Reports Q1 revenue $70.0M, consensus $69.91M. CEO Eric Langan said, "1Q23 results were generally in line with our expectations as we launched our big, three-year growth plan for fiscal 23-25…During 1Q23, a 21.4% year-over-year increase in Nightclubs operating income more than offset challenging comparisons in Bombshells. GAAP EPS and net cash from operating activities, and non-GAAP EPS and free cash flow, were affected by higher than anticipated repairs and maintenance capital expenditures that happened to occur during the quarter. Nonetheless, adjusted EBITDA increased 13.9% year-over-year, and we ended 1Q23 with $34.1M in cash. To continue with our mission of growing free cash flow and adjusted EBITDA in the years ahead, we now have numerous acquisitions and projects in development. These include our pending acquisition of the five Baby Dolls and Chicas Locas adult nightclubs in Dallas, Fort Worth and Houston; our exciting new Rick‘s Cabaret Steakhouse & Casino in Central City, CO; and new Bombshells in Alabama, Colorado, and Texas."
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Read More on RICK:
- RCI Reports 1Q23 Results: Total Revenues $70.0M, GAAP EPS $1.11, Non-GAAP EPS $1.19
- RCI Hospitality reports Q1 club & restaurant sales up 13.3% y-o-y
- RCI Hospitality acquires food hall in Colorado for $5.2M
- RCI Announces Acquisition of Adult Nightclub Assets in Fort Worth, TX
- RCI Hospitality acquires adult nightclub assets in Fort Worth, TX for $2.4M cash
