HOUSTON, Aug. 9, 2017 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today announced results for the third
fiscal quarter ended June 30,
2017.
3Q17 Highlights (comparisons to 3Q16, unless otherwise
noted)
- Diluted EPS of $0.40 compared to
$0.27, up 48.1%
- Non-GAAP* Diluted EPS of $0.47
compared to $0.34, up 38.2%
- Basic and diluted share counts fell 1.9% and 3.3%,
respectively, due to previously announced share repurchases and
retirement of convertible debt
- Total revenues of $37.4 million
compared to $34.0 million, up 10.2%
on 44 vs. 43 units
- RCI now expects to exceed its original FY17 Free Cash Flow
(FCF)* target of $18 million, which
was based on estimated net cash provided by operating activities of
~$20.5 million
- The company also has established an initial FY18 FCF target of
$21 million, which is based on
estimated net cash provided by operating activities of ~$23.5 million
- As previously announced, RCI's 3Q17 $0.03 dividend was paid June 26, 2017
Conference Call This Afternoon
- A conference call to discuss 3Q17 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/18942
CEO Comment
"We had a strong third quarter with $0.47 per share non-GAAP—an especially nice
performance given this period normally is seasonally weaker," said
Eric Langan, President &
CEO.
"We experienced a broad based recovery in VIP spend and in
customer count, enhanced by our 3Q17 acquisitions. Total revenue
increased 10.2% year over year, with same-store sales up 6.8%, one
of the largest quarterly same-store increases in the last five
years.
"Income from operations grew 18.4% on a GAAP basis and 25.2%
non-GAAP, with operating margin expanding to 21.1% and 23.6%,
respectively. Income and margin benefited from improved operating
leverage, primarily due to higher revenues, in particular increased
high-margin service revenues.
"With year to date net cash provided by operating activities of
$17.9 million, less maintenance
capital expenditures of $1.3 million,
we've generated $16.6 million in free
cash flow so far. As a result of our recent acquisitions and
organic performance, we now expect to exceed our original FY17 FCF
target of $18 million.
"In addition, we have established a FCF target of $21 million going into FY18. This represents an
increase of 17% from our target going into FY17. In line with our
capital allocation strategy, we are particularly pleased to have
achieved this performance while simultaneously shrinking our share
count.
"During the quarter, as part of our ongoing effort to dispose of
non-income producing properties, we sold a second parcel at a gain,
using proceeds to reduce debt. After trying new formats, we decided
to close a Dallas club, recording
an impairment charge and putting the property up for sale.
"Subsequent to the quarter, we initiated our plan to expand our
presence in the St. Louis
gentlemen's club market. We relaunched our first property there as
Scarlett's Cabaret St. Louis. A week later we opened a second
property as Hollywood Hunt Club, a 51% joint venture that required
little new capital.
"On July 17th, we
opened our fifth Bombshells Restaurant & Bar on US 290 in
northwest Houston. Initial
performance has been impressive with three consecutive weeks of
more than $100,000 in sales each. We
obtained bank financing for our sixth unit, which should open in
the Houston suburb of Pearland in the first quarter of FY18. We have
selected a site for our seventh Bombshells along Interstate 10 in
Houston, which should open in the
third quarter of FY18.
"Effective July 13th,
the Audit Committee of our Board of Directors appointed BDO
USA, LLP as the company's
independent registered public accounting firm. BDO is among the top
six national auditing firms and one of the few in the U.S. with a
robust and dedicated restaurant practice.
"With all these positive moves, we are poised to perform well in
our seasonally weaker fourth quarter and our seasonally strong
first quarter. We are also well positioned to take maximum
advantage of the professional football championship being played in
our second quarter in the new stadium in downtown Minneapolis, where we have three popular
clubs."
3Q17 Analysis (comparisons to 3Q16, unless otherwise
noted)
Total Revenues
- Total revenues of $37.4 million
grew 10.2%, reflecting increases of 6.8% in same-store sales and
10.3% from new units, which more than offset a decrease from
previously announced dispositions.
- All core revenue lines—service, beverage and food—increased
year over year and sequentially, with higher margin service
revenues continuing to grow, expanding 8.3% sequentially and 20.1%
year over year.
- Acquisitions of Scarlett's Cabaret Miami (May 8th) and Hollywood Showclub in
St. Louis (April 25th) contributed a combined
$2.2 million.
Operating Income & Margin
- Operating income increased 18.4% to $7.9
million (21.1% of revenues) from $6.7
million (19.6%). On a non-GAAP basis, operating income
increased 25.2%, to $8.8 million
(23.6%) from $7.1 million
(20.8%).
- Gross profit margin increased 148 basis points to 85.9% of
revenues from 84.4% due to the increased proportion of high margin
service revenues and reduction of lower margin other revenues.
- On a dollar basis, operating expenses increased 8.2% primarily
due to the new acquisitions, pre-opening costs and other charges,
partially offset by lower depreciation and amortization. Other
charges increased $0.8 million
principally due to goodwill impairment, partially offset by a gain
on the sale of a property.
- As a percent of revenues, total operating expenses declined to
78.9% from 80.4%.
Nightclubs Segment
- Sales increased 15.0% to $32.6
million from $28.3 million,
with 40 units compared to 38. Same-store sales increased 8.0%.
- Operating income increased 15.3% to $10.6 million (32.5% of sales) from $9.2 million (32.4%). Operating income included
the above mentioned other charges. On a non-GAAP basis, operating
income increased 23.4% to $11.5
million (35.3% of sales) from $9.3
million (32.9%).
- Non-GAAP operating margin increased 241 basis points mainly due
to a higher level of sales, in particular higher margin service
revenue, and the disposition of underperforming clubs.
Bombshells Segment
- Sales declined 7.9% to $4.6
million from $5.0 million,
with four units in operation compared to five (the Webster unit closed in 4Q16).
- Same-store sales increased 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 was $0.692
million (15.0% of sales) compared to $0.905 million (18.1%). 3Q17 operating margin
reflected Bombshells 290 pre-opening costs, including development
and implementation of new training programs, ahead of the unit's
recent successful debut. Otherwise, operating margin would have
been comparable to the previous and year ago quarters.
Other Metrics
- Occupancy Costs: One of RCI's largest fixed costs,
measured as a combination of rent plus interest expense, totaled
8.2% of revenues compared to 8.1%. 3Q17 included rent and interest
related to the acquisition of Scarlett's Cabaret Miami.
- Effective Tax Rate (ETR): ETR was 32.9% compared to
43.0%. 3Q16 included a $1.0 million
additional tax reserve. ETR YTD was 33.3% compared to 26.0%. The
FY16 period reflected the net benefit of previously announced tax
credits.
- Free Cash Flow (FCF): The FY17 FCF target of
$18 million was based on net cash
provided by operating activities of ~$20.5
million less maintenance capital expenditures of
~$2.5 million. The FY18 FCF target of
approximately $21 million is based on
net cash provided by operating activities of ~$23.5 million less maintenance capital
expenditures of ~$2.5 million.
- Balance Sheet (June 30, 2017
compared to March 31, 2017):
Assets increased $26.6 million,
reflecting the new acquisitions. Total stockholders' equity
increased 2.6% to $138.6 million,
primarily due to 3Q17 net income 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, Wednesday, August
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 impairment of assets, amortization of intangibles, gains or
losses on sale of assets, stock-based compensation, gain on patron
tax settlement, and 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 exclude from non-GAAP net income and non-GAAP net
income per diluted share impairment of assets, 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 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 nine months ended
June 30, 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, impairment of
assets, income tax expense, interest expense, interest income,
gains or losses on sale of assets, gain on patron tax settlement,
and settlement of lawsuits 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.
- Planned opening dates subject to change due to weather, which
could affect construction schedules, and when final municipal
inspections can be scheduled.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With 45 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, 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 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 Nine
Months
|
|
|
|
|
Ended June
30,
|
|
Ended June
30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
|
|
|
|
|
Sales of alcoholic
beverages
|
|
$15,475
|
|
$14,333
|
|
$44,085
|
|
$43,511
|
|
Sales of food and
merchandise
|
|
4,641
|
|
4,614
|
|
13,201
|
|
13,557
|
|
Service
revenues
|
|
15,350
|
|
12,780
|
|
42,995
|
|
38,626
|
|
Other
|
|
1,963
|
|
2,225
|
|
5,405
|
|
6,129
|
|
|
Total
revenues
|
|
37,429
|
|
33,952
|
|
105,686
|
|
101,823
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
5,269
|
|
5,281
|
|
15,118
|
|
15,692
|
|
Salaries and
wages
|
|
9,902
|
|
9,499
|
|
29,271
|
|
28,113
|
|
Selling, general and
administrative
|
|
11,767
|
|
10,589
|
|
33,569
|
|
32,050
|
|
Depreciation and
amortization
|
|
1,710
|
|
1,825
|
|
4,936
|
|
5,468
|
|
Other charges,
net
|
|
898
|
|
101
|
|
1,089
|
|
576
|
|
|
Total operating
expenses
|
|
29,546
|
|
27,295
|
|
83,983
|
|
81,899
|
Income from
operations
|
|
7,883
|
|
6,657
|
|
21,703
|
|
19,924
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(2,205)
|
|
(2,040)
|
|
(6,132)
|
|
(5,920)
|
|
Interest
income
|
|
61
|
|
1
|
|
187
|
|
6
|
Income before income
taxes
|
|
5,739
|
|
4,618
|
|
15,758
|
|
14,010
|
Income
taxes
|
|
1,889
|
|
1,986
|
|
5,247
|
|
3,646
|
Net income
|
|
3,850
|
|
2,632
|
|
10,511
|
|
10,364
|
Net loss (income)
attributable to noncontrolling interests
|
|
(9)
|
|
21
|
|
(13)
|
|
346
|
Net income
attributable to RCIHH common shareholders
|
|
$3,841
|
|
$2,653
|
|
$10,498
|
|
$10,710
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to RCIHH common shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$0.40
|
|
$0.27
|
|
$1.08
|
|
$1.06
|
|
Diluted
|
|
$0.40
|
|
$0.27
|
|
$1.08
|
|
$1.06
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
9,719
|
|
9,906
|
|
9,735
|
|
10,071
|
|
Diluted
|
|
9,719
|
|
10,047
|
|
9,751
|
|
10,211
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
|
$0.03
|
|
$0.03
|
|
$0.09
|
|
$0.06
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP FINANCIAL
MEASURES
|
($ in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
For the Nine
Months
|
|
Ended June
30,
|
|
Ended June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Reconciliation of
GAAP net income to Adjusted EBITDA
|
|
|
|
|
|
|
|
Net income
attributable to RCIHH common shareholders
|
$
3,841
|
|
$
2,653
|
|
$
10,498
|
|
$
10,710
|
Income tax
expense
|
1,889
|
|
1,986
|
|
5,247
|
|
3,646
|
Interest expense and
income
|
2,144
|
|
2,039
|
|
5,945
|
|
5,914
|
Settlement of
lawsuits
|
222
|
|
139
|
|
303
|
|
741
|
Gain on settlement of
patron tax
|
-
|
|
-
|
|
(102)
|
|
-
|
Impairment of
assets
|
1,411
|
|
-
|
|
1,411
|
|
-
|
Gain on sale of
assets
|
(735)
|
|
(38)
|
|
(523)
|
|
(165)
|
Depreciation and
amortization
|
1,710
|
|
1,825
|
|
4,936
|
|
5,468
|
Adjusted
EBITDA
|
$
10,482
|
|
$
8,604
|
|
$
27,715
|
|
$
26,314
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income
|
|
|
|
|
|
|
|
Net income
attributable to RCIHH common shareholders
|
$
3,841
|
|
$
2,653
|
|
$
10,498
|
|
$
10,710
|
Amortization of
intangibles
|
64
|
|
184
|
|
150
|
|
583
|
Stock-based
compensation
|
-
|
|
120
|
|
-
|
|
360
|
Settlement of
lawsuits
|
222
|
|
139
|
|
303
|
|
741
|
Gain on settlement of
patron tax
|
-
|
|
-
|
|
(102)
|
|
-
|
Impairment of
assets
|
1,411
|
|
-
|
|
1,411
|
|
-
|
Income tax
expense
|
1,889
|
|
1,986
|
|
5,247
|
|
3,646
|
Gain on sale of
assets
|
(735)
|
|
(38)
|
|
(523)
|
|
(165)
|
Non-GAAP provision
for income taxes
|
(2,209)
|
|
(1,737)
|
|
(5,605)
|
|
(5,488)
|
Non-GAAP net
income
|
$
4,483
|
|
$
3,307
|
|
$
11,379
|
|
$
10,387
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
|
|
|
|
|
|
Fully diluted
shares
|
9,719
|
|
10,047
|
|
9,751
|
|
10,211
|
Diluted EPS
attributable to RCIHH common shareholders
|
$0.40
|
|
$0.27
|
|
$1.08
|
|
$1.06
|
Amortization of
intangibles
|
0.01
|
|
0.02
|
|
0.02
|
|
0.06
|
Stock-based
compensation
|
-
|
|
0.01
|
|
-
|
|
0.04
|
Settlement of
lawsuits
|
0.02
|
|
0.01
|
|
0.03
|
|
0.07
|
Gain on settlement of
patron tax
|
-
|
|
-
|
|
(0.01)
|
|
-
|
Impairment of
assets
|
0.15
|
|
-
|
|
0.14
|
|
-
|
Income tax
expense
|
0.19
|
|
0.20
|
|
0.54
|
|
0.36
|
Gain on sale of
assets
|
(0.08)
|
|
(0.00)
|
|
(0.05)
|
|
(0.02)
|
Non-GAAP provision
for income taxes
|
(0.23)
|
|
(0.17)
|
|
(0.57)
|
|
(0.54)
|
Non-GAAP diluted
EPS
|
$
0.47
|
|
$
0.34
|
|
$
1.17
|
|
$
1.03
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
|
|
|
|
|
|
|
Income from
operations
|
$
7,883
|
|
$
6,657
|
|
$
21,703
|
|
$
19,924
|
Amortization of
intangibles
|
64
|
|
184
|
|
150
|
|
583
|
Stock-based
compensation
|
-
|
|
120
|
|
-
|
|
360
|
Settlement of
lawsuits
|
222
|
|
139
|
|
303
|
|
741
|
Gain on settlement of
patron tax
|
-
|
|
-
|
|
(102)
|
|
-
|
Impairment of
assets
|
1,411
|
|
-
|
|
1,411
|
|
-
|
Gain on sale of
assets
|
(735)
|
|
(38)
|
|
(523)
|
|
(165)
|
Non-GAAP operating
income
|
$
8,845
|
|
$
7,062
|
|
$
22,942
|
|
$
21,443
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
|
|
|
|
|
|
|
GAAP operating
income
|
21.1%
|
|
19.6%
|
|
20.5%
|
|
19.6%
|
Amortization of
intangibles
|
0.2%
|
|
0.5%
|
|
0.1%
|
|
0.6%
|
Stock-based
compensation
|
0.0%
|
|
0.4%
|
|
0.0%
|
|
0.4%
|
Settlement of
lawsuits
|
0.6%
|
|
0.4%
|
|
0.3%
|
|
0.7%
|
Gain on settlement of
patron tax
|
0.0%
|
|
0.0%
|
|
-0.1%
|
|
0.0%
|
Impairment of
assets
|
3.8%
|
|
0.0%
|
|
1.3%
|
|
0.0%
|
Gain on sale of
assets
|
-2.0%
|
|
-0.1%
|
|
-0.5%
|
|
-0.2%
|
Non-GAAP operating
margin
|
23.6%
|
|
20.8%
|
|
21.7%
|
|
21.1%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net cash provided by operating activities to non-GAAP free
cash flow
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
6,867
|
|
$
7,386
|
|
$
17,897
|
|
$
18,498
|
Less: Maintenance
capital expenditures
|
254
|
|
952
|
|
1,305
|
|
1,788
|
Free cash
flow
|
$
6,613
|
|
$
6,434
|
|
$
16,592
|
|
$
16,710
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
For the Nine
Months
|
|
|
|
Ended June
30,
|
|
Ended June
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
|
|
|
|
|
Nightclubs
|
|
$32,575
|
|
$28,336
|
|
$91,824
|
|
$86,272
|
|
Bombshells
|
|
4,611
|
|
5,005
|
|
13,281
|
|
14,013
|
|
Other
|
|
243
|
|
611
|
|
581
|
|
1,538
|
|
|
|
$37,429
|
|
$33,952
|
|
$105,686
|
|
$101,823
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
|
|
|
|
Nightclubs
|
|
$10,579
|
|
$9,172
|
|
$30,293
|
|
$27,844
|
|
Bombshells
|
|
692
|
|
905
|
|
2,131
|
|
2,150
|
|
Other
|
|
(130)
|
|
(650)
|
|
(693)
|
|
(2,154)
|
|
General
corporate
|
|
(3,258)
|
|
(2,770)
|
|
(10,028)
|
|
(7,916)
|
|
|
|
$7,883
|
|
$6,657
|
|
$21,703
|
|
$19,924
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q17
|
|
3Q16
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
Income (loss) from
operations
|
$
10,579
|
$
692
|
$
(130)
|
$
(3,258)
|
$
7,883
|
|
$
9,172
|
$
905
|
$
(650)
|
$
(2,770)
|
$
6,657
|
Amortization of
intangibles
|
|
|
|
64
|
64
|
|
|
|
|
184
|
184
|
Stock-based
compensation
|
|
|
|
|
|
|
|
|
|
120
|
120
|
Settlement of
lawsuits
|
222
|
|
|
|
222
|
|
139
|
|
|
|
139
|
Impairment of
assets
|
1,411
|
|
|
|
1,411
|
|
|
|
|
|
|
Gain on settlement of
patron tax case
|
-
|
|
|
|
-
|
|
|
|
|
|
|
Gain on sale of
assets
|
(723)
|
|
|
(12)
|
(735)
|
|
|
|
|
(38)
|
(38)
|
Non-GAAP operating
income (loss)
|
$
11,489
|
$
692
|
$
(130)
|
$
(3,206)
|
$
8,845
|
|
$
9,311
|
$
905
|
$
(650)
|
$
(2,504)
|
$
7,062
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
32.5%
|
15.0%
|
-53.5%
|
|
21.1%
|
|
32.4%
|
18.1%
|
-106.4%
|
|
19.6%
|
Non-GAAP operating
margin
|
35.3%
|
15.0%
|
-53.5%
|
|
23.6%
|
|
32.9%
|
18.1%
|
-106.4%
|
|
20.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9M17
|
|
9M16
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
|
Nightclubs
|
Bombshells
|
Other
|
Corp
|
Total
|
Income (loss) from
operations
|
$
30,293
|
$
2,131
|
$
(693)
|
$
(10,028)
|
$
21,703
|
|
$
27,844
|
$
2,150
|
$
(2,154)
|
$
(7,916)
|
$
19,924
|
Amortization of
intangibles
|
|
|
|
150
|
150
|
|
|
|
|
583
|
583
|
Stock-based
compensation
|
|
|
|
|
-
|
|
|
|
|
360
|
360
|
Settlement of
lawsuits
|
303
|
|
|
|
303
|
|
741
|
|
|
|
741
|
Impairment of
assets
|
1,411
|
|
|
|
1,411
|
|
|
|
|
|
|
Gain on settlement of
patron tax case
|
(102)
|
|
|
|
(102)
|
|
|
|
|
|
|
Gain on sale of
assets
|
(604)
|
20
|
89
|
(28)
|
(523)
|
|
|
|
|
(165)
|
(165)
|
Non-GAAP operating
income (loss)
|
$
31,301
|
$
2,151
|
$
(604)
|
$
(9,906)
|
$
22,942
|
|
$
28,585
|
$
2,150
|
$
(2,154)
|
$
(7,138)
|
$
21,443
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
33.0%
|
16.0%
|
-119.3%
|
|
20.5%
|
|
32.3%
|
15.3%
|
-140.1%
|
|
19.6%
|
Non-GAAP operating
margin
|
34.1%
|
16.2%
|
-104.0%
|
|
21.7%
|
|
33.1%
|
15.3%
|
-2.1%
|
|
21.1%
|
View original
content:http://www.prnewswire.com/news-releases/rci-reports-3q17-eps-of-040-gaap--047-non-gaap-raises-fcf-outlook-300502216.html
SOURCE RCI Hospitality Holdings, Inc.