Business
RCI Reports 3Q20 Results; Positive Operating Cash Flow During the Quarter
HOUSTON, Aug. 10, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the third quarter ended June 30, 2020 and
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Aug. 10, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the third quarter ended June 30, 2020 and filed its corresponding Form 10-Q. Results are not comparable to prior periods due to the Covid-19 pandemic. In line with government regulations, all locations remained closed in April, a number reopened in May and June, and some of those had to close temporarily before quarter-end.\n\n \n \n \n \n \n \n\n \nKey Points\nTotal revenues of $14.7 million with $156 thousand in April, $5.7 million in May, and $8.9 million in June. Net loss attributable to common shareholders of $5.5 million or $0.60 per share. Positive operating cash flow. Net cash from operating activities and free cash flow* of $166 thousand. Cash at June 30, 2020 was $14.8 million and accounts receivable were $5.5 million, including a $3.6 million income tax receivable. Bombshells restaurants had record two-month revenues in May-June and quarterly segment operating margin of 22.3% that exceeded our FY20 target. Nightclubs that were able to open performed well considering 3Q20's operating environment. July revenues totaled $7.6 million. 31 locations open as of today. Approximately half of our team members are back at work after extensive furloughs in March. All open locations follow Covid-19 safety standards for guests and team members, including mandatory mask, social distancing, occupancy and hourly restrictions, as well as closing temporarily for periodic sanitizing. Though our cash flows are not what we anticipated at the start of FY20, the near-term outlook for our business remains strong, and we expect to generate adequate cash flows from operations over the next 12 months. Please see our 10-Q for further discussion.Conference Call\nA conference call to discuss 3Q20 results, outlook and related matters will be held today at 4:30 PM ET:\nLive Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049 To access the live webcast, slides or replay, visit: https://www.webcaster4.com/Webcast/Page/2209/36059 Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 36059CEO Comment\nEric Langan, President & CEO, said: \"After more than five months, we are more confident in managing how the pandemic is affecting our businesses. By being agile, innovative and acting quickly, we bel...