HOUSTON, July 9, 2020 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today reported sales for its
Nightclubs and Bombshells restaurants for the Fiscal 2020 third
quarter ended June 30, 2020.
Sales Data*
($ in
millions)
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3Q20
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3Q19
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Bombshells
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$8.5
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$8.8
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Nightclubs
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$5.8
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$37.5
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Total
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$14.3
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$46.2
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* Current and historical Bombshells and Nightclubs sales data
do not include non-core operations.
- Sales are not directly comparable to the year-ago quarter. All
48 locations were closed in April
2020 due to the coronavirus pandemic. Following changing
regional conditions and government regulations, we were able to
reopen 11 locations by May 15, a
total of 34 by May 31, a total of 40
by June 15, and back down to a total
of 29 at the end of 3Q20, as indicated in our prior news
releases.
- Reopened locations were also subject to COVID-19 occupancy and
other restrictions. Not all reopened clubs were able to operate at
their full hourly and daily schedules. Some locations voluntarily
closed temporarily for sanitizing and deep cleaning following CDC
guidelines.
- No location was open enough days to be included in the 3Q20
same-store sales base.
CEO Comment
Eric Langan, President & CEO,
said, "We believe our 3Q20 sales demonstrate the resiliency of our
business based on the geographic diversity and variety of formats
of our subsidiary locations.
"They also illustrate the impressive efforts of our
subsidiaries' staff to return after being furloughed in March,
quickly reopen locations when they could, and deal with the
challenges the new normal presents. A huge round of thanks is in
order.
"We greatly appreciate the loyalty of our customers. Bombshells
guests came back within a week as we reopened older locations and
the two new ones in the Houston
area (Katy in October 2019 and US 59 in January 2020). Similarly, the under-40
demographic returned to our nightclubs right away while the over-40
crowd took a couple of weeks more to see that our subsidiaries were
following all safety regulations.
"There will no doubt continue to be some ups and downs over
what's allowed to open and what's not. For example, Tootsie's
Cabaret Miami, which generated more than $400,000 in sales the week it was open in June,
did not reopen as anticipated this week due to changing conditions
in South Florida.
"However, we continue to believe that based on a combination of
revenues generated, locations currently operating and those
anticipated to reopen, plus cash on hand, we are well positioned to
weather temporary closings due to regional conditions. We
anticipate filing our 10-Q and reporting more detailed results for
3Q20 on August 10."
Other Notes
- Sales numbers are preliminary and subject to final
closing.
- All references to the "company," "we," "our," and similar terms
include RCI Hospitality Holdings, Inc. and its subsidiaries, unless
the context indicates otherwise.
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, (vii) the impact of the coronavirus pandemic, and
(viii) 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
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SOURCE RCI Hospitality Holdings, Inc.