logical step. We’ve got into Miami, we arein New York, Las Vegas is the next logical major market to break into.

Peter Mark - Mark Capital Management

Then you guys would bethe same kind of parameters; looking for it to be at least mildly accretive?

Eric Langan

Exactly.

Operator

Gentlemen, there are no further questions in queue at this time. Do you have any further comments?

Eric Langan

I would just like to remind everybody on the call to come down and seeme atthe clubs anytime, and thank you. We’ll talk to you again ina few months.

Allan Priaulx

Just one final thing; if any of you were having trouble accessing the PowerPoint, there is a link to it on our website, www.ricks.com, and you can also ask me directly at [e-mail] and we’ll take care of it for you.

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