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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.
Bombshells Restaurant & Bar opened its 11th location in Arlington, TX, on December 6, 2021, at 11 AM, marking its expansion in Dallas and Houston. This new site, located at 701 N. Watson Road, adds to existing locations in Dallas, Austin, and Houston. RCI Hospitality Holdings (RICK) has additional properties under contract in Grapevine and Rowlett, as well as a future franchise in San Antonio. The Arlington venue spans 11,000 square feet, seating over 400, and features advanced sports viewing technology. Bombshells is known for its military-themed decor and community involvement, providing a 20% discount for veterans.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced a quarterly cash dividend of $0.04 per common share for the first quarter of Fiscal 2022, ending December 31, 2021. This dividend is payable on December 29, 2021, to shareholders on record as of December 15, 2021, with the ex-dividend date being December 14, 2021. This announcement marks the company's 24th consecutive quarterly cash dividend, showcasing its commitment to returning value to shareholders.
RCI Hospitality Holdings, Inc. (RICK) announced that Tootsie’s Cabaret Miami will host a preview party featuring contemporary pop artist Todd Gray on December 2, 2021. The event aligns with the Miami Art Fair week, taking place from November 30 to December 5. Guests will witness live body painting by Gray and view original artworks, including a repainting of the club's iconic dolphin sculpture. This initiative aims to enhance Tootsie’s involvement in the local art community, showcasing its long-standing cultural presence in Miami.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has officially closed the acquisition of The Mansion Gentlemen's Club and Steakhouse located in Newburgh, NY, along with its real estate. This acquisition enhances RCI's portfolio, expanding its presence in New York State. The club, renovated in 2018 and operational for nine years, is uniquely positioned as the only gentlemen's club with a liquor license in Orange County, a rapidly growing area. Financial terms of the deal remain undisclosed but consistent with previous announcements.
On November 11, 2021, all 10 Bombshells Restaurant & Bar locations in Texas will offer free meals to veterans, with active service members and their families receiving a 20% discount. The initiative aims to honor those who have served, as stated by the Director of Restaurant Operations, David Simmons. To qualify, veterans must present valid military ID. Additionally, Bombshells will launch a social media campaign to highlight this appreciation effort. The restaurant chain is owned by RCI Hospitality Holdings (Nasdaq: RICK) and features a military-themed atmosphere across its locations.
On October 19, 2021, RCI Hospitality Holdings (Nasdaq: RICK) finalized the acquisition of 11 adult nightclubs across six states, along with their intellectual property and six associated properties. This acquisition increases RCI's unit count by 23%, totaling 58 locations. The new clubs generated approximately $40 million in revenue and $14 million in adjusted EBITDA for the year ended December 31, 2019. RCI plans to invest $3 million in capital expenditures for revitalization, expected to enhance earnings and cash flow from the acquired properties.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported strong sales for the fourth quarter and full year ended September 30, 2021. Total sales reached $54.4 million, up 91.6% year-over-year and 23.5% compared to Q4 2019. The company's nightclubs achieved sales of $40.0 million, a 211% increase from the previous year. Bombshells restaurants reported $14.4 million in sales, although down 7.3% from Q4 2020. The company anticipates further growth in Q1 2022, bolstered by acquisitions and new openings. Full financial results are expected by December 14, 2021.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) will present at the LD Micro Main Event conference on October 12-13, 2021, in Los Angeles. CEO Eric Langan and CFO Bradley Chhay will host one-on-one meetings with investors, along with Ryan Parker, Director of Financial Planning and Analysis. RCI's presentation is scheduled for October 13 at 4:00 PM ET. Interested investors can schedule meetings or attend the presentation via the company’s website. Chris Lahiji, Founder of LD Micro, praised RCI’s transformation over the years, highlighting its prominent place in the small-cap sector.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has successfully closed a $99.1 million fixed-rate real estate loan with favorable terms. This loan refinances $85.7 million of existing debt and provides $12.3 million to settle high-interest liabilities, facilitating the acquisition of 11 clubs announced on July 26, 2021. The refinancing will reduce interest and principal payments by $1.4 million and $3.8 million in the first year and eliminate future balloon payments of $7.1 million over the next 24 months.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has announced a quarterly cash dividend of $0.04 per common share for the fourth quarter of Fiscal 2021, ending September 30, 2021. The dividend is payable on September 27, 2021 to shareholders on record as of September 13, 2021, with an ex-dividend date of September 10, 2021. This marks the company’s 23rd consecutive quarterly cash dividend, demonstrating a consistent return of value to shareholders.
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