HOUSTON, Oct. 9, 2014 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (NasdaqGM: RICK) today announced total sales at adult clubs and sports bars/restaurants for the fourth fiscal quarter ended September 30, 2014. The figures do not include internet or media subsidiaries. RCI expects to announce 4Q14 and FY14 results on December 15, 2014.
- 4Q14 total club and restaurant sales reached $32.7 million compared to $27.2 million in the year ago quarter. There were 45 units in 4Q14 versus 39 in 4Q13.
- 4Q14 same store sales were $27.9 million compared to $26.1 million. Nearly all major brands increased sales, including Club Onyx, which has been in a turnaround. Same store sales continued to reflect post-recession strategies of increasing patronage from bigger ticket, higher margin customers.
- 4Q14 sales of units opened less than a year benefited from new adult clubs, such as Vivid Cabaret New York in Manhattan and initial revenues from the September opening of Rick's Cabaret in Odessa, TX; and from new Bombshells sports bars/restaurants in Austin and Webster, TX.
- For the year ended September 30, 2014, total club and restaurant sales of $127.4 million increased 15.6% from $110.2 million in FY13.
CEO Comment
Eric Langan, President and CEO, commented, "We are very pleased with our 4Q14 sales performance. While the quarter is typically a weaker one for us, 4Q14 generated our strongest same store growth for the year. We are continuing with the successful strategies that produced this performance and look forward to a strong first quarter of Fiscal 2015, which should also benefit from the new Bombshells that opened September 30th in Spring, TX.
"As we continue to grow in FY15, we expect to open a fifth Bombshells in south Houston, enter into additional leases, and continue to look at adult club acquisition candidates. We will also be focused on the performance of our existing clubs and restaurants, reviewing underperforming assets, expanding margins, and maximizing cash generation."
About RCI Hospitality Holdings, Inc. (NasdaqGM: RICK)
With 45 units and 15 major brands, RCI Hospitality Holdings, Inc. (formerly Rick's Cabaret International, Inc.), through its subsidiaries, is the country's leading company in adult gentlemen clubs and sports bars/restaurants. Adult clubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Jaguars" and "Tootsie's Cabaret." Sports bars/restaurants operate under the brand names "Bombshells" and "Pole Position Sports Saloon." 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 the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
*All references to, the "company," "we," "our," and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.
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SOURCE RCI Hospitality Holdings, Inc.
