HOUSTON, Oct. 11,
2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc.
(Nasdaq: RICK) reported sales for its Nightclubs and Bombshells
restaurants of $70.0 million for the
fiscal fourth quarter ended September 30,
2022, a 28.8% year-over-year increase. Sales do not include
non-core operations and are preliminary and subject to final
closing. Full 4Q22 and FY22 financial results are expected by
December 14.
Eric Langan, President & CEO
of RCI, said: "Fourth quarter Nightclub sales benefited from
same-store growth and acquisitions. Bombshells had a soft July, but
sales improved through the quarter and were up 7.4% year-over-year
in September. Altogether, total club and restaurant sales nearly
rivaled our strong 3Q22 performance even though the fourth quarter
is typically our weakest. As sales return to traditional seasonal
patterns, we look forward to a strong 1Q23."
RCI also announced it bought back 54,473 shares for $3.0 million in 4Q22 and ended FY22 with
approximately $35.6 million cash and
cash equivalents after making the share repurchases as well as
$12.6 million in 4Q22 payments to
acquire clubs and property for new Bombshells locations.
Club & Restaurant Sales ($ in
Millions)
|
4Q22 Total
Sales
|
Total Sales vs.
4Q21
|
Same-Store Sales vs.
4Q21
|
Combined
|
$70.0
|
+28.8 %
|
-1.3 %
|
Nightclubs
|
$56.1
|
+40.4 %
|
+3.2 %
|
Bombshells
|
$13.9
|
-3.6 %
|
-13.3 %
|
|
FY22 Total
Sales
|
Total Sales vs.
FY21
|
Same-Store Sales vs.
FY21
|
Combined
|
$264.3
|
+37.4 %
|
+5.6 %
|
Nightclubs
|
$204.5
|
+50.6 %
|
+10.1 %
|
Bombshells
|
$59.8
|
+5.5 %
|
-4.6 %
|
Share Buybacks
|
4Q22
|
FY22
|
FY15-22
|
Repurchased
Shares
|
54,473
|
268,185
|
2,049,032
|
Total Cash Used for
Repurchase ($M)
|
$3.0
|
$15.1
|
$40.0
|
Average Price Per
Share
|
$55.80
|
$56.29
|
$19.51
|
Notes
- New club acquisitions contributed sales of $14.9 million in 4Q22 and $41.9 million in FY22. Fifteen clubs were
acquired in FY22: 11 in October, one in November, one in May, one
at the end of July, and one that was acquired the end of July that
reopened the end of August.
- Northern clubs continued to rebound. Sales also included
results from two renamed and reformatted clubs -- Scarlett's
Cabaret San Antonio, which opened mid-September, and Scarlett's
Cabaret Louisiana, which opened March. Both were closed in the
year-ago fourth quarter.
- Bombshells Arlington
contributed sales of $1.4 million in
4Q22 and $5.7 million since its
December opening.
- The COVID pandemic first impacted sales in RCI's 2Q20. All
locations were required to close mid-March
2020. Bombshells and some Nightclubs began to reopen
May 2020. All Nightclubs were not
fully reopened to their full operating hours until 4Q21. 3Q22 was
the first period since 1Q20 not affected by COVID.
- Available stock purchase authorization at year-end FY22 was
$18.9 million.
- Revenues from non-core operations, such as third-party rents,
Bombshells franchise fees, and Other segment revenues, are not
included in Nightclubs and Bombshells sales above.
- All references to "RCI Hospitality Holdings, Inc.," "company,"
"we," "our," and similar terms refer to RCI and/or its
subsidiaries, unless the context indicates otherwise.
About RCI Hospitality Holdings,
Inc. (Nasdaq: RICK) www.rcihospitality.com
With more than 60 units, RCI Hospitality Holdings, Inc., through
its subsidiaries, is the country's leading company in adult
nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort
Worth, Houston,
Miami, Minneapolis, Denver, St.
Louis, Charlotte,
Pittsburgh, Raleigh, Louisville, and other markets operate under
brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret,
Jaguars Club, Tootsie's Cabaret, Scarlett's Cabaret, Diamond
Cabaret, PT's Showclub, and Cheetah Gentlemen's Club. Sports
bars/restaurants operate under the brand name Bombshells Restaurant
& Bar.
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,
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,
2021, 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
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SOURCE RCI Hospitality Holdings, Inc.