RCI Reports 4Q23 & FY23 Results; X Spaces Call at 4:30 PM ET Today; Meet Management at 7 PM ET Tonight

About this update from Rci Hospitality Holdings, Inc.

[{"type":"text","content":"HOUSTON, Dec. 14, 2023 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2023 fourth quarter and year ended September 30, 2023. The company also filed its Form 10-K.\n\n \n \n \n \n \n \n\n \nSummary Financials (in millions except EPS)\n4Q23\n4Q22\nFY23\nFY22\nTotal revenues\n$75.3\n$71.4\n$293.8\n$267.6\nOther charges (gains), net\n$9.9\n($0.9)\n$15.6\n$0.5\nEPS\n$0.23\n$1.15\n$3.13\n$4.91\nNon-GAAP EPS1\n$1.11\n$1.49\n$4.90\n$5.38\nNet cash from operating activities\n$12.1\n$17.8\n$59.1\n$64.5\nFree cash flow1\n$11.1\n$14.5\n$53.2\n$58.92\nNet income attributable to RCIHH common stockholders\n$2.2\n$10.6\n$29.2\n$46.0\nAdjusted EBITDA1\n$20.2\n$24.2\n$85.0\n$86.7\nWeighted average shares used in computing EPS – basic and diluted\n9.42\n9.25\n9.34\n9.38\nShare RepurchasesAs of December 8, 2023, we had repurchased 37,954 common shares for $2.1 million or an average of $54.59 per share in 1Q24 and had $14.6 million in remaining stock repurchase authorization. In FY23, RCI repurchased 34,086 common shares for $2.2 million or an average of $65.22 per share.\nCEO CommentEric Langan, President and CEO, said: \"As we previously reported, business was soft during 4Q23 due to the current uncertain economy as well as tough comparisons to last year's post-Covid bounce. However, our capital allocation strategy continues to produce strong, long-term results.\"\n\"EPS was $0.23 for 4Q23 and $3.13 for FY23, which were impacted by non-cash impairment charges of $9.3 million and $12.6 million, respectively. On a non-GAAP basis, EPS was $1.11 for 4Q23 and $4.90 for FY23. Total revenues increased 5.4% year-over-year for 4Q23 and 9.8% for FY23. Both periods benefited from acquisitions, which helped offset lower same-store sales year-over-year, but not all of the margin decline.\"\n\"Looking at the big picture, proforma FY23 same-store sales increased 9.0% compared to pre-Covid FY19, with Nightclubs +8.3% and Bombshells +12.6%.3 From year-end FY15, when we initiated our capital allocation strategy, through FY23, we have generated compound annual growth of 10.2% for total revenues, 12.1% for adjusted EBITDA, and 17.2% for free cash flow.\"\n\"Subsequent to 4Q23, we continued to move ahead with our strategies and plans, buying back more shares depending on market conditions, opening Bombshells Staffor...

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