RCI Reports 3Q24 Results; X Spaces Call at 4:30 PM ET Today

About this update from Rci Hospitality Holdings, Inc.

[{"type":"text","content":"HOUSTON, Aug. 8, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2024 third quarter ended June 30, 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)\n3Q24\n3Q23\n9M24\n9M23\nTotal revenues\n$76.2\n$77.1\n$222.4\n$218.5\nEPS\n$(0.56)\n$0.96\n$0.30\n$2.91\nNon-GAAP EPS1\n$1.35\n$1.30\n$3.11\n$3.80\nOther charges, net\n$18.3\n$2.6\n$26.5\n$5.7\nNet cash provided by operating activities\n$15.8\n$15.3\n$40.2\n$47.0\nFree cash flow1\n$13.8\n$14.3\n$35.3\n$42.1\nNet income (loss) attributable to RCIHH common stockholders\n$(5.2)\n$9.1\n$2.8\n$27.1\nAdjusted EBITDA1\n$20.1\n$22.7\n$54.8\n$64.8\nWeighted average shares used in computing EPS – basic and diluted\n9.28\n9.43\n9.33\n9.31\n1 See \"Non-GAAP Financial Measures\" below\nShare Repurchases\nIn 3Q24, RCI repurchased 202,630 common shares for $9.2 million (average $45.27 per share). As of August 5, 2024, RCI repurchased an additional 133,244 common shares for $6.0 million (average $44.86 per share), resulting in 8,996,546 shares of common stock outstanding and $22.9 million in remaining purchase authorization.\nEric Langan, President and CEO, said:\n\"The third quarter reflected the first full quarter of our Back to Basics approach to business and our Capital Allocation Strategy. We are taking aggressive action to increase revenues, reduce costs, and expand margins, concentrating on our club business and buying back stock, all with the goal of increasing free cash flow per share.\n\"Nightclubs achieved record revenues, increasing year over year, on a same-store basis, and from last quarter. While operating margin was negatively impacted by non-cash impairments, it increased sequentially on a non-GAAP basis.\n\"Bombshells revenues are now up two quarters in a row. While operating margin was similarly affected by non-cash impairments, it expanded sequentially on a non-GAAP basis. These improvements reflected the new marketing and cost cutting moves implemented mid-February.\n\"Finally, I'm pleased to report that as of last week we have reached our short-term buyback objective of reducing shares outstanding to less than 9 million. As part of that effort, we bought back a total of 700,000 shares in the open market since February 2022, reducing our share count by...

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