Exhibit 99.1

 

 

RCI Files 10-K; Positive Operating Cash Flow for 4Q20 & FY20; Conference Call Tuesday at 9 AM ET

 

HOUSTON—December 14, 2020—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fourth quarter and year ended September 30, 2020 and filed its Form 10-K. Results are not comparable to year-ago periods due to the COVID-19 pandemic, which has caused state and local governments to restrict the opening of locations, occupancy, and operating hours in different ways, at different times.

 

Eric Langan, President & CEO, said: “4Q20 demonstrated our continued progress managing the effects of COVID-19. This has enabled us to serve our guests, keep our teams employed, generate free cash flow, and retain a healthy amount of cash on the balance sheet. Considering the operating environment, both the Bombshells and Nightclubs segments exceeded our expectations. A huge thanks goes out to our loyal customers, dedicated team members, and steadfast investors. Looking ahead, we’re actively pursuing several club acquisitions. We’re in various stages of site acquisition and development of ‘The Next 10’ Bombshells, and we believe we are well-positioned to benefit from the positive effects COVID-19 vaccines could create for our businesses over the course of FY21 and beyond.”

 

4Q20 Key Points

 

Total revenues of $28.8 million, up 96% from 3Q20 and equal to 64% of 4Q19 revenues
Record quarterly Bombshells revenues of $15.5 million, up 82% from 3Q20, with record operating margin of 32.7%
Nightclubs revenues of $13.1 million, up 118% from 3Q20
Net cash from operating activities of $3.5 million and free cash flow* of $3.4 million
GAAP EPS (loss) of ($0.31) and non-GAAP EPS of $0.15
$15.6 million cash and cash equivalents at September 30, 2020

 

FY20 Key Points

 

Total revenues of $132.3 million
Net cash from operating activities of $15.6 million and free cash flow of $13.5 million
GAAP EPS (loss) of ($0.66) and non-GAAP EPS of $0.51
Common shares outstanding at September 30, 2020 of 9.075 million vs. 9.591 million a year ago

 

1Q21 Update

 

Sales for clubs and restaurants are expected to total $35 million to $37 million, assuming no additional closings/restrictions
Currently, 36 locations open (26 clubs and all 10 Bombshells)
As of today, RCI has approximately $18 million cash and cash equivalents on hand

 

Conference Call Tuesday at 9 AM ET

 

Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049
Access the live webcast, slides or replay here: https://www.webcaster4.com/Webcast/Page/2209/39008
Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 39008

 

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Note

 

As of the release of this report, we do not know the future extent and duration of the COVID-19 pandemic on our businesses. Lower sales caused by social distancing guidelines could lead to adverse financial results. We are continually monitoring and evaluating the situation and will determine any further measures to be instituted, which could include refinancing several of our debt obligations.

 

All references to the “company,” “we,” “our,” and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.

 

4Q20 Statement of Operations (All comparisons are to 4Q19)

 

Consolidated revenues of $28.8 million compared to $45.2 million. By segment, Bombshells generated $15.5 million compared to $8.5 million, and Nightclubs generated $13.1 million compared to $35.9 million.
24 of 48 locations (8 Bombshells and 16 clubs) were open throughout most of the quarter. By period end, 44 locations (all 10 Bombshells and 34 clubs) were open.
Cost of goods sold was 15.6% vs. 13.8% of revenues due to the change in mix, reflecting a higher proportion of food and a lower proportion of service revenues.
Salaries and wages were 28.5% vs. 28.0% of revenues, reflecting effective labor cost management in the face of the changing COVID-19 environment.
SG&A was 41.0% vs. 36.8% of revenues and D&A was 7.4% vs. 5.2%, largely reflecting fixed costs on a lower revenue base, with the effect on SG&A partially offset by cost-cutting.
Net other charges of $2.0 million, most of which were non-cash, primarily reflected $1.4 million in additional COVID-19 club impairment and a $453K loss primarily related to hurricane damage at a small Louisiana club which is expected to be covered by insurance.
Bombshells segment had both record setting $5.1 million operating income at a 32.7% margin on a higher level of sales and more consistent occupancy while operating in line with indoor restrictions.
Nightclubs segment had a breakeven performance primarily due to the above mentioned $1.9 million in net other charges. On a non-GAAP basis, Nightclubs had a $2.1 million operating profit at a 16.1% margin.
Interest expense was 3.7% lower due to debt paydowns prior to and during 4Q20.
Income tax was a $769K expense, which included a non-cash $1.3 million expense for recognizing a deferred tax asset valuation allowance.

 

September 30, 2020 Balance Sheet (All comparisons are to June 30, 2020)

 

Cash and cash equivalents of $15.6 million compared to $14.8 million.
Debt of $141.4 million compared to $142.7 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 (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) 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:

 

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Non-GAAP Operating Income and Non-GAAP Operating Margin. We calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, and (e) settlement of lawsuits. 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 Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) impairment of assets, (c) costs and charges related to debt refinancing, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) unrealized loss on equity securities, (g) settlement of lawsuits, (h) the income tax effect of the above described adjustments, and (i) deferred tax asset valuation allowance. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 26.0%, 15.5%, and 24.5% effective tax rate of the pre-tax non-GAAP income before taxes for the 2020, 2019, and 2018, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities. The calculated amount for adjustment (h) above in fiscal 2018 was significantly affected by the change in the statutory federal corporate tax rate caused by the Tax Act.
Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense (benefit), (c) net interest expense, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance (f) unrealized gains or losses on equity securities, (g) impairment of assets, and (h) settlement of lawsuits. We believe that adjusting for such items helps management and investors better understand our 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. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess the unleveraged performance return on our investments. Adjusted EBITDA multiple is also used as a target benchmark for our acquisitions of nightclubs.
Management also uses non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy.

 

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

 

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft. Worth, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com/

 

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, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company’s businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI’s annual report on Form 10-K for the year ended September 30, 2020 as well as its other filings with the U.S. Securities and Exchange Commission. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

 

Media & Investor Contacts

 

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

 

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RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share and percentage data)

 

   For the Three Months
Ended September 30,
   For the Twelve Months
Ended September 30,
 
   2020   2019   2020   2019 
   Amount  

% of

Revenue

   Amount  

% of

Revenue

   Amount  

% of

Revenue

   Amount  

% of

Revenue

 
Revenues                                        
Sales of alcoholic beverages  $13,795    47.9%  $18,774    41.6%  $59,080    44.6%  $75,140    41.5%
Sales of food and merchandise   7,082    24.6%   6,655    14.7%   24,460    18.5%   25,830    14.3%
Service revenues   6,714    23.3%   16,446    36.4%   41,162    31.1%   68,055    37.6%
Other   1,195    4.2%   3,308    7.3%   7,625    5.8%   12,034    6.6%
Total revenues   28,786    100.0%   45,183    100.0%   132,327    100.0%   181,059    100.0%
Operating expenses                                        
Cost of goods sold                                        
Alcoholic beverages sold   2,271    16.5%   3,762    20.0%   11,097    18.8%   15,303    20.4%
Food and merchandise sold   2,154    30.4%   2,199    33.0%   8,071    33.0%   9,056    35.1%
Service and other   62    0.8%   271    1.4%   267    0.5%   578    0.7%
Total cost of goods sold (exclusive of items shown below)   4,487    15.6%   6,232    13.8%   19,435    14.7%   24,937    13.8%
Salaries and wages   8,204    28.5%   12,665    28.0%   39,070    29.5%   49,833    27.5%
Selling, general and administrative   11,803    41.0%   16,633    36.8%   51,692    39.1%   59,896    33.1%
Depreciation and amortization   2,140    7.4%   2,354    5.2%   8,836    6.7%   9,072    5.0%
Other charges (gains), net   1,960    6.8%   4,870    10.8%   10,548    8.0%   2,620    1.4%
Total operating expenses   28,594    99.3%   42,754    94.6%   129,581    97.9%   146,358    80.8%
Income (loss) from operations   192    0.7%   2,429    5.4%   2,746    2.1%   34,701    19.2%
Other income (expenses)                                        
Interest expense   (2,408)   -8.4%   (2,500)   -5.5%   (9,811)   -7.4%   (10,209)   -5.6%
Interest income   61    0.2%   91    0.2%   324    0.2%   309    0.2%
Unrealized gain (loss) on equity securities   39    0.1%   (204)   -0.5%   (64)   0.0%   (612)   -0.3%
Income (loss) before income taxes   (2,116)   -7.4%   (184)   -0.4%   (6,805)   -5.1%   24,189    13.4%
Income tax expense (benefit)   769    2.7%   (684)   -1.5%   (493)   -0.4%   3,744    2.1%
Net income (loss)   (2,885)   -10.0%   500    1.1%   (6,312)   -4.8%   20,445    11.3%
Net loss (income) attributable to noncontrolling interests   92    0.3%   (42)   -0.1%   227    0.2%   (151)   -0.1%
Net income (loss) attributable to RCIHH common shareholders  $(2,793)   -9.7%  $458    1.0%  $(6,085)   -4.6%  $20,294    11.2%
                                         
Earnings (loss) per share                                        
Basic and diluted  $(0.31)       $0.05        $(0.66)       $2.10      
                                         
Weighted average shares outstanding                                        
Basic and diluted   9,124         9,616         9,199         9,657      
                                         
Dividends per share  $0.04        $0.03        $0.14        $0.13      

 

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RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)

 

   For the Three Months   For the Twelve Months 
   Ended September 30,   Ended September 30, 
   2020   2019   2020   2019 
Reconciliation of GAAP net income (loss) to Adjusted EBITDA                    
Net income (loss) attributable to RCIHH common stockholders  $(2,793)  $458   $(6,085)  $20,294 
Income tax expense (benefit)   769    (684)   (493)   3,744 
Interest expense, net   2,347    2,409    9,487    9,900 
Settlement of lawsuits   100    81    174    225 
Impairment of assets   1,423    6,040    10,615    6,040 
Gain on sale of businesses and assets   (16)   (390)   (661)   (2,877)
Unrealized loss (gain) on equity securities   (39)   204    64    612 
Loss (gain) on insurance   453    (861)   420    (768)
Depreciation and amortization   2,140    2,354    8,836    9,072 
Adjusted EBITDA  $4,384   $9,611   $22,357   $46,242 
                     
Reconciliation of GAAP net income (loss) to non-GAAP net income                    
Net income (loss) attributable to RCIHH common stockholders  $(2,793)  $458   $(6,085)  $20,294 
Amortization of intangibles   148    150    609    624 
Settlement of lawsuits   100    81    174    225 
Impairment of assets   1,423    6,040    10,615    6,040 
Gain on sale of businesses and assets   (17)   (390)   (661)   (2,877)
Unrealized loss (gain) on equity securities   (39)   204    64    612 
Loss (gain) on insurance   453    (861)   420    (768)
Valuation allowance   1,273    -    1,273    - 
Net income tax effect   799    212    (1,700)   (580)
Non-GAAP net income  $1,347   $5,894   $4,709   $23,570 
                     
Reconciliation of GAAP diluted earnings (loss) per share to non-GAAP diluted earnings per share                    
Diluted shares   9,124    9,616    9,199    9,657 
GAAP diluted earnings (loss) per share  $(0.31)  $0.05   $(0.66)  $2.10 
Amortization of intangibles   0.02    0.02    0.07    0.06 
Settlement of lawsuits   0.01    0.01    0.02    0.02 
Impairment of assets   0.16    0.63    1.15    0.63 
Gain on sale of businesses and assets   (0.00)   (0.04)   (0.07)   (0.30)
Unrealized loss (gain) on equity securities   (0.00)   0.02    0.01    0.06 
Loss (gain) on insurance   0.05    (0.09)   0.05    (0.08)
Valuation allowance   0.14    -    0.14    - 
Net income tax effect   0.09    0.02    (0.18)   (0.06)
Non-GAAP diluted earnings per share  $0.15   $0.61   $0.51   $2.44 
                     
Reconciliation of GAAP operating income to non-GAAP operating income                    
Income from operations  $192   $2,429   $2,746   $34,701 
Amortization of intangibles   148    150    609    624 
Settlement of lawsuits   100    81    174    225 
Impairment of assets   1,423    6,040    10,615    6,040 
Gain on sale of businesses and assets   (17)   (390)   (661)   (2,877)
Loss (gain) on insurance   453    (861)   420    (768)
Non-GAAP operating income  $2,299   $7,449   $13,903   $37,945 
                     
Reconciliation of GAAP operating margin to non-GAAP operating margin                    
GAAP operating margin   0.7%   5.4%   2.1%   19.2%
Amortization of intangibles   0.5%   0.3%   0.5%   0.3%
Settlement of lawsuits   0.3%   0.2%   0.1%   0.1%
Impairment of assets   4.9%   13.4%   8.0%   3.3%
Gain on sale of businesses and assets   -0.1%   -0.9%   -0.5%   -1.6%
Loss (gain) on insurance   1.6%   -1.9%   0.3%   -0.4%
Non-GAAP operating margin   8.0%   16.5%   10.5%   21.0%
                     
Reconciliation of net cash provided by operating activities to free cash flow                    
Net cash provided by operating activities  $3,485   $7,641   $15,632   $37,174 
Less: Maintenance capital expenditures   40    1,786    2,151    3,858 
Free cash flow  $3,445   $5,855   $13,481   $33,316 

 

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RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)

 

   For the Three Months   For the Twelve Months 
   Ended September 30,   Ended September 30, 
   2020   2019   2020   2019 
Revenues                    
Nightclubs  $13,134   $35,942   $88,373   $148,606 
Bombshells   15,531    8,533    43,215    30,828 
Other   121    708    739    1,625 
   $28,786   $45,183   $132,327   $181,059 
                     
Income (loss) from operations                    
Nightclubs  $116   $6,225   $13,118   $50,724 
Bombshells   5,079    764    9,245    2,307 
Other   (204)   97    (684)   (309)
General corporate   (4,799)   (4,657)   (18,933)   (18,021)
   $192   $2,429   $2,746   $34,701 

 

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RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

 

   For the Three Months Ended September 30, 2020   For the Three Months Ended September 30, 2019 
   Nightclubs   Bombshells   Other   Corporate   Total   Nightclubs   Bombshells   Other   Corporate   Total 
Income (loss) from operations  $116   $5,079   $(204)  $(4,799)  $192   $6,225   $764   $97   $(4,657)  $2,429 
Amortization of intangibles   48    4    96    -    148    -    -    -    150    150 
Settlement of lawsuits   100    -    -    -    100    40    -    -    41    81 
Impairment of assets   1,423    -    -    -    1,423    5,920    -    -    120    6,040 
Loss (gain) on sale of businesses and assets   (20)   -    -    3    (17)   (446)   26    -    30    (390)
Loss (gain) on insurance   453    -    -    -    453    (747)   -    -    (114)   (861)
Non-GAAP operating income (loss)  $2,120   $5,083   $(108)  $(4,796)  $2,299   $10,992   $790   $97   $(4,430)  $7,449 
                                                   
GAAP operating margin   0.9%   32.7%   -168.6%   -16.7%   0.7%   17.3%   9.0%   13.7%   -10.3%   5.4%
Non-GAAP operating margin   16.1%   32.7%   -89.3%   -16.7%   8.0%   30.6%   9.3%   13.7%   -9.8%   16.5%

 

   For the Twelve Months Ended September 30, 2020   For the Twelve Months Ended September 30, 2019 
   Nightclubs   Bombshells   Other   Corporate   Total   Nightclubs   Bombshells   Other   Corporate   Total 
Income (loss) from operations  $13,118   $9,245   $(684)  $(18,933)  $2,746   $50,724   $2,307   $(309)  $(18,021)  $34,701 
Amortization of intangibles   211    15    383    -    609    -    -    -    624    624 
Settlement of lawsuits   174    -    -    -    174    169    3    -    53    225 
Impairment of assets   10,370    245    -    -    10,615    5,920    -    -    120    6,040 
Loss (gain) on sale of businesses and assets   (639)   16    -    (38)   (661)   (2,858)   27    -    (46)   (2,877)
Loss (gain) on insurance   433    -    -    (13)   420    (654)   -    -    (114)   (768)
Non-GAAP operating income (loss)  $23,667   $9,521   $(301)  $(18,984)  $13,903   $53,301   $2,337   $(309)  $(17,384)  $37,945 
                                                   
GAAP operating margin   14.8%   21.4%   -92.6%   -14.3%   2.1%   34.1%   7.5%   -19.0%   -10.0%   19.2%
Non-GAAP operating margin   26.8%   22.0%   -40.7%   -14.3%   10.5%   35.9%   7.6%   -19.0%   -9.6%   21.0%

 

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RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

   For the Three Months Ended   For the Twelve Months Ended 
   September 30, 2020   September 30, 2019   September 30, 2020   September 30, 2019 
CASH FLOWS FROM OPERATING ACTIVITIES                    
Net income (loss)  $(2,885)  $500   $(6,312)  $20,445 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                    
Depreciation and amortization   2,140    2,354    8,836    9,072 
Deferred income tax expense (benefit)   249    (416)   (1,268)   821 
Gain on sale of businesses and assets   (28)   (262)   (777)   (2,966)
Impairment of assets   1,423    6,040    10,615    6,040 
Unrealized loss (gain) on equity securities   (39)   204    64    612 
Amortization of debt discount and issuance costs   42    58    236    334 
Deferred rent expense   -    46    -    282 
Noncash lease expense   416    -    1,660    - 
Loss (gain) on insurance   629    (381)   596    (288)
Doubtful accounts expense on notes receivable   107    -    602    - 
Changes in operating assets and liabilities:                    
Accounts receivable   (241)   (1,848)   (294)   457 
Inventories   255    (129)   226    (216)
Prepaid expenses, other current assets and other assets   (3,309)   (4,880)   1,633    (681)
Accounts payable, accrued and other liabilities   4,726    6,355    (185)   3,262 
Net cash provided by operating activities   3,485    7,641    15,632    37,174 
CASH FLOWS FROM INVESTING ACTIVITIES                    
Proceeds from sale of businesses and assets   180    2,117    2,221    7,223 
Proceeds from insurance   -    100    945    100 
Proceeds from notes receivable   21    51    1,576    158 
Issuance of note receivable   -    -    -    (420)
Payments for property and equipment and intangible assets   (171)   (3,807)   (5,736)   (20,708)
Acquisition of businesses, net of cash acquired   -    -    -    (13,500)
Net cash provided by (used in) investing activities   30    (1,539)   (994)   (27,147)
CASH FLOWS FROM FINANCING ACTIVITIES                    
Proceeds from debt obligations   -    1,181    6,503    13,511 
Payments on debt obligations   (1,343)   (4,290)   (8,832)   (22,924)
Purchase of treasury stock   (996)   (537)   (9,484)   (2,901)
Payment of dividends   (366)   (385)   (1,286)   (1,252)
Payment of loan origination costs   -    -    -    (20)
Distribution to noncontrolling interests   -    (49)   (31)   (70)
Net cash used in financing activities   (2,705)   (4,080)   (13,130)   (13,656)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   810    2,022    1,508    (3,629)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   14,795    10,956    14,097    17,726 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $15,605   $12,978   $15,605   $14,097 

 

8
 

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

   September 30,   September 30, 
   2020   2019 
ASSETS          
Current assets          
Cash and cash equivalents  $15,605   $14,097 
Accounts receivable, net   6,767    7,408 
Current portion of notes receivable   201    954 
Inventories   2,372    2,598 
Prepaid insurance   4,884    5,446 
Other current assets   1,604    2,521 
Assets held for sale   -    2,866 
Total current assets   31,433    35,890 
Property and equipment, net   181,383    183,956 
Operating lease right-of-use assets, net   25,546    - 
Notes receivable, net of current portion   2,908    4,211 
Goodwill   45,686    53,630 
Intangibles, net   73,077    75,951 
Other assets   900    1,118 
Total assets  $360,933   $354,756 
           
LIABILITIES AND EQUITY          
Current liabilities          
Accounts payable  $4,799   $3,810 
Accrued liabilities   14,573    14,644 
Current portion of long-term debt, net   16,304    15,754 
Current portion of operating lease liabilities   1,628    - 
Total current liabilities   37,304    34,208 
Deferred tax liability, net   20,390    21,658 
Long-term debt, net of current portion and debt discount and issuance costs   125,131    127,774 
Operating lease liabilities, net of current portion   25,439    - 
Other long-term liabilities   362    1,696 
Total liabilities   208,626    185,336 
           
Commitments and contingencies          
           
Equity          
Preferred stock   -    - 
Common stock   91    96 
Additional paid-in capital   51,833    61,312 
Retained earnings   100,797    108,168 
Total RCIHH stockholders’ equity   152,721    169,576 
Noncontrolling interests   (414)   (156)
Total equity   152,307    169,420 
Total liabilities and equity  $360,933   $354,756 

 

9
 

 

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