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08.08.2013 22:05:00
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Rick's Cabaret International, Inc. Reports 20.4% Increase In Net Income For Its Third Quarter; Revenues Rose 18.3%
HOUSTON, Aug. 8, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc. (NasdaqGM: RICK) today reported consolidated total revenues of $28.3 million for its third quarter ended June 30, 2013, an increase of 18.3 percent over the $23.9 million in the same period last year.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
Consolidated net income was $2.2 million, an increase of 20.4 percent over the $1.8 million last year; non-GAAP* net income of $3.4 million versus $2.6 million last year; GAAP earnings of 23 cents per diluted share vs. 19 cents last year; non-GAAP earnings per share of 35 cents versus 27 cents last year; GAAP income from operations this quarter was $5.7 million compared with $4.0 million in the same quarter last year while non-GAAP income from operations** was $7.0 million compared with $5.1 million. Adjusted EBITDA*** was $6.9 million, versus $5.4 million last year.
Net income was impacted by $540,000 in one time or unusual expenses of $230,000 in costs for new businesses yet to be opened, and $310,000 to settle two lawsuits. "The quarter was strong and we are particularly pleased with the performance of the Jaguars clubs and our new Bombshells Restaurant in Dallas," said Eric Langan, president and CEO of the company. "The challenges of the last four years are largely behind us, we have learned from mistakes such as the Las Vegas acquisition, and we are now on a solid growth trajectory."
Mr. Langan noted that the cost of goods sold for same-location-same-period of club operations for the third quarter was 12.9 percent, compared to 13.7 percent for the same period ended June 30, 2012. The decrease was due principally to the hiring of a corporate beverage director and the continuing of the company's national buying power for alcoholic beverages and energy drinks. Operating margin, the percentage of operating income to total revenues, was 20 percent this year versus 16.9 percent.
Mr. Langan will discuss the quarterly results in a conference call today at 4:30 p.m. EDT. The call is being webcast by PrecisionIR, www.precisionir.com and can be accessed at the Rick's Cabaret investor website, www.ricksinvestor.com or via www.InvestorCalendar.com. The toll free dial-in number is 877-407-8033; live international dial-in is 201-689-8033. The replay number is 877-660-6853 (International: 201-612-7415) with Conference ID 416486 and replay is available until August 15th at 11:59 PM.
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||
ASSETS | |||||||||||
(in thousands, except per share data) | June 30, 2013 | September 30, 2012 | |||||||||
Assets | (UNAUDITED) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ 9,045 | $ 5,520 | |||||||||
Accounts receivable: | |||||||||||
Trade, net | 1,876 | 1,743 | |||||||||
Other, net | 486 | 296 | |||||||||
Marketable securities | 551 | 1,059 | |||||||||
Inventories | 1,475 | 1,260 | |||||||||
Deferred tax asset | 4,463 | 3,635 | |||||||||
Prepaid expenses and other current assets | 2,297 | 1,123 | |||||||||
Assets of discontinued operations | 26 | 72 | |||||||||
Total current assets | 20,219 | 14,708 | |||||||||
Property and equipment, net | 95,359 | 79,940 | |||||||||
Other assets: | |||||||||||
Goodwill | 43,987 | 43,421 | |||||||||
Other indefinite lived intangibles | 54,966 | 50,608 | |||||||||
Definite lived intangibles | 1,153 | 1,177 | |||||||||
Other | 4,717 | 2,539 | |||||||||
Total other assets | 104,823 | 97,745 | |||||||||
Total assets | $ 220,401 | $ 192,393 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
(in thousands, except per share data)
| June 30, 2013 | September 30, 2012 | |||||||||||||||||
Liabilities and Stockholders' Equity | (UNAUDITED) | ||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 2,364 | $ | 1,865 | |||||||||||||||
Accrued liabilities | 6,878 | 4,298 | |||||||||||||||||
Texas patron tax liability | 12,335 | 9,849 | |||||||||||||||||
Current portion of derivative liabilities | - | 75 | |||||||||||||||||
Current portion of long-term debt | 7,770 | 6,603 | |||||||||||||||||
Liabilities of discontinued operations | 47 | 163 | |||||||||||||||||
Total current liabilities | 29,394 | 22,853 | |||||||||||||||||
Deferred tax liability | 25,824 | 23,963 | |||||||||||||||||
Other long-term liabilities | 876 | 833 | |||||||||||||||||
Long-term debt | 68,774 | 56,925 | |||||||||||||||||
Total liabilities | 124,868 | 104,574 | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Temporary equity - Common stock, subject to put rights zero and 9 shares, respectively | - | 207 | |||||||||||||||||
PERMANENT STOCKHOLDERS' EQUITY: | |||||||||||||||||||
Preferred stock, $.10 par, 1,000 shares authorized; none issued and outstanding | - | - | |||||||||||||||||
Common stock, $.01 par, 20,000 shares authorized; 9,520 and 9,584 shares issued and outstanding, respectively | 95 | 96 | |||||||||||||||||
Additional paid-in capital | 61,554 | 61,212 | |||||||||||||||||
Accumulated other comprehensive income | 46 | 59 | |||||||||||||||||
Retained earnings | 30,536 | 22,939 | |||||||||||||||||
Total Rick's permanent stockholders' equity | 92,231 | 84,306 | |||||||||||||||||
Noncontrolling interests | 3,302 | 3,306 | |||||||||||||||||
Total permanent stockholders' equity | 95,533 | 87,612 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 220,401 | $ | 192,393 | |||||||||||||||
RICK'S CABARET INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||
(in thousands, except per share data)
| FOR THE THREE MONTHS ENDED JUNE 30, | FOR THE NINE MONTHS ENDED JUNE 30, | |||||
2013 | 2012 | 2013 | 2012 | ||||
(UNAUDITED) | (UNAUDITED) | ||||||
Revenues: | |||||||
Sales of alcoholic beverages | $ 11,105 | $ 9,711 | $ 32,554 | $ 29,033 | |||
Sales of food and merchandise | 3,288 | 2,286 | 8,744 | 6,619 | |||
Service revenues | 12,382 | 10,576 | 38,089 | 31,743 | |||
Other | 1,533 | 1,348 | 4,790 | 3,958 | |||
Total revenues | 28,308 | 23,921 | 84,177 | 71,353 | |||
Operating expenses: | |||||||
Cost of goods sold | 3,680 | 3,279 | 10,561 | 9,601 | |||
Salaries and wages | 6,413 | 5,299 | 18,600 | 15,428 | |||
Stock compensation | 282 | 12 | 845 | 33 | |||
Other general and administrative: | |||||||
Taxes and permits | 4,275 | 3,618 | 13,069 | 11,018 | |||
Charge card fees | 410 | 361 | 1,126 | 1,042 | |||
Rent | 846 | 726 | 2,199 | 2,150 | |||
Legal and professional | 642 | 992 | 2,263 | 2,433 | |||
Advertising and marketing | 1,181 | 959 | 3,452 | 2,994 | |||
Insurance | 573 | 387 | 1,642 | 1,027 | |||
Utilities | 523 | 454 | 1,564 | 1,264 | |||
Depreciation and amortization | 1,337 | 1,398 | 3,969 | 3,708 | |||
Settlement of lawsuits | 160 | 200 | 160 | 2,031 | |||
Loss on sale of assets | - | 332 | - | 332 | |||
Other | 2,336 | 1,867 | 6,967 | 5,432 | |||
Total operating expenses | 22,658 | 19,884 | 66,417 | 58,493 | |||
Operating income | 5,650 | 4,037 | 17,760 | 12,860 | |||
Other income (expense): | |||||||
Interest income and other | (2) | (2) | 6 | 2 | |||
Interest expense | (1,868) | (1,098) | (5,273) | (3,178) | |||
Gain (loss) on change in fair value of derivative instruments |
1 |
(17) |
2 |
120 | |||
Income from continuing operations before income taxes |
3,781 |
2,920 |
12,495 |
9,804 | |||
Income taxes | 1,409 | 1,022 | 4,608 | 3,366 | |||
Income from continuing operations | 2,372 | 1,898 | 7,887 | 6,438 | |||
Loss from discontinued operations, net of income taxes |
(124) |
(22) |
(141) |
(155) | |||
Net income | 2,248 | 1,876 | 7,746 | 6,283 | |||
Less: net income attributable to noncontrolling interests |
(53) |
(53) |
(159) |
(159) | |||
Net income attributable to Rick's Cabaret International, Inc. |
$ 2,195 |
$ 1,823 |
$ 7,587 |
$ 6,124 | |||
Basic earnings (loss) per share attributable to Rick's shareholders: | |||||||
Income from continuing operations | $ 0.24 | $ 0.19 | $ 0.81 | $ 0.65 | |||
Loss from discontinued operations | $ (0.01) | $ (0.00) | $ (0.01) | $ (0.02) | |||
Net income | $ 0.23 | $ 0.19 | $ 0.80 | $ 0.63 | |||
Diluted earnings (loss) per share attributable to Rick's shareholders: | |||||||
Income from continuing operations | $ 0.24 | $ 0.19 | $ 0.81 | $ 0.65 | |||
Loss from discontinued operations | $ (0.01) | $ (0.00) | $ (0.01) | $ (0.02) | |||
Net income | $ 0.23 | $ 0.19 | $ 0.79 | $ 0.63 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 9,479 | 9,725 | 9,523 | 9,710 | |||
Diluted | 9,647 | 9,731 | 9,871 | 9,717 | |||
The following tables present our non-GAAP measures for the periods ended June 30, 2013 and 2012 (in thousands, except per share amounts):
For the Three Months | For the Nine Months | ||||||
Ended June 30, | Ended June 30, | ||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||
Reconciliation of GAAP net income to | |||||||
Adjusted EBITDA | |||||||
GAAP net income | $ 2,195 | $ 1,823 | $ 7,587 | $ 6,124 | |||
Income tax expense | 1,409 | 1,022 | 4,608 | 3,366 | |||
Interest expense and income and gain on derivative | 1,869 | 1,117 | 5,265 | 3,056 | |||
Loss from discontinued operations | 124 | 22 | 141 | 155 | |||
Depreciation and amortization | 1,337 | 1,398 | 3,969 | 3,708 | |||
Adjusted EBITDA | $ 6,934 | $ 5,382 | $ 21,570 | $ 16,409 | |||
Reconcilation of GAAP net income (loss) to | |||||||
non-GAAP net income | |||||||
GAAP net income | $ 2,195 | $ 1,823 | $ 7,587 | $ 6,124 | |||
Patron tax | 746 | 726 | 2,536 | 2,265 | |||
Amortization of intangibles | 92 | 117 | 322 | 345 | |||
(Gain) loss on change in fair value of derivative instruments | (1) | 17 | (2) | (120) | |||
Stock-based compensation | 282 | 12 | 845 | 33 | |||
Litigation and other one-time settlements | 160 | 200 | 160 | 2,031 | |||
Income tax expense | 1,409 | 1,022 | 4,608 | 3,366 | |||
Acquisition costs | 30 | - | 119 | 131 | |||
Loss from discontinued operations, net of income taxes | 124 | 22 | 141 | 155 | |||
Non-GAAP provision for income taxes | (1,664) | (1,374) | (5,415) | (5,004) | |||
Non-GAAP net income | $ 3,373 | $ 2,565 | $ 10,901 | $ 9,326 | |||
Reconciliation of GAAP diluted net income | |||||||
per share to non-GAAP diluted net income per share | |||||||
Fully diluted shares | 9,647 | 9,731 | 9,871 | 9,717 | |||
GAAP net income | $ 0.23 | $ 0.19 | $ 0.77 | $ 0.63 | |||
Patron tax | 0.08 | 0.07 | 0.26 | 0.23 | |||
Amortization of intangibles | 0.01 | 0.01 | 0.03 | 0.04 | |||
(Gain) loss on change in fair value of derivative instruments | - | 0.00 | (0.00) | (0.01) | |||
Stock-based compensation | 0.03 | 0.00 | 0.09 | 0.00 | |||
Litigation and other one-time settlements | 0.02 | 0.02 | 0.02 | 0.21 | |||
Income tax expense | 0.15 | 0.11 | 0.47 | 0.35 | |||
Acquisition costs | 0.00 | - | 0.01 | 0.01 | |||
Loss from discontinued operations, net of income taxes | 0.01 | 0.00 | 0.01 | 0.02 | |||
Non-GAAP provision for income taxes | (0.17) | (0.14) | (0.55) | (0.51) | |||
Non-GAAP diluted net income per share | $ 0.35 | $ 0.27 | $ 1.11 | $ 0.96 | |||
Reconciliation of GAAP operating income to | |||||||
non-GAAP operating income | |||||||
GAAP operating income | $ 5,650 | $ 4,037 | $ 17,760 | $ 12,860 | |||
Patron tax | 746 | 726 | 2,536 | 2,265 | |||
Amortization of intangibles | 92 | 117 | 322 | 345 | |||
Stock-based compensation | 282 | 12 | 845 | 33 | |||
Litigation and other one-time settlements | 160 | 200 | 160 | 2,031 | |||
Acquisition costs | 30 | - | 134 | 131 | |||
Non-GAAP operating income | $ 6,960 | $ 5,092 | $ 21,757 | $ 17,665 | |||
Reconciliation of GAAP operating margin to | |||||||
non-GAAP operating margin | |||||||
GAAP operating income | 20.0% | 16.9% | 21.1% | 18.0% | |||
Patron tax | 2.6% | 3.0% | 3.0% | 3.2% | |||
Amortization of intangibles | 0.3% | 0.5% | 0.4% | 0.5% | |||
Stock-based compensation | 1.0% | 0.1% | 1.0% | 0.0% | |||
Litigation and other one-time settlements | 0.6% | 0.8% | 0.2% | 2.8% | |||
Acquisition costs | 0.1% | 0.0% | 0.2% | 0.2% | |||
Non-GAAP operating margin | 24.6% | 21.3% | 25.8% | 24.8% | |||
* Non-GAAP Net Income. We exclude from non-GAAP net income amortization of intangibles, patron taxes, income tax expense, impairment charges, gains and losses from asset sales, stock based compensation, litigation and other one-time legal settlements and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities.
** Non-GAAP Operating Income. We exclude from Non-GAAP operating income amortization of intangibles, patron taxes, gains and losses from asset sales, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. 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.
*** Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, acquisition costs, litigation and other one-time legal settlements and impairment charges because we believe that adjusting for such items helps management and investors better understand 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. Also, we exclude interest cost in our calculation of Adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. We use Adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.
Our Form 10-Q contains additional details relative to each of the non-GAAP financial measures and is posted on our website at www.ricksinvestor.com.
About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact ir@ricks.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
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. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information visit www.ricksinvestor.com.
SOURCE Rick's Cabaret International, Inc.
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