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PR Newswire
HOUSTON, Aug. 9, 2018
HOUSTON, Aug. 9, 2018 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced strong results for the Fiscal 2018 third quarter ended June 30, 2018.
3Q18 vs. 3Q17
FY18 Outlook
Conference Call Today at 4:30 PM ET
Meet Management Tonight at 6 PM ET
Eric Langan, President & CEO, invites investors to meet management at one of RCI's top revenue generating clubs.
CEO Comment
"Fiscal 2018 continues to perform well with an impressive third quarter, which often begins our seasonally softer second half," Mr. Langan said. "Instead, 3Q18 total revenues hit a quarterly record of $42.6 million, up 13.9% year over year with same-store sales growth of 5.0%.
"Nightclubs and Bombshells revenues and margins benefited from our improved portfolio of locations, increased customer counts, and a strong sports viewing line up. Nightclubs also benefited from a good economy, including revitalization of the Texas oil patch, while Bombshells operating leverage benefited from significantly higher sales volume.
"Corporate overhead increased as anticipated due to expenses necessary to develop controls and automated reports for our new financial IT system. Occupancy costs fell as a percentage of revenues, and the effective tax rate declined due to the Tax Cuts and Jobs Act.
"The result is that non-GAAP EPS increased 23.9% to $0.58, and free cash flow grew 17.2% to $7.7 million for the quarter and 23.9% to $20.6 million year-to-date. As a result, we expect to exceed our $23 million FY18 FCF target.
Fiscal 2019 Plans
"We have four new Bombshells locations in development in Greater Houston, scheduled to open in late September 2018, December 2018, March 2019, and June 2019. That will bring our total number of Bombshells to 10—eight in the Houston area and one each in Dallas and Austin. As of June 30, 2018, their average annual unit volume totaled more than $4.5 million. At this rate, 10 units would create a $40 million to $50 million annualized business.
"With our Bombshells plan in place, our business development focus shifted in 3Q18 to acquiring more great gentlemen's clubs at the right prices in the right markets. We are in active negotiations that look highly promising with club owners in several top metro markets. We calculate there are about 500 clubs with licenses, locations and management likely to meet our parameters for quality and profitability. Those are the type of clubs we want to acquire.
"And, as always, we will continue to adhere to our capital allocation strategy."
3Q18 Analysis (comparisons to 3Q17, unless otherwise noted)
Total Revenues
Operating Income & Margin
Nightclubs Segment
Bombshells Segment
Other Metrics
*Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the company and helps management and investors gauge our ability to generate cash flow, excluding items that management believes are not representative of the ongoing business operations of the company, but are included in the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:
Notes
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Miami, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, St. Louis and other markets operate under brand names, such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com
Forward-Looking Statements
This press release may contain 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 in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or [email protected] and [email protected]
RCI HOSPITALITY HOLDINGS, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
For the Three Months Ended June 30, |
For the Nine Months Ended June 30, | ||||||||||||||||||
2018 |
2017 |
2018 |
2017 | ||||||||||||||||
Amount |
% of |
Amount |
% of |
Amount |
% of |
Amount |
% of | ||||||||||||
Revenues |
|||||||||||||||||||
Sales of alcoholic beverages |
$ 17,658 |
41.4% |
$ 15,475 |
41.3% |
$ 52,835 |
42.2% |
$ 44,085 |
41.7% | |||||||||||
Sales of food and merchandise |
6,175 |
14.5% |
4,641 |
12.4% |
16,906 |
13.5% |
13,201 |
12.5% | |||||||||||
Service revenues |
16,316 |
38.3% |
15,350 |
41.0% |
48,338 |
38.6% |
42,995 |
40.7% | |||||||||||
Other |
2,485 |
5.8% |
1,963 |
5.2% |
6,993 |
5.6% |
5,405 |
5.1% | |||||||||||
Total revenues |
42,634 |
100.0% |
37,429 |
100.0% |
125,072 |
100.0% |
105,686 |
100.0% | |||||||||||
Operating expenses |
|||||||||||||||||||
Cost of goods sold |
|||||||||||||||||||
Alcoholic beverages sold |
3,632 |
20.6% |
3,255 |
21.0% |
10,976 |
20.8% |
9,603 |
21.8% | |||||||||||
Food and merchandise sold |
2,140 |
34.7% |
1,952 |
42.1% |
6,198 |
36.7% |
5,356 |
40.6% | |||||||||||
Service and other |
94 |
0.5% |
62 |
0.4% |
173 |
0.3% |
159 |
0.3% | |||||||||||
Total cost of goods sold (exclusive of items shown below) |
5,866 |
13.8% |
5,269 |
14.1% |
17,347 |
13.9% |
15,118 |
14.3% | |||||||||||
Salaries and wages |
11,362 |
26.7% |
9,902 |
26.5% |
33,086 |
26.5% |
29,271 |
27.7% | |||||||||||
Selling, general and administrative |
13,476 |
31.6% |
11,767 |
31.4% |
39,136 |
31.3% |
33,569 |
31.8% | |||||||||||
Depreciation and amortization |
1,998 |
4.7% |
1,710 |
4.6% |
5,806 |
4.6% |
4,936 |
4.7% | |||||||||||
Other charges, net |
440 |
1.0% |
898 |
2.4% |
2,834 |
2.3% |
1,089 |
1.0% | |||||||||||
Total operating expenses |
33,142 |
77.7% |
29,546 |
78.9% |
98,209 |
78.5% |
83,983 |
79.5% | |||||||||||
Income from operations |
9,492 |
22.3% |
7,883 |
21.1% |
26,863 |
21.5% |
21,703 |
20.5% | |||||||||||
Other income (expenses) |
|||||||||||||||||||
Interest expense |
(2,308) |
-5.4% |
(2,205) |
-5.9% |
(7,493) |
-6.0% |
(6,132) |
-5.8% | |||||||||||
Interest income |
52 |
0.1% |
61 |
0.2% |
187 |
0.1% |
187 |
0.2% | |||||||||||
Income before income taxes |
7,236 |
17.0% |
5,739 |
15.3% |
19,557 |
15.6% |
15,758 |
14.9% | |||||||||||
Income tax expense (benefit) |
1,829 |
4.3% |
1,889 |
5.0% |
(4,899) |
-3.9% |
5,247 |
5.0% | |||||||||||
Net income |
5,407 |
12.7% |
3,850 |
10.3% |
24,456 |
19.6% |
10,511 |
9.9% | |||||||||||
Net loss (income) attributable to noncontrolling interests |
(18) |
0.0% |
(9) |
0.0% |
(71) |
-0.1% |
(13) |
0.0% | |||||||||||
Net income (loss) attributable to RCIHH common shareholders |
$ 5,389 |
12.6% |
$ 3,841 |
10.3% |
$ 24,385 |
19.5% |
$ 10,498 |
9.9% | |||||||||||
Earnings per share |
|||||||||||||||||||
Basic |
$ 0.55 |
$ 0.40 |
$ 2.51 |
$ 1.08 |
|||||||||||||||
Diluted |
$ 0.55 |
$ 0.40 |
$ 2.51 |
$ 1.08 |
|||||||||||||||
Weighted average shares outstanding |
|||||||||||||||||||
Basic |
9,719 |
9,719 |
9,719 |
9,735 |
|||||||||||||||
Diluted |
9,719 |
9,719 |
9,719 |
9,751 |
|||||||||||||||
Dividends per share |
$ 0.03 |
$ 0.03 |
$ 0.09 |
$ 0.09 |
|||||||||||||||
RCI HOSPITALITY HOLDINGS, INC. | ||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||
(in thousands, except per share and percentage data) | ||||||||
For the Three Months |
For the Nine Months | |||||||
Ended June 30, |
Ended June 30, | |||||||
2018 |
2017 |
2018 |
2017 | |||||
Reconciliation of GAAP net income to Adjusted EBITDA |
||||||||
Net income attributable to RCIHH common shareholders |
$ 5,389 |
$ 3,841 |
$ 24,385 |
$ 10,498 | ||||
Income tax expense (benefit) |
1,829 |
1,889 |
(4,899) |
5,247 | ||||
Interest expense, net |
2,256 |
2,144 |
7,306 |
5,945 | ||||
Settlement of lawsuits |
474 |
222 |
1,274 |
303 | ||||
Impairment of assets |
- |
1,411 |
1,550 |
1,411 | ||||
Loss (gain) on sale of assets |
(34) |
(735) |
30 |
(523) | ||||
Gain on insurance |
- |
- |
(20) |
- | ||||
Gain on settlement of patron tax |
- |
- |
- |
(102) | ||||
Depreciation and amortization |
1,998 |
1,710 |
5,806 |
4,936 | ||||
Adjusted EBITDA |
$ 11,912 |
$ 10,482 |
$ 35,432 |
$ 27,715 | ||||
Reconciliation of GAAP net income to non-GAAP net income |
||||||||
Net income attributable to RCIHH common shareholders |
$ 5,389 |
$ 3,841 |
$ 24,385 |
$ 10,498 | ||||
Amortization of intangibles |
65 |
64 |
161 |
150 | ||||
Income tax expense (benefit) |
1,829 |
1,889 |
(4,899) |
5,247 | ||||
Settlement of lawsuits |
474 |
222 |
1,274 |
303 | ||||
Impairment of assets |
- |
1,411 |
1,550 |
1,411 | ||||
Loss (gain) on sale of assets |
(34) |
(735) |
30 |
(523) | ||||
Gain on insurance |
- |
- |
(20) |
- | ||||
Gain on settlement of patron tax |
- |
- |
- |
(102) | ||||
Costs and charges related to debt refinancing |
- |
- |
827 |
- | ||||
Non-GAAP income tax benefit (expense) |
(2,047) |
(2,209) |
(6,177) |
(5,605) | ||||
Non-GAAP net income |
$ 5,676 |
$ 4,483 |
$ 17,131 |
$ 11,379 | ||||
Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share |
||||||||
Fully diluted shares |
9,719 |
9,719 |
9,719 |
9,751 | ||||
GAAP diluted earnings per share |
$ 0.55 |
$ 0.40 |
$ 2.51 |
$ 1.08 | ||||
Amortization of intangibles |
0.01 |
0.01 |
0.02 |
0.02 | ||||
Income tax expense (benefit) |
0.19 |
0.19 |
(0.50) |
0.54 | ||||
Settlement of lawsuits |
0.05 |
0.02 |
0.13 |
0.03 | ||||
Impairment of assets |
- |
0.15 |
0.16 |
0.14 | ||||
Loss (gain) on sale of assets |
(0.00) |
(0.08) |
0.00 |
(0.05) | ||||
Gain on insurance |
- |
- |
(0.00) |
- | ||||
Gain on settlement of patron tax |
- |
- |
- |
(0.01) | ||||
Costs and charges related to debt refinancing |
- |
- |
0.09 |
- | ||||
Non-GAAP income tax benefit (expense) |
(0.21) |
(0.23) |
(0.64) |
(0.57) | ||||
Non-GAAP diluted earnings per share |
$ 0.58 |
$ 0.47 |
$ 1.76 |
$ 1.17 | ||||
Reconciliation of GAAP operating income to non-GAAP operating income |
||||||||
Income from operations |
$ 9,492 |
$ 7,883 |
$ 26,863 |
$ 21,703 | ||||
Amortization of intangibles |
65 |
64 |
161 |
150 | ||||
Settlement of lawsuits |
474 |
222 |
1,274 |
303 | ||||
Impairment of assets |
- |
1,411 |
1,550 |
1,411 | ||||
Loss (gain) on sale of assets |
(34) |
(735) |
30 |
(523) | ||||
Gain on insurance |
- |
- |
(20) |
- | ||||
Gain on settlement of patron tax |
- |
- |
- |
(102) | ||||
Non-GAAP operating income |
$ 9,997 |
$ 8,845 |
$ 29,858 |
$ 22,942 | ||||
Reconciliation of GAAP operating margin to non-GAAP operating margin |
||||||||
GAAP operating margin |
22.3% |
21.1% |
21.5% |
20.5% | ||||
Amortization of intangibles |
0.2% |
0.2% |
0.1% |
0.1% | ||||
Settlement of lawsuits |
1.1% |
0.6% |
1.0% |
0.3% | ||||
Impairment of assets |
0.0% |
3.8% |
1.2% |
1.3% | ||||
Loss (gain) on sale of assets |
-0.1% |
-2.0% |
0.0% |
-0.5% | ||||
Gain on insurance |
0.0% |
0.0% |
0.0% |
0.0% | ||||
Gain on settlement of patron tax |
0.0% |
0.0% |
0.0% |
-0.1% | ||||
Non-GAAP operating margin |
23.4% |
23.6% |
23.9% |
21.7% | ||||
Reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow |
||||||||
Net cash provided by operating activities |
$ 8,334 |
$ 6,867 |
$ 22,411 |
$ 17,897 | ||||
Less: Maintenance capital expenditures |
585 |
254 |
1,847 |
1,305 | ||||
Free cash flow |
$ 7,749 |
$ 6,613 |
$ 20,564 |
$ 16,592 | ||||
RCI HOSPITALITY HOLDINGS, INC. | |||||||||
SEGMENT INFORMATION | |||||||||
(in thousands) | |||||||||
For the Three Months |
For the Nine Months | ||||||||
Ended June 30, |
Ended June 30, | ||||||||
2018 |
2017 |
2018 |
2017 | ||||||
Revenues |
|||||||||
Nightclubs |
$ 35,253 |
$ 32,575 |
$ 105,914 |
$ 91,824 | |||||
Bombshells |
7,120 |
4,611 |
18,550 |
13,281 | |||||
Other |
261 |
243 |
608 |
581 | |||||
$ 42,634 |
$ 37,429 |
$ 125,072 |
$ 105,686 | ||||||
Income (loss) from operations |
|||||||||
Nightclubs |
$ 12,584 |
$ 10,579 |
$ 37,835 |
$ 30,293 | |||||
Bombshells |
1,391 |
692 |
3,247 |
2,131 | |||||
Other |
(328) |
(130) |
(547) |
(693) | |||||
General corporate |
(4,155) |
(3,258) |
(13,672) |
(10,028) | |||||
$ 9,492 |
$ 7,883 |
$ 26,863 |
$ 21,703 | ||||||
RCI HOSPITALITY HOLDINGS, INC. | ||||||||||||||||||||
NON-GAAP SEGMENT INFORMATION | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
For the Three Months Ended June 30, 2018 |
For the Three Months Ended June 30, 2017 | |||||||||||||||||||
Nightclubs |
Bombshells |
Other |
Corporate |
Total |
Nightclubs |
Bombshells |
Other |
Corporate |
Total | |||||||||||
Income from operations (loss) |
$ 12,584 |
$ 1,391 |
$ (328) |
$ (4,155) |
$ 9,492 |
$ 10,579 |
$ 692 |
$ (130) |
$ (3,258) |
$ 7,883 | ||||||||||
Amortization of intangibles |
- |
- |
- |
65 |
65 |
- |
- |
- |
64 |
64 | ||||||||||
Settlement of lawsuits |
474 |
- |
- |
- |
474 |
222 |
- |
- |
- |
222 | ||||||||||
Impairment of assets |
- |
- |
- |
- |
- |
1,411 |
- |
- |
- |
1,411 | ||||||||||
Loss (gain) on sale of assets |
(89) |
- |
63 |
(8) |
(34) |
(723) |
- |
- |
(12) |
(735) | ||||||||||
Gain on insurance |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- | ||||||||||
Gain on settlement of patron tax |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- | ||||||||||
Non-GAAP operating income (loss) |
$ 12,969 |
$ 1,391 |
$ (265) |
$ (4,098) |
$ 9,997 |
$ 11,489 |
$ 692 |
$ (130) |
$ (3,206) |
$ 8,845 | ||||||||||
GAAP operating margin |
35.7% |
19.5% |
-125.7% |
-9.7% |
22.3% |
32.5% |
15.0% |
-53.5% |
-8.7% |
21.1% | ||||||||||
Non-GAAP operating margin |
36.8% |
19.5% |
-101.5% |
-9.6% |
23.4% |
35.3% |
15.0% |
-53.5% |
-8.6% |
23.6% | ||||||||||
For the Nine Months Ended June 30, 2018 |
For the Nine Months Ended June 30, 2017 | |||||||||||||||||||
Nightclubs |
Bombshells |
Other |
Corporate |
Total |
Nightclubs |
Bombshells |
Other |
Corporate |
Total | |||||||||||
Income from operations (loss) |
$ 37,835 |
$ 3,247 |
$ (547) |
$ (13,672) |
$ 26,863 |
$ 30,293 |
$ 2,131 |
$ (693) |
$ (10,028) |
$ 21,703 | ||||||||||
Amortization of intangibles |
- |
- |
- |
161 |
161 |
- |
- |
- |
150 |
150 | ||||||||||
Settlement of lawsuits |
1,074 |
200 |
- |
- |
1,274 |
303 |
- |
- |
- |
303 | ||||||||||
Impairment of assets |
- |
- |
- |
1,550 |
1,550 |
1,411 |
- |
- |
- |
1,411 | ||||||||||
Loss (gain) on sale of assets |
(588) |
- |
63 |
555 |
30 |
(604) |
20 |
89 |
(28) |
(523) | ||||||||||
Gain on insurance |
- |
- |
- |
(20) |
(20) |
- |
- |
- |
- |
- | ||||||||||
Gain on settlement of patron tax |
- |
- |
- |
- |
- |
(102) |
- |
- |
- |
(102) | ||||||||||
Non-GAAP operating income (loss) |
$ 38,321 |
$ 3,447 |
$ (484) |
$ (11,426) |
$ 29,858 |
$ 31,301 |
$ 2,151 |
$ (604) |
$ (9,906) |
$ 22,942 | ||||||||||
GAAP operating margin |
35.7% |
17.5% |
-90.0% |
-10.9% |
21.5% |
33.0% |
16.0% |
-119.3% |
-9.5% |
20.5% | ||||||||||
Non-GAAP operating margin |
36.2% |
18.6% |
-79.6% |
-9.1% |
23.9% |
34.1% |
16.2% |
-104.0% |
-9.4% |
21.7% | ||||||||||
View original content with multimedia:http://www.prnewswire.com/news-releases/rci-reports-strong-3q18-results-300695087.html
SOURCE RCI Hospitality Holdings, Inc.
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