HOUSTON, Dec. 16, 2019 /PRNewswire/ -- RCI
Hospitality Holdings, Inc. (Nasdaq: RICK) announced the following
updates today.
FY19 10-K: The company expects to file its Form 10-K for
the year ended September 30, 2019,
which was due today, in February
2020. In the interim, a Form 12b-25 notice of the delay has
been filed with the SEC.
Revenues: RCI reported preliminary total revenues for
4Q19 of $45.2 million, up 11.1% from
$40.7 million in the year-ago
quarter, and preliminary total revenues for FY19 of $181.1 million, up 9.2% from $165.7 million last year. Through the first two
months of 1Q20, which ends December 31,
2019, both Nightclubs and Bombshells total and same-store
sales are up over the same period last year. RCI will report 1Q20
sales on January 9, 2020.
Free Cash Flow: For FY19, the company expects to report
net cash from operating activities in the range of $36.5 million to $37.5
million, less maintenance capital expenditures in the range
of $3.5 million to $4.0 million, resulting in free cash flow
approximating a range of $32.5
million to $34.0 million. This
compares to FCF of $23.2 million in
FY18.
Share Buybacks: Since September
24, 2019, RCI has repurchased approximately 359,000 shares
in the open market, for approximately $7.0
million, leaving the number of shares currently outstanding
at approximately 9.26 million, approximately 3.7% lower than last
reported as of the end of our fiscal third quarter.
Acquisitions: The company is on track with finalizing its
previously announced acquisition of a well-established nightclub in
the Northeast Corridor. Closing is expected in the company's 2Q20.
In addition, RCI is in active negotiations on a number of other
club acquisition opportunities.
CEO Comment: "While we are disappointed at having to
delay the filing of our 10-K, it was not totally unexpected given
our recent change in auditors," said Eric
Langan, President & CEO. "All other aspects of the
business are doing well. We are working as hard as we can for our
investors."
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) our ability to maintain
compliance with the filing requirements of the SEC and the Nasdaq
Stock Market, and (vii) 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.
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.