RCI Reports 3Q23 Results: Total Revenues $77.1M, GAAP EPS $0.96, Non-GAAP EPS $1.30

About this update from Rci Hospitality Holdings, Inc.

[{"type":"text","content":"Conference Call on X (formerly Twitter) Spaces at 4:30 PM ET Today; Meet Management at 7 PM ET Tonight\nHOUSTON, Aug. 9, 2023 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results and filed its Form 10-Q for the fiscal 2023 third quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSummary Financials (in millions except EPS)\n3Q23\n3Q22\n9M23\n9M22\nTotal revenues\n$77.1\n$70.7\n$218.5\n$196.2\nEPS\n$0.96\n$1.48\n$2.91\n$3.76\nNon-GAAP EPS1\n$1.30\n$1.60\n$3.80\n$3.89\nNet cash from operating activities\n$15.3\n$18.9\n$47.0\n$46.8\nFree cash flow1\n$14.3\n$18.02\n$42.1\n$44.42\nNet income attributable to RCIHH common stockholders\n$9.1\n$13.9\n$27.1\n$35.4\nAdjusted EBITDA1\n$22.7\n$24.6\n$64.8\n$62.5\nWeighted average shares used in computing EPS – basic and diluted\n9.43\n9.39\n9.31\n9.43\n1\nSee \"Non-GAAP Financial Measures\" below\n2\n3Q22 and 9M22 free cash flow included receipt of $2.2M tax refund\nEric Langan, President and CEO of RCI Hospitality Holdings, Inc., said: \"Third quarter revenues of $77.1 million increased 9.0% year over year, generating free cash flow of $14.3 million and adjusted EBITDA of $22.7 million. As a result, FCF and adjusted EBITDA margins were generally in line year-to-date with our respective 20% and 30% targets.\n\"It should be noted the year-ago quarter, aided by the end of Covid restrictions, had one of the highest levels of operating leverage that we have experienced the last five years which affects direct comparisons to 3Q23. Having said that, we do believe 3Q23 same store sales were held back by the increase in vacation travel, the extreme Texas heat, and economic uncertainty.\"\n\"To date in 4Q23, we have repurchased 10,440 common shares for $725,423 or an average of $69.48 each. Currently, we still have $18.0 million in available stock repurchase authorization.\"\n\"Later in 4Q23, we expect to open a new Bombshells in Stafford, TX. In FY24, we plan to relaunch a temporarily closed club and open two new clubs in Fort Worth and in Lubbock, TX. We are working on the launch of three new Bombshells in Lubbock and Rowlett, TX, and downtown Denver. We also hope to open our Rick's Cabaret Steakhouse & Casino and Bombshells Sports Casino, both in Central City, CO, and we will continue to pursue new club acquisitions in FY24.\"\nConference Call at 4:30 PM ET Today...

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