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February 12, 2019

RCI Hospitality reports $44m revenues in Q1 2019

US-based RCI Hospitality Holdings has reported total revenues of $44.02m for the first quarter of 2019 (Q12019) ending 31 December 2018, compared to $41.21m for the same period in 2017.

US-based RCI Hospitality Holdings has reported total revenues of $44.02m for the Q1 2019 period ending 31 December 2018, an increase from $41.21m for the same period in 2017.

The growth reflected a $1.4m increase in service, $505,000 in alcoholic beverages, $383,000 in food and $481,000 in other services.

The restaurant company also reported a net income of $6.40m, compared to $14.35m for the corresponding period in 2017.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of the restaurant chain increased 8.4% to $12.02m for Q1 2018, compared to $11.09m the prior year.

Operating income of the hospitality company increased by 21.8% to $11.13m, compared to $9.14m during the same period the previous year.

“Total revenues increased 6.8% year over year, led by our Nightclubs segment.”

RCI Hospitality president and CEO Eric Langan said: “We generated strong first quarter results. Total revenues increased 6.8% year over year, led by our Nightclubs segment, with increases of 4.3% in same-store sales, 7.1% in total revenues, and only a partial quarter contribution from newly acquired clubs in Chicago and Pittsburgh.

“Non-GAAP operating income increased 9.9% as operating margin expanded 64 basis points due to increased operating leverage from higher revenues, in particular, higher service revenues, which were up 9.1%.

“This was despite legal, advertising and marketing costs related to the acquisitions of new clubs. Accordingly, non-GAAP EPS increased 15.1% to $0.61 and free cash flow increased 47% to $11.1m.”

The company currently operates more than 40 restaurants and bars under Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie’s Cabaret, Scarlett’s Cabaret and Bombshells Restaurant & Bar brands.

Langan added: “We look forward to the balance of the year. Our FY19 plan calls for continuing to integrate our new clubs in Chicago and Pittsburgh, opening three more Bombshells Restaurant & Bars in the Houston area, improving Bombshells same-store sales, selling excess land developed around several of the new Bombshells, further reducing costs, and continuing our capital allocation strategy as it applies to buybacks.”

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