HOUSTON, May 9, 2017 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today announced results for the
second fiscal quarter ended March 31,
2017.
2Q17 vs. 2Q16
- Fully diluted EPS of $0.39
compared to $0.54 in 2Q16, which
included a $1.75 million tax
credit
- Non-GAAP* Diluted EPS of $0.41
compared to $0.39, up 5.1%
- Basic and diluted share counts fell 2.9% and 4.8%,
respectively, due to previously announced share repurchases and
2Q17 retirement of remaining convertible debt
- Total revenues of $34.5 million
compared to $34.4 million, up 0.4% on
fewer units
- Year to date Free Cash Flow (FCF)* of $10.0 million compared to $10.3 million, which benefited from the above
mentioned tax credit
- As previously announced, RCI's 2Q17 $0.03 dividend was paid March 27, 2017
Capital Allocation Strategy
- In line with its capital allocation strategy, as RCI's share
price has increased, management renewed its focus on acquisitions
in 2Q17
- This resulted in today's announcement of the $25.95 million purchase of Scarlett's Cabaret
Miami, which is expected to meaningfully increase revenues, EBITDA
and FCF
- In addition, RCI on April 26
announced the acquisitions of the Hollywood Showclub cabaret and
real estate, providing a low cost entry into the Greater St. Louis market
Conference Call this Afternoon
- A conference call to discuss 2Q17 results, outlook and related
matters will be held today at 4:30 PM
ET
- Live Participant Dial In: Toll Free at (866) 682-6100 and
International at (862) 255-5401
- Click Here for Slides and Webcast:
http://www.investorcalendar.com/event/175896
CEO Comment
"RCI delivered another solid performance, earning $0.41 per share non-GAAP in the second quarter of
Fiscal 2017," said Eric Langan,
President & CEO.
"Same-store sales, operating profit and operating margin
expanded in our core Nightclubs and Bombshells segments. Free cash
flow year to date is nearly equal to what we generated in the year
ago period, when we benefited from a $1.75
million tax credit. As a result, we are on track with our
initial Fiscal 2017 FCF goal of $18
million. We'll update investors on the contribution our new
acquisitions are expected to make to FY17 FCF when we announce 3Q17
results in August.
"Operating margin was level with 2Q16 as we added managers,
recruited staff and initiated training in preparation for two new
clubs that just opened in 3Q17, two new Bombshells expected to open
in 3Q17 and 4Q17, our Bombshells franchise marketing program, and
the acquisitions announced today and last month.
"In line with our capital allocation strategy, with our share
price in the $16-17 range, we renewed
our focus on using cash to make acquisitions as compared to buying
back shares. This is reflected in today's announcement of the
purchase of Scarlett's Cabaret Miami for $25.95 million.
"The 25,000 square foot Scarlett's is considered one of the best
gentlemen's clubs in the country. It generated about $13 million in trailing 12 months revenues,
producing an estimated Adjusted EBITDA of more than $6 million. Based on these results and how we
have structured the transaction, the club is expected to yield an
initial cash-on-cash return in line with our capital allocation
strategy.
"In addition, we announced the acquisitions in late April of
Hollywood Showclub and real estate, for a total of $4.2 million as a low cost entry into the
Greater St. Louis market and a
foothold in the Midwest. St. Louis
is a business and tourist hub, with good convention traffic and
great sports teams like the Cardinals in baseball and the Blues in
hockey.
"We also opened two new clubs--a second Studio 80 dance club,
this one in the Webster suburb of
Houston, and a second Foxy's
Cabaret BYOB late night club, this one in Dallas—and are preparing
to open three company-owned Bombshells, on Highway 290 in
Houston in May; the Houston suburb of Pearland in August; and on I-10 in
Houston in early calendar
2018.
"Our acquisitions will build upon our original FY17 plan. In
addition to our 2Q17 Nightclub and Bombshells units, the second
half of FY17 should benefit from the new clubs and Bombshells, our
recent club acquisitions, and the possible sale of our first
Bombshells franchises."
2Q17 Analysis (comparisons to 2Q16, unless otherwise
noted)
Total Revenues
- Total revenues of $34.5 million
increased 0.4% on fewer units from $34.4
million, as sales continued to benefit from the positive
trend developed in the second half of FY16.
- Revenues reflected a 2.7% increase in same-store sales and 1.5%
increase from new units, partially offset by a 3.7% decrease from
the disposition in 4Q16 of under-performing units and the energy
drink business.
- Higher margin service revenues continued to rebound, expanding
7.3%, the third quarter in a row of year over year and the fifth
quarter of sequential improvement.
Operating Income & Margin
- Income from operations was level at $7.5
million versus $7.6 million,
with operating margin at 21.7% of revenues compared to 22.0%.
- Gross profit margin increased 80 basis points to 85.6% of
revenues due to the increased proportion of high margin service
revenues and the reduction of lower margin other revenues.
- Total operating expenses increased 0.7%, primarily due to
adding managers, recruiting staff and initiating training in
preparation for the opening and acquisition of new units, partially
offset by lower cost of goods and depreciation and
amortization.
- Non-GAAP operating income was $7.7
million versus $7.8 million,
with operating margin at 22.2% of revenues compared to 22.7%.
Nightclubs Segment
- Sales increased 2.1% to $30.0
million from $29.3 million,
with 37 units compared to 38.
- Same-store sales increased by 2.7% reflecting strong
performances from our three units in Minneapolis even after the professional
football season ended, as well as noticeable increases at Club Onyx
Houston, with the Super Bowl being played in that city, and at
premier clubs Tootsie's Cabaret Miami and Vivid Cabaret New
York.
- Operating income increased 8.4% to $10.5
million from $9.7 million as
operating margin expanded to 35.0% of sales from 33.0%.
- The increase in operating margin was mainly due to the growth
of higher margin service revenue and the disposition of
underperforming clubs.
Bombshells Segment
- Sales declined 5.5% to $4.4
million from $4.6 million,
with four units in operation compared to five (the Webster unit closed in 4Q16).
- Same-store sales increased 3.2% as customers continue to be
attracted to our military themed social dining concept with our
Bombshells Girls, where you can have a great time and great food,
watch the game, listen to music and hang out with friends or
family.
- Operating income increased 5.7% to $0.801 million from $0.758
million as operating margin expanded to 18.3% of sales from
16.4%.
- The increase in operating margin was mainly due to the growth
of revenues from existing units and the stronger unit lineup.
Other Metrics
- Occupancy Costs: One of RCI's largest fixed costs,
measured as a combination of rent plus interest expense, occupancy
costs declined to 7.7% of revenues compared to 8.2%. The reduction
reflects lower rent due to the acquisition of New York City club real estate in 2Q16 and
elimination of interest on debt on a non-income producing property
sold in January 2017.
- Effective Tax Rate (ETR): ETR was 33.7% compared to
5.2%, which reflected $1.75 million
deducted from income tax expense in the prior year, due to the
benefit of certain FICA credits not previously claimed.
- Free Cash Flow (FCF): FCF was $4.9 million compared to $6.4 million, which included the above mentioned
tax credit. Year to date, FCF was $10.0
million compared to $10.3
million, keeping RCI on track with its initial FY17 FCF
target of $18 million (based on net
cash provided by operating activities of ~$20.5 million less maintenance capital
expenditures of ~$2.5 million).
- Balance Sheet (March 31, 2017
compared to December 31, 2016):
Cash increased 9.4% to $13.2 million.
Total stockholders' equity increased 2.7% to $135.1 million, primarily due to net income for
2Q17 partially offset by quarterly share dividends.
Meet Management Tonight
Eric Langan, President & CEO,
invites investors to meet management, tour one of the company's top
clubs, and its new Hoops Cabaret & Sports Bar.
- When: Tonight, Tuesday, May 9,
6:00 PM to 8:00 PM ET
- Where: Rick's Cabaret New York, at 50 W. 33rd Street,
New York, NY, bet. Fifth Avenue
and Broadway
- RSVP: With your contact information to
gary.fishman@anreder.com
*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) items that management believes are
not representative of the ongoing business operations of the
Company, but are included (or excluded) in 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 exclude from non-GAAP operating income and non-GAAP operating
margin amortization of intangibles, gains or losses on sale of
assets, stock-based compensation, gain on patron tax settlement,
and settlement of lawsuits and other one-time costs. 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 exclude from non-GAAP net income and non-GAAP net
income per diluted share amortization of intangibles, income tax
expense, gains or losses on sale of assets, stock-based
compensation, gain on patron tax settlement, and settlement of
lawsuits and other one-time costs, and include the non-GAAP
provision for current and deferred income taxes, calculated as the
tax effect at 33% and 35% year-to-date effective tax rate of the
pre-tax non-GAAP income before taxes for the three and six months
ended March 31, 2017 and 2016,
respectively, because we believe that excluding and including such
items help management and investors better understand our operating
activities.
- Adjusted EBITDA. We exclude from adjusted EBITDA
depreciation expense, amortization of intangibles, income tax
expense, interest expense, interest income, gains or losses on sale
of assets, gain on patron tax settlement, and settlement of
lawsuits and other one-time costs because we believe that adjusting
for such items helps management and investors better understand
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
our unleveraged performance return on our investments. Adjusted
EBITDA is also the 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.
Notes
- Unit counts above are at period end.
- All references to the "company," "we," "our," and similar terms
include RCI Hospitality Holdings, Inc. and its subsidiaries, unless
the context indicates otherwise.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With 44 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, Miami,
Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis and other cities operate under
brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid
Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports
bars/restaurants operate under the brand name "Bombshells." 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 the risks and uncertainties
associated with operating and managing an adult business, the
business climates in cities where it operates, the success or lack
thereof in launching and building the company's businesses, risks
and uncertainties related to cybersecurity, conditions relevant to
real estate transactions, and numerous other factors such as laws
governing the operation of adult entertainment businesses,
competition and dependence on key personnel. 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.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
($ in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
For the Six
Months
|
|
|
|
|
Ended March
31,
|
|
Ended March
31,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
|
|
|
|
|
Sales of alcoholic
beverages
|
|
$14,235
|
|
$14,581
|
|
$28,610
|
|
$29,178
|
|
Sales of food and
merchandise
|
|
4,353
|
|
4,609
|
|
8,560
|
|
8,943
|
|
Service
revenues
|
|
14,170
|
|
13,205
|
|
27,645
|
|
25,846
|
|
Other
|
|
1,760
|
|
2,001
|
|
3,442
|
|
3,904
|
|
|
Total
revenues
|
|
34,518
|
|
34,396
|
|
68,257
|
|
67,871
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
4,968
|
|
5,227
|
|
9,849
|
|
10,411
|
|
Salaries and
wages
|
|
9,717
|
|
9,257
|
|
19,369
|
|
18,614
|
|
Selling, general and
administrative
|
|
10,609
|
|
10,601
|
|
21,802
|
|
21,461
|
|
Depreciation and
amortization
|
|
1,608
|
|
1,826
|
|
3,226
|
|
3,643
|
|
Other charges,
net
|
|
129
|
|
(65)
|
|
191
|
|
475
|
|
|
Total operating
expenses
|
|
27,031
|
|
26,846
|
|
54,437
|
|
54,604
|
Income from
operations
|
|
7,487
|
|
7,550
|
|
13,820
|
|
13,267
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(1,912)
|
|
(1,965)
|
|
(3,927)
|
|
(3,880)
|
|
Interest
income
|
|
89
|
|
1
|
|
126
|
|
5
|
Income before income
taxes
|
|
5,664
|
|
5,586
|
|
10,019
|
|
9,392
|
Income
taxes
|
|
1,908
|
|
293
|
|
3,358
|
|
1,660
|
Net income
|
|
3,756
|
|
5,293
|
|
6,661
|
|
7,732
|
Net loss (income)
attributable to noncontrolling interests
|
|
3
|
|
212
|
|
(4)
|
|
325
|
Net income
attributable to RCIHH common shareholders
|
|
$3,759
|
|
$5,505
|
|
$6,657
|
|
$8,057
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to RCIHH common shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$0.39
|
|
$0.55
|
|
$0.68
|
|
$0.79
|
|
Diluted
|
|
$0.39
|
|
$0.54
|
|
$0.68
|
|
$0.79
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
9,719
|
|
10,013
|
|
9,744
|
|
10,154
|
|
Diluted
|
|
9,721
|
|
10,215
|
|
9,768
|
|
10,356
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
|
$0.03
|
|
$0.03
|
|
$0.06
|
|
$0.03
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP FINANCIAL
MEASURES*
|
($ in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
For the Six
Months
|
|
Ended March
31,
|
|
Ended March
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Reconciliation of
GAAP net income to Adjusted EBITDA
|
|
|
|
|
|
|
|
Net income
attributable to RCIHH common shareholders
|
$ 3,759
|
|
$ 5,505
|
|
$
6,657
|
|
$
8,057
|
Income tax
expense
|
1,908
|
|
293
|
|
3,358
|
|
1,660
|
Interest expense and
income
|
1,823
|
|
1,964
|
|
3,801
|
|
3,875
|
Settlement of
lawsuits and other one-time costs
|
8
|
|
62
|
|
81
|
|
602
|
Gain on settlement of
patron tax
|
(102)
|
|
-
|
|
(102)
|
|
-
|
Loss (gain) on sale
of assets
|
223
|
|
(127)
|
|
212
|
|
(127)
|
Depreciation and
amortization
|
1,608
|
|
1,826
|
|
3,226
|
|
3,643
|
Adjusted
EBITDA
|
$ 9,227
|
|
$ 9,523
|
|
$ 17,233
|
|
$ 17,710
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income
|
|
|
|
|
|
|
|
Net income
attributable to RCIHH common shareholders
|
$ 3,759
|
|
$ 5,505
|
|
$
6,657
|
|
$
8,057
|
Amortization of
intangibles
|
40
|
|
197
|
|
86
|
|
399
|
Stock-based
compensation
|
-
|
|
120
|
|
-
|
|
240
|
Settlement of
lawsuits and other one-time costs
|
8
|
|
62
|
|
81
|
|
602
|
Gain on settlement of
patron tax
|
(102)
|
|
-
|
|
(102)
|
|
-
|
Income tax
expense
|
1,908
|
|
293
|
|
3,358
|
|
1,660
|
Loss (gain) on sale
of assets
|
223
|
|
(127)
|
|
212
|
|
(127)
|
Non-GAAP provision
for income taxes
|
(1,926)
|
|
(2,120)
|
|
(3,396)
|
|
(3,751)
|
Non-GAAP net
income
|
$ 3,910
|
|
$ 3,930
|
|
$
6,896
|
|
$
7,080
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
|
|
|
|
|
Fully diluted
shares
|
9,721
|
|
10,215
|
|
9,768
|
|
10,356
|
Diluted EPS
attributable to RCIHH common shareholders
|
$0.39
|
|
$0.54
|
|
$0.68
|
|
$0.79
|
Amortization of
intangibles
|
0.00
|
|
0.02
|
|
0.01
|
|
0.04
|
Stock-based
compensation
|
-
|
|
0.01
|
|
-
|
|
0.02
|
Settlement of
lawsuits and other one-time costs
|
0.00
|
|
0.01
|
|
0.01
|
|
0.06
|
Gain on settlement of
patron tax
|
(0.01)
|
|
-
|
|
(0.01)
|
|
-
|
Income tax
expense
|
0.20
|
|
0.03
|
|
0.34
|
|
0.16
|
Loss (gain) on sale
of assets
|
0.02
|
|
(0.01)
|
|
0.02
|
|
(0.01)
|
Non-GAAP provision
for income taxes
|
(0.20)
|
|
(0.21)
|
|
(0.35)
|
|
(0.36)
|
Non-GAAP diluted
EPS
|
$0.41
|
|
$0.39
|
|
$0.70
|
|
$0.70
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
|
|
|
|
|
|
|
Income from
operations
|
$ 7,487
|
|
$ 7,550
|
|
$ 13,820
|
|
$ 13,267
|
Amortization of
intangibles
|
40
|
|
197
|
|
86
|
|
399
|
Stock-based
compensation
|
-
|
|
120
|
|
-
|
|
240
|
Settlement of
lawsuits and other one-time costs
|
8
|
|
62
|
|
81
|
|
602
|
Gain on settlement of
patron tax
|
(102)
|
|
-
|
|
(102)
|
|
-
|
Loss (gain) on sale
of assets
|
223
|
|
(127)
|
|
212
|
|
(127)
|
Non-GAAP operating
income
|
$ 7,656
|
|
$ 7,802
|
|
$ 14,097
|
|
$ 14,381
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
|
|
|
|
|
|
|
GAAP operating
income
|
21.7%
|
|
22.0%
|
|
20.2%
|
|
19.5%
|
Amortization of
intangibles
|
0.1%
|
|
0.6%
|
|
0.1%
|
|
0.6%
|
Stock-based
compensation
|
0.0%
|
|
0.3%
|
|
0.0%
|
|
0.4%
|
Settlement of
lawsuits and other one-time costs
|
0.0%
|
|
0.2%
|
|
0.1%
|
|
0.9%
|
Gain on settlement of
patron tax
|
-0.3%
|
|
0.0%
|
|
-0.1%
|
|
0.0%
|
Loss (gain) on sale
of assets
|
0.6%
|
|
-0.4%
|
|
0.3%
|
|
-0.2%
|
Non-GAAP operating
margin
|
22.2%
|
|
22.7%
|
|
20.7%
|
|
21.2%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net cash provided by operating activities to non-GAAP free
cash flow
|
|
|
|
|
Net cash provided by
operating activities
|
$ 5,509
|
|
$ 6,910
|
|
$ 11,030
|
|
$ 11,112
|
Less: Maintenance
capital expenditures
|
657
|
|
485
|
|
1,051
|
|
836
|
Free cash
flow
|
$ 4,852
|
|
$ 6,425
|
|
$
9,979
|
|
$ 10,276
|
|
|
|
|
|
|
|
|
* For FY17 periods,
we excluded pre-opening and acquisitions costs, which were
previously included, and have included gain/loss on sale of
controlling interest in subsidiary, which were previously excluded,
in our adjustments for non-GAAP financial performance measures,
since we believe that these are recurring cash operating expenses
that are necessary to operate our business. We have appropriately
included or excluded the same items from prior year comparable
non-GAAP financial performance measures.
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
For the Six
Months
|
|
|
|
Ended March
31,
|
|
Ended March
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
|
|
|
|
|
Nightclubs
|
|
$29,967
|
|
$29,344
|
|
$59,249
|
|
$57,514
|
|
Bombshells
|
|
4,375
|
|
4,629
|
|
8,670
|
|
9,008
|
|
Other
|
|
176
|
|
423
|
|
338
|
|
1,349
|
|
|
|
$34,518
|
|
$34,396
|
|
$68,257
|
|
$67,871
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
|
|
|
|
Nightclubs
|
|
$10,498
|
|
$9,687
|
|
$19,714
|
|
$18,195
|
|
Bombshells
|
|
801
|
|
758
|
|
1,439
|
|
1,245
|
|
Other
|
|
(222)
|
|
(856)
|
|
(563)
|
|
(1,504)
|
|
General
corporate
|
|
(3,590)
|
|
(2,039)
|
|
(6,770)
|
|
(4,669)
|
|
|
|
$7,487
|
|
$7,550
|
|
$13,820
|
|
$13,267
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q17
|
|
2Q16
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
Income (loss) from
operations
|
$
10,498
|
$
801
|
$
(222)
|
$
(3,590)
|
$
7,487
|
|
$
9,687
|
$
758
|
$
(856)
|
$
(2,039)
|
$
7,550
|
Amortization of
intangibles
|
-
|
-
|
-
|
40
|
40
|
|
-
|
-
|
-
|
197
|
197
|
Stock-based
compensation
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
120
|
120
|
Settlement of
lawsuits
|
8
|
-
|
-
|
-
|
8
|
|
62
|
-
|
-
|
-
|
62
|
Gain on settlement of
patron tax case
|
(102)
|
-
|
-
|
-
|
(102)
|
|
-
|
-
|
-
|
-
|
-
|
Loss (gain) on sale
of assets
|
130
|
20
|
89
|
(16)
|
223
|
|
-
|
-
|
-
|
(127)
|
(127)
|
Non-GAAP operating
income (loss)
|
$
10,534
|
$
821
|
$
(133)
|
$
(3,566)
|
$
7,656
|
|
$
9,749
|
$
758
|
$
(856)
|
$
(1,849)
|
$
7,802
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
35.0%
|
18.3%
|
-126.1%
|
|
21.7%
|
|
33.0%
|
16.4%
|
-202.4%
|
|
22.0%
|
Non-GAAP operating
margin
|
35.2%
|
18.8%
|
-75.6%
|
|
22.2%
|
|
33.2%
|
16.4%
|
-202.4%
|
|
22.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6M17
|
|
6M16
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
Income (loss) from
operations
|
$
19,714
|
$
1,439
|
$
(563)
|
$
(6,770)
|
$
13,820
|
|
$
18,195
|
$
1,245
|
$
(1,504)
|
$
(4,669)
|
$
13,267
|
Amortization of
intangibles
|
|
|
|
86
|
86
|
|
|
|
|
399
|
399
|
Stock-based
compensation
|
|
|
|
|
-
|
|
|
|
|
240
|
240
|
Settlement of
lawsuits
|
81
|
|
|
|
81
|
|
602
|
|
|
|
602
|
Gain on settlement of
patron tax case
|
(102)
|
|
|
|
(102)
|
|
|
|
|
|
-
|
Loss (gain) on sale
of assets
|
119
|
20
|
89
|
(16)
|
212
|
|
|
|
|
(127)
|
(127)
|
Non-GAAP operating
income (loss)
|
$
19,812
|
$
1,459
|
$
(474)
|
$
(6,700)
|
$
14,097
|
|
$
18,797
|
$
1,245
|
$
(1,504)
|
$
(4,157)
|
$
14,381
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
33.3%
|
16.6%
|
-166.6%
|
|
20.2%
|
|
31.6%
|
13.8%
|
-111.5%
|
|
19.5%
|
Non-GAAP operating
margin
|
33.4%
|
16.8%
|
-140.2%
|
|
20.7%
|
|
32.7%
|
13.8%
|
-2.2%
|
|
21.2%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rci-reports-2q17-eps-of-039-gaap--041-non-gaap-free-cash-flow-at-100-million-ytd-300454604.html
SOURCE RCI Hospitality Holdings, Inc.