December 15th, 2015

RCI Reports 3Q20 Results; Positive Operating Cash Flow During the Quarter

HOUSTON, Aug. 10, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the third quarter ended June 30, 2020 and filed its corresponding Form 10-Q. Results are not comparable to prior periods due to the Covid-19 pandemic. In line with government regulations, all locations remained closed in April, a number reopened in May and June, and some of those had to close temporarily before quarter-end.

RCI Hospitality Holdings Corporate Logo (PRNewsFoto/RCI Hospitality Holdings, Inc.)

Key Points

  • Total revenues of $14.7 million with $156 thousand in April, $5.7 million in May, and $8.9 million in June.
  • Net loss attributable to common shareholders of $5.5 million or $0.60 per share.
  • Positive operating cash flow. Net cash from operating activities and free cash flow* of $166 thousand.
  • Cash at June 30, 2020 was $14.8 million and accounts receivable were $5.5 million, including a $3.6 million income tax receivable.
  • Bombshells restaurants had record two-month revenues in May-June and quarterly segment operating margin of 22.3% that exceeded our FY20 target.
  • Nightclubs that were able to open performed well considering 3Q20's operating environment.
  • July revenues totaled $7.6 million.
  • 31 locations open as of today.
  • Approximately half of our team members are back at work after extensive furloughs in March.
  • All open locations follow Covid-19 safety standards for guests and team members, including mandatory mask, social distancing, occupancy and hourly restrictions, as well as closing temporarily for periodic sanitizing.
  • Though our cash flows are not what we anticipated at the start of FY20, the near-term outlook for our business remains strong, and we expect to generate adequate cash flows from operations over the next 12 months. Please see our 10-Q for further discussion.

Conference Call

A conference call to discuss 3Q20 results, outlook and related matters will be held today at 4:30 PM ET:

  • Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049
  • To access the live webcast, slides or replay, visit: https://www.webcaster4.com/Webcast/Page/2209/36059
  • Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 36059

CEO Comment

Eric Langan, President & CEO, said: "After more than five months, we are more confident in managing how the pandemic is affecting our businesses. By being agile, innovative and acting quickly, we believe we have made the company more resilient.

"We have significantly reduced our cost structure. All payments not deferred were made as required. We have learned how to safely open, close, and reopen locations, and have developed effective ways to serve guests and market our businesses in this new environment. In addition, we have been able to retain our key personnel and rehire many of our valuable team members.

"We have also continued to pursue longer-term strategies. For example, during 3Q20 we sold the second of two excess parcels at Bombshells I-10 in Houston. This significantly reduced our total debt at this location as planned.

"Even with no sales in April, we ended 3Q20 with small but positive operating cash flow, sufficient working capital, and open locations that should provide us with ample staying power. When more locations open, such as our larger Florida and New York units, we believe our new cost structure and marketing should generate noticeably increased cash flow even with Covid-related restrictions.

"Our people have been unbelievable. A special thanks goes out to our team members for making all of this possible."

As of the release of this report, we do not know the extent and duration of the impact of Covid-19 on our businesses due to the uncertainty about the spread of the virus. Lower sales, as caused by social distancing guidelines, could lead to adverse financial results. However, we will continually monitor and evaluate the situation and will determine any further measures to be instituted, including refinancing several of our debt obligations.

3Q20 Statement of Operations (All comparisons are to 3Q19 unless otherwise noted)

  • Consolidated revenues of $14.7 million declined 68.7%. Bombshells segment generated revenues of $4.3 million in May and $4.2 million in June. Nightclubs segment generated revenues of $1.3 million in May and $4.7 million in June.
  • All locations remained closed in April 2020. Following changing regional conditions and government regulations, 11 reopened by May 15, a total of 34 were open by May 31, a total of 40 were open by June 15, and a total of 29 were open at the end of 3Q20. As of today, we have 31 locations open.
  • Cost of goods was 16.2% of revenues compared to 14.2% due to a higher proportion of food sales.
  • Salaries and wages and SGA costs declined 48.9%. This reflected cost-cutting and fewer locations open, partially offset by one month of no open locations and new Covid-related safety costs.
  • Net other charges of $424 thousand compared to a net gain of $172 thousand. 3Q20 reflected $1.0 million in additional Covid-19 impairment and a $608 thousand gain from the sale of real estate, mainly excess property around Bombshells I-10. Most of the $1.9 million sale proceeds paid down related debt.
  • By segment, Bombshells had a $1.9 million operating profit at a 22.3% margin with a higher level of sales and more consistent occupancy while operating in line with indoor restrictions.
  • Nightclubs had a $3.1 million operating loss, which included depreciation of $1.5 million and net charges of $363 thousand (both non-cash).
  • Interest expense was 3.3% lower than a year ago due to debt paydowns prior to and during 3Q20.
  • Income tax was a $1.4 million benefit compared to a $1.8 million expense.
  • Weighted average number of common shares outstanding of 9.1 million declined 5.1% due to repurchases prior to 3Q20.

June 30, 2020 Balance Sheet (All comparisons are to March 31, 2020 unless otherwise noted)

  • Cash and cash equivalents of $14.8 million compared to $9.8 million.
  • Long-term debt of $142.7 million compared to $140.4 million. The increase primarily reflects the addition of a $5.4 million SBA loan partially offset by 3Q20 paydowns of other debt.

*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:
  • 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) gains or losses on sale of businesses and assets, (c) gains or losses on insurance, (d) settlement of lawsuits, and (e) impairment of assets. 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) gains or losses on sale of businesses and assets, (c) gains or losses on insurance, (d) unrealized gains or losses on equity securities, (e) settlement of lawsuits, (f) impairment of assets, and (g) the income tax effect of the above described adjustments. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 26.9% and 22.8% effective tax rate of the pre-tax non-GAAP income before taxes for the nine months ended June 30, 2020 and 2019, 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.
  • 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) settlement of lawsuits, and (h) impairment of assets. 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 our unleveraged performance return on our investments. Adjusted EBITDA is also the 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.

Note

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

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) our ability to maintain compliance with the filing requirements of the SEC and the Nasdaq Stock Market, (vii) the impact and uncertainty of the coronavirus pandemic, and (viii) 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, 2019 and its latest Form 10-Q 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

 





















RCI HOSPITALITY HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share and percentage data)


























For the Three Months Ended June 30,


For the Nine Months Ended June 30,






2020


2019


2020


2019






Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue

Revenues


















Sales of alcoholic beverages


$          7,623


51.8%


$        19,570


41.6%


$        45,285


43.7%


$        56,366


41.5%


Sales of food and merchandise


3,452


23.4%


7,046


15.0%


17,378


16.8%


19,175


14.1%


Service revenues


2,907


19.7%


17,299


36.8%


34,448


33.3%


51,609


38.0%


Other


739


5.0%


3,112


6.6%


6,430


6.2%


8,726


6.4%



Total revenues


14,721


100.0%


47,027


100.0%


103,541


100.0%


135,876


100.0%

Operating expenses


















Cost of goods sold



















Alcoholic beverages sold


1,245


16.3%


4,015


20.5%


8,826


19.5%


11,541


20.5%



Food and merchandise sold


1,125


32.6%


2,565


36.4%


5,917


34.0%


6,857


35.8%



Service and other


20


0.5%


121


0.6%


205


0.5%


307


0.5%




Total cost of goods sold (exclusive of items shown below)


2,390


16.2%


6,701


14.2%


14,948


14.4%


18,705


13.8%


Salaries and wages


5,421


36.8%


13,164


28.0%


30,866


29.8%


37,168


27.4%


Selling, general and administrative


8,908


60.5%


14,895


31.7%


39,889


38.5%


43,263


31.8%


Depreciation and amortization


2,235


15.2%


2,465


5.2%


6,696


6.5%


6,718


4.9%


Other charges (gains), net


424


2.9%


(172)


-0.4%


8,588


8.3%


(2,250)


-1.7%



Total operating expenses


19,378


131.6%


37,053


78.8%


100,987


97.5%


103,604


76.2%

Income (loss) from operations


(4,657)


-31.6%


9,974


21.2%


2,554


2.5%


32,272


23.8%

Other income (expenses)


















Interest expense


(2,459)


-16.7%


(2,543)


-5.4%


(7,403)


-7.1%


(7,709)


-5.7%


Interest income


80


0.5%


92


0.2%


263


0.3%


218


0.2%


Unrealized gain (loss) on equity securities


31


0.2%


(38)


-0.1%


(103)


-0.1%


(408)


-0.3%

Income (loss) before income taxes


(7,005)


-47.6%


7,485


15.9%


(4,689)


-4.5%


24,373


17.9%

Income tax expense (benefit)


(1,437)


-9.8%


1,806


3.8%


(1,262)


-1.2%


5,547


4.1%

Net income (loss)


(5,568)


-37.8%


5,679


12.1%


(3,427)


-3.3%


18,826


13.9%

Net loss (income) attributable to noncontrolling interests


94


0.6%


(41)


-0.1%


135


0.1%


(109)


-0.1%

Net income (loss) attributable to RCIHH common shareholders


$        (5,474)


-37.2%


$           5,638


12.0%


$        (3,292)


-3.2%


$        18,717


13.8%





















Earnings (loss) per share


















Basic and diluted


$          (0.60)




$             0.59




$          (0.36)




$            1.94























Weighted average shares outstanding


















Basic and diluted


9,125




9,620




9,224




9,671























Dividends per share


$             0.03




$             0.03




$            0.10




$            0.09



 

 










RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)












For the Three Months


For the Nine Months



Ended June 30,


Ended June 30,



2020


2019


2020


2019

Reconciliation of GAAP net income (loss) to Adjusted EBITDA









Net income (loss) attributable to RCIHH common shareholders


$      (5,474)


$        5,638


$      (3,292)


$      18,717

Income tax expense (benefit)


(1,437)


1,806


(1,262)


5,547

Interest expense, net


2,379


2,451


7,140


7,491

Settlement of lawsuits


50


-


74


144

Impairment of assets


982


-


9,192


-

Gain on sale of businesses and assets


(608)


(265)


(645)


(2,487)

Unrealized loss (gain) on equity securities


(31)


38


103


408

Loss (gain) on insurance


-


93


(33)


93

Depreciation and amortization


2,235


2,465


6,696


6,718

Adjusted EBITDA


$      (1,904)


$      12,226


$      17,973


$      36,631










Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)








Net income (loss) attributable to RCIHH common shareholders


$      (5,474)


$        5,638


$      (3,292)


$      18,717

Amortization of intangibles


149


165


462


474

Settlement of lawsuits


50


-


74


144

Impairment of assets


982


-


9,192


-

Gain on sale of businesses and assets


(608)


(265)


(645)


(2,487)

Unrealized loss (gain) on equity securities


(31)


38


103


408

Loss (gain) on insurance


-


93


(33)


93

Net income tax effect including rate change


(1,840)


(6)


(2,499)


327

Non-GAAP net income (loss)


$      (6,772)


$        5,663


$        3,362


$      17,676










Reconciliation of GAAP diluted earnings (loss) per share to non-GAAP diluted earnings (loss) per share



Diluted shares


9,125


9,620


9,224


9,671

GAAP diluted earnings (loss) per share


$        (0.60)


$          0.59


$        (0.36)


$          1.94

Amortization of intangibles


0.02


0.02


0.05


0.05

Settlement of lawsuits


0.01


-


0.01


0.01

Impairment of assets


0.11


-


1.00


-

Gain on sale of businesses and assets


(0.07)


(0.03)


(0.07)


(0.26)

Unrealized loss on equity securities


(0.00)


0.00


0.01


0.04

Loss (gain) on insurance


-


0.01


(0.00)


0.01

Net income tax effect including rate change


(0.20)


(0.00)


(0.27)


0.03

Non-GAAP diluted earnings (loss) per share


$        (0.74)


$          0.59


$          0.36


$          1.83










Reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss)






Income (loss) from operations


$      (4,657)


$        9,974


$        2,554


$      32,272

Amortization of intangibles


149


165


462


474

Settlement of lawsuits


50


-


74


144

Impairment of assets


982


-


9,192


-

Gain on sale of businesses and assets


(608)


(265)


(645)


(2,487)

Loss (gain) on insurance


-


93


(33)


93

Non-GAAP operating income


$      (4,084)


$        9,967


$      11,604


$      30,496










Reconciliation of GAAP operating margin to non-GAAP operating margin








GAAP operating margin


-31.6%


21.2%


2.5%


23.8%

Amortization of intangibles


1.0%


0.4%


0.4%


0.3%

Settlement of lawsuits


0.3%


0.0%


0.1%


0.1%

Impairment of assets


6.7%


0.0%


8.9%


0.0%

Gain on sale of businesses and assets


-4.1%


-0.6%


-0.6%


-1.8%

Loss (gain) on insurance


0.0%


0.2%


0.0%


0.1%

Non-GAAP operating margin


-27.7%


21.2%


11.2%


22.4%










Reconciliation of net cash provided by operating activities to free cash flow







Net cash provided by operating activities


$            166


$        7,443


$      12,147


$      28,414

Less: Maintenance capital expenditures


-


955


2,111


2,072

Free cash flow


$            166


$        6,488


$      10,036


$      26,342










 

 











RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)














For the Three Months


For the Nine Months




Ended June 30,


Ended June 30,




2020


2019


2020


2019

Revenues










Nightclubs


$          6,013


$        37,889


$        75,239


$      112,664


Bombshells


8,531


8,755


27,684


22,295


Other


177


383


618


917




$        14,721


$        47,027


$      103,541


$      135,876











Income (loss) from operations










Nightclubs


$        (3,088)


$        14,034


$        13,002


$        44,499


Bombshells


1,903


686


4,166


1,543


Other


(95)


(111)


(480)


(406)


General corporate


(3,377)


(4,635)


(14,134)


(13,364)




$        (4,657)


$          9,974


$          2,554


$        32,272











 

 






















RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)
























For the Three Months Ended June 30, 2020


For the Three Months Ended June 30, 2019



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$     (3,088)


$       1,903


$           (95)


$     (3,377)


$     (4,657)


$     14,034


$           686


$        (111)


$     (4,635)


$       9,974

Amortization of intangibles


49


3


96


-


148


-


-


-


165


165

Settlement of lawsuits


50


-


-


-


50


-


-


-


-


-

Impairment of assets


982


-


-


-


982


-


-


-


-


-

Loss (gain) on sale of businesses and assets


(619)


16


-


(4)


(607)


(260)


-


-


(5)


(265)

Loss (gain) on insurance


-


-


-


-


-


93


-


-


-


93

Non-GAAP operating income (loss)


$     (2,626)


$       1,922


$               1


$     (3,381)


$     (4,084)


$     13,867


$           686


$        (111)


$     (4,475)


$       9,967






















GAAP operating margin


-51.4%


22.3%


-53.7%


-22.9%


-31.6%


37.0%


7.8%


-29.0%


-9.9%


21.2%

Non-GAAP operating margin


-43.7%


22.5%


0.6%


-23.0%


-27.7%


36.6%


7.8%


-29.0%


-9.5%


21.2%













































For the Nine Months Ended June 30, 2020


For the Nine Months Ended June 30, 2019



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$     13,002


$       4,166


$        (480)


$  (14,134)


$       2,554


$     44,499


$       1,543


$        (406)


$  (13,364)


$     32,272

Amortization of intangibles


163


11


287


-


461


-


-


-


474


474

Settlement of lawsuits


74


-


-


-


74


129


3


-


12


144

Impairment of assets


8,947


245


-


-


9,192


-


-


-


-


-

Loss (gain) on sale of businesses and assets


(619)


16


-


(41)


(644)


(2,412)


1


-


(76)


(2,487)

Loss (gain) on insurance


(20)


-


-


(13)


(33)


93


-


-


-


93

Non-GAAP operating income (loss)


$     21,547


$       4,438


$        (193)


$  (14,188)


$     11,604


$     42,309


$       1,547


$        (406)


$  (12,954)


$     30,496






















GAAP operating margin


17.3%


15.0%


-77.7%


-13.7%


2.5%


39.5%


6.9%


-44.3%


-9.8%


23.8%

Non-GAAP operating margin


28.6%


16.0%


-31.2%


-13.7%


11.2%


37.6%


6.9%


-44.3%


-9.5%


22.4%






















 

 












RCI HOSPITALITY HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
















For the Three Months Ended


For the Nine Months Ended





June 30, 2020


June 30, 2019


June 30, 2020


June 30, 2019

CASH FLOWS FROM OPERATING ACTIVITIES









Net income (loss)


$                 (5,568)


$                   5,679


$                 (3,427)


$                 18,826

Adjustments to reconcile net income (loss) to net cash









provided by operating activities:










Depreciation and amortization


2,235


2,465


6,696


6,718


Deferred income tax expense (benefit)


(362)


106


(1,517)


1,237


Gain on sale of businesses and assets


(713)


(507)


(749)


(2,704)


Impairment of assets


982


-


9,192


-


Unrealized loss (gain) on equity securities


(31)


38


103


408


Amortization of debt discount and issuance costs


65


74


194


276


Deferred rent expense


-


47


-


236


Noncash lease expense


419


-


1,244


-


Loss (gain) on insurance


-


93


(33)


93


Doubtful accounts expense on notes receivable


495


-


495


-


Changes in operating assets and liabilities:











Accounts receivable


(1,970)


578


(53)


2,305



Inventories


108


95


(29)


(87)



Prepaid expenses, other current assets and other assets


2,102


649


4,942


4,199



Accounts payable, accrued and other liabilities


2,404


(1,874)


(4,911)


(3,093)


Net cash provided by operating activities


166


7,443


12,147


28,414

CASH FLOWS FROM INVESTING ACTIVITIES









Proceeds from sale of businesses and assets


1,936


2,240


2,041


5,106

Proceeds from insurance


-


-


945


-

Proceeds from notes receivable


1,152


39


1,555


107

Issuance of note receivable


-


-


-


(420)

Payments for property and equipment and intangible assets


(242)


(2,999)


(5,565)


(16,901)

Acquisition of businesses, net of cash acquired


-


-


-


(13,500)


Net cash provided by (used in) investing activities


2,846


(720)


(1,024)


(25,608)

CASH FLOWS FROM FINANCING ACTIVITIES









Proceeds from debt obligations


5,623


2,034


6,503


12,330

Payments on debt obligations


(3,392)


(5,347)


(7,489)


(18,634)

Purchase of treasury stock


-


(403)


(8,488)


(2,364)

Payment of dividends


(273)


(285)


(920)


(867)

Payment of loan origination costs


-


-


-


(20)

Distribution to noncontrolling interests


-


(21)


(31)


(21)


Net provided by (cash used) in financing activities


1,958


(4,022)


(10,425)


(9,576)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


4,970


2,701


698


(6,770)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD


9,825


8,255


14,097


17,726

CASH AND CASH EQUIVALENTS AT END OF PERIOD


$                 14,795


$                 10,956


$                 14,795


$                 10,956












 

 











RCI HOSPITALITY HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
















June 30,


September 30,


June 30,






2020


2019


2019

ASSETS







Current assets








Cash and cash equivalents


$                14,795


$                14,097


$                10,956


Accounts receivable, net


5,529


6,289


5,001


Current portion of notes receivable


219


954


1,152


Inventories


2,627


2,598


2,502


Prepaid insurance


1,415


5,446


896


Other current assets


1,752


2,521


2,090


Assets held for sale


2,013


2,866


-



Total current assets


28,350


34,771


22,597

Property and equipment, net


181,960


183,956


191,493

Operating lease right-of-use assets, net


25,962


-


-

Notes receivable, net of current portion


2,896


4,211


3,810

Goodwill


47,109


53,630


55,271

Intangibles, net


73,224


75,951


76,285

Other assets


873


1,118


1,422




Total assets


$              360,374


$              353,637


$              350,878











LIABILITIES AND EQUITY







Current liabilities








Accounts payable


$                  3,955


$                  3,810


$                  2,544


Accrued liabilities


10,286


14,644


9,117


Current portion of long-term debt, net


17,249


15,754


16,374


Current portion of operating lease liabilities


1,586


-


-



Total current liabilities


33,076


34,208


28,035

Deferred tax liability, net


20,141


21,658


22,076

Long-term debt, net of current portion and debt discount and issuance costs

125,487


127,774


130,205

Operating lease liabilities, net of current portion


25,863


-


-

Other long-term liabilities


372


1,696


1,656



Total liabilities


204,939


185,336


181,972











Commitments and contingencies

















Equity









Preferred stock


-


-


-


Common stock


91


96


96


Additional paid-in capital


52,829


61,312


61,849


Retained earnings


102,837


107,049


106,976



Total RCIHH stockholders' equity


155,757


168,457


168,921


Noncontrolling interests


(322)


(156)


(15)



Total equity


155,435


168,301


168,906




Total liabilities and equity


$             360,374


$             353,637


$             350,878











 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/rci-reports-3q20-results-positive-operating-cash-flow-during-the-quarter-301109387.html

SOURCE RCI Hospitality Holdings, Inc.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.