Drmicrocap
9年前
RCI Continues Rebound with 2Q16 EPS at $0.54 GAAP & $0.40 Non-GAAP
PR Newswire RCI Hospitality Holdings, Inc.
May 10, 2016 4:05 PM
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HOUSTON, May 10, 2016 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (RICK) today announced its performance continued to rebound in the fiscal 2016 second quarter ended March 31, 2016.
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.RCI Hospitality Holdings Corporate Logo (PRNewsFoto/RCI Hospitality Holdings, Inc.)
2Q16 Highlights
GAAP EPS diluted was $0.54, which included a $1.75 million tax credit. Excluding non-recurring items, non-GAAP* EPS diluted was $0.40.
In the year ago quarter, GAAP EPS was a loss of ($0.28), which included a $10.3 million pre-tax expense for a legal settlement. Non-GAAP EPS diluted was $0.44. 2Q15 was a record quarter for sales and non-GAAP earnings.
2Q16 results reflect a continued recovery in performance following a falloff after 2Q15.
2Q16 free cash flow (FCF) totaled $6.4 million, the second largest quarter on record, and $10.3 million for the first half of FY16.
As a result, RCI has revised its FY16 FCF target upward to $16-$19 million from $15-18 million.
Cash Dividend & Share Buy Backs
RCI accelerated its share buyback program in FY16, taking advantage of its strong FCF to return capital to shareholders.
Through April 30, 2016, the company purchased 566,921 common shares to date in FY16 at a cost of $5.4 million, reducing shares outstanding to 9.889 million from 10.348 million a year ago.
RCI yesterday announced a $5.0 million increase in its authorization to repurchase common shares, resulting in a total of $6.2 million available to buy back stock.
RCI also announced yesterday the company's 3Q16 $0.03 dividend will be paid June 27, 2016 to shareholders of record June 10, 2016.
Conference Call
A conference call to discuss these results, outlook and related matters will be held today at 4:30 PM ET
Dial In: 877-407-9210 (toll free) or 201-689-8049 (domestic or international)
Webcast URL: http://www.investorcalendar.com/event/174973
Meet Management Tonight
Eric Langan, President & CEO, invites investors to meet management and tour one of the company's top clubs.
When: Tonight, May 10, 2016, 6:00 PM to 8:00 PM ET
Where: Rick's Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and Broadway
RSVP: With your contact information to gary.fishman@anreder.com
CEO Comment
"We are pleased 2Q16 revenues, margins, profits and free cash flow performed better than our original expectations," Mr. Langan said.
"This is especially encouraging as we were up against our largest sales quarter ever in the year ago period. Moreover, two clubs were closed in 2Q16 undergoing reformatting and remodeling.
"Our FY16 plan is to continue to grow margins, EPS and FCF on what we expect to be flattish revenues on an annual basis, while adhering to our capital allocation policy.
"Costs as a percentage of revenues are going down. Operating margin has improved two quarters in a row.
"Sales are moving in the right direction. Same store sales were nearly level with the year-ago quarter. 3Q16 should benefit from reopening of the two reformatted clubs, and we anticipate opening the first sports-themed club in Manhattan in 4Q16.
"As a result of our first six months' performance, we have increased our FY16 free cash flow target to $16-$19 million.
"The company remains committed to our capital allocation policy of using FCF to enhance shareholder value through share repurchases and dividends. As part of this policy, we will continue to evaluate the risk adjusted returns on capital expenditures or acquisitions relative to the after tax yield on free cash flow we can obtain by repurchasing our own shares.
"While opportunities may arise to acquire or open new units or pay down debt ahead of schedule, we generally believe the best allocation of our capital is the risk-adjusted, after-tax, FCF yield of buying our own shares as long as our stock stays at this low valuation relative to RCI's cash flow generation."
2Q16 Analysis
Total Revenues
Total revenues of $34.4 million increased $0.9 million or 2.8% from 1Q16, reflecting improvements in almost all major categories.
High-margin service revenues increased $0.6 million or 4.5% from 1Q16 as club customers began to spend more per visit and new marketing strategies started to prove effective. Food sales increased $0.3 million or 6.3% from 1Q16 due to Bombshells' growing business.
Same store sales of $32.9 million declined only 0.9% year over year, representing a significant increase from our performance in 1Q16 and 4Q15.
Operating Income & Margin
Income from operations was $7.6 million, or 22.0% of revenues, up from 17.1% in 1Q16.
Excluding non-recurring items, non-GAAP operating income was $7.9 million, or 23.1% of revenues, up from 19.7% in 1Q16.
The improvement in operating income as compared to 1Q16 reflects the increase in sales, in particular service revenues, as well as reduced costs as a percentage of revenues.
2Q16 Segment Analysis
Nightclubs
Sales of $29.1 million compared to $29.9 in the year ago quarter, with 36 units in operation compared to 40.
Operating income was $9.7 million, or 33.5% of revenues, compared to a loss of ($0.8) million, or (2.7%), in 2Q15.
Non-GAAP operating income was $9.8 million, or 33.7% of revenues, compared to $9.5 million, or 31.7%, in 2Q15.
Bombshells
Sales of $4.6 million compared to $4.4 million in the year ago quarter, with five units in operation in both periods.
Operating income was $0.64 million compared to $0.46 million in 2Q15.
Operating margin was 13.9% compared to 10.3% in 2Q15.
2Q16 Other Metrics
Occupancy Costs: Occupancy costs, which the company measures as a combination of rent plus interest expense, declined to 8.2% of revenues compared to 8.5% in 2Q15. The decline reflects significantly lower rent due to the acquisitions of club real estate in New York City in early 2Q16 and of Miami Gardens in 4Q15.
Effective Tax Rate: $1.75 million was deducted from income tax expense, due to the benefit of certain FICA credits not previously claimed. Excluding this deduction, RCI would have paid an effective tax rate of 36.6%.
Adjusted EBITDA & Free Cash Flow: RCI's cash generating power, as reflected by adjusted EBITDA, amounted to $9.7 million compared to $8.2 million in 1Q16. As a result, RCI generated FCF of $6.4 million compared to $3.9 million in 1Q16.
Balance Sheet (March 31, 2016 compared to December 31, 2015): Total stockholders' equity increased to $131.9 million from $128.2 million due to the increase in retained earnings partially offset by share buy backs.
*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 some non-recurring charges that 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:
Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, gains and losses from asset sales, gain on settlement of patron tax issue, impairment of assets, pre-opening costs, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from operating income.
Non-GAAP Net Income and Non-GAAP Net Income per Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from net income.
Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, pre-opening costs, acquisition costs, litigation and other one-time legal settlements, gain on settlement of patron tax case, gain on contractual debt reduction and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
Other Notes
Starting with 1Q16, total revenues (including prior comparable periods) are being reported net of sales taxes and other revenue related taxes, RCI having chosen to early adopt new revenue accounting standards.
Free cash flow is defined as cash flows from operating activities less maintenance capex.
Unit counts are at period end.
About RCI Hospitality Holdings, Inc. (RICK)
With 43 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports bars/restaurants operate under the brand name "Bombshells." 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.
RCI HOSPITALITY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS
FOR THE SIX MONTHS
ENDED MARCH 31,
ENDED MARCH 31,
(in thousands, except per share data)
2016
2015
2016
2015
(UNAUDITED)
(UNAUDITED)
Revenues:
Sales of alcoholic beverages
$
14,581
$
14,311
$
29,178
$
28,316
Sales of food and merchandise
4,609
4,837
8,943
9,670
Service revenues
13,205
13,847
25,846
27,376
Other
2,001
1,994
3,904
3,832
Total revenues
34,396
34,989
67,871
69,194
Operating expenses:
Cost of goods sold
5,227
5,381
10,411
10,492
Salaries and wages
7,917
8,115
16,052
16,147
Stock compensation
120
120
240
240
Other general and administrative:
Taxes and permits
3,274
3,288
6,501
6,399
Charge card fees
557
544
1,170
1,091
Rent
859
1,184
1,807
2,325
Legal and professional
982
1,064
2,087
2,023
Advertising and marketing
1,225
1,312
2,530
2,679
Insurance
907
801
1,781
1,621
Utilities
694
708
1,404
1,442
Depreciation and amortization
1,826
1,886
3,643
3,531
(Gain) loss on sale of property and marketable securities
(127)
(18)
(127)
(18)
Impairment of assets
-
-
-
1,358
Settlement of lawsuits and other one-time costs
62
10,303
602
10,550
Other
3,323
2,917
6,503
5,790
Total operating expenses
26,846
37,605
54,604
65,670
Operating income (loss)
7,550
(2,616)
13,267
3,524
Other income (expense):
Interest income
1
26
3
39
Interest expense
(1,965)
(1,783)
(3,878)
(3,402)
Gain from acquisition of controlling interest in subsidiary
-
-
-
577
Income (loss) before income taxes
5,586
(4,373)
9,392
738
Income taxes (benefit)
293
(1,265)
1,660
581
Net income (loss)
5,293
(3,108)
7,732
157
Less: net loss attributable to noncontrolling interests
212
267
325
362
Net income (loss) attributable to RCI Hospitality Holdings, Inc.
$
5,505
$
(2,841)
$
8,057
$
519
Basic earnings (loss) per share attributable to RCIHH shareholders:
Net income
$
0.55
$
(0.28)
$
0.79
$
0.05
Diluted earnings (loss) per share attributable to RCIHH shareholders:
Net income
$
0.54
$
(0.28)
$
0.78
$
0.05
Weighted average number of common shares outstanding:
Basic
10,013
10,275
10,154
10,269
Diluted
10,215
10,275
10,356
10,273
Dividends per share
$
0.03
$
-
$
0.03
$
-
RCI HOSPITALITY HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS
FOR THE SIX MONTHS
FOR THE THREE MONTHS
ENDED MARCH 31,
ENDED MARCH 31,
ENDED DECEMBER 31,
($ in thousands, except per share data)
2016
2015
2016
2015
2015
Reconciliation of GAAP net income to Adjusted EBITDA
GAAP net income (loss)
$5,505
($2,841)
$8,057
$519
$2,552
Income tax expense
293
(1,265)
1,660
581
1,367
Interest expense and income and gain on Drink Robust investment
1,964
1,757
3,875
2,786
1,911
Litigation and other one-time legal settlements
62
10,303
602
10,550
540
Pre-opening costs
-
268
-
328
-
Acquisition costs
-
95
-
178
-
Impairment of assets
-
-
-
1,358
-
Depreciation and amortization
1,826
1,886
3,643
3,531
1,817
Adjusted EBITDA
$9,650
$10,203
$17,837
$19,831
$8,187
Reconciliation of GAAP net income (loss) to non-GAAP net income
GAAP net income (loss)
$5,505
($2,841)
$8,057
$519
$2,552
Amortization of intangibles
197
336
399
579
202
Gain on Drink Robust investment
-
-
-
(577)
-
Stock-based compensation
120
120
240
240
120
Litigation and other one-time settlements
62
10,303
602
10,550
540
Pre-opening costs
-
268
-
328
-
Income tax expense
293
(1,265)
1,660
581
1,367
Acquisition costs
-
95
-
178
-
Impairment of assets
-
-
-
1,358
-
Non-GAAP provision for income taxes
(2,120)
(2,414)
(3,751)
(4,731)
(1,673)
Non-GAAP net income
$4,057
$4,602
$7,207
$9,025
$3,108
Reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share
Fully diluted shares
10,215
10,275
10,356
10,273
10,635
GAAP net income (loss)
$0.54
($0.28)
$0.78
$0.05
$0.25
Amortization of intangibles
0.02
0.03
0.04
0.06
0.02
Gain on Drink Robust investment
-
-
-
(0.06)
-
Stock-based compensation
0.01
0.01
0.02
0.02
0.01
Litigation and other one-time settlements
0.01
1.00
0.06
1.03
0.05
Pre-opening costs
-
0.03
-
0.03
-
Income tax expense
0.03
(0.12)
0.16
0.06
0.13
Acquisition costs
-
0.01
-
0.02
-
Impairment of assets
-
-
-
0.13
-
Non-GAAP provision for income taxes
(0.21)
(0.23)
(0.36)
(0.46)
(0.16)
Non-GAAP diluted net income per share
$0.40
$0.44
$0.70
$0.88
$0.30
Reconciliation of GAAP operating income to non-GAAP operating income
GAAP operating income (loss)
$7,550
($2,616)
$13,267
$3,524
$5,717
Amortization of intangibles
197
336
399
579
202
Stock-based compensation
120
120
240
240
120
Impairment of assets
-
-
-
1,358
-
Litigation and other one-time settlements
62
10,303
602
10,550
540
Pre-opening costs
-
268
-
328
-
Acquisition costs
-
95
-
178
-
Non-GAAP operating income
$7,929
$8,506
$14,508
$16,757
$6,579
Reconciliation of GAAP operating margin to non-GAAP operating margin
GAAP operating income
22.0%
-7.5%
19.5%
5.1%
17.1%
Amortization of intangibles
0.6%
1.0%
0.6%
0.8%
0.6%
Stock-based compensation
0.3%
0.3%
0.4%
0.3%
0.4%
Impairment of assets
0.0%
0.0%
0.0%
2.0%
0.0%
Litigation and other one-time settlements
0.2%
29.4%
0.9%
15.2%
1.6%
Pre-opening costs
0.0%
0.8%
0.0%
0.5%
0.0%
Acquisition costs
0.0%
0.3%
0.0%
0.3%
0.0%
Non-GAAP operating margin
23.1%
24.3%
21.4%
24.2%
19.7%
RCI HOSPITALITY HOLDINGS, INC.
SEGMENT INFORMATION
FOR THE THREE MONTHS
FOR THE SIX MONTHS
ENDED MARCH 31,
ENDED MARCH 31,
(in thousands)
2016
2015
2016
2015
Business segment sales:
Nightclubs
$
29,062
$
29,916
$
57,514
$
59,030
Bombshells
4,629
4,448
9,008
8,982
Other
705
625
1,349
1,182
$
34,396
$
34,989
$
67,871
$
69,194
Business segment operating income (loss):
Nightclubs
$
9,734
$
(818)
$
18,195
$
6,836
Bombshells
643
457
1,245
882
Other
(799)
(724)
(1,504)
(1,189)
General corporate
(2,028)
(1,531)
(4,669)
(3,005)
$
7,550
$
(2,616)
$
13,267
$
3,524
Reconciliation of Nightclubs GAAP operating income to non-GAAP operating income
Nightclubs operating income
$
9,734
$
(818)
$
18,195
$
6,836
Impairment of assets
-
-
-
1,358
Settlement of lawsuits and other one-time costs
62
10,303
602
10,550
Nightclubs non-GAAP operating income
$
9,796
$
9,485
$
18,797
$
18,744
Nightclubs non-GAAP operating margin
33.7%
31.7%
32.7%
31.8%
Drmicrocap
10年前
RCI Hospitality Holdings, Inc. Reports Fiscal 3Q15 Results
GAAP EPS of $0.78 Up 11x YoY on Gain from Tax Settlement
RCI Hospitality Holdings, Inc.
21 hours ago
HOUSTON, Aug. 10, 2015 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (RICK) today announced results for the fiscal 2015 third quarter ended June 30, 2015.
..
View photo
.RCI HOSPITALITY HOLDINGS INC
3Q15 Highlights
•GAAP EPS diluted of $0.78 includes the previously announced gain from the settlement of the Patron Tax issue with the State of Texas. This compares to $0.07 in 3Q14.
•Non-GAAP EPS* diluted of $0.32 increased 6.7% from $0.30 in 3Q14. Non-GAAP EPS excludes the above mentioned tax settlement as well as other items from both periods for comparability.
•Total revenues of $35.8 million grew 7.3% year over year.
•$2.3 million used to buy back shares in the open market in the first nine months of Fiscal 2015.
•Company on track for a solid FY15 and another year of growth in FY16.
Conference Call
A conference call to discuss these results, outlook and related matters will be held today, August 10, 2015, at 4:30 PM ET:
•Live Participant Dial In (Toll Free): 877-407-9210
•Live Participant Dial In (International): 201-689-8049
•Webcast URL: http://www.investorcalendar.com/event/174217
Meet Management
Eric Langan, President and CEO, invites investors for a "Due Diligence Ball" to meet, talk and tour one of RCI's top revenue generating clubs.
•When: Monday, August 10, 2015, 6:00 PM to 8:00 PM ET
•Where: Vivid Cabaret New York, 61 W 37th St, NY, NY 10018, bet. 5th and 6th avenues
•RSVP: By 5:00 PM ET, August 10, 2015, with your contact information, to gary.fishman@anreder.com
CEO Comment
"We're pleased to have generated a 6.7% year over year increase in non-GAAP EPS on a 7.3% year over year in total revenues in 3Q15 despite particularly bad weather in Texas that affected sales there," said Mr. Langan.
"This underscores the soundness of our bar/restaurant strategy, reflecting Bombshells sales up more than threefold year over year; the success of new clubs and our recent acquisitions; and the elimination of some underperforming clubs last year.
"We are particularly pleased to have settled the Texas Patron Tax issue. This resulted in a pre-tax gain of $8.2 million, increasing GAAP EPS to $0.78. This gain will cover close to 80% of 2Q15's New York federal wage and hour class action settlement, which is being implemented as planned.
"Also during 3Q15, we continued to repurchase stock in the open market, reflecting confidence in our favorable outlook, combined with the market's undervaluation of our shares.
"We are on track for a solid Fiscal 2015. Year to date, total revenues are up 14.7%, adjusted EBITDA is up 16.9%, and GAAP EPS and non-GAAP EPS are both up 23.2%. With better weather, same store sales have begun to rebound in 4Q15. Recently, we acquired the retail plaza in Florida where Tootsie's Cabaret, our largest adult club subsidiary and the plaza's largest tenant, is located. We expect this transaction to also be accretive.
"We look forward to Fiscal 2016 as another year of continued growth. With all major outstanding issues behind us, we'll have the ability to apply even more cash generated toward the repurchase of shares."
3Q15 Analysis (all comparisons to 3Q14 unless otherwise noted)
Total Revenues
•Total revenues of $35.8 million compared to $33.3 million, up 7.3%.
•46 units in operation versus 43, up 7.0%.
•Same store sales declined 5.3% due to unusually severe rain and flooding in Texas that affected our nightclub segment, in particular, as previously announced.
•Units opened less than a year added $5.2 million from new adult clubs – Rick's Cabaret in Odessa, TX, the January acquisition of Down in Texas Saloon in Austin, TX, and the May acquisition of The Seville Club of Minneapolis, plus new Bombshells in Austin, Spring, and Houston, TX.
Operating Margin & Costs (as % of revenues)
•GAAP operating margin was 39.6% compared to 8.7%. 3Q15 benefitted from the $8.2 million gain from the settlement of the Texas Patron Tax. 3Q14 was adversely affected by $3.2 million from the settlement of lawsuits and other one-time costs.
•As reported, in May RCI reached a settlement with the State of Texas over payment of a Patron Tax on adult club customers. RCI agreed to pay $10.0 million in taxes owed in 84 equal monthly installments without interest and to remit the tax on a monthly basis going forward. Because RCI had accrued more than the $10 million owed, the company recorded an $8.2 million pre-tax gain in 3Q15.
•Non-GAAP operating margin, which excludes the gain and certain other non-operating items from both periods for more meaningful analysis, was 18.3% compared to 19.6%. 3Q14 primarily reflects growth of the Bombshells segment, whose margins, while growing, are less than that of the nightclub segment.
Adjusted EBITDA
•RCI's cash generating power for the quarter, as reflected by adjusted EBITDA, amounted to $8.2 million, up 6.1% from $7.7 million in the year ago quarter.
Business Segments (all comparisons to 3Q14 unless otherwise noted)
Nightclubs
•Includes 41 units, the same as in the year ago quarter.
•Sales of $30.6 million compared to $31.5 million, a 2.9% decline.
•Operating income of $17.3 million compared to $8.5 million.
•Adjusted operating income, which excludes the previously mentioned gain and certain other non-operating items from both periods for more meaningful analysis, was $9.1 million (29.8% of sales) compared to $11.8 million (37.3% of sales).
•In May, RCI subsidiaries acquired The Seville Club, a popular gentlemen's club in Minneapolis, for total consideration of $8.5 million.
•In August, an RCI subsidiary acquired the Miami Gardens Square retail plaza in Florida, where Tootsie's Cabaret is located. Total consideration of $15.3 million consisted of $3.975 million in cash and a 5.45%, $11.325 million bank loan.
Bombshells
•Includes five Bombshells, all in Texas, compared to two in the year ago quarter.
•Sales totaled $4.8 million, up from $1.6 million.
•Operating income improved to a profit of $369,000 compared to a loss of $170,000, a $539,000 turnaround.
•Operating margin expanded to 7.7% of revenues from (10.7%) and should increase as revenues continue to build and training costs subside.
Balance Sheet (June 30, 2015 compared to March 31, 2015)
•Assets increased 1.7% to $265.0 million, primarily due to the acquisition of The Seville Club and related real estate.
•Current liabilities declined 37.6% to $28.8 million and long-term debt increased 15.9% to $72.9 million, primarily due to the Texas Patron Tax settlement.
•Total permanent stockholders' equity increased 6.7% to $129.0 million, primarily reflecting the after-tax benefit of the gain from the Patron Tax Settlement and core profits.
Stock Buy Backs
•The Board of Directors increased its stock repurchase authorization to $10.0 million in May 2014.
•During 3Q15, RCI purchased 32,853 shares in the open market for an aggregate cost of $370,799, leaving $6.6 million of remaining authorization.
•For the nine months ended June 30, 2015, RCI purchased 225,280 shares at a cost of $2.3 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 some recurring charges that 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:
•Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from operating income.
•Non-GAAP Net Income and Non-GAAP Net Income per Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from net income.
•Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements, gain on settlement of patron tax case and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
Full Financial Tables
RCI's Form 10Q for the fiscal third quarter ended June 30, 2015 with full financial tables can be found on the company's corporate site at http://www.rcihospitality.com.
About RCI Hospitality Holdings, Inc. (RICK)
With 46 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult gentlemen clubs and sports bars/restaurants. Adult clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports bars/restaurants operate under the brand name "Bombshells." Please visit http://www.rcihospitality.com/
RCI Hospitality in 2015 is celebrating the 20th anniversary of its IPO – two decades of innovation in the adult club segment of the hospitality industry.
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 the operational and financial results of its Web sites, 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.
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS
FOR THE NINE MONTHS
ENDED JUNE 30,
ENDED JUNE 30,
2015
2014
2015
2014
(in thousands, except per share data)
(UNAUDITED)
(UNAUDITED)
Revenues:
Sales of alcoholic beverages
$
15,148
$
13,626
$
45,963
$
38,300
Sales of food and merchandise
5,049
4,076
15,515
11,478
Service revenues
13,870
14,035
42,623
41,112
Other
1,694
1,606
5,557
4,746
Total revenues
35,761
33,343
109,658
95,636
Operating expenses:
Cost of goods sold
5,033
4,295
15,525
12,083
Salaries and wages
8,176
7,219
24,323
20,650
Stock compensation
120
2
360
156
Other general and administrative:
Taxes and permits
5,444
5,150
16,546
14,707
Charge card fees
562
479
1,653
1,356
Rent
1,189
1,315
3,514
3,699
Legal and professional
939
1,206
2,962
2,420
Advertising and marketing
1,506
1,420
4,185
4,111
Insurance
866
1,014
2,487
2,785
Utilities
727
650
2,169
1,891
Depreciation and amortization
1,923
1,532
5,454
4,438
Loss on sale of property
178
334
160
248
Impairment of assets
-
-
1,358
-
Settlement of lawsuits and other one-time costs
10
3,233
10,560
3,503
Gain on settlement of patron tax
(8,167)
-
(8,167)
-
Other
3,103
2,602
8,893
7,624
Total operating expenses
21,609
30,451
91,982
79,671
Operating income
14,152
2,892
17,676
15,965
Other income (expense):
Interest income
-
-
39
112
Interest expense
(1,630)
(2,060)
(5,032)
(5,996)
Gain from original investment in Drink Robust
-
-
577
-
Income before income taxes
12,522
832
13,260
10,081
Income taxes
4,442
203
5,023
3,448
Net income
8,080
629
8,237
6,633
Less: net loss attributable to noncontrolling interests
187
62
549
183
Net income attributable to RCI Hospitality Holdings, Inc.
$
8,267
$
691
$
8,786
$
6,816
Basic earnings per share attributable to RCIHH's shareholders:
Net income
$
0.81
$
0.07
$
0.86
$
0.70
Diluted earnings per share attributable to RCIHH's shareholders:
Net income
$
0.78
$
0.07
$
0.85
$
0.69
Weighted average number of common shares outstanding:
Basic
10,245
9,883
10,262
9,695
Diluted
10,707
9,968
10,724
9,922
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
For the Three Months
For the Nine Months
Ended June 30,
Ended June 30,
(in thousands, except per share data)
2015
2014
2015
2014
Reconciliation of GAAP net income to Adjusted EBITDA
GAAP net income attributable to RCIHH
$8,267
$691
$8,786
$6,816
Income tax expense
4,442
203
5,023
3,448
Interest expense and income
1,630
2,060
4,993
5,884
Litigation and other one-time legal settlements
10
3,233
10,560
3,503
Gain on settlement of Patron tax case
(8,167)
-
(8,167)
-
Impairment of assets
-
-
1,358
-
Acquisition costs
105
22
283
111
Depreciation and amortization
1,923
1,532
5,454
4,438
Adjusted EBITDA
$8,210
$7,741
$28,290
$24,200
Reconciliation of GAAP net income to non-GAAP net income
GAAP net income attributable to RCIHH
$8,267
$691
$8,786
$6,816
Amortization of intangibles
312
82
892
254
Stock-based compensation
120
2
360
156
Litigation and other one-time settlements
10
3,233
10,560
3,503
Gain on settlement of Patron tax case
(8,167)
-
(8,167)
-
Pre-opening costs
-
306
328
743
Income tax expense
4,442
203
5,023
3,448
Impairment of assets
-
-
1,358
-
Acquisition costs
105
22
283
111
Non-GAAP provision for income taxes
(1,739)
(1,588)
(6,672)
(5,206)
Non-GAAP net income
$3,350
$2,951
$12,751
$9,825
Reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share
Fully diluted shares
10,707
9,968
10,724
9,922
GAAP net income attributable to RCIHH
$0.78
$0.07
$0.85
$0.69
Amortization of intangibles
0.03
0.01
0.08
0.03
Stock-based compensation
0.01
0.00
0.03
0.02
Litigation and other one-time settlements
0.00
0.32
0.99
0.35
Gain on settlement of Patron tax case
(0.76)
-
(0.76)
-
Pre-opening costs
-
0.03
0.03
0.07
Impairment of assets
-
-
0.13
-
Income tax expense
0.41
0.02
0.47
0.35
Acquisition costs
0.01
0.00
0.03
0.01
Non-GAAP provision for income taxes
(0.16)
(0.16)
(0.62)
(0.52)
Non-GAAP diluted net income per share
$0.32
$0.30
$1.22
$0.99
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
For the Three Months
For the Nine Months
Ended June 30,
Ended June 30,
(in thousands, except per share data)
2015
2014
2015
2014
Reconciliation of GAAP operating income to non-GAAP operating income
GAAP operating income
$14,152
$2,892
$17,676
$15,965
Amortization of intangibles
312
82
892
254
Stock-based compensation
120
2
360
156
Litigation and other one-time settlements
10
3,233
10,560
3,503
Gain on settlement of Patron tax case
(8,167)
-
(8,167)
-
Impairment of assets
-
-
1,358
-
Pre-opening costs
-
306
328
743
Acquisition costs
105
22
283
111
Non-GAAP operating income
$6,532
$6,537
$23,290
$20,732
Reconciliation of GAAP operating margin to non-GAAP operating margin
GAAP operating income
39.6%
8.7%
16.1%
16.7%
Amortization of intangibles
0.9%
0.2%
0.8%
0.3%
Stock-based compensation
0.3%
0.0%
0.3%
0.2%
Litigation and other one-time settlements
0.0%
9.7%
9.6%
3.7%
Gain on settlement of Patron tax case
-22.8%
0.0%
-7.4%
0.0%
Impairment of assets
0.0%
0.0%
1.2%
0.0%
Pre-opening costs
0.0%
0.9%
0.3%
0.8%
Acquisition costs
0.3%
0.1%
0.3%
0.1%
Non-GAAP operating margin
18.3%
19.6%
21.2%
21.7%
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
For the Three Months
For the Nine Months
Ended June 30,
Ended June 30,
(in thousands)
2015
2014
2015
2014
Business segment sales:
Nightclubs
$
30,568
$
31,486
$
93,564
$
91,037
Bombshells
4,789
1,585
14,510
3,668
Other
404
272
1,584
931
$
35,761
$
33,343
$
109,658
$
95,636
Business segment operating income:
Nightclubs
$
17,271
$
8,526
$
26,000
$
25,947
Bombshells
369
(170)
1,480
(268)
Other
(682)
(220)
(1,995)
(521)
General corporate
(2,806)
(5,244)
(7,809)
(9,193)
$
14,152
$
2,892
$
17,676
$
15,965
Reconciliation of Nightclubs GAAP operating income to non-GAAP operating income
Nightclubs operating income
$
17,271
$
8,526
$
26,000
$
25,947
Gain on settlement of Patron tax case
(8,167)
-
(8,167)
-
Litigation and other one-time settlements
10
3,233
10,560
3,503
Impairment of assets
-
-
1,358
-
Nightclubs non-GAAP operating income
$
9,114
$
11,759
$
29,751
$
29,450
Nightclubs non-GAAP operating margin
29.8%
37.3%
31.8%
32.3%
Drmicrocap
10年前
RCI Hospitality Holdings, Inc. Reports Fiscal 2Q15 Results
Non-GAAP EPS of $0.50 Up 11% Year over Year
PR Newswire
RCI Hospitality Holdings, Inc.
May 11, 2015 4:05 PM
HOUSTON, May 11, 2015 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (RICK) today announced results for the fiscal 2015 second quarter ended March 31, 2015.
.RCI HOSPITALITY HOLDINGS INC
2Q15 Highlights
•GAAP EPS of ($0.28) includes an accrual for the previously announced NY FLSA legal settlement.
•Non-GAAP EPS* diluted of $0.50 increased 11.1% from $0.45 in 2Q14. Non-GAAP EPS excludes the accrual as well as other items from both periods for comparability.
•Record total revenues of $37.4 million grew 13.8% year over year.
•$1.9 million spent buying back shares in the open market in the first half of Fiscal 2015.
•Company on track for a strong FY15.
Conference Call
A conference call to discuss these results, outlook and related matters will be held today, May 11, 2015, at 4:30 PM ET:
•Live Participant Dial In (Toll Free): 877-737-7051
•Live Participant Dial In (International): 201-689-8878
•Webcast URL: http://www.investorcalendar.com/IC/CEPage.asp?ID=173981
Meet Management
Eric Langan, President and CEO, invites investors for a "Due Diligence Ball" to meet, talk and tour one of RCI's top revenue generating clubs.
•When: Monday, May 11, 2015, 6:00 PM to 8:00 PM ET
•Where: Rick's Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and Broadway
•RSVP: With your contact information to gary.fishman@anreder.com
CEO Comment
"RCI performed well in 2Q15," said Mr. Langan. "We achieved record revenues and strong year over year growth in non-GAAP EPS and adjusted EBITDA, which reflects our cash generating power.
"Our performance was especially favorable since 2Q15 was affected by bad weather, especially in the Dallas-Fort Worth area, where we operate 11 clubs. We also had tough comparisons to 2Q14, when we benefitted from the big football championship in the New York City area, where we have two top clubs.
"Core profitability in nightclubs expanded due to higher revenues and margin improvement. With more units and increased revenues, our Bombshells restaurant/bar segment also added positively to results.
"We repurchased more stock in the open market, reflecting confidence in our favorable outlook, combined with the market's undervaluation of our shares. We will continue to focus cash flow on buying back shares. At current levels, our own assets represent a highly attractive return.
"We are on track for a strong Fiscal 2015. Year to date, total revenues are up 18.6%, adjusted EBITDA 22.7%, and non-GAAP EPS 23.1%.
"We look forward to a solid third quarter. Many units benefitted from our showing the recent Mayweather-Pacquiao 'Fight of the Century'. Warm weather in Texas should further enhance Bombshells' patio business."
2Q15 Analysis (all comparisons to 2Q14 unless otherwise noted)
Total Revenues
•Total revenues of $37.4 million compared to $32.9 million.
•45 units (40 adult clubs and nightclubs and 5 restaurants) versus 43 (41 adult clubs and nightclubs and 2 restaurants).
•Same store sales increased 2.1%.
•Units opened less than a year added $4.4 million. This included new adult clubs – Rick's Cabaret in Odessa, TX and the recently acquired Down in Texas Saloon in Austin, TX – and new Bombshells in Austin, Spring and Houston, TX.
Operating Margin & Costs (as % of revenues)
•GAAP operating margin was (7.0%), reflecting the previously mentioned accrual, compared to 22.7%.
•Non-GAAP operating margin, which excludes the accrual and certain other non-operating items from both periods for more meaningful analysis, was 24.9% compared to 26.9%.
•Non-GAAP operating margin reflects the growth of the Bombshells segment, whose margins, while growing, are less than that of the nightclub segment. This was partially offset by the elimination of under-performing adult clubs.
•The accrual of $10.3 million pre-tax, or ($0.65) per share net of tax, represents the company's best estimate at this time of the total cost of the settlement, announced April 1, 2015, in its New York federal wage and hour class action case.
Adjusted EBITDA
•RCI's cash generating power, as reflected by adjusted EBITDA*, amounted to $10.2 million, up 10.8% from $9.2 million in the year ago quarter.
Business Segments (all comparisons to 2Q14 unless otherwise noted)
Nightclubs
•Includes the company's 38 adult clubs and two bar/nightclubs, compared to a total of 41 in the year ago quarter.
•Sales increased 2.4%, to $31.9 million from $31.2 million.
•Operating income was $114,000 compared to $9.6 million.
•Excluding the previously mentioned accrual, operating income increased 8.0% to $10.4 million and operating margin expanded to 32.6% from 30.9%.
•In May, RCI subsidiaries acquired The Seville Club, a popular gentlemen's club in Minneapolis known for its famous downtown location, as previously announced. Total consideration of $8.5 million consisted of $4.5 million for the assets of the club business and $4.0 million for its historic building.
Bombshells
•Includes the company's five Bombshells, all in Texas, compared to two in the year ago quarter.
•Sales increased nearly 3.5 times, to $4.8 million from $1.4 million.
•Operating income was $571,000 compared to a loss of $12,000.
•Operating margin expanded to 11.9% of revenues from (0.9%) and is expected to increase as revenues continue to build and training costs subside.
•A sixth Bombshells is planned for the Willowbrook area of northwest Houston. Management is identifying additional locations.
Balance Sheet (March 31, 2015 compared to December 31, 2014)
•Assets increased 4.1% to $260.5 million and long term debt increased 2.4% to $71.5 million. The increases primarily reflected the acquisition of the Down in Texas Saloon of Austin and related real estate.
•Total permanent stockholders' equity declined 2.8% to $120.8 million, primarily reflecting the NY FLSA accrual partially offset by core profits.
Stock Buy Backs
•The Board of Directors increased its stock repurchase authorization to $10.0 million in May 2014.
•During 2Q15, RCI purchased 82,811 shares of common in the open market for an aggregate cost of $840,340, leaving $7.0 million of remaining authorization.
•During the six months ended March 31, 2015, RCI purchased 192,427 shares at a cost of $1.9 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 some recurring charges that 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:
•Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, patron taxes, pre-opening costs, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs. 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 Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, patron taxes, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
•Adjusted EBITDA. We exclude from earnings before interest, taxes, depreciation and amortization (EBITDA) depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements, gain on contractual debt reduction and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
Full Financial Tables
RCI's Form 10Q for the fiscal second quarter ended Mach 31, 2015 with full financial tables can be found on the company's corporate site at http://www.rcihospitality.com.
About RCI Hospitality Holdings, Inc. (RICK)
With 46 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult gentlemen clubs and restaurant/bars. Adult clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Restaurant/bars operate under the brand name "Bombshells." Please visit http://www.rcihospitality.com/
RCI Hospitality in 2015 is celebrating the 20th anniversary of its IPO – two decades of innovation in the adult club segment of the hospitality industry.
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 the operational and financial results of our Web sites, 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.
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS
FOR THE SIX MONTHS
ENDED MARCH 31,
ENDED MARCH 31,
2015
2014
2015
2014
(in thousands, except per share data)
(UNAUDITED)
(UNAUDITED)
Revenues:
Sales of alcoholic beverages
$
15,576
$
12,985
$
30,815
$
24,674
Sales of food and merchandise
5,241
3,979
10,466
7,402
Service revenues
14,559
14,347
28,783
27,077
Other
2,034
1,559
3,833
3,140
Total revenues
37,410
32,870
73,897
62,293
Operating expenses:
Cost of goods sold
5,381
4,041
10,492
7,788
Salaries and wages
8,115
6,854
16,147
13,431
Stock compensation
120
151
240
154
Other general and administrative:
Taxes and permits
5,709
5,142
11,102
9,557
Charge card fees
544
449
1,091
877
Rent
1,184
1,156
2,325
2,384
Legal and professional
1,064
426
2,023
1,214
Advertising and marketing
1,312
1,406
2,679
2,691
Insurance
801
972
1,621
1,771
Utilities
708
646
1,442
1,241
Depreciation and amortization
1,886
1,513
3,531
2,906
(Gain) loss on sale of property
(18)
(86)
(18)
(86)
Impairment of assets
-
-
1,358
-
Settlement of lawsuits and other one-time costs
10,303
150
10,550
270
Other
2,917
2,591
5,790
5,022
Total operating expenses
40,026
25,411
70,373
49,220
Operating income (loss)
(2,616)
7,459
3,524
13,073
Other income (expense):
Interest income
26
35
39
112
Interest expense
(1,783)
(1,924)
(3,402)
(3,936)
Gain from original investment in Drink Robust, Inc.
-
-
577
-
Income (loss) before income taxes
(4,373)
5,570
738
9,249
Income taxes (benefit)
(1,265)
1,922
581
3,245
Net income (loss)
(3,108)
3,648
157
6,004
Less: net (income) loss attributable to noncontrolling interests
267
74
362
121
Net income (loss) attributable to RCI Hospitality Holdings, Inc.
$
(2,841)
$
3,722
$
519
$
6,125
Basic earnings (loss) per share attributable to RCIHH shareholders:
Net income
$
(0.28)
$
0.39
$
0.05
$
0.64
Diluted earnings (loss) per share attributable to RCIHH shareholders:
Net income
$
(0.28)
$
0.37
$
0.05
$
0.62
Weighted average number of common shares outstanding:
Basic
10,275
9,661
10,269
9,604
Diluted
10,275
10,853
10,273
10,763
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
For the Three Months
For the Six Months
Ended March 31,
Ended March 31,
(in thousands, except per share data)
2015
2014
2015
2014
Reconciliation of GAAP net income to
Adjusted EBITDA
GAAP net income (loss)
($2,841)
$3,722
$519
$6,125
Income tax expense
(1,265)
1,922
362
3,245
Interest expense and income and gain on Drink Robust investment
1,783
1,924
3,402
3,936
Litigation and other one-time legal settlements
10,303
150
10,550
270
Preopening costs
268
-
328
-
Acquisition costs
95
-
178
-
Impairment of assets
-
-
1,358
-
Depreciation and amortization
1,886
1,513
3,531
2,906
Adjusted EBITDA
$10,229
$9,231
$20,228
$16,482
Reconcilation of GAAP net income (loss) to
non-GAAP net income
GAAP net income (loss)
($2,841)
$3,722
$519
$6,125
Patron tax
805
866
1,567
1,605
Amortization of intangibles
336
82
579
171
Gain on Drink Robust investment
-
-
(577)
-
Stock-based compensation
120
151
240
154
Litigation and other one-time settlements
10,303
150
10,550
270
Pre-opening costs
268
122
328
416
Income tax expense
(1,265)
1,922
362
3,245
Acquisition costs
95
18
178
18
Impairment of assets
-
-
1,358
-
Non-GAAP provision for income taxes
(2,695)
(2,409)
(5,202)
(4,148)
Non-GAAP net income
$5,126
$4,624
$9,902
$7,857
Reconciliation of GAAP diluted net income
per share to non-GAAP diluted net income per share
Fully diluted shares
10,275
10,853
10,273
10,763
GAAP net income
($0.28)
$0.37
$0.05
$0.62
Patron tax
0.08
0.08
0.15
0.15
Amortization of intangibles
0.03
0.01
0.06
0.02
Gain on Drink Robust investment
-
-
(0.06)
-
Stock-based compensation
0.01
0.01
0.02
0.01
Litigation and other one-time settlements
1.00
0.01
1.03
0.03
Pre-opening costs
0.03
0.01
0.03
0.04
Income tax expense
(0.12)
0.18
0.04
0.30
Acquisition costs
0.01
0.00
0.02
0.00
Impairment of assets
-
-
0.13
-
Non-GAAP provision for income taxes
(0.26)
(0.22)
(0.51)
(0.39)
Non-GAAP diluted net income per share
$0.50
$0.45
$0.96
$0.78
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
For the Three Months
For the Six Months
Ended March 31,
Ended March 31,
(in thousands, except per share data)
2015
2014
2015
2014
Reconciliation of GAAP operating income to
non-GAAP operating income
GAAP operating income (loss)
($2,616)
$7,459
$3,524
$13,073
Patron tax
805
866
1,567
1,605
Amortization of intangibles
336
82
579
171
Stock-based compensation
120
151
240
154
Impairment of assets
-
-
-
-
Litigation and other one-time settlements
10,303
150
10,550
270
Pre-opening costs
268
122
328
416
Acquisition costs
95
18
178
18
Non-GAAP operating income
$9,311
$8,848
$16,966
$15,707
Reconciliation of GAAP operating margin to
non-GAAP operating margin
GAAP operating income
-7.0%
22.7%
4.8%
21.0%
Patron tax
2.2%
2.6%
2.1%
2.6%
Amortization of intangibles
0.9%
0.2%
0.8%
0.3%
Stock-based compensation
0.3%
0.5%
0.3%
0.2%
Impairment of assets
0.0%
0.0%
0.0%
0.0%
Litigation and other one-time settlements
27.5%
0.5%
14.3%
0.4%
Pre-opening costs
0.7%
0.4%
0.4%
0.7%
Acquisition costs
0.3%
0.1%
0.2%
0.0%
Non-GAAP operating margin
24.9%
26.9%
23.0%
25.2%
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
For the Three Months
For the Six Months
Ended March 31,
Ended March 31,
(in thousands)
2015
2014
2015
2014
Business segment sales:
Nightclubs
$
31,933
$
31,196
$
62,995
$
59,550
Bombshells
4,813
1,379
9,721
2,083
Other
664
295
1181
660
$
37,410
$
32,870
$
73,897
$
62,293
Business segment operating income (loss):
Nightclubs*
$
114
$
9,644
$
8,671
$
17,618
Bombshells
571
(12)
1,111
(317)
Other
(797)
(87)
(1,344)
(257)
General corporate
(2,504)
(2,086)
(4,914)
(3,971)
$
(2,616)
$
7,459
$
3,524
$
13,073
* Nightclubs operating income for the three and six months ended 3/31/15 includes accrual of $10,303 for the settlement of a lawsuit, and for the six months ended 3/31/15 also includes impairment of assets of $1,358. Excluding these items, nightclubs operating income for the three months ended 3/31/15 would have been $10,417 and for the six months ended 3/31/15 would have been $20,332.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rci-hospitality-holdings-inc-reports-fiscal-2q15-results-300081198.html
Drmicrocap
11年前
Rick's Cabaret International, Inc. Reports 1Q14 Results, Provides 2Q14 Update & Reaffirms Guidance
PR Newswire Rick's Cabaret International, Inc.
February 10, 2014 4:05 PM
HOUSTON, Feb. 10, 2014 /PRNewswire/ -- Rick's Cabaret International, Inc. (RICK) today announced results for the 2014 first quarter ended December 31, 2013, while also providing an update on sales growth experienced to date in the second fiscal quarter (ending March 31, 2014) and reaffirming previous guidance for Fiscal 2014.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
"With the exception of the impact of unusually severe winter weather in mid-December in our important Texas markets, results are progressing according to plan with our gentlemen's clubs and restaurant/sports bars," said Eric Langan, President and CEO of Rick's Cabaret International.
"Revenues at our Rick's Cabaret and Vivid Cabaret New York clubs in New York City were excellent in January and early February, as we capitalized strategically and financially on the pro football championship game this year across the Hudson River in New Jersey.
"In addition, we continue to be engaged in a program to maximize the value of our extensive real estate, and overall we look forward to strong growth in Fiscal 2014."
First Quarter 2014 Summary
First quarter 2014 revenues of $29.4 million increased 8.4% from $27.1 million in the year ago period. First quarter 2014 results were negatively impacted by severe ice storms in mid-December in Texas, a state representing approximately 75% of the Company's units and generating approximately 50% of sales.
Rick's earned $2.4 million, or $0.25 per diluted share (on a GAAP basis), compared to $2.6 million, or $0.28 per diluted share, in the corresponding year ago period. The weather is estimated to have resulted in approximately $500,000 in lost sales of which approximately 80% would have contributed to operating profit.
First quarter 2014 results were also impacted by planned expenses associated with the development of five units (adult gentleman's clubs Vivid Cabaret in New York City and Rick's Cabaret in Odessa, TX, and Bombshells restaurant/sports bars in Webster, Beaumont and Austin, TX).
Despite the above factors, the cash generating power of Rick's remained strong. Adjusted EBITDA* for the first quarter of 2014 was $7.3 million, approximately level with the year ago period.
The Company had 41 units open during the first quarter of 2014, including nine open less than a year.
Second Quarter 2014 Update
Second quarter 2014 sales as of the end of last week were up strongly compared to the year ago period due to:
Opening of Vivid Cabaret New York in mid-January and a second Bombshells, in Webster, TX, in late January.
An overall beneficial effect from the February 2, 2014 professional football championship.
Continued seasoning of new adult clubs and restaurant/sports bars open less than a year.
"We had a terrific success due to The Big Game this year," said Mr. Langan. "It truly was a non-stop party at both the Vivid and Rick's clubs in New York. Based on this, we expect continued success when the Big East and NCAA Regionals college basketball championships come to New York City in March."
FY14 Guidance Reaffirmed
Rick's reaffirmed its fiscal 2014 guidance of approximately $130 million in revenue, $1.70 earnings per share non-GAAP, and $1.20 earnings per share GAAP, based on a continued strong performance company-wide from existing units over the balance of the year, plus contributions from new restaurant/sports bars already opened and those planned to open.
Plans for the balance of the fiscal year include the expected opening of a new adult club (Rick's Cabaret in Odessa) and three new Bombshells currently under development (Beaumont, Austin and South Houston).
Rick's expects to have a total of 10 sports bar/restaurants open or in development by year end calendar 2014, with a cluster in Texas and others possibly outside the state in select cities having significant tourist and convention traffic.
Rick's FY14 guidance does not assume the acquisition of any gentlemen's adult clubs, although they are factored in the Company's longer term multi-year target of 20-30% revenue growth.
Conference Call
A conference call to discuss Rick's results for the first quarter of 2014, outlook and related matters will be held today, February 10, 2014 at 4:30 PM Eastern Time.
Live Participant Dial In (Toll Free): 877-407-9210
Live Participant Dial In (International): 201-689-8049
Webcast URL: http://www.investorcalendar.com/IC/CEPage.asp?ID=172172
Meet Management
Eric Langan, President and CEO, invites investors for a "Due Diligence Ball" to meet, talk and tour one of the Company's major clubs, tonight in Manhattan.
When: Monday, February 10, 2014, 6:30 PM to 8:00 PM ET
Where: Rick's Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and Broadway
RSVP: With your contact information, to gary.fishman@anreder.com
*Explanation of 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 some recurring charges that 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:
Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from GAAP operating income and GAAP operating margin amortization of intangibles, patron taxes, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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 Basic Share and per Diluted Share. We exclude from GAAP net income and GAAP net income per diluted share and per basic share amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation, loss from discontinued operations and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
Adjusted EBITDA. We exclude from GAAP net income depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
About Rick's Cabaret
With 43 units, Rick's Cabaret International, Inc. (RICK) is the leading hospitality company operating adult gentlemen's clubs and sports bar/restaurants in the US. Adult clubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports bar/restaurants, which also feature live entertainment, operate under the brand names "Bombshells" and "Ricky Bobby Sports Saloon."
For More Information
Web: http://www.ricksinvestor.com
Twitter: https://twitter.com/rickscabaretinc
Facebook: https://www.facebook.com/rickscabaretintl
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 the operational and financial results of our Web sites, 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. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
RICK'S CABARET INTERNATIONAL, INC.
Consolidated Statements of Income
Three Months Ended
December 31,
(in thousands, except per share data)
2013
2012
(UNAUDITED)
Revenues:
Sales of alcoholic beverages
$
11,689
$
10,406
Sales of food and merchandise
3,423
2,578
Service revenues
12,730
12,655
Other
1,581
1,502
Total revenues
29,423
27,141
Operating expenses:
Cost of goods sold
3,747
3,386
Salaries and wages
6,577
6,038
Stock-based compensation
3
282
Other general and administrative:
Taxes and permits
4,416
4,221
Charge card fees
428
374
Rent
1,228
570
Legal and professional
908
641
Advertising and marketing
1,285
1,109
Depreciation and amortization
1,390
1,320
Insurance
799
499
Utilities
595
489
Other
2,431
2,278
Total operating expenses
23,807
21,207
Income from operations
5,616
5,934
Other income (expense):
Interest income and other
77
8
Interest expense
(2,012)
(1,643)
Gain on change in fair value of derivative instruments
-
(1)
Income from continuing operations before income taxes
3,681
4,298
Income taxes
1,323
1,584
Income from continuing operations
2,358
2,714
Loss from discontinued operations, net of income taxes
(1)
(14)
Net income
2,357
2,700
Less: (net income) loss attributable to noncontrolling interests
47
(53)
Net income attributable to Rick's Cabaret International, Inc.
$
2,404
$
2,647
Basic earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$
0.25
$
0.28
Loss from discontinued operations
(0.00)
(0.00)
Net income
$
0.25
$
0.28
Diluted earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$
0.25
$
0.28
Loss from discontinued operations
(0.00)
(0.00)
Net income
$
0.25
$
0.28
Weighted average number of common shares outstanding:
Basic
9,546
9,575
Diluted
9,855
9,833
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES
Non-GAAP* measures for the quarters ended December 31, 2013 and 2012
(in thousands)
For the Quarter Ended
December 31,
2013
2012
Reconciliation of GAAP net income to
Adjusted EBITDA
GAAP net income attributable to Rick's shareholders
$ 2,404
$ 2,647
Income tax expense
1,323
1,584
Interest expense and income and gain on derivative
2,012
1,644
Litigation and other one-time settlements
120
-
Acquisition costs
-
55
Loss from discontinued operations
1
14
Depreciation and amortization
1,390
1,320
Adjusted EBITDA
$ 7,250
$ 7,264
Reconciliation of GAAP net income (loss) to
non-GAAP net income
GAAP net income attributable to Rick's shareholders
$ 2,404
$ 2,647
Patron tax
738
891
Amortization of intangibles
89
131
(Gain) loss on change in fair value of derivative instruments
-
1
Stock-based compensation
3
282
Litigation and other one-time settlements
120
-
Income tax expense
1,323
1,584
Acquisition costs
-
55
Loss from discontinued operations, net of income taxes
1
14
Non-GAAP provision for income taxes
(1,636)
(1,863)
Non-GAAP net income
$ 3,042
$ 3,742
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES
Non-GAAP* measures for the quarters ended December 31, 2013 and 2012
(in thousands, except per share data)
For the Quarter Ended
December 31,
2013
2012
Reconciliation of GAAP diluted net income
per share to non-GAAP diluted net income per share
Fully diluted shares
9,855
9,833
GAAP net income attributable to Rick's shareholders
$ 0.25
$ 0.28
Patron tax
0.07
0.09
Amortization of intangibles
0.01
0.01
(Gain) loss on change in fair value of derivative instruments
-
0.00
Stock-based compensation
0.00
0.03
Litigation and other one-time settlements
0.01
-
Income tax expense
0.14
0.16
Acquisition costs
-
0.01
Loss from discontinued operations, net of income taxes
0.00
0.00
Non-GAAP provision for income taxes
(0.17)
(0.19)
Non-GAAP diluted net income per share
$ 0.31
$ 0.39
Reconciliation of GAAP operating income to
non-GAAP operating income
GAAP operating income
$ 5,616
$ 5,934
Patron tax
738
891
Amortization of intangibles
89
131
Stock-based compensation
3
282
Litigation and other one-time settlements
120
-
Acquisition costs
-
55
Non-GAAP operating income
$ 6,566
$ 7,293
Reconciliation of GAAP operating margin to
non-GAAP operating margin
GAAP operating income
19.1%
21.9%
Patron tax
2.5%
3.3%
Amortization of intangibles
0.3%
0.5%
Stock-based compensation
0.0%
1.0%
Litigation and other one-time settlements
0.4%
0.0%
Acquisition costs
0.0%
0.2%
Non-GAAP operating margin
22.3%
26.9%
RICK'S CABARET INTERNATIONAL, INC.
Reconciliation of GAAP Earnings Guidance To
Non-GAAP Earnings Guidance
Fiscal Year Ending September 30, 2014
Reconciliation of GAAP diluted net income
per share to non-GAAP diluted net income per share
Low
High
GAAP net income
$ 1.20
$ 1.51
Patron tax
0.33
0.33
Amortization of intangibles
0.04
0.04
Income tax expense
0.65
0.81
Acquisition costs
0.01
0.03
Loss from discontinued operations, net of income taxes
(0.01)
(0.02)
Non-GAAP provision for income taxes
(0.78)
(0.95)
Non-GAAP diluted net income per share
$ 1.44
$ 1.76
Drmicrocap
11年前
Rick's Cabaret International, Inc. Reports $13.4 Million Non-GAAP Net Income For Fiscal 2013 vs. Year Ago $12.3 Million; Non-GAAP EPS Was $1.40 vs. $1.27
PR Newswire Rick's Cabaret International, Inc.
December 16, 2013 4:05 PM
HOUSTON, Dec. 16, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc., (RICK), the publicly traded hospitality company operating gentlemen's clubs and restaurants, today reported non-GAAP* net income of $13.4 million for the year ended September 30, 2013 vs. $12.3 million in the previous year, on revenue of $112.2 million vs. $95.2 in the previous year. Non-GAAP EPS was $1.40 vs. $1.27 in the previous year. GAAP net income was $9.2 million vs. $7.6 million, with EPS of 96 cents vs. 78 cents last year.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
For its fourth quarter ended September 30, 2013, the Company GAAP net income was $1.6 million vs. $1.5 million in the previous year; non-GAAP net income was $2.5 million vs. $3.0 million last year; GAAP EPS was 17 cents for the quarter vs. 15 cents last year; non-GAAP EPS for the fourth quarter of 2013 was 27 cents vs. 31 cents last year.
"Fiscal 2013 was in many ways a transitional year for us as we moved from a recessionary model in many clubs to our more typical formats," said President and CEO Eric Langan. "This shift means that some lower margin customers are visiting the clubs less frequently, but higher margin guests are returning, which helps improve our income picture. The year was also notable for the launch of our restaurant division, which we believe will become a solid growth catalyst in the future. Going forward, we are looking at a strong 2014. We have over 40 locations open at the present time, with six more in various stages of development or construction. We continue to examine acquisition possibilities and ways to unlock the value of our real estate."
The Company will hold a conference call today at 4:30 pm ET during which Mr. Langan will discuss the fiscal year and quarterly results, and comment on the outlook for fiscal 2014. The call-in number is 877-407-8033 (International:201-689-8033), with webcast at www.ricksinvestor.com. Replay of the call is available at 877-660-6853 (ID number 13572974). In addition, following the conference call today the Company plans a "Due Diligence Reception" from 6 p.m. to 8 p.m. at its New York City Rick's Cabaret club (50 West 33rd St.) during which investors will get a chance to tour the club and see its operations first hand.
In the Management Discussion and Analysis section of the Company's Form 10K filed today with the SEC, the company said:
The increase in total revenues for fiscal 2013 was generated chiefly from new clubs and restaurants acquired or launched in 2013, a full year of revenues from clubs purchased in 2012, and increased sales at some existing clubs, especially XTC Cabaret in Austin, Rick's Cabaret DFW and the two cabarets in Minneapolis, MN.
Non-GAAP operating margins were 24.5 percent, level with the previous year, while GAAP operating margins increased to 19.7 percent for 2013 compared to 17.3 percent for the prior year.
The increase in both GAAP and non-GAAP net income, although slowed in part by costs associated with the opening of new restaurants, was attributed to pricing changes, lower cost of goods sold achieved through better inventory management and other efficiencies, and a decline in legal and professional expenses.
Cash flow generated from operating activities remained level with 2012, at $18.4 million.
As of September 30, 2013, the company had long-term debt of $78.6 million compared to $63.5 million a year earlier, of which $38.7 million is related to real estate. A total of $24.4 million in principally real estate debt was added as a result of 2013 acquisitions, while the Company also amortized $9.3 million of long-term debt during the year.
RICK'S CABARET INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended September 30
Year Ended September 30,
(in thousands, except per share data)
2013
2012
2011
Revenues:
Sales of alcoholic beverages
$
43,189
$
38,687
$
32,575
Sales of food and merchandise
12,249
8,810
7,402
Service revenues
49,974
41,942
38,178
Other
6,796
5,781
5,336
Total revenues
112,208
95,220
83,491
Operating expenses:
Cost of goods sold
14,152
12,644
10,427
Salaries and wages
25,145
20,857
18,321
Stock-based compensation
847
315
8
Other general and administrative:
Taxes and permits
17,607
14,639
12,542
Charge card fees
1,482
1,352
1,361
Rent
3,642
2,872
2,988
Legal and professional
3,114
5,861
2,289
Advertising and marketing
4,611
4,046
3,471
Depreciation and amortization
5,314
4,921
3,904
Insurance
2,208
1,439
1,157
Utilities
2,241
1,762
1,605
Loss on sale of property and other
16
332
-
Other
9,716
7,667
6,624
Total operating expenses
90,095
78,707
64,697
Income from operations
22,113
16,513
18,794
Other income (expense):
Interest income
9
19
118
Interest expense
(6,538)
(4,003)
(3,930)
Interest expense – loan origination costs
(539)
(310)
(359)
Gain on change in fair value of derivative instruments
1
117
129
Gain on settlement of debt
-
-
903
Income from continuing operations before income taxes
15,046
12,336
15,655
Income taxes
5,501
4,374
5,403
Income from continuing operations
9,545
7,962
10,252
Loss from discontinued operations, net of income taxes
(143)
(172)
(2,195)
Net income
9,402
7,790
8,057
Less: net income attributable to noncontrolling interests
(211)
(212)
(211)
Net income attributable to Rick's Cabaret International, Inc.
$
9,191
$
7,578
$
7,846
Basic earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$
0.98
$
0.80
$
1.01
Loss from discontinued operations
(0.02)
(0.02)
(0.22)
Net income
$
0.97
$
0.78
$
0.79
Diluted earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$
0.98
$
0.80
$
1.01
Loss from discontinued operations
(0.01)
(0.02)
(0.22)
Net income
$
0.96
$
0.78
$
0.79
Weighted average number of common shares outstanding:
Basic
9,518
9,691
9,930
Diluted
9,615
9,697
9,932
RICK'S CABARET INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended September 30
Quarter Ended September 30,
(in thousands, except per share data)
2013
2012
Revenues:
Sales of alcoholic beverages
$ 10,635
$ 9,654
Sales of food and merchandise
3,505
2,191
Service revenues
11,885
10,199
Other
2,006
1,823
Total revenues
28,031
23,867
Operating expenses:
Cost of goods sold
3,591
3,043
Salaries and wages
6,545
5,429
Stock-based compensation
2
282
Other general and administrative:
Taxes and permits
4,538
3,621
Charge card fees
356
310
Rent
1,443
722
Legal and professional
851
3,428
Advertising and marketing
1,159
1,052
Depreciation and amortization
1,345
1,213
Insurance
566
412
Utilities
677
498
Loss on sale of property and other
16
-
Other
2,589
2,235
Total operating expenses
23,678
20,214
Income from operations
4,353
3,653
Other income (expense):
Interest income
3
17
Interest expense
(1,804)
(1,255)
Gain on change in fair value of derivative instruments
(1)
117
Gain on settlement of debt
-
-
Income from continuing operations before income taxes
2,551
2,532
Income taxes
893
1,008
Income from continuing operations
1,658
1,524
Loss from discontinued operations, net of income taxes
(2)
(17)
Net income
1,656
1,507
Less: net income attributable to non-controlling interests
(52)
(53)
Net income attributable to Rick's Cabaret International, Inc.
$ 1,604
$ 1,454
Basic earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$ 0.17
$ 0.15
Loss from discontinued operations
-
-
Net income
$ 0.17
$ 0.15
Diluted earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$ 0.17
$ 0.15
Loss from discontinued operations
-
-
Net income
$ 0.17
$ 0.15
Weighted average number of common shares outstanding:
Basic
9,504
9,633
Diluted
9,603
9,636
RICK'S CABARET INTERNATIONAL, INC.
NON-GAAP* MEASURES FOR YEAR ENDING SEPTEMBER 30
The following tables present our non-GAAP measures for the periods indicated (in thousands, except per share amounts):
For the Year Ended
September 30,
(in thousands)
2013
2012
2011
Reconciliation of GAAP net income to
Adjusted EBITDA
GAAP net income
$ 9,191
$ 7,578
$ 7,846
Income tax expense
5,501
4,374
5,403
Interest expense and income and gain on derivative
7,067
4,177
4,042
Litigation and other one-time settlements
707
2,533
-
Acquisition costs
166
-
119
Loss from discontinued operations
143
172
2,195
Depreciation and amortization
5,314
4,921
3,904
Adjusted EBITDA **
$ 28,089
$ 23,755
$ 23,509
Reconciliation of GAAP net income (loss) to
non-GAAP net income
GAAP net income
$ 9,191
$ 7,578
$ 7,846
Patron tax
3,236
3,019
2,875
Amortization of intangibles
409
463
459
(Gain) loss on change in fair value of derivative instruments
(1)
(117)
(129)
Stock-based compensation
847
315
8
Litigation and other one-time settlements
707
2,533
-
Income tax expense
5,501
4,374
5,403
Acquisition costs
166
462
100
Loss from discontinued operations, net of income taxes
143
172
2,195
Non-GAAP provision for income taxes
(6,773)
(6,469)
(6,562)
Non-GAAP net income
$ 13,426
$ 12,330
$ 12,195
Reconciliation of GAAP diluted net income
per share to non-GAAP diluted net income per share
Fully diluted shares
9,615
9,697
9,932
GAAP net income
$ 0.96
$ 0.78
$ 0.79
Patron tax
0.34
0.31
0.29
Amortization of intangibles
0.04
0.05
0.05
(Gain) loss on change in fair value of derivative instruments
(0.00)
(0.01)
(0.01)
Stock-based compensation
0.09
0.03
0.00
Litigation and other one-time settlements
0.07
0.26
-
Income tax expense
0.57
0.45
0.54
Acquisition costs
0.02
0.05
0.01
Loss from discontinued operations, net of income taxes
0.01
0.02
0.22
Non-GAAP provision for income taxes
(0.70)
(0.67)
(0.66)
Non-GAAP diluted net income per share
$ 1.40
$ 1.27
$ 1.23
Reconciliation of GAAP operating income to
non-GAAP operating income
GAAP operating income
$22,113
$16,513
$ 18,794
Patron tax
3,236
3,019
2,875
Amortization of intangibles
409
463
459
Stock-based compensation
847
315
8
Litigation and other one-time settlements
707
2,533
-
Acquisition costs
166
462
100
Non-GAAP operating income
$27,478
$23,305
$ 22,236
Reconciliation of GAAP operating margin to
non-GAAP operating margin
GAAP operating income
19.7%
17.3%
22.5%
Patron tax
2.9%
3.2%
3.4%
Amortization of intangibles
0.4%
0.5%
0.5%
Stock-based compensation
0.8%
0.3%
0.0%
Litigation and other one-time settlements
0.6%
2.7%
0.0%
Acquisition costs
0.1%
0.5%
0.1%
Non-GAAP operating margin
24.5%
24.5%
26.6%
*Explanation of 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 some recurring charges that 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:
Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from GAAP operating income and GAAP operating margin amortization of intangibles, patron taxes, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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 Basic Share and per Diluted Share. We exclude from GAAP net income and GAAP net income per diluted share and per basic share amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation, loss from discontinued operations and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
Adjusted EBITDA. We exclude from GAAP net income depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
About Rick's Cabaret: Rick's Cabaret International, Inc. (RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret" and other brand names. Restaurants include "Bombshells" and "Ricky Bobby Sports Saloon." Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact ir@ricks.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
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 the operational and financial results of our Web sites, 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. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information visit www.ricksinvestor.com.
Drmicrocap
12年前
Rick's Cabaret International, Inc. Reports 20.4% Increase In Net Income For Its Third Quarter; Revenues Rose 18.3%
Non-GAAP Net Income Rose 31.5% to $3.4 Million
PR NewswirePress Release: Rick's Cabaret International, Inc. –
HOUSTON, Aug. 8, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc. (RICK) today reported consolidated total revenues of $28.3 million for its third quarter ended June 30, 2013, an increase of 18.3 percent over the $23.9 million in the same period last year.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
Consolidated net income was $2.2 million, an increase of 20.4 percent over the $1.8 million last year; non-GAAP* net income of $3.4 million versus $2.6 million last year; GAAP earnings of 23 cents per diluted share vs. 19 cents last year; non-GAAP earnings per share of 35 cents versus 27 cents last year; GAAP income from operations this quarter was $5.7 million compared with $4.0 million in the same quarter last year while non-GAAP income from operations** was $7.0 million compared with $5.1 million. Adjusted EBITDA*** was $6.9 million, versus $5.4 million last year.
Net income was impacted by $540,000 in one time or unusual expenses of $230,000 in costs for new businesses yet to be opened, and $310,000 to settle two lawsuits. "The quarter was strong and we are particularly pleased with the performance of the Jaguars clubs and our new Bombshells Restaurant in Dallas," said Eric Langan, president and CEO of the company. "The challenges of the last four years are largely behind us, we have learned from mistakes such as the Las Vegas acquisition, and we are now on a solid growth trajectory."
Mr. Langan noted that the cost of goods sold for same-location-same-period of club operations for the third quarter was 12.9 percent, compared to 13.7 percent for the same period ended June 30, 2012. The decrease was due principally to the hiring of a corporate beverage director and the continuing of the company's national buying power for alcoholic beverages and energy drinks. Operating margin, the percentage of operating income to total revenues, was 20 percent this year versus 16.9 percent.
Mr. Langan will discuss the quarterly results in a conference call today at 4:30 p.m. EDT. The call is being webcast by PrecisionIR, www.precisionir.com and can be accessed at the Rick's Cabaret investor website, www.ricksinvestor.com or via www.InvestorCalendar.com. The toll free dial-in number is 877-407-8033; live international dial-in is 201-689-8033. The replay number is 877-660-6853 (International:201-612-7415) with Conference ID 416486 and replay is available until August 15th at 11:59 PM.
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(in thousands, except per share data)
June 30,
2013
September 30, 2012
Assets
(UNAUDITED)
Current assets:
Cash and cash equivalents
$ 9,045
$ 5,520
Accounts receivable:
Trade, net
1,876
1,743
Other, net
486
296
Marketable securities
551
1,059
Inventories
1,475
1,260
Deferred tax asset
4,463
3,635
Prepaid expenses and other current assets
2,297
1,123
Assets of discontinued operations
26
72
Total current assets
20,219
14,708
Property and equipment, net
95,359
79,940
Other assets:
Goodwill
43,987
43,421
Other indefinite lived intangibles
54,966
50,608
Definite lived intangibles
1,153
1,177
Other
4,717
2,539
Total other assets
104,823
97,745
Total assets
$ 220,401
$ 192,393
LIABILITIES AND STOCKHOLDERS' EQUITY
(in thousands, except per share data)
June 30,
2013
September 30, 2012
Liabilities and Stockholders' Equity
(UNAUDITED)
Current liabilities:
Accounts payable
$
2,364
$
1,865
Accrued liabilities
6,878
4,298
Texas patron tax liability
12,335
9,849
Current portion of derivative liabilities
-
75
Current portion of long-term debt
7,770
6,603
Liabilities of discontinued operations
47
163
Total current liabilities
29,394
22,853
Deferred tax liability
25,824
23,963
Other long-term liabilities
876
833
Long-term debt
68,774
56,925
Total liabilities
124,868
104,574
Commitments and contingencies
Temporary equity - Common stock, subject to put rights zero and 9 shares, respectively
-
207
PERMANENT STOCKHOLDERS' EQUITY:
Preferred stock, $.10 par, 1,000 shares authorized; none issued and outstanding
-
-
Common stock, $.01 par, 20,000 shares authorized; 9,520 and 9,584 shares issued and outstanding, respectively
95
96
Additional paid-in capital
61,554
61,212
Accumulated other comprehensive income
46
59
Retained earnings
30,536
22,939
Total Rick's permanent stockholders' equity
92,231
84,306
Noncontrolling interests
3,302
3,306
Total permanent stockholders' equity
95,533
87,612
Total liabilities and stockholders' equity
$
220,401
$
192,393
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
FOR THE THREE MONTHS
ENDED JUNE 30,
FOR THE NINE MONTHS
ENDED JUNE 30,
2013
2012
2013
2012
(UNAUDITED)
(UNAUDITED)
Revenues:
Sales of alcoholic beverages
$ 11,105
$ 9,711
$ 32,554
$ 29,033
Sales of food and merchandise
3,288
2,286
8,744
6,619
Service revenues
12,382
10,576
38,089
31,743
Other
1,533
1,348
4,790
3,958
Total revenues
28,308
23,921
84,177
71,353
Operating expenses:
Cost of goods sold
3,680
3,279
10,561
9,601
Salaries and wages
6,413
5,299
18,600
15,428
Stock compensation
282
12
845
33
Other general and administrative:
Taxes and permits
4,275
3,618
13,069
11,018
Charge card fees
410
361
1,126
1,042
Rent
846
726
2,199
2,150
Legal and professional
642
992
2,263
2,433
Advertising and marketing
1,181
959
3,452
2,994
Insurance
573
387
1,642
1,027
Utilities
523
454
1,564
1,264
Depreciation and amortization
1,337
1,398
3,969
3,708
Settlement of lawsuits
160
200
160
2,031
Loss on sale of assets
-
332
-
332
Other
2,336
1,867
6,967
5,432
Total operating expenses
22,658
19,884
66,417
58,493
Operating income
5,650
4,037
17,760
12,860
Other income (expense):
Interest income and other
(2)
(2)
6
2
Interest expense
(1,868)
(1,098)
(5,273)
(3,178)
Gain (loss) on change in fair value of derivative instruments
1
(17)
2
120
Income from continuing operations before income taxes
3,781
2,920
12,495
9,804
Income taxes
1,409
1,022
4,608
3,366
Income from continuing operations
2,372
1,898
7,887
6,438
Loss from discontinued operations, net of income taxes
(124)
(22)
(141)
(155)
Net income
2,248
1,876
7,746
6,283
Less: net income attributable to noncontrolling interests
(53)
(53)
(159)
(159)
Net income attributable to Rick's Cabaret International, Inc.
$ 2,195
$ 1,823
$ 7,587
$ 6,124
Basic earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$ 0.24
$ 0.19
$ 0.81
$ 0.65
Loss from discontinued operations
$ (0.01)
$ (0.00)
$ (0.01)
$ (0.02)
Net income
$ 0.23
$ 0.19
$ 0.80
$ 0.63
Diluted earnings (loss) per share attributable to Rick's shareholders:
Income from continuing operations
$ 0.24
$ 0.19
$ 0.81
$ 0.65
Loss from discontinued operations
$ (0.01)
$ (0.00)
$ (0.01)
$ (0.02)
Net income
$ 0.23
$ 0.19
$ 0.79
$ 0.63
Weighted average number of common shares outstanding:
Basic
9,479
9,725
9,523
9,710
Diluted
9,647
9,731
9,871
9,717
The following tables present our non-GAAP measures for the periods ended June 30, 2013 and 2012 (in thousands, except per share amounts):
For the Three Months
For the Nine Months
Ended June 30,
Ended June 30,
(in thousands)
2013
2012
2013
2012
Reconciliation of GAAP net income to
Adjusted EBITDA
GAAP net income
$ 2,195
$ 1,823
$ 7,587
$ 6,124
Income tax expense
1,409
1,022
4,608
3,366
Interest expense and income and gain on derivative
1,869
1,117
5,265
3,056
Loss from discontinued operations
124
22
141
155
Depreciation and amortization
1,337
1,398
3,969
3,708
Adjusted EBITDA
$ 6,934
$ 5,382
$ 21,570
$ 16,409
Reconcilation of GAAP net income (loss) to
non-GAAP net income
GAAP net income
$ 2,195
$ 1,823
$ 7,587
$ 6,124
Patron tax
746
726
2,536
2,265
Amortization of intangibles
92
117
322
345
(Gain) loss on change in fair value of derivative instruments
(1)
17
(2)
(120)
Stock-based compensation
282
12
845
33
Litigation and other one-time settlements
160
200
160
2,031
Income tax expense
1,409
1,022
4,608
3,366
Acquisition costs
30
-
119
131
Loss from discontinued operations, net of income taxes
124
22
141
155
Non-GAAP provision for income taxes
(1,664)
(1,374)
(5,415)
(5,004)
Non-GAAP net income
$ 3,373
$ 2,565
$ 10,901
$ 9,326
Reconciliation of GAAP diluted net income
per share to non-GAAP diluted net income per share
Fully diluted shares
9,647
9,731
9,871
9,717
GAAP net income
$ 0.23
$ 0.19
$ 0.77
$ 0.63
Patron tax
0.08
0.07
0.26
0.23
Amortization of intangibles
0.01
0.01
0.03
0.04
(Gain) loss on change in fair value of derivative instruments
-
0.00
(0.00)
(0.01)
Stock-based compensation
0.03
0.00
0.09
0.00
Litigation and other one-time settlements
0.02
0.02
0.02
0.21
Income tax expense
0.15
0.11
0.47
0.35
Acquisition costs
0.00
-
0.01
0.01
Loss from discontinued operations, net of income taxes
0.01
0.00
0.01
0.02
Non-GAAP provision for income taxes
(0.17)
(0.14)
(0.55)
(0.51)
Non-GAAP diluted net income per share
$ 0.35
$ 0.27
$ 1.11
$ 0.96
Reconciliation of GAAP operating income to
non-GAAP operating income
GAAP operating income
$ 5,650
$ 4,037
$ 17,760
$ 12,860
Patron tax
746
726
2,536
2,265
Amortization of intangibles
92
117
322
345
Stock-based compensation
282
12
845
33
Litigation and other one-time settlements
160
200
160
2,031
Acquisition costs
30
-
134
131
Non-GAAP operating income
$ 6,960
$ 5,092
$ 21,757
$ 17,665
Reconciliation of GAAP operating margin to
non-GAAP operating margin
GAAP operating income
20.0%
16.9%
21.1%
18.0%
Patron tax
2.6%
3.0%
3.0%
3.2%
Amortization of intangibles
0.3%
0.5%
0.4%
0.5%
Stock-based compensation
1.0%
0.1%
1.0%
0.0%
Litigation and other one-time settlements
0.6%
0.8%
0.2%
2.8%
Acquisition costs
0.1%
0.0%
0.2%
0.2%
Non-GAAP operating margin
24.6%
21.3%
25.8%
24.8%
* Non-GAAP Net Income. We exclude from non-GAAP net income amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock based compensation, litigation and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
** Non-GAAP Operating Income. We exclude from Non-GAAP operating income amortization of intangibles, patron taxes, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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.
*** Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. 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.
Our Form 10-Q contains additional details relative to each of the non-GAAP financial measures and is posted on our website at www.ricksinvestor.com.
About Rick's Cabaret: Rick's Cabaret International, Inc. (RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact ir@ricks.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
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 the operational and financial results of our Web sites, 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. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information visit www.ricksinvestor.com.
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