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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, Inc. (Nasdaq: RICK) has signed definitive agreements to acquire The Mansion Gentlemen's Club and Steakhouse in Newburgh, NY, for a total of $3.5 million. The acquisition includes $500,000 in cash and $1 million in seller financing, with an additional $2 million for the real estate. The Mansion, renovated in 2018 and the only gentlemen's club with a liquor license in Orange County, is expected to close within 90 days, pending necessary permits and licenses. This acquisition aims to bolster RICK's market presence in the adult entertainment sector.
RCI Hospitality Holdings (Nasdaq: RICK) is set to participate in the Sidoti Virtual Investor Conference on August 18-19, 2021. Eric Langan, President and CEO, will present at 12:15 PM ET on August 19 and will host one-on-one meetings with investors on August 18 and 19. Registration is free and available to all interested parties. RCI is a leader in gentlemen's clubs and sports bars/restaurants with over 40 units across major U.S. cities.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported record third-quarter results for fiscal 2021, ending June 30. Total revenues reached $57.9 million, a significant increase from $14.7 million in the previous year. Nightclubs segment revenues surged 582.4% to $41.0 million, while Bombshells revenues rose 88.5% to $16.1 million. Net income stood at $12.3 million with an EPS of $1.37. The company announced plans to acquire 11 clubs for $88.0 million, furthering its growth strategy.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) will file its 10-Q report for Q3 fiscal 2021 on August 5, 2021, after market close. A conference call to discuss the financial results will occur at 5:00 PM ET, followed by an opportunity for investors to meet management at Rick's Cabaret New York at 7:00 PM ET. The company operates over 40 gentlemen's clubs and restaurants, making it a leader in this niche market.
RCI Hospitality Holdings (Nasdaq: RICK) has signed definitive agreements to acquire 11 adult nightclubs for $88 million. This deal includes nine clubs controlled by Troy Lowrie and six real estate properties. The acquisition, the largest in RCI's history, is expected to be accretive in the first year, with the clubs generating $40 million in revenue and $14 million in adjusted EBITDA for 2019. The estimated valuation of the clubs is approximately 5x their 2019 adjusted EBITDA. The transaction reflects RCI's strategy of expanding its geographic footprint.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported a significant rebound in sales for the fiscal 2021 third quarter, ending June 30, 2021. Total sales reached $56.7 million, up 296% from $14.3 million in the same quarter last year. Nightclubs generated $40.6 million (+602%) and Bombshells restaurants $16.1 million (+88.4%). Compared to 3Q19, total sales increased by 22.6%. The CEO attributed this success to lifted restrictions and a loyal customer base returning post-pandemic. Financial results for 3Q21 are expected to be reported on August 9.
RCI Hospitality Holdings (Nasdaq: RICK) announced that CFO Bradley Chhay will present at the LD Micro Invitational XI virtual investor conference on June 8, 2021, at 10:30 AM ET. The company will also be inducted into the LD Micro "Hall of Fame," recognizing its successful past performances. The three-day conference features about 180 companies presenting for 25 minutes each. Registration is free for investors, and a replay will be available. RCI operates over 40 units including gentlemen's clubs and restaurants across major U.S. markets.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has declared a quarterly cash dividend of $0.04 per common share for the third quarter of Fiscal 2021, ending June 30, 2021. The dividend will be payable on June 25, 2021, to shareholders on record as of June 11, 2021, with an ex-dividend date of June 10, 2021. This announcement marks RCI's 22nd consecutive quarterly cash dividend, reflecting the company's ongoing commitment to returning value to its shareholders.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported a positive 2Q21, showcasing significant recovery amidst the COVID-19 pandemic. GAAP EPS reached $0.68, up from a loss of $0.37 in 2Q20, with total revenues of $44.1 million, a 9% increase. Nightclub revenues of $30.8 million and Bombshells' revenues of $13.1 million also reflected strong performance. Free cash flow was $9 million, with cash equivalents at $20.2 million. CEO Eric Langan noted trends are improving as COVID-19 restrictions ease, with sales exceeding $18 million in April.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) will file its 10-Q for the fiscal 2021 second quarter, ending March 31, 2021, after market close on May 10, 2021. A conference call will follow to discuss the results. RCI, a leader in gentlemen's clubs and sports bars/restaurants, operates over 40 units in major cities including New York, Chicago, and Houston. The company emphasizes its compliance with regulations in the adult entertainment sector and acknowledges risks such as operational challenges and the impact of COVID-19.
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