RCI Hospitality Holdings, Inc. Reports Fiscal 2Q15 ResultsNon-GAAP EPS of $0.50 Up 11% Year over Year
RCI Hospitality Holdings, Inc. May 11, 2015 4:05 PM
HOUSTON, May 11, 2015 /PRNewswire/ -- RCI Hospitality Holdings, Inc. ( RICK) today announced results for the fiscal 2015 second quarter ended March 31, 2015.
View photo
.
2Q15 Highlights
GAAP EPS of ($0.28) includes an accrual for the previously announced NY FLSA legal settlement.Non-GAAP EPS* diluted of $0.50 increased 11.1% from $0.45 in 2Q14. Non-GAAP EPS excludes the accrual as well as other items from both periods for comparability.Record total revenues of $37.4 million grew 13.8% year over year.$1.9 million spent buying back shares in the open market in the first half of Fiscal 2015.Company on track for a strong FY15.Conference Call
A conference call to discuss these results, outlook and related matters will be held today, May 11, 2015, at 4:30 PM ET:
Live Participant Dial In (Toll Free): 877-737-7051Live Participant Dial In (International): 201-689-8878Webcast URL: http://www.investorcalendar.com/IC/CEPage.asp?ID=173981Meet Management
Eric Langan, President and CEO, invites investors for a "Due Diligence Ball" to meet, talk and tour one of RCI's top revenue generating clubs.
When: Monday, May 11, 2015, 6:00 PM to 8:00 PM ETWhere: Rick's Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and BroadwayRSVP: With your contact information to gary.fishman@anreder.comCEO Comment
"RCI performed well in 2Q15," said Mr. Langan. "We achieved record revenues and strong year over year growth in non-GAAP EPS and adjusted EBITDA, which reflects our cash generating power.
"Our performance was especially favorable since 2Q15 was affected by bad weather, especially in the Dallas-Fort Worth area, where we operate 11 clubs. We also had tough comparisons to 2Q14, when we benefitted from the big football championship in the New York City area, where we have two top clubs.
"Core profitability in nightclubs expanded due to higher revenues and margin improvement. With more units and increased revenues, our Bombshells restaurant/bar segment also added positively to results.
"We repurchased more stock in the open market, reflecting confidence in our favorable outlook, combined with the market's undervaluation of our shares. We will continue to focus cash flow on buying back shares. At current levels, our own assets represent a highly attractive return.
"We are on track for a strong Fiscal 2015. Year to date, total revenues are up 18.6%, adjusted EBITDA 22.7%, and non-GAAP EPS 23.1%.
"We look forward to a solid third quarter. Many units benefitted from our showing the recent Mayweather-Pacquiao 'Fight of the Century'. Warm weather in Texas should further enhance Bombshells' patio business."
2Q15 Analysis (all comparisons to 2Q14 unless otherwise noted)
Total Revenues
Total revenues of $37.4 million compared to $32.9 million.45 units (40 adult clubs and nightclubs and 5 restaurants) versus 43 (41 adult clubs and nightclubs and 2 restaurants).Same store sales increased 2.1%.Units opened less than a year added $4.4 million. This included new adult clubs – Rick's Cabaret in Odessa, TX and the recently acquired Down in Texas Saloon in Austin, TX – and new Bombshells in Austin, Spring and Houston, TX.Operating Margin & Costs (as % of revenues)
GAAP operating margin was (7.0%), reflecting the previously mentioned accrual, compared to 22.7%.Non-GAAP operating margin, which excludes the accrual and certain other non-operating items from both periods for more meaningful analysis, was 24.9% compared to 26.9%.Non-GAAP operating margin reflects the growth of the Bombshells segment, whose margins, while growing, are less than that of the nightclub segment. This was partially offset by the elimination of under-performing adult clubs.The accrual of $10.3 million pre-tax, or ($0.65) per share net of tax, represents the company's best estimate at this time of the total cost of the settlement, announced April 1, 2015, in its New York federal wage and hour class action case.Adjusted EBITDA
RCI's cash generating power, as reflected by adjusted EBITDA*, amounted to $10.2 million, up 10.8% from $9.2 million in the year ago quarter.Business Segments (all comparisons to 2Q14 unless otherwise noted)
Nightclubs
Includes the company's 38 adult clubs and two bar/nightclubs, compared to a total of 41 in the year ago quarter.Sales increased 2.4%, to $31.9 million from $31.2 million.Operating income was $114,000 compared to $9.6 million.Excluding the previously mentioned accrual, operating income increased 8.0% to $10.4 million and operating margin expanded to 32.6% from 30.9%.In May, RCI subsidiaries acquired The Seville Club, a popular gentlemen's club in Minneapolis known for its famous downtown location, as previously announced. Total consideration of $8.5 million consisted of $4.5 million for the assets of the club business and $4.0 million for its historic building.Bombshells
Includes the company's five Bombshells, all in Texas, compared to two in the year ago quarter.Sales increased nearly 3.5 times, to $4.8 million from $1.4 million.Operating income was $571,000 compared to a loss of $12,000.Operating margin expanded to 11.9% of revenues from (0.9%) and is expected to increase as revenues continue to build and training costs subside.A sixth Bombshells is planned for the Willowbrook area of northwest Houston. Management is identifying additional locations.Balance Sheet (March 31, 2015 compared to December 31, 2014)
Assets increased 4.1% to $260.5 million and long term debt increased 2.4% to $71.5 million. The increases primarily reflected the acquisition of the Down in Texas Saloon of Austin and related real estate.Total permanent stockholders' equity declined 2.8% to $120.8 million, primarily reflecting the NY FLSA accrual partially offset by core profits.Stock Buy Backs
The Board of Directors increased its stock repurchase authorization to $10.0 million in May 2014.During 2Q15, RCI purchased 82,811 shares of common in the open market for an aggregate cost of $840,340, leaving $7.0 million of remaining authorization.During the six months ended March 31, 2015, RCI purchased 192,427 shares at a cost of $1.9 million.*Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain "non-GAAP financial measures" within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the company and helps management and investors gauge our ability to generate cash flow, excluding some recurring charges that are included in the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:
Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, patron taxes, pre-opening costs, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.
Non-GAAP Net Income and Non-GAAP Net Income per Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, patron taxes, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
Adjusted EBITDA. We exclude from earnings before interest, taxes, depreciation and amortization (EBITDA) depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements, gain on contractual debt reduction and impairment charges because we believe that adjusting for such items helps management and investors better understand operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for Federal, state and local taxes which have considerable variation between domestic jurisdictions. Also, we exclude interest cost in our calculation of Adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. We use Adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.Full Financial Tables
RCI's Form 10Q for the fiscal second quarter ended Mach 31, 2015 with full financial tables can be found on the company's corporate site at http://www.rcihospitality.com.
About RCI Hospitality Holdings, Inc. ( RICK)
With 46 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult gentlemen clubs and restaurant/bars. Adult clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Restaurant/bars operate under the brand name "Bombshells." Please visit http://www.rcihospitality.com/
RCI Hospitality in 2015 is celebrating the 20th anniversary of its IPO – two decades of innovation in the adult club segment of the hospitality industry.
Forward-Looking Statements
This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
| CONSOLIDATED STATEMENTS OF INCOME
|
|
|
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|
|
|
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|
|
|
|
|
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|
|
| FOR THE THREE MONTHS
|
|
| FOR THE SIX MONTHS
| ENDED MARCH 31,
| ENDED MARCH 31,
|
|
| 2015
|
|
| 2014
|
|
| 2015
|
|
| 2014
| (in thousands, except per share data)
|
| (UNAUDITED)
|
|
| (UNAUDITED)
|
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|
|
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| Revenues:
|
|
|
|
|
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|
|
|
|
|
|
| Sales of alcoholic beverages
|
| $
| 15,576
|
|
| $
| 12,985
|
|
| $
| 30,815
|
|
| $
| 24,674
| Sales of food and merchandise
|
|
| 5,241
|
|
|
| 3,979
|
|
|
| 10,466
|
|
|
| 7,402
| Service revenues
|
|
| 14,559
|
|
|
| 14,347
|
|
|
| 28,783
|
|
|
| 27,077
| Other
|
|
| 2,034
|
|
|
| 1,559
|
|
|
| 3,833
|
|
|
| 3,140
| Total revenues
|
|
| 37,410
|
|
|
| 32,870
|
|
|
| 73,897
|
|
|
| 62,293
|
|
|
|
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|
|
|
|
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|
|
|
|
|
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| Operating expenses:
|
|
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|
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| Cost of goods sold
|
|
| 5,381
|
|
|
| 4,041
|
|
|
| 10,492
|
|
|
| 7,788
| Salaries and wages
|
|
| 8,115
|
|
|
| 6,854
|
|
|
| 16,147
|
|
|
| 13,431
| Stock compensation
|
|
| 120
|
|
|
| 151
|
|
|
| 240
|
|
|
| 154
| Other general and administrative:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxes and permits
|
|
| 5,709
|
|
|
| 5,142
|
|
|
| 11,102
|
|
|
| 9,557
| Charge card fees
|
|
| 544
|
|
|
| 449
|
|
|
| 1,091
|
|
|
| 877
| Rent
|
|
| 1,184
|
|
|
| 1,156
|
|
|
| 2,325
|
|
|
| 2,384
| Legal and professional
|
|
| 1,064
|
|
|
| 426
|
|
|
| 2,023
|
|
|
| 1,214
| Advertising and marketing
|
|
| 1,312
|
|
|
| 1,406
|
|
|
| 2,679
|
|
|
| 2,691
| Insurance
|
|
| 801
|
|
|
| 972
|
|
|
| 1,621
|
|
|
| 1,771
| Utilities
|
|
| 708
|
|
|
| 646
|
|
|
| 1,442
|
|
|
| 1,241
| Depreciation and amortization
|
|
| 1,886
|
|
|
| 1,513
|
|
|
| 3,531
|
|
|
| 2,906
| (Gain) loss on sale of property
|
|
| (18)
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|
|
| (86)
|
|
|
| (18)
|
|
|
| (86)
| Impairment of assets
|
|
| -
|
|
|
| -
|
|
|
| 1,358
|
|
|
| -
| Settlement of lawsuits and other one-time costs
|
|
| 10,303
|
|
|
| 150
|
|
|
| 10,550
|
|
|
| 270
| Other
|
|
| 2,917
|
|
|
| 2,591
|
|
|
| 5,790
|
|
|
| 5,022
| Total operating expenses
|
|
| 40,026
|
|
|
| 25,411
|
|
|
| 70,373
|
|
|
| 49,220
| Operating income (loss)
|
|
| (2,616)
|
|
|
| 7,459
|
|
|
| 3,524
|
|
|
| 13,073
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|
|
|
|
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|
|
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|
|
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|
|
| Other income (expense):
|
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|
|
|
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|
|
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|
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| Interest income
|
|
| 26
|
|
|
| 35
|
|
|
| 39
|
|
|
| 112
| Interest expense
|
|
| (1,783)
|
|
|
| (1,924)
|
|
|
| (3,402)
|
|
|
| (3,936)
| Gain from original investment in Drink Robust, Inc.
|
|
| -
|
|
|
| -
|
|
|
| 577
|
|
|
| -
| Income (loss) before income taxes
|
|
| (4,373)
|
|
|
| 5,570
|
|
|
| 738
|
|
|
| 9,249
| Income taxes (benefit)
|
|
| (1,265)
|
|
|
| 1,922
|
|
|
| 581
|
|
|
| 3,245
| Net income (loss)
|
|
| (3,108)
|
|
|
| 3,648
|
|
|
| 157
|
|
|
| 6,004
| Less: net (income) loss attributable to noncontrolling interests
|
|
| 267
|
|
|
| 74
|
|
|
| 362
|
|
|
| 121
| Net income (loss) attributable to RCI Hospitality Holdings, Inc.
|
| $
| (2,841)
|
|
| $
| 3,722
|
|
| $
| 519
|
|
| $
| 6,125
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|
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| Basic earnings (loss) per share attributable to RCIHH shareholders:
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|
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| Net income
|
| $
| (0.28)
|
|
| $
| 0.39
|
|
| $
| 0.05
|
|
| $
| 0.64
| Diluted earnings (loss) per share attributable to RCIHH shareholders:
|
|
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|
|
|
|
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|
|
|
|
|
|
| Net income
|
| $
| (0.28)
|
|
| $
| 0.37
|
|
| $
| 0.05
|
|
| $
| 0.62
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|
|
|
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|
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|
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| Weighted average number of common shares outstanding:
|
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|
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|
|
|
|
|
| Basic
|
|
| 10,275
|
|
|
| 9,661
|
|
|
| 10,269
|
|
|
| 9,604
| Diluted
|
|
| 10,275
|
|
|
| 10,853
|
|
|
| 10,273
|
|
|
| 10,763
|
|
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|
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
| NON-GAAP FINANCIAL MEASURES
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|
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| For the Three Months
|
| For the Six Months
|
| Ended March 31,
|
| Ended March 31,
|
|
|
|
|
|
| (in thousands, except per share data)
| 2015
|
| 2014
|
| 2015
|
| 2014
|
|
|
|
|
|
|
|
| Reconciliation of GAAP net income to
|
|
|
|
|
|
|
| Adjusted EBITDA
|
|
|
|
|
|
|
| GAAP net income (loss)
| ($2,841)
|
| $3,722
|
| $519
|
| $6,125
| Income tax expense
| (1,265)
|
| 1,922
|
| 362
|
| 3,245
| Interest expense and income and gain on Drink Robust investment
| 1,783
|
| 1,924
|
| 3,402
|
| 3,936
| Litigation and other one-time legal settlements
| 10,303
|
| 150
|
| 10,550
|
| 270
| Preopening costs
| 268
|
| -
|
| 328
|
| -
| Acquisition costs
| 95
|
| -
|
| 178
|
| -
| Impairment of assets
| -
|
| -
|
| 1,358
|
| -
| Depreciation and amortization
| 1,886
|
| 1,513
|
| 3,531
|
| 2,906
| Adjusted EBITDA
| $10,229
|
| $9,231
|
| $20,228
|
| $16,482
|
|
|
|
|
|
|
|
| Reconcilation of GAAP net income (loss) to
|
|
|
|
|
|
|
| non-GAAP net income
|
|
|
|
|
|
|
| GAAP net income (loss)
| ($2,841)
|
| $3,722
|
| $519
|
| $6,125
| Patron tax
| 805
|
| 866
|
| 1,567
|
| 1,605
| Amortization of intangibles
| 336
|
| 82
|
| 579
|
| 171
| Gain on Drink Robust investment
| -
|
| -
|
| (577)
|
| -
| Stock-based compensation
| 120
|
| 151
|
| 240
|
| 154
| Litigation and other one-time settlements
| 10,303
|
| 150
|
| 10,550
|
| 270
| Pre-opening costs
| 268
|
| 122
|
| 328
|
| 416
| Income tax expense
| (1,265)
|
| 1,922
|
| 362
|
| 3,245
| Acquisition costs
| 95
|
| 18
|
| 178
|
| 18
| Impairment of assets
| -
|
| -
|
| 1,358
|
| -
| Non-GAAP provision for income taxes
| (2,695)
|
| (2,409)
|
| (5,202)
|
| (4,148)
| Non-GAAP net income
| $5,126
|
| $4,624
|
| $9,902
|
| $7,857
|
|
|
|
|
|
|
|
| Reconciliation of GAAP diluted net income
|
|
|
|
|
|
|
| per share to non-GAAP diluted net income per share
|
|
|
|
|
|
|
| Fully diluted shares
| 10,275
|
| 10,853
|
| 10,273
|
| 10,763
| GAAP net income
| ($0.28)
|
| $0.37
|
| $0.05
|
| $0.62
| Patron tax
| 0.08
|
| 0.08
|
| 0.15
|
| 0.15
| Amortization of intangibles
| 0.03
|
| 0.01
|
| 0.06
|
| 0.02
| Gain on Drink Robust investment
| -
|
| -
|
| (0.06)
|
| -
| Stock-based compensation
| 0.01
|
| 0.01
|
| 0.02
|
| 0.01
| Litigation and other one-time settlements
| 1.00
|
| 0.01
|
| 1.03
|
| 0.03
| Pre-opening costs
| 0.03
|
| 0.01
|
| 0.03
|
| 0.04
| Income tax expense
| (0.12)
|
| 0.18
|
| 0.04
|
| 0.30
| Acquisition costs
| 0.01
|
| 0.00
|
| 0.02
|
| 0.00
| Impairment of assets
| -
|
| -
|
| 0.13
|
| -
| Non-GAAP provision for income taxes
| (0.26)
|
| (0.22)
|
| (0.51)
|
| (0.39)
| Non-GAAP diluted net income per share
| $0.50
|
| $0.45
|
| $0.96
|
| $0.78
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
| NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
| For the Three Months
|
| For the Six Months
|
| Ended March 31,
|
| Ended March 31,
|
|
|
|
|
|
| (in thousands, except per share data)
| 2015
|
| 2014
|
| 2015
|
| 2014
|
|
|
|
|
|
|
|
| Reconciliation of GAAP operating income to
|
|
|
|
|
|
|
| non-GAAP operating income
|
|
|
|
|
|
|
| GAAP operating income (loss)
| ($2,616)
|
| $7,459
|
| $3,524
|
| $13,073
| Patron tax
| 805
|
| 866
|
| 1,567
|
| 1,605
| Amortization of intangibles
| 336
|
| 82
|
| 579
|
| 171
| Stock-based compensation
| 120
|
| 151
|
| 240
|
| 154
| Impairment of assets
| -
|
| -
|
| -
|
| -
| Litigation and other one-time settlements
| 10,303
|
| 150
|
| 10,550
|
| 270
| Pre-opening costs
| 268
|
| 122
|
| 328
|
| 416
| Acquisition costs
| 95
|
| 18
|
| 178
|
| 18
| Non-GAAP operating income
| $9,311
|
| $8,848
|
| $16,966
|
| $15,707
|
|
|
|
|
|
|
|
| Reconciliation of GAAP operating margin to
|
|
|
|
|
|
|
| non-GAAP operating margin
|
|
|
|
|
|
|
| GAAP operating income
| -7.0%
|
| 22.7%
|
| 4.8%
|
| 21.0%
| Patron tax
| 2.2%
|
| 2.6%
|
| 2.1%
|
| 2.6%
| Amortization of intangibles
| 0.9%
|
| 0.2%
|
| 0.8%
|
| 0.3%
| Stock-based compensation
| 0.3%
|
| 0.5%
|
| 0.3%
|
| 0.2%
| Impairment of assets
| 0.0%
|
| 0.0%
|
| 0.0%
|
| 0.0%
| Litigation and other one-time settlements
| 27.5%
|
| 0.5%
|
| 14.3%
|
| 0.4%
| Pre-opening costs
| 0.7%
|
| 0.4%
|
| 0.4%
|
| 0.7%
| Acquisition costs
| 0.3%
|
| 0.1%
|
| 0.2%
|
| 0.0%
| Non-GAAP operating margin
| 24.9%
|
| 26.9%
|
| 23.0%
|
| 25.2%
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY HOLDINGS, INC. AND SUBSIDIARIES
|
| SEGMENT INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months
|
|
| For the Six Months
|
|
| Ended March 31,
|
|
| Ended March 31,
|
| (in thousands)
| 2015
|
|
| 2014
|
|
| 2015
|
|
| 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business segment sales:
|
|
|
|
|
|
|
|
|
|
|
| Nightclubs
| $
| 31,933
|
|
| $
| 31,196
|
|
| $
| 62,995
|
|
| $
| 59,550
|
| Bombshells
|
| 4,813
|
|
|
| 1,379
|
|
|
| 9,721
|
|
|
| 2,083
|
| Other
|
| 664
|
|
|
| 295
|
|
|
| 1181
|
|
|
| 660
|
|
| $
| 37,410
|
|
| $
| 32,870
|
|
| $
| 73,897
|
|
| $
| 62,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business segment operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nightclubs*
| $
| 114
|
|
| $
| 9,644
|
|
| $
| 8,671
|
|
| $
| 17,618
|
| Bombshells
|
| 571
|
|
|
| (12)
|
|
|
| 1,111
|
|
|
| (317)
|
| Other
|
| (797)
|
|
|
| (87)
|
|
|
| (1,344)
|
|
|
| (257)
|
| General corporate
|
| (2,504)
|
|
|
| (2,086)
|
|
|
| (4,914)
|
|
|
| (3,971)
|
|
| $
| (2,616)
|
|
| $
| 7,459
|
|
| $
| 3,524
|
|
| $
| 13,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Nightclubs operating income for the three and six months ended 3/31/15 includes accrual of $10,303 for the settlement of a lawsuit, and for the six months ended 3/31/15 also includes impairment of assets of $1,358. Excluding these items, nightclubs operating income for the three months ended 3/31/15 would have been $10,417 and for the six months ended 3/31/15 would have been $20,332.
|
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To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/rci-hospitality-holdings-inc-reports-fiscal-2q15-results-300081198.html |
