Shares of RCI Hospitality Holdings rose to their highest level since early 2008 on Tuesday after the company reported late Wednesday fiscal Q3 results which improved year-over-year and beat the average of two analysts polled by Capital IQ. Adjusted earnings for the quarter ended June 30 was $0.47 per share, up from $0.34 per share a year earlier and above the $0.39 per share average forecast.
Revenues rose 10.2% year-over-year to $37.4 million and just beat the $37.1 million average of two analysts. Same-store sales were up 6.8%. The company also said it now expects to exceed its FY17 free cash flow target of $18 million. It also set an initial FY18 free cash flow target of $21 million.
RICK trades in a new 52-week range of $10.58 to $26.45.