RCI Hospitality Holdings Inc (NASDAQ: RICK) reported Q4 adjusted earnings of $0.41 per share, up from $0.36 per share in the year-ago period. Its sales increased to $40.676 million from $39.21 million.
The Houston-based RCI said Wednesday reported a loss of $0.27 per share compared to a loss of $0.23; a non-GAAP profit of $0.41 per diluted share compared to $0.36
GAAP results included $5.5 million in other charges compared to $6.2 million in 4Q17, mostly non-cash in both periods. Free cash flow (FCF) totaled $2.7 million based on net cash provided by operating activities of $3.4 million, less maintenance capital expenditures of $0.7 million. Total revenues of $40.7 million compared to $39.2 million on 43 and 45 units, respectively
According to CEO Eric Langan, "We performed well in Fiscal 2018. Revenues increased 14.4%, a combination of 4.6% in consolidated same-store sales and solid results from our club acquisitions and new Bombshells.
"The only challenge was a number of one-time factors that affected Bombshells growth in 4Q18, but we're in the process of rebuilding and it's headed in the right direction. FY18 free cash flow exceeded our original target of $23 million, and non-GAAP EPS diluted increased 52.4% to $2.18."
With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, claims to be 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, Tootsie's Cabaret, and Scarlett's Cabaret.
Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
Shares in the company plummeted $1.22, or 5.5%, to $21.11.
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