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Discontinued Operations
 12 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
N.Discontinued Operations

 

The accompanying consolidated financial statements reflect the following as discontinued operations as of and for the years ended September 30, 2012 and 2011.

 

The Company closed its Divas Latinas club in Houston in late September 2009.  The Company owns the building location and the location is currently leased to a tenant.  There was no gain or loss on the closing of the club.

 

In March 2011, we made the decision to sell our Las Vegas location and, in April 2011, sharply reduced its operations in order to eliminate losses as we sought a buyer for the property. The club was shuttered and the landlord took over the property in June 2011. Therefore, this club is recognized as a discontinued operation in the accompanying financial statements and has recognized a loss on the closure of $2.0 million in discontinued operations.

 

In August 2011, we sold 60% of the membership interest in the entity that previously operated our Rick’s Cabaret in Austin, Texas.  Accordingly, we have deconsolidated the subsidiary and have carried it as an equity-method investment. Accordingly, the club is recognized as a discontinued operation in the accompanying financial statements.

 

Following is summarized information regarding the discontinued operations:

 

Revenues of discontinued operations amounted to zero, $2.6 million and $8.9 million for the years ended September 30, 2012, 2011 and 2010, respectively.

 

(in thousands) Year Ended September 30, 
  2012  2011  2010 
Loss from discontinued operations $(264) $(1,107) $(914)
Loss on sale of discontinued operations  -   (2,270)  (16,937)
Income tax - discontinued operations  92   1,182   6,248 
Total loss from discontinued operations, net of tax $(172) $(2,195) $(11,603)

 

Major classes of assets and liabilities included as assets and liabilities of discontinued operations as of:

 

  September 30, 
  2012  2011 
Current assets $30  $33 
Property and equipment  40   76 
Other assets  2   3 
Current liabilities  (130)  (144)
Long-term liabilities  (33)  (33)
Net assets (liabilities) $(91) $(65)

 

Loss on sale of discontinued operations above represents actual loss or impairment of the Las Vegas and Austin clubs Impairment of the Philadelphia club is included in continuing operations in the year ended September 30, 2010.