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RCI Reports 2Q24 Results; X Spaces Call at 4:30 PM ET Today; Meet Management at 7 PM ET Tonight
HOUSTON, May 9, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2024 second quarter ended March 31,
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, May 9, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2024 second quarter ended March 31, 2024. The company also filed its Form 10-Q today.\n\n \n \n \n \n \n \n\n \nSummary Financials (in millions except EPS)\n2Q24\n2Q23\n6M24\n6M23\nTotal revenues\n$72.3\n$71.5\n$146.2\n$141.5\nEPS\n$0.08\n$0.83\n$0.85\n$1.94\nNon-GAAP EPS1\n$0.90\n$1.30\n$1.76\n$2.50\nOther charges, net\n$8.2\n$3.8\n$8.2\n$3.1\nNet cash from operating activities\n$10.8\n$16.8\n$24.5\n$31.7\nFree cash flow1\n$8.8\n$14.8\n$21.5\n$27.8\nNet income attributable to RCIHH common stockholders\n$0.8\n$7.7\n$8.0\n$18.0\nAdjusted EBITDA1\n$17.2\n$21.7\n$34.7\n$42.1\nWeighted average shares used in computing EPS – basic and diluted\n9.35\n9.27\n9.36\n9.25\n1 See \"Non-GAAP Financial Measures\" below\nEric Langan, President and CEO, said:\n\"Despite this uncertain economy, the core strength of our business enabled RCI to generate $72.3 million in revenue in 2Q24 compared to $71.5 million last year. While GAAP EPS of $0.08 primarily reflected $8.0 million in non-cash impairment, non-GAAP EPS totaled $0.90, near the high end of expectations.\"\n\"The Nightclubs segment generated $59.4 million in revenue in 2Q24 compared to $57.0 million last year. Separately, the effort begun mid-February to improve the Bombshells segment resulted in steady sales and better margins on a sequential quarter basis. In addition, we continued to make progress developing new locations and upgrading existing ones to further grow RCI.\"\n\"We're committed to following our capital allocation strategy, concentrating on our core nightclubs business, evaluating potential acquisitions, and buying back stock. Subsequent to the end of the quarter, we increased our cash position $20 million by closing on our planned bank loan.\"\nConference Call at 4:30 PM ET Today\nX Space: https://x.com/ricksceo/status/1787271843239338182 (X log in required)Use mobile phone to participate in X Space Q&APhone: Toll Free 877-545-0320, International 973-528-0002, Passcode: 200202 (listen only)Presentation: https://www.rcihospitality.com/investor-relations/Webcast: https://www.webcaster4.com/Webcast/Page/2209/50516 (listen only)Meet Management at 7:00 PM ET Tonight\nInvestors are invited to meet management at one of RCI's top revenue generating clubsRick's C...