RCI Files 10-K; Positive Operating Cash Flow for 4Q20 & FY20; Conference Call Tuesday at 9 AM ET

HOUSTON, Dec. 14, 2020 /PRNewsCentre/ — RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fourth quarter and year ended September 30, 2020 and filed its Form 10-K. Results are not comparable to year-ago periods due to the COVID-19 pandemic, which has caused state and local governments to restrict the opening of locations, occupancy, and operating hours in different ways, at different times.

Eric Langan, President & CEO, said: "4Q20 demonstrated our continued progress managing the effects of COVID-19. This has enabled us to serve our guests, keep our teams employed, generate free cash flow, and retain a healthy amount of cash on the balance sheet. Considering the operating environment, both the Bombshells and Nightclubs segments exceeded our expectations. A huge thanks goes out to our loyal customers, dedicated team members, and steadfast investors. Looking ahead, we’re actively pursuing several club acquisitions. We’re in various stages of site acquisition and development of ‘The Next 10’ Bombshells, and we believe we are well-positioned to benefit from the positive effects COVID-19 vaccines could create for our businesses over the course of FY21 and beyond."

4Q20 Key Points

Total revenues of $28.8 million, up 96% from 3Q20 and equal to 64% of 4Q19 revenues

Record quarterly Bombshells revenues of $15.5 million, up 82% from 3Q20, with record operating margin of 32.7%

Nightclubs revenues of $13.1 million, up 118% from 3Q20

Net cash from operating activities of $3.5 million and free cash flow* of $3.4 million

GAAP EPS (loss) of ($0.31) and non-GAAP EPS of $0.15

$15.6 million cash and cash equivalents at September 30, 2020

FY20 Key Points

Total revenues of $132.3 million

Net cash from operating activities of $15.6 million and free cash flow of $13.5 million

GAAP EPS (loss) of ($0.66) and non-GAAP EPS of $0.51

Common shares outstanding at September 30, 2020 of 9.075 million vs. 9.591 million a year ago

1Q21 Update

Sales for clubs and restaurants are expected to total $35 million to $37 million, assuming no additional closings/restrictions

Currently, 36 locations open (26 clubs and all 10 Bombshells)

As of today, RCI has approximately $18 million cash and cash equivalents on hand

Conference Call Tuesday at 9 AM ET

Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049

Access the live webcast, slides or replay here: https://www.webcaster4.com/Webcast/Page/2209/39008

Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 39008

Note

As of the release of this report, we do not know the future extent and duration of the COVID-19 pandemic on our businesses. Lower sales caused by social distancing guidelines could lead to adverse financial results. We are continually monitoring and evaluating the situation and will determine any further measures to be instituted, which could include refinancing several of our debt obligations.

All references to the "company," "we," "our," and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.

4Q20 Statement of Operations (All comparisons are to 4Q19)

Consolidated revenues of $28.8 million compared to $45.2 million. By segment, Bombshells generated $15.5 million compared to $8.5 million, and Nightclubs generated $13.1 million compared to $35.9 million.

24 of 48 locations (8 Bombshells and 16 clubs) were open throughout most of the quarter. By period end, 44 locations (all 10 Bombshells and 34 clubs) were open.

Cost of goods sold was 15.6% vs. 13.8% of revenues due to the change in mix, reflecting a higher proportion of food and a lower proportion of service revenues.

Salaries and wages were 28.5% vs. 28.0% of revenues, reflecting effective labor cost management in the face of the changing COVID-19 environment.

SG&A was 41.0% vs. 36.8% of revenues and D&A was 7.4% vs. 5.2%, largely reflecting fixed costs on a lower revenue base, with the effect on SG&A partially offset by cost-cutting.

Net other charges of $2.0 million, most of which were non-cash, primarily reflected $1.4 million in additional COVID-19 club impairment and a $453K loss primarily related to hurricane damage at a small Louisiana club which is expected to be covered by insurance.

Bombshells segment had both record setting $5.1 million operating income at a 32.7% margin on a higher level of sales and more consistent occupancy while operating in line with indoor restrictions.

Nightclubs segment had a breakeven performance primarily due to the above mentioned $1.9 million in net other charges. On a non-GAAP basis, Nightclubs had a $2.1 million operating profit at a 16.1% margin.

Interest expense was 3.7% lower due to debt paydowns prior to and during 4Q20.

Income tax was a $769K expense, which included a non-cash $1.3 million expense for recognizing a deferred tax asset valuation allowance.

September 30, 2020 Balance Sheet (All comparisons are to June 30, 2020)

Cash and cash equivalents of $15.6 million compared to $14.8 million.

Debt of $141.4 million compared to $142.7 million.

*Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the Company and helps management and investors gauge our ability to generate cash flow, excluding (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

Non-GAAP Operating Income and Non-GAAP Operating Margin. We calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, and (e) settlement of lawsuits. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.

Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) impairment of assets, (c) costs and charges related to debt refinancing, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) unrealized loss on equity securities, (g) settlement of lawsuits, (h) the income tax effect of the above described adjustments, and (i) deferred tax asset valuation allowance. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 26.0%, 15.5%, and 24.5% effective tax rate of the pre-tax non-GAAP income before taxes for the 2020, 2019, and 2018, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities. The calculated amount for adjustment (h) above in fiscal 2018 was significantly affected by the change in the statutory federal corporate tax rate caused by the Tax Act.

Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense (benefit), (c) net interest expense, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance (f) unrealized gains or losses on equity securities, (g) impairment of assets, and (h) settlement of lawsuits. We believe that adjusting for such items helps management and investors better understand our operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for federal, state and local taxes which have considerable variation between domestic jurisdictions. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess the unleveraged performance return on our investments. Adjusted EBITDA multiple is also used as a target benchmark for our acquisitions of nightclubs.

Management also uses non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft. Worth, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those indicated in this press release, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company’s businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI’s annual report on Form 10-K for the year ended September 30, 2020 as well as its other filings with the U.S. Securities and Exchange Commission. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com  and steven.anreder@anreder.com 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share and percentage data)

For the Three Months Ended September 30,

For the Twelve Months Ended September 30,

2020

2019

2020

2019

Amount

% of
Revenue

Amount

% of
Revenue

Amount

% of
Revenue

Amount

% of
Revenue

Revenues

Sales of alcoholic beverages

$        13,795

47.9%

$  18,774

41.6%

$  59,080

44.6%

$  75,140

41.5%

Sales of food and merchandise

7,082

24.6%

6,655

14.7%

24,460

18.5%

25,830

14.3%

Service revenues

6,714

23.3%

16,446

36.4%

41,162

31.1%

68,055

37.6%

Other

1,195

4.2%

3,308

7.3%

7,625

5.8%

12,034

6.6%

Total revenues

28,786

100.0%

45,183

100.0%

132,327

100.0%

181,059

100.0%

Operating expenses

Cost of goods sold

Alcoholic beverages sold

2,271

16.5%

3,762

20.0%

11,097

18.8%

15,303

20.4%

Food and merchandise sold

2,154

30.4%

2,199

33.0%

8,071

33.0%

9,056

35.1%

Service and other

62

0.8%

271

1.4%

267

0.5%

578

0.7%

Total cost of goods sold (exclusive of items shown below)

4,487

15.6%

6,232

13.8%

19,435

14.7%

24,937

13.8%

Salaries and wages

8,204

28.5%

12,665

28.0%

39,070

29.5%

49,833

27.5%

Selling, general and administrative

11,803

41.0%

16,633

36.8%

51,692

39.1%

59,896

33.1%

Depreciation and amortization

2,140

7.4%

2,354

5.2%

8,836

6.7%

9,072

5.0%

Other charges (gains), net

1,960

6.8%

4,870

10.8%

10,548

8.0%

2,620

1.4%

Total operating expenses

28,594

99.3%

42,754

94.6%

129,581

97.9%

146,358

80.8%

Income (loss) from operations

192

0.7%

2,429

5.4%

2,746

2.1%

34,701

19.2%

Other income (expenses)

Interest expense

(2,408)

-8.4%

(2,500)

-5.5%

(9,811)

-7.4%

(10,209)

-5.6%

Interest income

61

0.2%

91

0.2%

324

0.2%

309

0.2%

Unrealized gain (loss) on equity securities

39

0.1%

(204)

-0.5%

(64)

0.0%

(612)

-0.3%

Income (loss) before income taxes

(2,116)

-7.4%

(184)

-0.4%

(6,805)

-5.1%

24,189

13.4%

Income tax expense (benefit)

769

2.7%

(684)

-1.5%

(493)

-0.4%

3,744

2.1%

Net income (loss)

(2,885)

-10.0%

500

1.1%

(6,312)

-4.8%

20,445

11.3%

Net loss (income) attributable to noncontrolling interests

92

0.3%

(42)

-0.1%

227

0.2%

(151)

-0.1%

Net income (loss) attributable to RCIHH common shareholders

$        (2,793)

-9.7%

$        458

1.0%

$  (6,085)

-4.6%

$  20,294

11.2%

Earnings (loss) per share

Basic and diluted

$          (0.31)

$      0.05

$    (0.66)

$      2.10

Weighted average shares outstanding

Basic and diluted

9,124

9,616

9,199

9,657

Dividends per share

$            0.04

$      0.03

$      0.14

$      0.13

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)

For the Three Months

For the Twelve Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

Reconciliation of GAAP net income (loss) to Adjusted EBITDA

Net income (loss) attributable to RCIHH common stockholders

$ (2,793)

$     458

$  (6,085)

$  20,294

Income tax expense (benefit)

769

(684)

(493)

3,744

Interest expense, net

2,347

2,409

9,487

9,900

Settlement of lawsuits

100

81

174

225

Impairment of assets

1,423

6,040

10,615

6,040

Gain on sale of businesses and assets

(16)

(390)

(661)

(2,877)

Unrealized loss (gain) on equity securities

(39)

204

64

612

Loss (gain) on insurance

453

(861)

420

(768)

Depreciation and amortization

2,140

2,354

8,836

9,072

Adjusted EBITDA

$   4,384

$  9,611

$  22,357

$  46,242

Reconciliation of GAAP net income (loss) to non-GAAP net income

Net income (loss) attributable to RCIHH common stockholders

$ (2,793)

$     458

$  (6,085)

$  20,294

Amortization of intangibles

148

150

609

624

Settlement of lawsuits

100

81

174

225

Impairment of assets

1,423

6,040

10,615

6,040

Gain on sale of businesses and assets

(17)

(390)

(661)

(2,877)

Unrealized loss (gain) on equity securities

(39)

204

64

612

Loss (gain) on insurance

453

(861)

420

(768)

Valuation allowance

1,273

–

1,273

–

Net income tax effect

799

212

(1,700)

(580)

Non-GAAP net income

$   1,347

$  5,894

$    4,709

$  23,570

Reconciliation of GAAP diluted earnings (loss) per share to non-GAAP diluted earnings per share

Diluted shares

9,124

9,616

9,199

9,657

GAAP diluted earnings (loss) per share

$   (0.31)

$    0.05

$    (0.66)

$      2.10

Amortization of intangibles

0.02

0.02

0.07

0.06

Settlement of lawsuits

0.01

0.01

0.02

0.02

Impairment of assets

0.16

0.63

1.15

0.63

Gain on sale of businesses and assets

(0.00)

(0.04)

(0.07)

(0.30)

Unrealized loss (gain) on equity securities

(0.00)

0.02

0.01

0.06

Loss (gain) on insurance

0.05

(0.09)

0.05

(0.08)

Valuation allowance

0.14

–

0.14

–

Net income tax effect

0.09

0.02

(0.18)

(0.06)

Non-GAAP diluted earnings per share

$      0.15

$    0.61

$      0.51

$      2.44

Reconciliation of GAAP operating income to non-GAAP operating income

Income from operations

$       192

$  2,429

$    2,746

$  34,701

Amortization of intangibles

148

150

609

624

Settlement of lawsuits

100

81

174

225

Impairment of assets

1,423

6,040

10,615

6,040

Gain on sale of businesses and assets

(17)

(390)

(661)

(2,877)

Loss (gain) on insurance

453

(861)

420

(768)

Non-GAAP operating income

$   2,299

$  7,449

$  13,903

$  37,945

Reconciliation of GAAP operating margin to non-GAAP operating margin

GAAP operating margin

0.7%

5.4%

2.1%

19.2%

Amortization of intangibles

0.5%

0.3%

0.5%

0.3%

Settlement of lawsuits

0.3%

0.2%

0.1%

0.1%

Impairment of assets

4.9%

13.4%

8.0%

3.3%

Gain on sale of businesses and assets

-0.1%

-0.9%

-0.5%

-1.6%

Loss (gain) on insurance

1.6%

-1.9%

0.3%

-0.4%

Non-GAAP operating margin

8.0%

16.5%

10.5%

21.0%

Reconciliation of net cash provided by operating activities to free cash flow

Net cash provided by operating activities

$   3,485

$  7,641

$  15,632

$  37,174

Less: Maintenance capital expenditures

40

1,786

2,151

3,858

Free cash flow

$   3,445

$  5,855

$  13,481

$  33,316

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)

For the Three Months

For the Twelve Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

Revenues

Nightclubs

$  13,134

$  35,942

$    88,373

$  148,606

Bombshells

15,531

8,533

43,215

30,828

Other

121

708

739

1,625

$  28,786

$  45,183

$  132,327

$  181,059

Income (loss) from operations

Nightclubs

$        116

$    6,225

$    13,118

$    50,724

Bombshells

5,079

764

9,245

2,307

Other

(204)

97

(684)

(309)

General corporate

(4,799)

(4,657)

(18,933)

(18,021)

$        192

$    2,429

$      2,746

$    34,701

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

For the Three Months Ended September 30, 2020

For the Three Months Ended September 30, 2019

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$        116

$    5,079

$   (204)

$   (4,799)

$        192

$    6,225

$        764

$      97

$   (4,657)

$  2,429

Amortization of intangibles

48

4

96

–

148

–

–

–

150

150

Settlement of lawsuits

100

–

–

–

100

40

–

–

41

81

Impairment of assets

1,423

–

–

–

1,423

5,920

–

–

120

6,040

Loss (gain) on sale of businesses and assets

(20)

–

–

3

(17)

(446)

26

–

30

(390)

Loss (gain) on insurance

453

–

–

–

453

(747)

–

–

(114)

(861)

Non-GAAP operating income (loss)

$    2,120

$    5,083

$   (108)

$   (4,796)

$    2,299

$  10,992

$        790

$      97

$   (4,430)

$  7,449

GAAP operating margin

0.9%

32.7%

-168.6%

-16.7%

0.7%

17.3%

9.0%

13.7%

-10.3%

5.4%

Non-GAAP operating margin

16.1%

32.7%

-89.3%

-16.7%

8.0%

30.6%

9.3%

13.7%

-9.8%

16.5%

For the Twelve Months Ended September 30, 2020

For the Twelve Months Ended September 30, 2019

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$  13,118

$    9,245

$   (684)

$ (18,933)

$    2,746

$  50,724

$    2,307

$ (309)

$ (18,021)

$  34,701

Amortization of intangibles

211

15

383

–

609

–

–

–

624

624

Settlement of lawsuits

174

–

–

–

174

169

3

–

53

225

Impairment of assets

10,370

245

–

–

10,615

5,920

–

–

120

6,040

Loss (gain) on sale of businesses and assets

(639)

16

–

(38)

(661)

(2,858)

27

–

(46)

(2,877)

Loss (gain) on insurance

433

–

–

(13)

420

(654)

–

–

(114)

(768)

Non-GAAP operating income (loss)

$  23,667

$    9,521

$   (301)

$ (18,984)

$  13,903

$  53,301

$    2,337

$ (309)

$ (17,384)

$  37,945

GAAP operating margin

14.8%

21.4%

-92.6%

-14.3%

2.1%

34.1%

7.5%

-19.0%

-10.0%

19.2%

Non-GAAP operating margin

26.8%

22.0%

-40.7%

-14.3%

10.5%

35.9%

7.6%

-19.0%

-9.6%

21.0%

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Three Months Ended

For the Twelve Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$                (2,885)

$                      500

$                (6,312)

$                20,445

Adjustments to reconcile net income (loss) to net cash

provided by operating activities:

Depreciation and amortization

2,140

2,354

8,836

9,072

Deferred income tax expense (benefit)

249

(416)

(1,268)

821

Gain on sale of businesses and assets

(28)

(262)

(777)

(2,966)

Impairment of assets

1,423

6,040

10,615

6,040

Unrealized loss (gain) on equity securities

(39)

204

64

612

Amortization of debt discount and issuance costs

42

58

236

334

Deferred rent expense

–

46

–

282

Noncash lease expense

416

–

1,660

–

Loss (gain) on insurance

629

(381)

596

(288)

Doubtful accounts expense on notes receivable

107

–

602

–

Changes in operating assets and liabilities:

Accounts receivable

(241)

(1,848)

(294)

457

Inventories

255

(129)

226

(216)

Prepaid expenses, other current assets and other assets

(3,309)

(4,880)

1,633

(681)

Accounts payable, accrued and other liabilities

4,726

6,355

(185)

3,262

Net cash provided by operating activities

3,485

7,641

15,632

37,174

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of businesses and assets

180

2,117

2,221

7,223

Proceeds from insurance

–

100

945

100

Proceeds from notes receivable

21

51

1,576

158

Issuance of note receivable

–

–

–

(420)

Payments for property and equipment and intangible assets

(171)

(3,807)

(5,736)

(20,708)

Acquisition of businesses, net of cash acquired

–

–

–

(13,500)

Net cash provided by (used in) investing activities

30

(1,539)

(994)

(27,147)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from debt obligations

–

1,181

6,503

13,511

Payments on debt obligations

(1,343)

(4,290)

(8,832)

(22,924)

Purchase of treasury stock

(996)

(537)

(9,484)

(2,901)

Payment of dividends

(366)

(385)

(1,286)

(1,252)

Payment of loan origination costs

–

–

–

(20)

Distribution to noncontrolling interests

–

(49)

(31)

(70)

Net cash used in financing activities

(2,705)

(4,080)

(13,130)

(13,656)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

810

2,022

1,508

(3,629)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

14,795

10,956

14,097

17,726

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$                15,605

$                12,978

$                15,605

$                14,097

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30,

September 30,

2020

2019

ASSETS

Current assets

Cash and cash equivalents

$       15,605

$       14,097

Accounts receivable, net

6,767

7,408

Current portion of notes receivable

201

954

Inventories

2,372

2,598

Prepaid insurance

4,884

5,446

Other current assets

1,604

2,521

Assets held for sale

–

2,866

Total current assets

31,433

35,890

Property and equipment, net

181,383

183,956

Operating lease right-of-use assets, net

25,546

–

Notes receivable, net of current portion

2,908

4,211

Goodwill

45,686

53,630

Intangibles, net

73,077

75,951

Other assets

900

1,118

Total assets

$     360,933

$     354,756

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$         4,799

$         3,810

Accrued liabilities

14,573

14,644

Current portion of long-term debt, net

16,304

15,754

Current portion of operating lease liabilities

1,628

–

Total current liabilities

37,304

34,208

Deferred tax liability, net

20,390

21,658

Long-term debt, net of current portion and debt discount and issuance costs

125,131

127,774

Operating lease liabilities, net of current portion

25,439

–

Other long-term liabilities

362

1,696

Total liabilities

208,626

185,336

Commitments and contingencies

Equity

Preferred stock

–

–

Common stock

91

96

Additional paid-in capital

51,833

61,312

Retained earnings

100,797

108,168

Total RCIHH stockholders’ equity

152,721

169,576

Noncontrolling interests

(414)

(156)

Total equity

152,307

169,420

Total liabilities and equity

$     360,933

$     354,756

SOURCE: RCI Hospitality Holdings, Inc.

Related Links

http://www.rcihospitality.com