PR Newswire
HOUSTON, March 7, 2018
HOUSTON, March 7, 2018 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced it has filed its 10-Q for the Fiscal 2018 first quarter ended December 31, 2017. The company also announced continued strong core 1Q18 results.
1Q18 vs. 1Q17
FY18 Outlook
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CEO Comment
"We are pleased to report results and file our 10-Q for the December quarter, making us current in all of our required filings with the SEC," said Eric Langan, President & CEO.
"We generated strong first quarter results. Total revenues increased 22.1% year over year due to a 16.0% increase from new units and a 6.9% increase in same-store sales. Non-GAAP operating income rose 44.0% as non-GAAP operating margin expanded 340 basis points. This reflected increased operating leverage and an overall improved portfolio of clubs and restaurants. GAAP EPS increased to $1.47 from $0.30, non-GAAP EPS increased 71.0% to $0.53 from $0.31, and free cash flow grew 47.0% to $7.5 million, keeping us firmly on track with our recently upwardly revised $23 million FY18 FCF target.
"Operating income included approximately $500 thousand in additional expenses related to transitioning to our new financial reporting system and working to complete our year-end audit. Interest expense included $827 thousand in debt issuance costs and prepayment penalties related to closing the new bank loan. All of these expenses were more than offset by a $9.7 million reduction of deferred tax liability as a consequence of the new Tax Cuts and Jobs Act. Our non-GAAP calculations exclude the $827 thousand in interest and $9.7 million tax benefit.
"Looking ahead, positive revenue trends have continued through 2Q18 to date. As we most recently reported, in January, business was good even with some bad weather. In February, we had good sales related to the pro football championship in multiple markets. In March, major college basketball tournaments in New York City and in Charlotte are expected to benefit our four clubs in those markets.
"Our FY18 plan continues to be opening a new Bombshells by the end of the current quarter. This would be the first of three new Bombshells in development in the Houston area. As a result of the Tax Cuts and Jobs Act, for the full year FY18 we anticipate an effective federal tax rate of 24.5% and a total effective tax rate of 26.5%, which includes state and local taxes."
1Q18 Analysis (comparisons to 1Q17, unless otherwise noted)
Total Revenues
Operating Income & Margin
Nightclubs Segment
Bombshells Segment
Other Metrics
*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 items that management believes are not representative of the ongoing business operations of the Company, but are included 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:
Notes
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 | ||
| | | | | Ended December 31, | ||
| | | | | 2017 | | 2016 |
Revenues | | | | | |||
| Sales of alcoholic beverages | | $17,805 | | $14,375 | ||
| Sales of food and merchandise | | 5,307 | | 4,207 | ||
| Service revenues | | 15,889 | | 13,475 | ||
| Other | | 2,211 | | 1,682 | ||
| | | Total revenues | | 41,212 | | 33,739 |
Operating expenses | | | | | |||
| Cost of goods sold | | | | | ||
| | Alcoholic beverages sold | | 3,755 | | 3,168 | |
| | Food and merchandise sold | | 2,094 | | 1,653 | |
| | Service and other | | 36 | | 60 | |
| | | Total cost of goods sold (exclusive of items shown separately below) | | 5,885 | | 4,881 |
| | | | | | | |
| Salaries and wages | | 11,377 | | 9,652 | ||
| Selling, general and administrative | | 12,812 | | 11,193 | ||
| Depreciation and amortization | | 1,909 | | 1,618 | ||
| Other charges, net | | 89 | | 62 | ||
| | | Total operating expenses | | 32,072 | | 27,406 |
Income from operations | | 9,140 | | 6,333 | |||
Other income (expenses) | | | | | |||
| Interest expense | | (3,079) | | (2,015) | ||
| Interest income | | 67 | | 37 | ||
Income before income taxes | | 6,128 | | 4,355 | |||
Income tax expense (benefit) | | (8,227) | | 1,450 Werbung Mehr Nachrichten zur RCI Hospitality Holdings Aktie kostenlos abonnieren
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