PR Newswire | Dec 14, 2020 04:05PM EST

Tuesday at 9 AM ET

12/14 15:05 CST

RCI Files 10-K; Positive Operating Cash Flow for 4Q20 & FY20; Conference Call Tuesday at 9 AM ET HOUSTON, Dec. 14, 2020

HOUSTON, Dec. 14, 2020 /PRNewswire/ -- 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

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:

* 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

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 Amount % of Amount % of Amount % of Revenue Revenue Revenue Revenue

Revenues

Sales of alcoholic $ 13,795 47.9% $ 18,774 41.6% $ 59,080 44.6% $ 75,140 41.5% beverages

Sales of food and 7,082 24.6% 6,655 14.7% 24,460 18.5% 25,830 14.3% merchandise

Service 6,714 23.3% 16,446 36.4% 41,162 31.1% 68,055 37.6% revenues

Other 1,195 4.2% 3,308 7.3% 7,625 5.8% 12,034 6.6%

Total 28,786 100.0% 45,183 100.0% 132,327 100.0% 181,059 100.0% revenues

Operatingexpenses

Cost of goods sold

Alcoholic beverages 2,271 16.5% 3,762 20.0% 11,097 18.8% 15,303 20.4% sold

Food and merchandise 2,154 30.4% 2,199 33.0% 8,071 33.0% 9,056 35.1% sold

Service and 62 0.8% 271 1.4% 267 0.5% 578 0.7% other

Total cost of goods sold 4,487 15.6% 6,232 13.8% 19,435 14.7% 24,937 13.8% (exclusive of items shown below)

Salaries and 8,204 28.5% 12,665 28.0% 39,070 29.5% 49,833 27.5% wages

Selling, general and 11,803 41.0% 16,633 36.8% 51,692 39.1% 59,896 33.1% administrative

Depreciation and 2,140 7.4% 2,354 5.2% 8,836 6.7% 9,072 5.0% amortization

Other charges 1,960 6.8% 4,870 10.8% 10,548 8.0% 2,620 1.4% (gains), net

Total operating 28,594 99.3% 42,754 94.6% 129,581 97.9% 146,358 80.8% expenses

Income (loss) 192 0.7% 2,429 5.4% 2,746 2.1% 34,701 19.2%from operations

Other income(expenses)

Interest (2,408) -8.4% (2,500) -5.5% (9,811) -7.4% (10,209) -5.6% expense

Interest 61 0.2% 91 0.2% 324 0.2% 309 0.2% income

Unrealized gain (loss) on 39 0.1% (204) -0.5% (64) 0.0% (612) -0.3% equity securities

Income (loss)before income (2,116) -7.4% (184) -0.4% (6,805) -5.1% 24,189 13.4%taxes

Income taxexpense 769 2.7% (684) -1.5% (493) -0.4% 3,744 2.1%(benefit)

Net income (2,885) -10.0% 500 1.1% (6,312) -4.8% 20,445 11.3%(loss)

Net loss(income)attributable to 92 0.3% (42) -0.1% 227 0.2% (151) -0.1%noncontrollinginterests

Net income(loss) $ attributable to $ (2,793) -9.7% $ 458 1.0% (6,085) -4.6% $ 20,294 11.2%RCIHH commonshareholders

Earnings (loss)per share

Basic and $ (0.31) $ 0.05 $ $ diluted (0.66) 2.10

Weightedaverage sharesoutstanding

Basic and 9,124 9,616 9,199 9,657 diluted

Dividends per $ 0.04 $ 0.03 $ $ share 0.14 0.13

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 netincome (loss) to Adjusted EBITDA

Net income (loss) attributable $ (2,793) $ 458 $ (6,085) $ 20,294to RCIHH common stockholders

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 (16) (390) (661) (2,877)assets

Unrealized loss (gain) on equity (39) 204 64 612securities

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 netincome (loss) to non-GAAP netincome

Net income (loss) attributable $ (2,793) $ 458 $ (6,085) $ 20,294to RCIHH common stockholders

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 (17) (390) (661) (2,877)assets

Unrealized loss (gain) on equity (39) 204 64 612securities

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-GAAPdiluted earnings per share

Diluted shares 9,124 9,616 9,199 9,657

GAAP diluted earnings (loss) per $ (0.31) $ 0.05 $ $ share (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 (0.00) (0.04) (0.07) (0.30)assets

Unrealized loss (gain) on equity (0.00) 0.02 0.01 0.06securities

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 $ 0.15 $ 0.61 $ $ share 0.51 2.44

Reconciliation of GAAP operating income tonon-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 (17) (390) (661) (2,877)assets

Loss (gain) on insurance 453 (861) 420 (768)

Non-GAAP operating income $ 2,299 $ 7,449 $ 13,903 $ 37,945

Reconciliation of GAAP operatingmargin to non-GAAP operatingmargin

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 -0.1% -0.9% -0.5% -1.6%assets

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 byoperating activities to free cash flow

Net cash provided by operating $ 3,485 $ 7,641 $ 15,632 $ 37,174activities

Less: Maintenance capital 40 1,786 2,151 3,858expenditures

Free cash flow $ 3,445 $ 5,855 $ 13,481 $ 33,316

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) fromoperations

Nightclubs $ $ 6,225 $ 13,118 $ 50,724 116

Bombshells 5,079 764 9,245 2,307

Other (204) 97 (684) (309)

General corporate (4,799) (4,657) (18,933) (18,021)

$ $ 2,429 $ $ 34,701 192 2,746

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 $ 116 $ 5,079 $ (204) $ (4,799) $ 192 $ 6,225 764 $ 97 $ (4,657) $ 2,429operations

Amortizationof 48 4 96 - 148 - - - 150 150intangibles

Settlement 100 - - - 100 40 - - 41 81of lawsuits

Impairment 1,423 - - - 1,423 5,920 - - 120 6,040of assets

Loss (gain)on sale of (20) - - 3 (17) (446) 26 - 30 (390)businessesand assets

Loss (gain) 453 - - - 453 (747) - - (114) (861)on insurance

Non-GAAPoperating $ 2,120 $ 5,083 $ (108) $ (4,796) $ 2,299 $ 10,992 $ $ 97 $ (4,430) $ 7,449income 790(loss)

GAAPoperating 0.9% 32.7% -168.6% -16.7% 0.7% 17.3% 9.0% 13.7% -10.3% 5.4%margin

Non-GAAPoperating 16.1% 32.7% -89.3% -16.7% 8.0% 30.6% 9.3% 13.7% -9.8% 16.5%margin

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 $ 13,118 $ 9,245 $ (684) $ (18,933) $ 2,746 $ 50,724 $ 2,307 $ (309) $ (18,021) $ 34,701operations

Amortizationof 211 15 383 - 609 - - - 624 624intangibles

Settlement 174 - - - 174 169 3 - 53 225of lawsuits

Impairment 10,370 245 - - 10,615 5,920 - - 120 6,040of assets

Loss (gain)on sale of (639) 16 - (38) (661) (2,858) 27 - (46) (2,877)businessesand assets

Loss (gain) 433 - - (13) 420 (654) - - (114) (768)on insurance

Non-GAAPoperating $ 23,667 $ 9,521 $ (301) $ (18,984) $ 13,903 $ 53,301 $ 2,337 $ (309) $ (17,384) $ 37,945income(loss)

GAAPoperating 14.8% 21.4% -92.6% -14.3% 2.1% 34.1% 7.5% -19.0% -10.0% 19.2%margin

Non-GAAPoperating 26.8% 22.0% -40.7% -14.3% 10.5% 35.9% 7.6% -19.0% -9.6% 21.0%margin

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 FLOWSFROM OPERATINGACTIVITIES

Net income $ (2,885) $ 500 $ (6,312) $ 20,445(loss)

Adjustments toreconcile netincome (loss)to net cash

provided byoperatingactivities:

Depreciation and 2,140 2,354 8,836 9,072 amortization

Deferred income tax 249 (416) (1,268) 821 expense (benefit)

Gain on sale of businesses (28) (262) (777) (2,966) and assets

Impairment of 1,423 6,040 10,615 6,040 assets

Unrealized loss (gain) (39) 204 64 612 on equity securities

Amortization of debt discount and 42 58 236 334 issuance costs

Deferred rent - 46 - 282 expense

Noncash lease 416 - 1,660 - expense

Loss (gain) 629 (381) 596 (288) on insurance

Doubtful accounts expense on 107 - 602 - notes receivable

Changes in operating assets and liabilities:

Accounts (241) (1,848) (294) 457 receivable

Inventories 255 (129) 226 (216)

Prepaid expenses, other (3,309) (4,880) 1,633 (681) current assets and other assets

Accounts payable, accrued and 4,726 6,355 (185) 3,262 other liabilities

Net cash provided by 3,485 7,641 15,632 37,174 operating activities

CASH FLOWSFROM INVESTINGACTIVITIES

Proceeds fromsale of 180 2,117 2,221 7,223businesses andassets

Proceeds from - 100 945 100insurance

Proceeds fromnotes 21 51 1,576 158receivable

Issuance ofnote - - - (420)receivable

Payments forproperty andequipment and (171) (3,807) (5,736) (20,708)intangibleassets

Acquisition ofbusinesses, - - - (13,500)net of cashacquired

Net cash provided by (used in) 30 (1,539) (994) (27,147) investing activities

CASH FLOWSFROM FINANCINGACTIVITIES

Proceeds fromdebt - 1,181 6,503 13,511obligations

Payments ondebt (1,343) (4,290) (8,832) (22,924)obligations

Purchase of (996) (537) (9,484) (2,901)treasury stock

Payment of (366) (385) (1,286) (1,252)dividends

Payment ofloan - - - (20)originationcosts

Distributionto - (49) (31) (70)noncontrollinginterests

Net cash used in financing (2,705) (4,080) (13,130) (13,656) activities

NET INCREASE(DECREASE) IN 810 2,022 1,508 (3,629)CASH AND CASHEQUIVALENTS

CASH AND CASHEQUIVALENTS AT 14,795 10,956 14,097 17,726BEGINNING OFPERIOD

CASH AND CASHEQUIVALENTS AT $ 15,605 $ 12,978 $ 15,605 $ 14,097END OF PERIOD

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 1,628 - liabilities

Total current liabilities 37,304 34,208

Deferred tax liability, net 20,390 21,658

Long-term debt, net of current portion and debt 125,131 127,774discount and issuance costs

Operating lease liabilities, net of current 25,439 -portion

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

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SOURCE RCI Hospitality Holdings, Inc.