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Rci Hospitality Holdings, Inc. (RICK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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RICK Annual Reports

Rci Hospitality Holdings, Inc.

CIK: 935419 Ticker: RICK

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RCI Reports 4Q22 Club & Restaurant Sales, Share Buybacks & Year-End Cash Position
HOUSTON—October 11, 2022—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants of $70.0 million for the fiscal fourth quarter ended September 30, 2022, a 28.8% year-over-year increase. Sales do not include non-core operations and are preliminary and subject to final closing. Full 4Q22 and FY22 financial results are expected by December 14.
Eric Langan, President & CEO of RCI, said: “Fourth quarter Nightclub sales benefited from same-store growth and acquisitions. Bombshells had a soft July, but sales improved through the quarter and were up 7.4% year-over-year in September. Altogether, total club and restaurant sales nearly rivaled our strong 3Q22 performance even though the fourth quarter is typically our weakest. As sales return to traditional seasonal patterns, we look forward to a strong 1Q23.”
RCI also announced it bought back 54,473 shares for $3.0 million in 4Q22 and ended FY22 with approximately $35.6 million cash and cash equivalents after making the share repurchases as well as $12.6 million in 4Q22 payments to acquire clubs and property for new Bombshells locations.
Club & Restaurant Sales ($ in Millions)
4Q22 Total SalesTotal Sales vs. 4Q21Same-Store Sales vs. 4Q21
Combined$70.0+28.8%-1.3%
Nightclubs$56.1+40.4%+3.2%
Bombshells$13.9-3.6%-13.3%

FY22 Total SalesTotal Sales vs. FY21Same-Store Sales vs. FY21
Combined$264.3+37.4%+5.6%
Nightclubs$204.5+50.6%+10.1%
Bombshells$59.8+5.5%-4.6%
Share Buybacks
4Q22FY22FY15-22
Repurchased Shares54,473268,1852,049,032
Total Cash Used for Repurchase ($M)$3.0$15.1$40.0
Average Price Per Share$55.80$56.29$19.51
Notes
New club acquisitions contributed sales of $14.9 million in 4Q22 and $41.9 million in FY22. Fifteen clubs were acquired in FY22: 11 in October, one in November, one in May, one at the end of July, and one that was acquired the end of July that reopened the end of August.
Northern clubs continued to rebound. Sales also included results from two renamed and reformatted clubs -- Scarlett’s Cabaret San Antonio, which opened mid-September, and Scarlett’s Cabaret Louisiana, which opened March. Both were closed in the year-ago fourth quarter.
Bombshells Arlington contributed sales of $1.4 million in 4Q22 and $5.7 million since its December opening.
The COVID pandemic first impacted sales in RCI’s 2Q20. All locations were required to close mid-March 2020. Bombshells and some Nightclubs began to reopen May 2020. All Nightclubs were not fully reopened to their full operating hours until 4Q21. 3Q22 was the first period since 1Q20 not affected by COVID.
Available stock purchase authorization at year-end FY22 was $18.9 million.
1

The following information was filed by Rci Hospitality Holdings, Inc. (RICK) on Wednesday, October 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rci Hospitality Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Operations
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - Narrative (Details)
Acquisitions And Dispositions - Schedule Of Allocation Of Fair Value Of The Acquisition Price (Details)
Acquisitions And Dispositions - Schedule Of Preliminary Fair Value Of Consideration (Details)
Acquisitions And Dispositions - Schedule Of Unaudited Pro Forma Combined Results Of Operations (Details)
Assets Held For Sale
Assets Held For Sale (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Stock
Common Stock (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Employee Retirement Plan
Employee Retirement Plan (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Definite-Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Indefinite-Lived, Definite-Lived Intangible Assets And Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details)
Insurance Recoveries
Insurance Recoveries (Tables)
Insurance Recoveries - Narrative (Details)
Insurance Recoveries - Schedule Of Business Insurance Recoveries (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Future Maturities Of Lease Liabilities (Details)
Leases - Schedule Of Lease Expense (Details)
Nature Of Business
Ongoing Impact Of Covid-19 Pandemic
Ongoing Impact Of Covid-19 Pandemic (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Property, Plant And Equipment (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Narrative (Details)
Quarterly Results Of Operations (Unaudited) - Schedule Of Quarterly Financial Information (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenues
Revenues (Tables)
Revenues - Narrative (Details)
Revenues - Schedule Of Disaggregation Of Segment Revenues (Details)
Revenues - Schedule Of Reconciliation Of Contract Liabilities With Customers (Details)
Schedule Of Valuation And Qualifying Accounts
Schedule Of Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Schedule Of Segment Reporting Information (Details)
Selected Account Information
Selected Account Information (Tables)
Selected Account Information - Narrative (Details)
Selected Account Information - Schedule Of Accounts Receivable (Details)
Selected Account Information - Schedule Of Accrued Liabilities (Details)
Selected Account Information - Schedule Of Components Of Other Charges, Net (Details)
Selected Account Information - Schedule Of Components Of Prepaid Expenses And Other Current Assets (Details)
Selected Account Information - Schedule Of Selling, General And Administrative Expenses (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Information About Stock Option Activity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Assets And Liabilities Measured At Fair Value On Nonrecurring Basis (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Fair Value Of Options Valuation Assumptions (Details)
Summary Of Significant Accounting Policies - Schedule Of Significant Unobservable Inputs Used In Level 3 Fair Value Measurement (Details)
Ticker: RICK
CIK: 935419
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-031907
Submitted to the SEC: Wed Dec 14 2022 4:13:49 PM EST
Accepted by the SEC: Wed Dec 14 2022
Period: Friday, September 30, 2022
Industry: Retail Eating Places

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