RCI Hospitality Shares Jump

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.

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