HOUSTON, Feb. 11, 2019 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today reported results for the Fiscal
2019 first quarter ended December 31,
2018 and the filing of its 10-Q.
1Q19 vs. 1Q18
- Diluted EPS of $0.65 compared to
$1.47
- Diluted Non-GAAP* EPS of $0.61
compared to $0.53
- 1Q19 GAAP results included $1.2
million pre-tax gain on the sale of three non-income
producing assets and $447K pre-tax
non-operating loss reflecting the implementation of a new
accounting standard
- 1Q18 GAAP results included $9.7
million deferred tax credit due to the new tax law and
$827K in interest expense for debt
issuance costs write-off and prepayment penalties related to a bank
refinancing
- Free cash flow (FCF) totaled $11.1
million based on net cash provided by operating activities
of $11.5 million, less maintenance
capital expenditures of $0.4
million
- Total revenues of $44.0 million
compared to $41.2 million on 46 and
45 units, respectively
Other News
- RCI reactivated its share buyback program in line with its
capital allocation strategy, acquiring 28,211 shares from
October 2018 to January 2019 for $660,000, or an average price of $23.39
- A subsidiary sold another non-income producing asset for an
estimated $383K pre-tax gain in late
January
Conference Call Today at 4:30 PM
ET
- A conference call to discuss 1Q19 results, outlook and related
matters will be held today at 4:30 PM
ET
- Live Participant Dial In: Toll Free at 877-407-9210 and
International at 201-689-8049
- To access the live webcast, slides or replay, visit:
https://www.investornetwork.com/event/presentation/42936
- Phone replay: Toll Free at 877-481-4010 and International at
919-882-2331 (Passcode: 42936)
CEO Comment
"We generated strong first quarter results," said Eric Langan, President & CEO. "Total
revenues increased 6.8% year over year, led by our Nightclubs
segment, with increases of 4.3% in same-store sales, 7.1% in total
revenues, and only a partial quarter contribution from newly
acquired clubs in Chicago and
Pittsburgh.
"Non-GAAP operating income increased 9.9% as operating margin
expanded 64 basis points due to increased operating leverage from
higher revenues, in particular, higher service revenues, which were
up 9.1%. This was despite legal, advertising and marketing costs
related to the acquisitions of new clubs. Accordingly, non-GAAP EPS
increased 15.1% to $0.61 and free
cash flow increased 47.0% to $11.1
million.
"In line with our capital allocation strategy, during and
subsequent to 1Q19 we reinitiated our buyback program, acquiring
28,211 shares in the open market, and sold four non-income
producing assets for approximately $3.3
million.
"We look forward to the balance of the year. Our FY19 plan calls
for:
- Continuing to integrate our new clubs in Chicago and Pittsburgh
- Opening three more Bombshells Restaurant & Bars in the
Houston area
- Improving Bombshells same-store sales
- Selling excess land developed around several of the new
Bombshells
- Further reducing costs, and
- Continuing our capital allocation strategy as it applies to
buybacks."
Asset Management
- 1Q19: Subsidiaries sold the former Club Onyx
Philadelphia business, the company's former office in Houston, and a small parcel in San Antonio for a total of $1.9 million, consisting of $1.2 million in cash and $625K in a 9%, 10-year note receivable, for a
pre-tax gain of $1.2 million. Most of
the cash proceeds were used to pay down $945K in bank debt on the real estate sold.
- January 2019: A subsidiary
sold an excess parking lot near the site of the former Club Onyx
Dallas for $1.4 million, consisting
of $250K in cash and $1.15 million in an 8%, 3-year note receivable,
for an estimated preliminary pre-tax gain of approximately
$383K, after closing costs.
1Q19 REVIEW (All comparisons to year ago periods
unless otherwise noted)
- Total Revenues: Total revenues of $44.0 million rose $2.8
million. By revenue line, growth reflected increases of
$1.4 million (+9.1%) in service,
$505K (+2.8%) in alcoholic beverages,
$481K (+21.8%) in other, and
$383K (+7.2%) in food. The other
increase reflected the continued revitalization of Drink
Robust.
- Operating Income: Operating income increased 21.8% to
$11.1 million (25.3% of revenues)
from $9.1 million (22.2%). Expenses
increased $819K, but as a percent of
revenues, declined 310 basis points to 74.7%. Most of the dollar
increase reflected the addition of two nightclubs and legal,
advertising and marketing costs related to their acquisition. This
was partially offset by net gains of $1.1
million primarily from the sale of non-income producing
assets. On a non-GAAP basis, which excludes such gains as well as
other items in both periods, operating income increased 9.9% to
$10.2 million compared to
$9.3 million, and operating margin
expanded to 23.1% compared to 22.5%.
- Nightclubs Segment: Revenues of $37.7 million increased 7.1%, with 39 units
compared to 40. Same-store sales increased 4.3%. New clubs added
approximately $1.9 million from
acquisitions. Operating income increased 15.1% to $15.4 million (40.8% of revenues) from
$13.4 million (38.0%). Operating
income included the gain on sale of the former Club Onyx
Philadelphia business. On a non-GAAP basis, operating income
increased 6.6% to $14.3 million from
$13.4 million, with operating margin
approximately level at 37.8% compared to 38.0%.
- Bombshells Segment: Revenues of $6.0 million increased 3.2%, with 7 units
compared to 5. New units added approximately $1.4 million from Houston area locations opened in April 2018 (Pearland) and December
19th (I-10). This more than offset the previously reported
decline in comparable same-store sales of 20.5%, which reflected in
part tough year-over-year comparisons to business generated in
October 2017 when the Houston Astros
won the pro baseball championship. As a result of reduced operating
leverage, segment income was $119K
(2.0% of revenues) compared to $891K
(15.3%).
- Other Metrics
-
- Adjusted EBITDA of $12.0 million
increased 8.4% compared to $11.1
million.
- Occupancy Costs (rent and interest expense as a percentage of
total revenues) were 8.0% compared to 7.7%. 1Q19 reflects higher
debt raised in advance of two club acquisitions and multiple
Bombshells units under construction. 1Q18 excludes $827K in interest expense related to a bank
refinancing.
- ASU 2016-01, a newly adopted accounting guidance, required
classification to current income of the change in market value of
equity securities starting the quarter ended December 31, 2018. This resulted in the
$447K loss in non-operating
gains/losses.
- Effective Tax Rate was an expense of 22.0% compared to a
benefit of 134.3%. 1Q18 included $9.7
million deferred tax credit due to the new tax law.
- Cash and Cash Equivalents were $9.4
million at December 31, 2018
compared to $17.7 million at
September 30, 2018. The September
position included proceeds from debt used to finance the
acquisitions in November of clubs in Chicago and Pittsburgh and related real estate.
- Long-Term Debt of $153.1 million
at December 31, 2018 increased
$12.5 million from $140.6 million at September 30, 2018. The increase was primarily
due to $12.0 million in
seller-financing used to close the Chicago and Pittsburgh acquisitions.
- RCI's FY19 FCF Target of $26
million is based on estimated net cash provided by operating
activities of approximately $29
million, less projected maintenance capex of approximately
$3 million.
*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) some items that management believes
are not representative of the ongoing business operations of the
Company, but are included in (or excluded from) 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 calculate non-GAAP operating income and non-GAAP operating
margin by excluding the following items from income from operations
and operating margin: amortization of intangibles, gains or losses
on sale of assets, gain on insurance, 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 calculate non-GAAP net income and non-GAAP net income
per diluted share by excluding or including certain items to net
income attributable to RCIHH common shareholders and diluted
earnings per share. Excluded items are: amortization of
intangibles, costs and charges related to debt refinancing, income
tax expense (benefit), gains or losses on sale of assets, gain on
insurance, and settlement of lawsuits. Included item is the
non-GAAP provision for current and deferred income taxes,
calculated at 22.2% and 26.5% effective tax rate of the pre-tax
non-GAAP income before taxes for the quarter ended December 31, 2018 and 2017, respectively. We
believe that excluding and including such items help management and
investors better understand our operating activities.
- Adjusted EBITDA. We calculate adjusted EBITDA by
excluding the following items from net income attributable to RCIHH
common shareholders: depreciation expense, amortization of
intangibles, income tax expense (benefit), net interest expense,
gains or losses on sale of assets, gain on insurance, and
settlement of lawsuits. We believe that adjusting for such items
helps management and investors better understand our 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 are subject to change due to weather,
which could affect construction schedules, and scheduling of final
municipal inspections.
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, 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.
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RCI HOSPITALITY
HOLDINGS, INC.
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
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(in thousands, except
per share data)
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|
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For the Three
Months Ended December 31,
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2018
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2017
|
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Amount
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|
% of
Revenue
|
|
Amount
|
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% of
Revenue
|
Revenues
|
|
|
|
|
|
|
|
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|
Sales of alcoholic
beverages
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|
$
18,310
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41.6%
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$
17,805
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43.2%
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|
Sales of food and
merchandise
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5,690
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12.9%
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|
5,307
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12.9%
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Service
revenues
|
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17,331
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39.4%
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15,889
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38.6%
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Other
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2,692
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6.1%
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|
2,211
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5.4%
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|
|
Total
revenues
|
|
44,023
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|
100.0%
|
|
41,212
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|
100.0%
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Operating
expenses
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Cost of goods
sold
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Alcoholic beverages
sold
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3,736
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20.4%
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|
3,755
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21.1%
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Food and merchandise
sold
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1,984
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34.9%
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|
2,094
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|
39.5%
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|
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Service and
other
|
|
92
|
|
0.5%
|
|
36
|
|
0.2%
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|
|
|
Total cost of goods
sold (exclusive of items shown below)
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|
5,812
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13.2%
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|
5,885
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|
14.3%
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Salaries and
wages
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|
12,096
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27.5%
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|
11,377
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27.6%
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Selling, general and
administrative
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|
14,027
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31.9%
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|
12,812
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31.1%
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Depreciation and
amortization
|
|
2,053
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|
4.7%
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|
1,909
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|
4.6%
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|
Other charges
(gains), net
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|
(1,097)
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-2.5%
|
|
89
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|
0.2%
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|
|
Total operating
expenses
|
|
32,891
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74.7%
|
|
32,072
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77.8%
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Income from
operations
|
|
11,132
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|
25.3%
|
|
9,140
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|
22.2%
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Other income
(expenses)
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|
|
|
|
|
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Interest
expense
|
|
(2,521)
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-5.7%
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(3,079)
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-7.5%
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Interest
income
|
|
51
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|
0.1%
|
|
67
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|
0.2%
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Non-operating
loss
|
|
(447)
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-1.0%
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-
|
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0.0%
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Income before income
taxes
|
|
8,215
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18.7%
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|
6,128
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|
14.9%
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Income tax expense
(benefit)
|
|
1,811
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|
4.1%
|
|
(8,227)
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-20.0%
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Net income
|
|
6,404
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|
14.5%
|
|
14,355
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|
34.8%
|
Net income
attributable to noncontrolling interests
|
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(60)
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-0.1%
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|
(44)
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-0.1%
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Net income
attributable to RCIHH common shareholders
|
|
$
6,344
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14.4%
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$
14,311
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34.7%
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Earnings per
share
|
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Basic
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$
0.65
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$
1.47
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Diluted
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$
0.65
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|
|
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$
1.47
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Weighted average
shares outstanding
|
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|
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Basic
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9,713
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9,719
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Diluted
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9,713
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9,719
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Dividends per
share
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$
0.03
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|
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$
0.03
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RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP FINANCIAL
MEASURES
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(in thousands, except
per share and percentage data)
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For the Three
Months
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Ended December
31,
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2018
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2017
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Reconciliation of
GAAP net income to Adjusted EBITDA
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|
|
|
|
Net income
attributable to RCIHH common shareholders
|
|
$
6,344
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$
14,311
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Income tax expense
(benefit)
|
|
1,811
|
|
(8,227)
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Interest expense,
net
|
|
2,470
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|
3,012
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Settlement of
lawsuits
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|
60
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27
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Loss (gain) on sale
of assets
|
|
(1,157)
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|
82
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Unrealized loss on
equity securities
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447
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-
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Gain on
insurance
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-
|
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(20)
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Depreciation and
amortization
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2,053
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|
1,909
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Adjusted
EBITDA
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$
12,028
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$
11,094
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|
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Reconciliation of
GAAP net income to non-GAAP net income
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Net income
attributable to RCIHH common shareholders
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$
6,344
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$
14,311
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Amortization of
intangibles
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|
156
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48
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Income tax expense
(benefit)
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|
1,811
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|
(8,227)
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Settlement of
lawsuits
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|
60
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27
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Loss (gain) on sale
of assets
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|
(1,157)
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|
82
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Unrealized loss on
equity securities
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|
447
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|
-
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Gain on
insurance
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-
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(20)
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Costs and charges
related to debt refinancing
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-
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827
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Non-GAAP income tax
expense
|
|
(1,701)
|
|
(1,868)
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Non-GAAP net
income
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|
$
5,960
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|
$
5,180
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|
|
|
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Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
|
|
|
Diluted
shares
|
|
9,713
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|
9,719
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GAAP diluted earnings
per share
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|
$
0.65
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|
$
1.47
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Amortization of
intangibles
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|
0.02
|
|
0.00
|
Income tax expense
(benefit)
|
|
0.19
|
|
(0.85)
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Settlement of
lawsuits
|
|
0.01
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|
0.00
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Loss (gain) on sale
of assets
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|
(0.12)
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|
0.01
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Unrealized loss on
equity securities
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|
0.05
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-
|
Gain on
insurance
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|
-
|
|
(0.00)
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Costs and charges
related to debt refinancing
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|
-
|
|
0.09
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Non-GAAP income tax
expense
|
|
(0.18)
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|
(0.19)
|
Non-GAAP diluted
earnings per share
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|
$
0.61
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|
$
0.53
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|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
|
|
|
|
Income from
operations
|
|
$
11,132
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|
$
9,140
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Amortization of
intangibles
|
|
156
|
|
48
|
Settlement of
lawsuits
|
|
60
|
|
27
|
Loss (gain) on sale
of assets
|
|
(1,157)
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|
82
|
Gain on
insurance
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|
-
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|
(20)
|
Non-GAAP operating
income
|
|
$
10,191
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|
$
9,277
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|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
|
|
|
|
GAAP operating
margin
|
|
25.3%
|
|
22.2%
|
Amortization of
intangibles
|
|
0.4%
|
|
0.1%
|
Settlement of
lawsuits
|
|
0.1%
|
|
0.1%
|
Loss (gain) on sale
of assets
|
|
-2.6%
|
|
0.2%
|
Gain on
insurance
|
|
0.0%
|
|
0.0%
|
Non-GAAP operating
margin
|
|
23.1%
|
|
22.5%
|
|
|
|
|
|
Reconciliation of
GAAP net cash provided by operating activities to non-GAAP free
cash flow
|
|
|
Net cash provided by
operating activities
|
|
$
11,452
|
|
$
8,145
|
Less: Maintenance
capital expenditures
|
|
376
|
|
608
|
Free cash
flow
|
|
$
11,076
|
|
$
7,537
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
|
Ended December
31,
|
|
|
|
2018
|
|
2017
|
Revenues
|
|
|
|
|
|
Nightclubs
|
|
$
37,728
|
|
$
35,218
|
|
Bombshells
|
|
6,013
|
|
5,828
|
|
Other
|
|
282
|
|
166
|
|
|
|
$
44,023
|
|
$
41,212
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
Nightclubs
|
|
$
15,387
|
|
$
13,371
|
|
Bombshells
|
|
119
|
|
891
|
|
Other
|
|
(119)
|
|
(137)
|
|
General
corporate
|
|
(4,255)
|
|
(4,985)
|
|
|
|
$
11,132
|
|
$
9,140
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31, 2018
|
|
For the Three
Months Ended December 31, 2017
|
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
Income from
operations (loss)
|
|
$
15,387
|
|
$
119
|
|
$ (119)
|
|
$ (4,255)
|
|
$
11,132
|
|
$
13,371
|
|
$
891
|
|
$ (137)
|
|
$ (4,985)
|
|
$
9,140
|
Amortization of
intangibles
|
|
-
|
|
-
|
|
-
|
|
156
|
|
156
|
|
-
|
|
-
|
|
-
|
|
48
|
|
48
|
Settlement of
lawsuits
|
|
45
|
|
3
|
|
-
|
|
12
|
|
60
|
|
27
|
|
-
|
|
-
|
|
-
|
|
27
|
Loss (gain) on sale
of assets
|
|
(1,152)
|
|
-
|
|
(5)
|
|
-
|
|
(1,157)
|
|
-
|
|
-
|
|
-
|
|
82
|
|
82
|
Gain on
insurance
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(20)
|
|
(20)
|
Non-GAAP operating
income (loss)
|
|
$
14,280
|
|
$
122
|
|
$ (124)
|
|
$ (4,087)
|
|
$
10,191
|
|
$
13,398
|
|
$
891
|
|
$ (137)
|
|
$ (4,875)
|
|
$
9,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
|
40.8%
|
|
2.0%
|
|
-42.2%
|
|
-9.7%
|
|
25.3%
|
|
38.0%
|
|
15.3%
|
|
-82.5%
|
|
-12.1%
|
|
22.2%
|
Non-GAAP operating
margin
|
|
37.8%
|
|
2.0%
|
|
-44.0%
|
|
-9.3%
|
|
23.1%
|
|
38.0%
|
|
15.3%
|
|
-82.5%
|
|
-11.8%
|
|
22.5%
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
|
2018
|
|
2018
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
9,387
|
|
$
17,726
|
|
Accounts receivable,
net
|
|
5,583
|
|
7,320
|
|
Inventories
|
|
2,578
|
|
2,353
|
|
Prepaid
insurance
|
|
3,603
|
|
4,910
|
|
Other current
assets
|
|
1,560
|
|
1,591
|
|
Assets held for
sale
|
|
2,356
|
|
2,902
|
|
|
Total current
assets
|
|
25,067
|
|
36,802
|
Property and
equipment, net
|
|
187,502
|
|
172,403
|
Notes
receivable
|
|
3,467
|
|
2,874
|
Goodwill
|
|
54,731
|
|
43,591
|
Intangibles,
net
|
|
77,289
|
|
71,532
|
Other
assets
|
|
1,466
|
|
2,530
|
|
|
|
Total
assets
|
|
$
349,522
|
|
$
329,732
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
2,357
|
|
$
2,825
|
|
Accrued
liabilities
|
|
11,940
|
|
11,973
|
|
Current portion of
long-term debt
|
|
14,898
|
|
19,047
|
|
|
Total current
liabilities
|
|
29,195
|
|
33,845
|
Deferred tax
liability, net
|
|
21,473
|
|
19,552
|
Long-term debt, net
of current portion
|
|
138,197
|
|
121,580
|
Other long-term
liabilities
|
|
1,567
|
|
1,423
|
|
|
Total
liabilities
|
|
190,432
|
|
176,400
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
Common
stock
|
|
97
|
|
97
|
|
Additional paid-in
capital
|
|
63,857
|
|
64,212
|
|
Retained
earnings
|
|
95,179
|
|
88,906
|
|
Accumulated other
comprehensive income
|
|
-
|
|
220
|
|
|
Total RCIHH
stockholders' equity
|
|
159,133
|
|
153,435
|
|
Noncontrolling
interests
|
|
(43)
|
|
(103)
|
|
|
Total stockholders'
equity
|
|
159,090
|
|
153,332
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
349,522
|
|
$
329,732
|
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or
gary.fishman@anreder.com and steven.anreder@anreder.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/rci-reports-1q19-results-and-files-10-q-300793424.html
SOURCE RCI Hospitality Holdings, Inc.