RCI Hospitality Holdings, Inc. (NASDAQ: RICK) has reported its financial results for the fiscal 2024 fourth quarter and year ended September 30, 2024. The company's total revenues for the fourth quarter of 2024 were $73.2 million, down from $75.3 million in the same period last year, while the full-year total revenues were $295.6 million, up from $293.8 million in the previous year.
Earnings per share (EPS) for the fourth quarter of 2024 were $0.03, a significant decrease from $0.23 in the same period last year. For the full year, EPS was $0.33, down from $3.13 in the previous year. However, non-GAAP EPS for the same periods showed an increase, reaching $1.63 for the fourth quarter of 2024, up from $1.11 in the same period last year, and $4.72 for the full year, up from $4.90 in the previous year.
Net cash provided by operating activities for the fourth quarter of 2024 was $15.7 million, up from $12.1 million in the same period last year. For the full year, net cash provided by operating activities was $55.9 million, down from $59.1 million in the previous year. Free cash flow also showed an increase, reaching $13.2 million for the fourth quarter of 2024, up from $11.1 million in the same period last year, and $48.4 million for the full year, down from $53.2 million in the previous year.
Net income attributable to RCIHH common stockholders for the fourth quarter of 2024 was $0.2 million, down from $2.2 million in the same period last year. For the full year, net income was $3.0 million, down from $29.2 million in the previous year. Adjusted EBITDA for the fourth quarter of 2024 was $17.9 million, down from $20.2 million in the same period last year, and $72.6 million for the full year, down from $85.0 million in the previous year.
The weighted average shares used in computing EPS – basic and diluted – were 9.01 million for the fourth quarter of 2024, down from 9.42 million in the same period last year, and 9.25 million for the full year, down from 9.34 million in the previous year.
The company also announced details of its "back to basics" five-year capital allocation plan, which includes operational priorities, capital allocation priorities, and financial targets for the fiscal years 2025 to 2029.
In the "back to basics" plan, RCI plans to focus on its nightclub business and improving its Bombshells segment. The company also aims to acquire new nightclubs and return more capital to shareholders, mainly through buybacks.
During the fourth quarter of 2024, RCI repurchased 174,790 common shares for $7.8 million ($44.81 average per share), resulting in 8,955,000 shares of common stock outstanding and $21.0 million in remaining purchase authorization. For the full fiscal year 2024, RCI repurchased 442,639 shares for $20.6 million ($46.55 average per share).
The company's debt was $238.2 million at September 30, 2024, compared to $245.4 million at June 30, 2024, and $239.8 million at September 30, 2023.
RCI Hospitality Holdings, Inc. is a leading company in adult nightclubs and sports bars-restaurants, with more than 60 locations. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $52.13. Check out the company's full 8-K submission here.
