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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 completed the acquisition of two Baby Dolls and three Chicas Locas adult nightclubs, along with their real estate, in the Dallas-Fort Worth and Houston markets. This $66.5 million transaction marks RCI's second largest acquisition and one of the largest in the adult nightclub industry. The payment structure includes $25 million in cash, $25.5 million in seller financing notes, and 200,000 shares of common stock valued at $16 million. The acquired clubs are expected to generate approximately $11 million in adjusted EBITDA in year one, potentially rising to $14-16 million after renovations.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has announced a 20% increase in its quarterly cash dividend, raising it from $0.05 to $0.06 per share. This increase marks the company’s 29th consecutive quarterly dividend. The dividend for the fiscal 2023 second quarter, ending on March 31, 2023, is set to be paid on March 29, 2023, to shareholders recorded by March 15, 2023. The ex-dividend date will be March 14, 2023, underscoring RCI's commitment to returning value to its shareholders.
RCI Hospitality Holdings, Inc. (NASDAQ: RICK) reported its fiscal 2023 Q1 results, posting total revenues of $70.0 million, a 13.2% increase year-over-year. The company achieved an EPS of $1.11, down 0.9%, while non-GAAP EPS rose 8.2% to $1.19. Net cash from operating activities decreased 8.4% to $14.9 million, and free cash flow was down 14.6% at $13.0 million. Adjusted EBITDA increased 13.9% to $20.5 million. The report highlighted a 21.4% increase in Nightclubs operating income, despite challenges faced by Bombshells. The company ended the quarter with $34.1 million in cash.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) will file its 10-Q and announce its fiscal 2023 Q1 financial results on February 9, 2023, after market close. A conference call will take place on Twitter Spaces at 4:30 PM ET, hosted by President & CEO Eric Langan and CFO Bradley Chhay. Investors can meet with management at Rick's Cabaret New York at 7:00 PM ET, with RSVP required. RCI operates over 60 adult nightclub and sports bar restaurants nationwide, positioning itself as a leader in the industry.
RCI Hospitality Holdings reported $69.2 million in sales for its Nightclubs and Bombshells restaurants for the fiscal first quarter ended December 31, 2022, marking a 13.3% year-over-year increase. Nightclub sales were strong, benefiting from acquisitions and increased VIP spending, while Bombshells faced challenging comparisons. The average unit volume for Bombshells reached $1.2 million, up 5.2% compared to pre-COVID levels. Full financial results are anticipated by February 9.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced that CEO Eric Langan and CFO Bradley Chhay will participate in the Granite Research Virtual Conference on January 11 and 12, 2023, starting at 10 AM ET. They will be available for one-on-one and group meetings by appointment. Interested parties can schedule meetings by contacting Rob McGuire or Gary Fishman via email. RCI Hospitality operates more than 60 adult nightclubs and sports bars/restaurants in the U.S.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) celebrates the grand opening of its new Jaguars Club in San Antonio, TX, scheduled from 9 PM to 5 AM. This 10,000 square-foot BYOB adult nightclub, formerly Rick's Cabaret, features a complete renovation with advanced sound and lighting systems. Regional Manager Wayne Fenlon emphasized the club's aim to provide top-tier entertainment and service. The venue, part of the nine-unit Jaguars Club brand, is conveniently located near the San Antonio International Airport and downtown attractions.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has acquired a food hall with a full-service bar, brewery, and video game arcade in Greenwood Village, CO, for $5.2 million. This includes $1.875 million in cash and a 5-year, 6.67% bank financing note. The facility spans 12,500 square feet and will offer diverse food options. Additionally, RCI plans to introduce its Bombshells kitchen and craft beers, enhancing brand differentiation in Colorado. This acquisition aligns with RCI's overall expansion strategy in the Denver area.
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced the acquisition of an adult nightclub's assets in Fort Worth, TX, for $2.4 million in cash. The deal includes a 2.6-acre property featuring an 8,800 square foot club and a 7,400 square foot building leased to an existing tenant. RCI plans to remodel the location into a PT's Showclub by summer, expanding its presence in Fort Worth. This follows their acquisition of the PT's brand, enhancing their portfolio of adult entertainment venues across the country.
RCI Hospitality Holdings reported strong results for Q4 2022 and FY 2022, showing total revenues of $71.4M (up 29.9% YoY) and net income of $10.6M (up 361.4%). EPS increased to $1.15 (up 342.3%), while non-GAAP EPS fell 8.2% to $1.45. Free cash flow reached $14.5M (up 71.6%), with operating income at $22.5M. The company repurchased 1,500 shares in Q1 FY23 at an average price of $65.02. Management anticipates continued growth driven by recent acquisitions and expansion plans for Bombshells and new ventures.
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