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RCI Hospitality Holdings, Inc. (Nasdaq: RICK) is a leading operator of upscale gentlemen's clubs and restaurants, renowned for providing high-quality adult entertainment and dining experiences. Founded in 1983 and formerly known as Rick's Cabaret International, Inc., the company went public in 1995 and has since expanded significantly, boasting more than 60 locations across the United States. Its core business segments include Nightclubs, Bombshells, and others, with a diversified portfolio of brands such as Rick's Cabaret, Vivid Cabaret, Tootsie's Cabaret, Club Onyx, and Jaguars Club.
The company's Nightclubs segment is the primary revenue driver, offering live adult entertainment, alcoholic beverages, food, and merchandise sales. This segment generates additional income through cover charges, dance fees, and room rentals. The Bombshells segment focuses on developing a chain of military-themed sports bars and restaurants in Texas, noted for their lively atmosphere, large screens, and extensive food and drink menus.
RCI Hospitality is known for its strong financial health, characterized by consistent profitability, robust cash flow, and effective internal controls. The company's strategic roll-up approach has enabled it to consolidate the adult nightclub industry, acquiring new clubs and expanding its footprint. One recent development includes the modification of $15.7 million in debt, extending maturities to free up cash for share buybacks, demonstrating savvy capital management.
Notable recent achievements include RCI's provision of free entrees for veterans at its Bombshells locations on Veterans Day, reflecting its community support ethos. Financially, the company reported solid performance with total annual revenues increasing by 9.8% for FY23, despite challenges posed by the broader economy. Additionally, RCI continues to innovate by accepting Bitcoin at its Miami-based clubs, indicating its adaptability to modern payment technologies.
As of early 2024, RCI reported sales of $73.3 million for its Nightclubs and Bombshells restaurants, driven by acquisitions and new locations. The company continues to pursue growth through strategic acquisitions, opening new venues, and enhancing existing ones. With a committed leadership team, RCI is well-positioned to navigate economic uncertainties and capitalize on future opportunities.
RCI Hospitality Holdings (RICK) reported fiscal 2024 Q4 and full-year results, introducing a new 'Back to Basics' Five-Year Capital Allocation Plan. Q4 total revenues decreased to $73.2M from $75.3M, while FY24 revenues slightly increased to $295.6M from $293.8M. Q4 EPS dropped to $0.03 from $0.23, and FY24 EPS fell to $0.33 from $3.13.
The company's new capital allocation strategy focuses on Nightclub business expansion and improving Bombshells operations. The plan aims to achieve $400M in total revenues and $75M in free cash flow by FY29, with 50% of free cash flow allocated to nightclub acquisitions and 50% to shareholder returns through buybacks and dividends. The company targets reducing outstanding shares to 7.5M.
Q4 Nightclubs segment showed 2.2% same-store sales growth despite hurricane-related closures, while Bombshells segment saw a 12.1% revenue decline.
RCI Hospitality Holdings (RICK) has announced its plans to release fiscal 2024 fourth quarter and full-year financial results on Monday, December 16, 2024, after market close. The company will host a conference call via X Spaces at 4:30 PM ET on the same day.
The call will be led by RCI President & CEO Eric Langan, CFO Bradley Chhay, and Mark Moran of Equity Animal. Participants wishing to ask questions during Q&A must join using a mobile device, while those who want to listen only can access the X Space from a computer. The company will also provide presentation materials through their investor relations website.
Note: No alternative telephone or webcast access will be available for this earnings call.
RCI Hospitality Holdings (Nasdaq: RICK) has declared its 36th consecutive quarterly cash dividend of $0.07 per common share for the fiscal 2025 first quarter ending December 31, 2024. The dividend will be paid on December 30, 2024, to shareholders of record as of December 16, 2024. This continuation of quarterly dividends demonstrates the company's commitment to shareholder returns since initiating the dividend program in fiscal 2Q16.
RCI Hospitality Holdings (Nasdaq: RICK) announced that its Bombshells Restaurant & Bar locations in Texas will offer a free entree to veterans on Veterans Day, November 11, 2024. Veterans and active service members must present valid military ID to qualify. The offer includes a 20% discount on other items for veterans, and the same discount applies to families accompanying veterans or active service members. The promotion excludes alcoholic beverages and cannot be used for rain checks, gift cards, or take-out. Throughout the year, veterans and active service members receive a 20% discount on non-alcoholic items.
RCI Hospitality Holdings (Nasdaq: RICK) announced strategic moves to enhance its Bombshells segment performance by closing two underperforming leased locations in Texas - Bombshells Spring and Bombshells Houston-South. Additionally, the company plans to sell its Bombshells Austin location in Pflugerville. Financial details related to these divestitures will be disclosed in the upcoming fourth quarter and year-end results report, expected by December 16, 2024.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported club and restaurant sales for fiscal 4Q24 and FY24 ended September 30, 2024. Nightclub sales in 4Q24 were $60.2 million, down 0.5% year-over-year, with same-store sales up 2.2%. Bombshells sales in 4Q24 were $11.9 million, down 12.2% year-over-year, with same-store sales down 16.2%. Combined 4Q24 sales were $72.1 million, down 2.6% year-over-year.
For FY24, nightclub sales increased 3.1% to $242.2 million, while Bombshells sales decreased 9.1% to $50.5 million. The company repurchased 174,790 shares for $7.8 million in 4Q24 and 442,639 shares for $20.6 million in FY24. RCI plans to open six more club and restaurant locations in fiscal 2025, including rebuilding Baby Dolls Fort Worth, which was destroyed by fire in July.
RCI Hospitality Holdings (Nasdaq: RICK) is set to participate in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024, in New York City. The event, held at the Lotte New York Palace Hotel, will feature both in-person and virtual presentations from over 550 companies.
CEO Eric Langan will engage in one-on-one meetings with investors and present on Wednesday, September 11, at 12 PM ET. Langan will discuss RCI's 'Back to Basics' strategy, focusing on the company's adult nightclubs business and capital allocation approach. Institutional investors interested in attending can register at www.hcwevents.com/annualconference.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has announced a 16.7% increase in its quarterly cash dividend for the fiscal 2024 fourth quarter ending September 30, 2024. The dividend has been raised from $0.06 to $0.07 per common share. This increased dividend will be payable on September 30, 2024, to shareholders of record as of the close of business on September 16, 2024. This move demonstrates the company's confidence in its financial position and commitment to returning value to shareholders.
RCI Hospitality Holdings (Nasdaq: RICK) announced major wins at the Annual Gentlemen's Club EXPO in Dallas. Scarlett's Cabaret Miami was named "Overall Club of the Year", while Country Rock Cabaret St. Louis won "Small Club of the Year" in the Midwest Region. Additionally, Heidi Santanello of Diamond Cabaret St. Louis was honored as "General Manager of the Year".
These awards, based on voting by approximately 3,000 industry professionals, highlight RCI's excellence in hospitality and entertainment. Scarlett's Cabaret Miami, opened in 1998, is renowned as a premier South Florida cabaret/nightclub hybrid with a top-rated steakhouse. Country Rock St. Louis offers a relaxed atmosphere near downtown, while Santanello's 33-year industry experience contributes to her success as a compassionate and dedicated GM.
RCI Hospitality Holdings (Nasdaq: RICK) reported fiscal 2024 third quarter results for the period ended June 30, 2024. Key highlights include:
- Total revenues of $76.2 million, down slightly from $77.1 million in 3Q23
- Net loss of $5.2 million compared to net income of $9.1 million in 3Q23
- Non-GAAP EPS of $1.35, up from $1.30 in 3Q23
- Free cash flow of $13.8 million, down from $14.3 million in 3Q23
The company repurchased 202,630 shares for $9.2 million in 3Q24 and an additional 133,244 shares for $6.0 million after quarter-end. Nightclubs segment revenue increased 0.6% to $62.8 million, while Bombshells segment revenue decreased 8.7% to $13.1 million. The company recorded non-cash impairments of $17.9 million related to clubs and Bombshells locations.
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