RCI Board Ups Buyback Authorization By $25 Million

Rhea-AI Summary

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has authorized a $25.0 million increase to its share repurchase program. Since initiating its capital allocation strategy in FY16, RCI has repurchased approximately $25.4 million worth of shares, totaling around 1.6 million shares at an average price of $15.88 per share by 2Q22. This buyback strategy aims to enhance shareholder value, indicating the company's confidence in its future performance as it continues to lead in the adult nightclub and sports bar market.

Positive

• Authorization of an additional $25.0 million for share repurchases, enhancing shareholder value.
• Approximately $25.4 million invested in repurchases since FY16, demonstrating commitment to capital allocation strategy.

Negative

• None.

HOUSTON, May 24, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) Board of Directors today authorized increasing the amount available under the company's share repurchase program by an additional $25.0 million.

From FY16, when the company started implementing its capital allocation strategy, to 2Q22, RCI has invested approximately $25.4 million repurchasing approximately 1.6 million shares at an average of $15.88 per share.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) www.rcihospitality.com

With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

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SOURCE RCI Hospitality Holdings, Inc.

FAQ

What is the recent buyback amount authorized by RCI Hospitality Holdings?

RCI Hospitality Holdings has authorized an additional $25.0 million for its share repurchase program.

How much has RCI Hospitality Holdings spent on buybacks since FY16?

Since FY16, RCI has spent approximately $25.4 million repurchasing shares.

How many shares has RCI repurchased under its program?

RCI has repurchased about 1.6 million shares at an average price of $15.88 per share.

What is the purpose of RCI's share buyback program?

The share buyback program aims to enhance shareholder value and demonstrate the company's confidence in its future performance.