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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: greenspirit who wrote (31191)	1/31/1999 11:58:00 AM
From: Les H	Respond to of 67261

Democratic Party Stock Market Update Nasdaq Wants Topless Bar Removed Filed at 7:48 p.m. EST By The Associated Press HOUSTON (AP) -- A publicly traded topless bar company is in jeopardy of being stripped of its stock market listing. Rick's Cabaret International Inc., a small chain of adult entertainment clubs based in Houston, filed an appeal with the Nasdaq Stock Market on Friday to prevent the exchange from delisting the company. Had it not filed the appeal, Rick's would have been delisted after the close of business Friday because of the company's anemic share price. The company will now get a hearing to convince a Nasdaq panel it should remain listed. Shares of Rick's closed at 46 7/8 cents Friday. After peaking in June 1998 at $4.37 1/2, the stock price dove sharply and by September had sunk below $1, a level it hasn't topped since. To hold onto its listing, Rick's share price must remain above $1 for 10 straight business days. After losing nearly $1.3 million in 1997, Rick's followed up with a loss of about $605,000 last year. In a release, Rick's attributed the most recent losses to start-up costs of its new topless bar in Minneapolis, the purchase of a company that held two Houston cabarets and one in Austin and declining revenues from its original Houston club. Robert Watters, president of Rick's, did not return repeated telephone messages left this week by The Associated Press. Nasdaq initially rejected Watters' application to go public in 1995, but he was able to convince the exchange that his was a licensed business that met the exchange's requirements. Its share prices have ranged as high as nearly $6 to a low of 25 cents.