VCG Holding Corp. Schedules Third Quarter Financial Results and Provides Update on Operations

 * Q3 2009 revenues of $13.8 million
 * Remains profitable with positive free cash flow
 * Implements Aloha POS (point of sale) system
 * Schedules release of Q3 2009 results

LAKEWOOD, Colo., Nov. 5, 2009 (GLOBE NEWSWIRE) -- VCG Holding Corp. (Nasdaq:VCGH), a growing and leading consolidator and operator of adult nightclubs, today provided an update to investors including operations for the third quarter of 2009, the implementation of Aloha POS (point of sale) system in all of its clubs, and scheduling of its third quarter financial results release.

Troy Lowrie, Chairman and Chief Executive Officer, stated, "For the third quarter of 2009, VCG generated revenues of approximately $13.8 million despite a challenging economy, a decrease of approximately 0.9% from the immediately preceding quarter and a decrease of 9.2% from the third quarter of 2008. We remain profitable and are generating positive free cash flow due to our tiered venue model -- where a decline in revenues caused by fewer patrons at our high-amenity A clubs is offset by the increased margins generated at our more affordable B and C venues."

Mr. Lowrie continued, "We have adopted the Aloha point of sale system and are in the process of implementing the software and technology into all our clubs. We expect to complete this by year end. This technology will enhance our controls over our largest expenses, food, beverage, and labor hours, allowing for more real-time sales and cost data and accountability at each of our locations. The total cost of implementing Aloha into all of our clubs is estimated at $550,000 which we will pay with cash on hand, and accounted for as a capital investment, depreciated over the next five years."

Company Schedules Third Quarter 2009 Financial Results

The Company also announced that it will release financial results for the third quarter ended September 30, 2009 on Thursday, November 12, 2009, and will file its Form 10-Q with the SEC on or about that date. The Company will not be hosting a conference call in conjunction with the issuance of third quarter financial results.

About VCG Holding Corp.

VCG Holding Corp. is an owner, operator, and consolidator of adult nightclubs throughout the United States. The Company currently owns 20 adult nightclubs located in Anaheim, Indianapolis, St. Louis, Denver, Colorado Springs, Ft. Worth, Dallas, Raleigh, Minneapolis, Louisville, Miami, and Portland, ME.

The VCG Holding Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5105

FORWARD LOOKING STATEMENT

Certain statements in this release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors identified from time to time in the Company's reports with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008 and Form 10-Q which is expected to be filed on or about November 12, 2009. All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements, except as may be required by law.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: VCG Holding Corp.

CONTACT:  VCG Holding Corp.
Troy Lowrie, Chief Executive Officer
(303) 934-2424
TLowrie@VCGH.com
Courtney Cowgill, Chief Financial Officer
(303) 934-2424
CCowgill@VCGH.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
DSullivan@EQUITYNY.com
Gerrard Lobo, Senior Account Executive
(212) 836-9610
GLobo@EQUITYNY.com

Related terms: annual report, business, ceo, colorado, conference, economy, financial results, food, hosting, labor, law, nasdaq, sales, technology