RCI Files 10-K; Positive Operating Cash Flow for 4Q20 & FY20; Conference Call Tuesday at 9 AM ET

Rhea-AI Summary

RCI Hospitality Holdings (RICK) reported Q4 2020 revenues of $28.8 million, a 96% increase from Q3 2020, though down from Q4 2019 due to COVID-19 impacts. The Bombshells segment achieved record revenues of $15.5 million and an operating margin of 32.7%. Nightclubs revenues reached $13.1 million, up 118% from Q3 2020. Free cash flow was $3.4 million, while GAAP EPS showed a loss of ($0.31). The company ended the quarter with $15.6 million in cash and cash equivalents and plans to pursue club acquisitions.

Positive

• Total revenues of $28.8 million, up 96% from Q3 2020.
• Bombshells segment recorded revenues of $15.5 million with a 32.7% operating margin.
• Nightclubs revenues increased 118% from Q3 2020 to $13.1 million.
• Free cash flow of $3.4 million.
• Cash and cash equivalents stood at $15.6 million.

Negative

• Q4 2020 revenues down from $45.2 million in Q4 2019.
• GAAP EPS loss of ($0.31).
• Net other charges of $2.0 million primarily from COVID-19 related impairments.

HOUSTON, Dec. 14, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fourth quarter and year ended September 30, 2020 and filed its Form 10-K. Results are not comparable to year-ago periods due to the COVID-19 pandemic, which has caused state and local governments to restrict the opening of locations, occupancy, and operating hours in different ways, at different times.

Eric Langan, President & CEO, said: "4Q20 demonstrated our continued progress managing the effects of COVID-19. This has enabled us to serve our guests, keep our teams employed, generate free cash flow, and retain a healthy amount of cash on the balance sheet. Considering the operating environment, both the Bombshells and Nightclubs segments exceeded our expectations. A huge thanks goes out to our loyal customers, dedicated team members, and steadfast investors. Looking ahead, we're actively pursuing several club acquisitions. We're in various stages of site acquisition and development of 'The Next 10' Bombshells, and we believe we are well-positioned to benefit from the positive effects COVID-19 vaccines could create for our businesses over the course of FY21 and beyond."

4Q20 Key Points

• Total revenues of $28.8 million, up 96% from 3Q20 and equal to 64% of 4Q19 revenues
• Record quarterly Bombshells revenues of $15.5 million, up 82% from 3Q20, with record operating margin of 32.7%
• Nightclubs revenues of $13.1 million, up 118% from 3Q20
• Net cash from operating activities of $3.5 million and free cash flow* of $3.4 million
• GAAP EPS (loss) of ($0.31) and non-GAAP EPS of $0.15
• $15.6 million cash and cash equivalents at September 30, 2020

FY20 Key Points

• Total revenues of $132.3 million
• Net cash from operating activities of $15.6 million and free cash flow of $13.5 million
• GAAP EPS (loss) of ($0.66) and non-GAAP EPS of $0.51
• Common shares outstanding at September 30, 2020 of 9.075 million vs. 9.591 million a year ago

1Q21 Update

• Sales for clubs and restaurants are expected to total $35 million to $37 million, assuming no additional closings/restrictions
• Currently, 36 locations open (26 clubs and all 10 Bombshells)
• As of today, RCI has approximately $18 million cash and cash equivalents on hand

Conference Call Tuesday at 9 AM ET

• Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049
• Access the live webcast, slides or replay here: https://www.webcaster4.com/Webcast/Page/2209/39008
• Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 39008

Note

As of the release of this report, we do not know the future extent and duration of the COVID-19 pandemic on our businesses. Lower sales caused by social distancing guidelines could lead to adverse financial results. We are continually monitoring and evaluating the situation and will determine any further measures to be instituted, which could include refinancing several of our debt obligations.

All references to the "company," "we," "our," and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.

4Q20 Statement of Operations (All comparisons are to 4Q19)

• Consolidated revenues of $28.8 million compared to $45.2 million. By segment, Bombshells generated $15.5 million compared to $8.5 million, and Nightclubs generated $13.1 million compared to $35.9 million.
• 24 of 48 locations (8 Bombshells and 16 clubs) were open throughout most of the quarter. By period end, 44 locations (all 10 Bombshells and 34 clubs) were open.
• Cost of goods sold was 15.6% vs. 13.8% of revenues due to the change in mix, reflecting a higher proportion of food and a lower proportion of service revenues.
• Salaries and wages were 28.5% vs. 28.0% of revenues, reflecting effective labor cost management in the face of the changing COVID-19 environment.
• SG&A was 41.0% vs. 36.8% of revenues and D&A was 7.4% vs. 5.2%, largely reflecting fixed costs on a lower revenue base, with the effect on SG&A partially offset by cost-cutting.
• Net other charges of $2.0 million, most of which were non-cash, primarily reflected $1.4 million in additional COVID-19 club impairment and a $453K loss primarily related to hurricane damage at a small Louisiana club which is expected to be covered by insurance.
• Bombshells segment had both record setting $5.1 million operating income at a 32.7% margin on a higher level of sales and more consistent occupancy while operating in line with indoor restrictions.
• Nightclubs segment had a breakeven performance primarily due to the above mentioned $1.9 million in net other charges. On a non-GAAP basis, Nightclubs had a $2.1 million operating profit at a 16.1% margin.
• Interest expense was 3.7% lower due to debt paydowns prior to and during 4Q20.
• Income tax was a $769K expense, which included a non-cash $1.3 million expense for recognizing a deferred tax asset valuation allowance.

September 30, 2020 Balance Sheet (All comparisons are to June 30, 2020)

• Cash and cash equivalents of $15.6 million compared to $14.8 million.
• Debt of $141.4 million compared to $142.7 million.

*Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the Company and helps management and investors gauge our ability to generate cash flow, excluding (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

• Non-GAAP Operating Income and Non-GAAP Operating Margin. We calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, and (e) settlement of lawsuits. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.
• Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) impairment of assets, (c) costs and charges related to debt refinancing, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) unrealized loss on equity securities, (g) settlement of lawsuits, (h) the income tax effect of the above described adjustments, and (i) deferred tax asset valuation allowance. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 26.0%, 15.5%, and 24.5% effective tax rate of the pre-tax non-GAAP income before taxes for the 2020, 2019, and 2018, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities. The calculated amount for adjustment (h) above in fiscal 2018 was significantly affected by the change in the statutory federal corporate tax rate caused by the Tax Act.
• Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense (benefit), (c) net interest expense, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance (f) unrealized gains or losses on equity securities, (g) impairment of assets, and (h) settlement of lawsuits. We believe that adjusting for such items helps management and investors better understand our operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for federal, state and local taxes which have considerable variation between domestic jurisdictions. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess the unleveraged performance return on our investments. Adjusted EBITDA multiple is also used as a target benchmark for our acquisitions of nightclubs.
• Management also uses non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy.

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

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft. Worth, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, 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. Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2020 as well as its other filings with the U.S. Securities and Exchange Commission. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Media & Investor Contacts

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

 

RCI HOSPITALITY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share and percentage data)
					For the Three Months Ended September 30,								For the Twelve Months Ended September 30,
					2020				2019				2020				2019
					Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue
Revenues
	Sales of alcoholic beverages				$        13,795		47.9%		$  18,774		41.6%		$  59,080		44.6%		$  75,140		41.5%
	Sales of food and merchandise				7,082		24.6%		6,655		14.7%		24,460		18.5%		25,830		14.3%
	Service revenues				6,714		23.3%		16,446		36.4%		41,162		31.1%		68,055		37.6%
	Other				1,195		4.2%		3,308		7.3%		7,625		5.8%		12,034		6.6%
		Total revenues			28,786		100.0%		45,183		100.0%		132,327		100.0%		181,059		100.0%
Operating expenses
	Cost of goods sold
		Alcoholic beverages sold			2,271		16.5%		3,762		20.0%		11,097		18.8%		15,303		20.4%
		Food and merchandise sold			2,154		30.4%		2,199		33.0%		8,071		33.0%		9,056		35.1%
		Service and other			62		0.8%		271		1.4%		267		0.5%		578		0.7%
			Total cost of goods sold (exclusive of items shown below)		4,487		15.6%		6,232		13.8%		19,435		14.7%		24,937		13.8%
	Salaries and wages				8,204		28.5%		12,665		28.0%		39,070		29.5%		49,833		27.5%
	Selling, general and administrative				11,803		41.0%		16,633		36.8%		51,692		39.1%		59,896		33.1%
	Depreciation and amortization				2,140		7.4%		2,354		5.2%		8,836		6.7%		9,072		5.0%
	Other charges (gains), net				1,960		6.8%		4,870		10.8%		10,548		8.0%		2,620		1.4%
		Total operating expenses			28,594		99.3%		42,754		94.6%		129,581		97.9%		146,358		80.8%
Income (loss) from operations					192		0.7%		2,429		5.4%		2,746		2.1%		34,701		19.2%
Other income (expenses)
	Interest expense				(2,408)		-8.4%		(2,500)		-5.5%		(9,811)		-7.4%		(10,209)		-5.6%
	Interest income				61		0.2%		91		0.2%		324		0.2%		309		0.2%
	Unrealized gain (loss) on equity securities				39		0.1%		(204)		-0.5%		(64)		0.0%		(612)		-0.3%
Income (loss) before income taxes					(2,116)		-7.4%		(184)		-0.4%		(6,805)		-5.1%		24,189		13.4%
Income tax expense (benefit)					769		2.7%		(684)		-1.5%		(493)		-0.4%		3,744		2.1%
Net income (loss)					(2,885)		-10.0%		500		1.1%		(6,312)		-4.8%		20,445		11.3%
Net loss (income) attributable to noncontrolling interests					92		0.3%		(42)		-0.1%		227		0.2%		(151)		-0.1%
Net income (loss) attributable to RCIHH common shareholders					$        (2,793)		-9.7%		$        458		1.0%		$  (6,085)		-4.6%		$  20,294		11.2%
Earnings (loss) per share
	Basic and diluted				$          (0.31)				$      0.05				$    (0.66)				$      2.10
Weighted average shares outstanding
	Basic and diluted				9,124				9,616				9,199				9,657
Dividends per share					$            0.04				$      0.03				$      0.14				$      0.13

 

RCI HOSPITALITY HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES
(in thousands, except per share and percentage data)
		For the Three Months				For the Twelve Months
		Ended September 30,				Ended September 30,
		2020		2019		2020		2019
Reconciliation of GAAP net income (loss) to Adjusted EBITDA
Net income (loss) attributable to RCIHH common stockholders		$ (2,793)		$     458		$  (6,085)		$  20,294
Income tax expense (benefit)		769		(684)		(493)		3,744
Interest expense, net		2,347		2,409		9,487		9,900
Settlement of lawsuits		100		81		174		225
Impairment of assets		1,423		6,040		10,615		6,040
Gain on sale of businesses and assets		(16)		(390)		(661)		(2,877)
Unrealized loss (gain) on equity securities		(39)		204		64		612
Loss (gain) on insurance		453		(861)		420		(768)
Depreciation and amortization		2,140		2,354		8,836		9,072
Adjusted EBITDA		$   4,384		$  9,611		$  22,357		$  46,242
Reconciliation of GAAP net income (loss) to non-GAAP net income
Net income (loss) attributable to RCIHH common stockholders		$ (2,793)		$     458		$  (6,085)		$  20,294
Amortization of intangibles		148		150		609		624
Settlement of lawsuits		100		81		174		225
Impairment of assets		1,423		6,040		10,615		6,040
Gain on sale of businesses and assets		(17)		(390)		(661)		(2,877)
Unrealized loss (gain) on equity securities		(39)		204		64		612
Loss (gain) on insurance		453		(861)		420		(768)
Valuation allowance		1,273		-		1,273		-
Net income tax effect		799		212		(1,700)		(580)
Non-GAAP net income		$   1,347		$  5,894		$    4,709		$  23,570
Reconciliation of GAAP diluted earnings (loss) per share to non-GAAP diluted earnings per share
Diluted shares		9,124		9,616		9,199		9,657
GAAP diluted earnings (loss) per share		$   (0.31)		$    0.05		$    (0.66)		$      2.10
Amortization of intangibles		0.02		0.02		0.07		0.06
Settlement of lawsuits		0.01		0.01		0.02		0.02
Impairment of assets		0.16		0.63		1.15		0.63
Gain on sale of businesses and assets		(0.00)		(0.04)		(0.07)		(0.30)
Unrealized loss (gain) on equity securities		(0.00)		0.02		0.01		0.06
Loss (gain) on insurance		0.05		(0.09)		0.05		(0.08)
Valuation allowance		0.14		-		0.14		-
Net income tax effect		0.09		0.02		(0.18)		(0.06)
Non-GAAP diluted earnings per share		$      0.15		$    0.61		$      0.51		$      2.44
Reconciliation of GAAP operating income to non-GAAP operating income
Income from operations		$       192		$  2,429		$    2,746		$  34,701
Amortization of intangibles		148		150		609		624
Settlement of lawsuits		100		81		174		225
Impairment of assets		1,423		6,040		10,615		6,040
Gain on sale of businesses and assets		(17)		(390)		(661)		(2,877)
Loss (gain) on insurance		453		(861)		420		(768)
Non-GAAP operating income		$   2,299		$  7,449		$  13,903		$  37,945
Reconciliation of GAAP operating margin to non-GAAP operating margin
GAAP operating margin		0.7%		5.4%		2.1%		19.2%
Amortization of intangibles		0.5%		0.3%		0.5%		0.3%
Settlement of lawsuits		0.3%		0.2%		0.1%		0.1%
Impairment of assets		4.9%		13.4%		8.0%		3.3%
Gain on sale of businesses and assets		-0.1%		-0.9%		-0.5%		-1.6%
Loss (gain) on insurance		1.6%		-1.9%		0.3%		-0.4%
Non-GAAP operating margin		8.0%		16.5%		10.5%		21.0%
Reconciliation of net cash provided by operating activities to free cash flow
Net cash provided by operating activities		$   3,485		$  7,641		$  15,632		$  37,174
Less: Maintenance capital expenditures		40		1,786		2,151		3,858
Free cash flow		$   3,445		$  5,855		$  13,481		$  33,316

 

RCI HOSPITALITY HOLDINGS, INC.
SEGMENT INFORMATION
(in thousands)
			For the Three Months				For the Twelve Months
			Ended September 30,				Ended September 30,
			2020		2019		2020		2019
Revenues
	Nightclubs		$  13,134		$  35,942		$    88,373		$  148,606
	Bombshells		15,531		8,533		43,215		30,828
	Other		121		708		739		1,625
			$  28,786		$  45,183		$  132,327		$  181,059
Income (loss) from operations
	Nightclubs		$        116		$    6,225		$    13,118		$    50,724
	Bombshells		5,079		764		9,245		2,307
	Other		(204)		97		(684)		(309)
	General corporate		(4,799)		(4,657)		(18,933)		(18,021)
			$        192		$    2,429		$      2,746		$    34,701

 

RCI HOSPITALITY HOLDINGS, INC.
NON-GAAP SEGMENT INFORMATION
($ in thousands)
		For the Three Months Ended September 30, 2020										For the Three Months Ended September 30, 2019
		Nightclubs		Bombshells		Other		Corporate		Total		Nightclubs		Bombshells		Other		Corporate		Total
Income (loss) from operations		$        116		$    5,079		$   (204)		$   (4,799)		$        192		$    6,225		$        764		$      97		$   (4,657)		$  2,429
Amortization of intangibles		48		4		96		-		148		-		-		-		150		150
Settlement of lawsuits		100		-		-		-		100		40		-		-		41		81
Impairment of assets		1,423		-		-		-		1,423		5,920		-		-		120		6,040
Loss (gain) on sale of businesses and assets		(20)		-		-		3		(17)		(446)		26		-		30		(390)
Loss (gain) on insurance		453		-		-		-		453		(747)		-		-		(114)		(861)
Non-GAAP operating income (loss)		$    2,120		$    5,083		$   (108)		$   (4,796)		$    2,299		$  10,992		$        790		$      97		$   (4,430)		$  7,449
GAAP operating margin		0.9%		32.7%		-168.6%		-16.7%		0.7%		17.3%		9.0%		13.7%		-10.3%		5.4%
Non-GAAP operating margin		16.1%		32.7%		-89.3%		-16.7%		8.0%		30.6%		9.3%		13.7%		-9.8%		16.5%
		For the Twelve Months Ended September 30, 2020										For the Twelve Months Ended September 30, 2019
		Nightclubs		Bombshells		Other		Corporate		Total		Nightclubs		Bombshells		Other		Corporate		Total
Income (loss) from operations		$  13,118		$    9,245		$   (684)		$ (18,933)		$    2,746		$  50,724		$    2,307		$ (309)		$ (18,021)		$  34,701
Amortization of intangibles		211		15		383		-		609		-		-		-		624		624
Settlement of lawsuits		174		-		-		-		174		169		3		-		53		225
Impairment of assets		10,370		245		-		-		10,615		5,920		-		-		120		6,040
Loss (gain) on sale of businesses and assets		(639)		16		-		(38)		(661)		(2,858)		27		-		(46)		(2,877)
Loss (gain) on insurance		433		-		-		(13)		420		(654)		-		-		(114)		(768)
Non-GAAP operating income (loss)		$  23,667		$    9,521		$   (301)		$ (18,984)		$  13,903		$  53,301		$    2,337		$ (309)		$ (17,384)		$  37,945
GAAP operating margin		14.8%		21.4%		-92.6%		-14.3%		2.1%		34.1%		7.5%		-19.0%		-10.0%		19.2%
Non-GAAP operating margin		26.8%		22.0%		-40.7%		-14.3%		10.5%		35.9%		7.6%		-19.0%		-9.6%		21.0%

 

RCI HOSPITALITY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
				For the Three Months Ended				For the Twelve Months Ended
				September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)				$                (2,885)		$                      500		$                (6,312)		$                20,445
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
	Depreciation and amortization			2,140		2,354		8,836		9,072
	Deferred income tax expense (benefit)			249		(416)		(1,268)		821
	Gain on sale of businesses and assets			(28)		(262)		(777)		(2,966)
	Impairment of assets			1,423		6,040		10,615		6,040
	Unrealized loss (gain) on equity securities			(39)		204		64		612
	Amortization of debt discount and issuance costs			42		58		236		334
	Deferred rent expense			-		46		-		282
	Noncash lease expense			416		-		1,660		-
	Loss (gain) on insurance			629		(381)		596		(288)
	Doubtful accounts expense on notes receivable			107		-		602		-
	Changes in operating assets and liabilities:
		Accounts receivable		(241)		(1,848)		(294)		457
		Inventories		255		(129)		226		(216)
		Prepaid expenses, other current assets and other assets		(3,309)		(4,880)		1,633		(681)
		Accounts payable, accrued and other liabilities		4,726		6,355		(185)		3,262
	Net cash provided by operating activities			3,485		7,641		15,632		37,174
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of businesses and assets				180		2,117		2,221		7,223
Proceeds from insurance				-		100		945		100
Proceeds from notes receivable				21		51		1,576		158
Issuance of note receivable				-		-		-		(420)
Payments for property and equipment and intangible assets				(171)		(3,807)		(5,736)		(20,708)
Acquisition of businesses, net of cash acquired				-		-		-		(13,500)
	Net cash provided by (used in) investing activities			30		(1,539)		(994)		(27,147)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt obligations				-		1,181		6,503		13,511
Payments on debt obligations				(1,343)		(4,290)		(8,832)		(22,924)
Purchase of treasury stock				(996)		(537)		(9,484)		(2,901)
Payment of dividends				(366)		(385)		(1,286)		(1,252)
Payment of loan origination costs				-		-		-		(20)
Distribution to noncontrolling interests				-		(49)		(31)		(70)
	Net cash used in financing activities			(2,705)		(4,080)		(13,130)		(13,656)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				810		2,022		1,508		(3,629)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD				14,795		10,956		14,097		17,726
CASH AND CASH EQUIVALENTS AT END OF PERIOD				$                15,605		$                12,978		$                15,605		$                14,097

 

RCI HOSPITALITY HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
					September 30,		September 30,
					2020		2019
ASSETS
Current assets
	Cash and cash equivalents				$       15,605		$       14,097
	Accounts receivable, net				6,767		7,408
	Current portion of notes receivable				201		954
	Inventories				2,372		2,598
	Prepaid insurance				4,884		5,446
	Other current assets				1,604		2,521
	Assets held for sale				-		2,866
		Total current assets			31,433		35,890
Property and equipment, net					181,383		183,956
Operating lease right-of-use assets, net					25,546		-
Notes receivable, net of current portion					2,908		4,211
Goodwill					45,686		53,630
Intangibles, net					73,077		75,951
Other assets					900		1,118
			Total assets		$     360,933		$     354,756
LIABILITIES AND EQUITY
Current liabilities
	Accounts payable				$         4,799		$         3,810
	Accrued liabilities				14,573		14,644
	Current portion of long-term debt, net				16,304		15,754
	Current portion of operating lease liabilities				1,628		-
		Total current liabilities			37,304		34,208
Deferred tax liability, net					20,390		21,658
Long-term debt, net of current portion and debt discount and issuance costs					125,131		127,774
Operating lease liabilities, net of current portion					25,439		-
Other long-term liabilities					362		1,696
		Total liabilities			208,626		185,336
Commitments and contingencies
Equity
	Preferred stock				-		-
	Common stock				91		96
	Additional paid-in capital				51,833		61,312
	Retained earnings				100,797		108,168
		Total RCIHH stockholders' equity			152,721		169,576
	Noncontrolling interests				(414)		(156)
		Total equity			152,307		169,420
			Total liabilities and equity		$     360,933		$     354,756

 

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SOURCE RCI Hospitality Holdings, Inc.

FAQ

What were RCI Hospitality's revenues for Q4 2020?

RCI Hospitality reported Q4 2020 revenues of $28.8 million.

How much free cash flow did RCI Hospitality generate in Q4 2020?

RCI Hospitality generated free cash flow of $3.4 million in Q4 2020.

What is the GAAP EPS loss reported by RCI Hospitality for Q4 2020?

RCI Hospitality reported a GAAP EPS loss of ($0.31) for Q4 2020.

How did RCI Hospitality's Bombshells segment perform in Q4 2020?

The Bombshells segment achieved record revenues of $15.5 million in Q4 2020.

What are RCI Hospitality's cash reserves as of September 30, 2020?

As of September 30, 2020, RCI Hospitality had cash and cash equivalents of $15.6 million.