RCI Hospitality Holdings Inc
NASDAQ:RICK
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RCI Hospitality Holdings Inc
NASDAQ:RICK
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RCI Hospitality Holdings Inc
RCI Hospitality Holdings, Inc. operates as a holding company, which engages in hospitality activities and related businesses. The company is headquartered in Houston, Texas and currently employs 2,529 full-time employees. The Company, through its subsidiaries, is engaged in various activities in the hospitality and other businesses. The firm's segments include Nightclubs, Bombshells and Other. The Nightclubs segment operates adult entertainment nightclubs through several brands, such as Rick's Cabaret, Jaguars Club, Tootsie's Cabaret, XTC Cabaret, Club Onyx, Hoops Cabaret and Sports Bar, Scarlett's Cabaret, Temptations Adult Cabaret, Foxy's Cabaret, Vivid Cabaret, Downtown Cabaret, Cabaret East and Silver City Cabaret, among others. This segment also operates one dance club under the brand name Studio 80. The Bombshells segment owns and operates restaurants and sports bars in Houston, Dallas, Austin, Spring, Pearland, Tomball and Katy, Texas under the brand name Bombshells Restaurant & Bar. Other segment owns a media division (Media Group), including the trade magazine serving the adult nightclubs industry and the adult retail products industry.
RCI Hospitality Holdings, Inc. operates as a holding company, which engages in hospitality activities and related businesses. The company is headquartered in Houston, Texas and currently employs 2,529 full-time employees. The Company, through its subsidiaries, is engaged in various activities in the hospitality and other businesses. The firm's segments include Nightclubs, Bombshells and Other. The Nightclubs segment operates adult entertainment nightclubs through several brands, such as Rick's Cabaret, Jaguars Club, Tootsie's Cabaret, XTC Cabaret, Club Onyx, Hoops Cabaret and Sports Bar, Scarlett's Cabaret, Temptations Adult Cabaret, Foxy's Cabaret, Vivid Cabaret, Downtown Cabaret, Cabaret East and Silver City Cabaret, among others. This segment also operates one dance club under the brand name Studio 80. The Bombshells segment owns and operates restaurants and sports bars in Houston, Dallas, Austin, Spring, Pearland, Tomball and Katy, Texas under the brand name Bombshells Restaurant & Bar. Other segment owns a media division (Media Group), including the trade magazine serving the adult nightclubs industry and the adult retail products industry.
Revenue: Total Q4 revenue was $70.9 million, down from $73.2 million a year ago, largely because of five fewer Bombshells locations.
Profitability: GAAP net loss attributable to shareholders was $5.5 million (loss per share $0.63) vs. a $0.24 million profit a year ago; adjusted EBITDA declined to $7.4 million from $17.9 million.
Legal reserve: Management recorded a significant legal/accrual reserve (about $9 million) that materially affected GAAP results but not free cash flow.
Cash flow & buybacks: Free cash flow remained roughly $13.1 million for the quarter; company continues aggressive buybacks (share count ~7.7 million as of Mar 13, ~14% lower than Sep 30).
Capital allocation: Back to Basics 5-year plan: target ~40% of free cash flow to acquisitions, 60% to buybacks/debt/dividends; target FY29: $400M revenue, $75M free cash flow, ~7.5M shares outstanding.
Bombshells strategy: Focus shifted to profitability over sales, converting concept back toward a bar-first model and marketing the chain for sale when market conditions improve.
Debt & liquidity: Cash of $33.7 million, debt down $5.5 million from June 30; weighted average interest rate ~6.64%; debt/TTM adjusted EBITDA 4.48x (3.83x excluding legal accrual).
