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RCI Hospitality Holdings Inc. (RICK+2.58%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $71.5 million, a decrease from $73.9 million in the same quarter the previous year. Nightclubs revenue increased by 1.1% to $61.7 million, while Bombshells revenue decreased by 24.7% to $9.6 million.
Cost of goods sold decreased to $9.5 million, representing 13.3% of total revenues, compared to 14.0% in the previous year. Salaries and wages decreased by $768,000, or 3.6%, while selling, general, and administrative expenses increased by $1.0 million.
The company reported an income from operations of $13.9 million, compared to $13.2 million in the previous year. Net income attributable to RCIHH common stockholders was $9.0 million, up from $7.2 million in the previous year.
Cash provided by operating activities was $13.3 million, while cash used in investing and financing activities was $4.4 million and $6.6 million, respectively.
RCI had a working capital of $0.8 million as of December 31, 2024. The company continues to focus on its growth strategy, including the acquisition of a club in Detroit, Michigan, for $11.0 million.
The filing also details various legal proceedings and contingencies, including a lawsuit involving its subsidiary JAI Dining Services and an investigation by the New York State Attorney General.
RCI Hospitality Holdings Inc. identified material weaknesses in its internal controls over financial reporting, specifically related to IT general controls and the accounting for business combinations and impairments.
The company repurchased 66,000 shares of its common stock during the quarter at an average price of $48.76 per share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RCI Hospitality Holdings Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.