Exhibit 99.1
RCI Reports 1Q22 Results
HOUSTON—February 9, 2022—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2022 first quarter ended December 31, 2021, and filed its Form 10-Q.
| Highlights 1Q22 vs. 1Q21 | |
| ● | Total revenues of $61.8 million vs. $38.4 million |
| ● | EPS of $1.12 vs. $1.07 |
| ● | Non-GAAP EPS* of $1.10 vs. $0.39 |
| ● | Net cash from operating activities of $16.3 million vs. $6.3 million |
| ● | Free cash flow* of $15.3 million vs. $5.7 million |
| ● | Net income of $10.6 million vs. $9.5 million |
| ● | Adjusted EBITDA* of $18.0 million vs. $8.7 million |
* See “Non-GAAP Financial Measures” below
Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., stated: “We want to thank our teams for delivering yet another strong quarter. Nightclubs and Bombshells continued to perform well. Our 12 recent club acquisitions and new company-owned Bombshells in Arlington, TX also contributed to results for part of the quarter. We didn’t experience any noticeable impact until December from Omicron, which, to date, has cycled quickly through our markets.
“Looking ahead, we expect further progress with our recent club acquisitions, our first Bombshells franchise to open in San Antonio, TX, and the soft launch of our AdmireMe.com site. We are actively pursuing new club acquisitions as well as Bombshells company-owned locations and franchisees. Our recently announced $18.7 million bank loan has provided us with additional capital to deploy in line with our capital allocation strategy. We had approximately $32 million cash on hand at the end of January.”
Conference Call Today at 4:30 PM ET
| ● | Live Participant Phone: Toll Free 877-545-0523, International 973-528-0016, Passcode: 203629 |
| ● | Live webcast, slides or replay link: https://www.webcaster4.com/Webcast/Page/2209/44464 |
| ● | Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 44464 |
Meet Management Tonight at 6:00 PM ET
| ● | Investors are invited to meet management at one of RCI’s top revenue generating clubs |
| ● | Rick’s Cabaret New York, 50 W. 33rd Street, New York, NY, between Fifth Avenue and Broadway |
| ● | RSVP your contact information to [email protected] by 5:00 PM ET today |
1Q22 Segments
| ● | Nightclubs: 1Q22 revenues of $46.8 million, operating margin of 40.1%, and income from operations of $18.7 million. This compares to 1Q21 revenues of $25.2 million, operating margin of 33.7%, and income from operations of $8.5 million. Revenues and income from operations increased approximately 86% and 121%, respectively, compared to 1Q21, which was still heavily impacted by government restrictions related to COVID-19. Clubs acquired in October-November 2021 contributed approximately 29% of the increase in revenues and approximately 17% of the increase in operating income. Segment revenues and operating margin also benefited from a 107% year-over-year increase in high-margin service revenues. |
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| ● | Bombshells: 1Q22 revenues of $14.8 million, operating margin of 19.0%, and income from operations of $2.8 million. This compares to 1Q21 revenues of $13.0 million, operating margin of 20.9%, and income from operations of $2.7 million. The new location in Arlington, TX, which opened early December, contributed approximately 45% of the increase in revenues and set a record for first month revenues for a new Bombshells. Operating margin and income were affected by a little more than two months of pre-opening costs without sales for Arlington. |
1Q22 Consolidated (comparisons to 1Q21 and % are of total revenues unless indicated otherwise)
| ● | Margin improvements in cost of goods sold (14.4% vs. 16.2%), salaries and wages (26.7% vs. 29.9%), and SG&A (29.9% vs. 31.6%) reflected higher Nightclubs sales and margins. |
| ● | Operating margin was 25.7% vs. 17.1%. |
| ● | Interest expense increased $170 thousand primarily due to higher debt related to the October-November acquisitions, but as a percentage of revenues declined to 4.2% from 6.3%. |
| ● | Non-operating gains totaled $84 thousand compared to $4.9 million, reflecting the previously reported 1Q21 debt forgiveness. |
| ● | Income taxes were a $2.9 million expense compared to a benefit of $384 thousand. 1Q21 benefited from a change in the deferred tax asset valuation allowance. |
| ● | Weighted average shares outstanding increased 4.3%, reflecting the partial quarter effect of the shares issued for 11 clubs acquired on October 18, 2021. |
| ● | Debt was $161.9 million at 12/31/21 compared to $125.2 million at 9/30/21. This increase primarily reflected previously reported debt used to finance the October 2021 club acquisitions. |
Note
| ● | As of the release of this report, we do not know the future extent and duration of the impact of COVID-19 on our businesses. We will continually monitor and evaluate our cash flow situation to determine whether any measures need to be instituted. |
| ● | All references to the “company,” “we,” “our,” and similar terms include RCI Hospitality Holdings, Inc., and its subsidiaries, unless the context indicates otherwise. |
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the Company and helps management and investors gauge our ability to generate cash flow, excluding (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:
| ● | Non-GAAP Operating Income and Non-GAAP Operating Margin. We calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) gains or losses on sale of businesses and assets, (c) gains or losses on insurance, and (d) settlement of lawsuits. 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. |
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| ● | Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) gains or losses on sale of businesses and assets, (c) gains or losses on insurance, (d) unrealized gains or losses on equity securities, (e) settlement of lawsuits, (f) gain on debt extinguishment, and (g) the income tax effect of the above-described adjustments. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 22.3% and 19.1% effective tax rate of the pre-tax non-GAAP income before taxes for the three months ended December 31, 2021 and 2020, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities. |
| ● | Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense (benefit), (c) net interest expense, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) unrealized gains or losses on equity securities, (g) settlement of lawsuits, and (h) gain on debt extinguishment. We believe that adjusting for such items helps management and investors better understand our 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. 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. |
| ● | Management also uses non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy. |
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) www.rcihospitality.com
With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
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, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company’s businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI’s annual report on Form 10-K for the year ended September 30, 2021, as well as its other filings with the U.S. Securities and Exchange Commission. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or [email protected] and [email protected]
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RCI HOSPITALITY HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| December 31, | September 30, | December 31, | ||||||||||
| 2021 | 2021 | 2020 | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 17,954 | $ | 35,686 | $ | 16,967 | ||||||
| Accounts receivable, net | 6,012 | 7,570 | 5,334 | |||||||||
| Current portion of notes receivable | 225 | 220 | 211 | |||||||||
| Inventories | 3,530 | 2,659 | 2,394 | |||||||||
| Prepaid expenses and other current assets | 8,245 | 1,928 | 5,348 | |||||||||
| Assets held for sale | 3,113 | 4,887 | - | |||||||||
| Total current assets | 39,079 | 52,950 | 30,254 | |||||||||
| Property and equipment, net | 203,878 | 175,952 | 180,548 | |||||||||
| Operating lease right-of-use assets | 35,845 | 24,308 | 25,125 | |||||||||
| Notes receivable, net of current portion | 5,512 | 2,839 | 2,965 | |||||||||
| Goodwill | 54,484 | 39,379 | 45,686 | |||||||||
| Intangibles, net | 125,314 | 67,824 | 73,149 | |||||||||
| Other assets | 1,566 | 1,367 | 882 | |||||||||
| Total assets | $ | 465,678 | $ | 364,619 | $ | 358,609 | ||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable | $ | 5,807 | $ | 4,408 | $ | 3,601 | ||||||
| Accrued liabilities | 18,413 | 10,403 | 13,100 | |||||||||
| Current portion of debt obligations, net | 9,003 | 6,434 | 15,685 | |||||||||
| Current portion of operating lease liabilities | 2,288 | 1,780 | 1,658 | |||||||||
| Total current liabilities | 35,511 | 23,025 | 34,044 | |||||||||
| Deferred tax liability, net | 22,040 | 19,137 | 20,390 | |||||||||
| Debt, net of current portion and debt discount and issuance costs | 152,847 | 118,734 | 119,136 | |||||||||
| Operating lease liabilities, net of current portion | 35,154 | 24,150 | 25,017 | |||||||||
| Other long-term liabilities | 357 | 350 | 360 | |||||||||
| Total liabilities | 245,909 | 185,396 | 198,947 | |||||||||
| Commitments and contingencies | ||||||||||||
| Equity | ||||||||||||
| Preferred stock | - | - | - | |||||||||
| Common stock | 95 | 90 | 90 | |||||||||
| Additional paid-in capital | 80,397 | 50,040 | 50,040 | |||||||||
| Retained earnings | 139,888 | 129,693 | 110,080 | |||||||||
| Total RCIHH stockholders’ equity | 220,380 | 179,823 | 160,210 | |||||||||
| Noncontrolling interests | (611 | ) | (600 | ) | (548 | ) | ||||||
| Total equity | 219,769 | 179,223 | 159,662 | |||||||||
| Total liabilities and equity | $ | 465,678 | $ | 364,619 | $ | 358,609 | ||||||
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RCI HOSPITALITY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share, number of shares and percentage data)
| For the Three Months Ended December 31, | ||||||||||||||||
| 2021 | 2020 | |||||||||||||||
| Amount |
% of
Revenue |
Amount |
% of
Revenue |
|||||||||||||
| Revenues | ||||||||||||||||
| Sales of alcoholic beverages | $ | 26,431 | 42.7 | % | $ | 17,360 | 45.2 | % | ||||||||
| Sales of food and merchandise | 10,894 | 17.6 | % | 8,609 | 22.4 | % | ||||||||||
| Service revenues | 20,876 | 33.8 | % | 10,060 | 26.2 | % | ||||||||||
| Other | 3,635 | 5.9 | % | 2,369 | 6.2 | % | ||||||||||
| Total revenues | 61,836 | 100.0 | % | 38,398 | 100.0 | % | ||||||||||
| Operating expenses | ||||||||||||||||
| Cost of goods sold | ||||||||||||||||
| Alcoholic beverages sold | 4,834 | 18.3 | % | 3,262 | 18.8 | % | ||||||||||
| Food and merchandise sold | 3,957 | 36.3 | % | 2,889 | 33.6 | % | ||||||||||
| Service and other | 100 | 0.4 | % | 53 | 0.4 | % | ||||||||||
| Total cost of goods sold (exclusive of items shown below) | 8,891 | 14.4 | % | 6,204 | 16.2 | % | ||||||||||
| Salaries and wages | 16,505 | 26.7 | % | 11,486 | 29.9 | % | ||||||||||
| Selling, general and administrative | 18,486 | 29.9 | % | 12,152 | 31.6 | % | ||||||||||
| Depreciation and amortization | 2,194 | 3.5 | % | 2,023 | 5.3 | % | ||||||||||
| Other gains, net | (151 | ) | -0.2 | % | (50 | ) | -0.1 | % | ||||||||
| Total operating expenses | 45,925 | 74.3 | % | 31,815 | 82.9 | % | ||||||||||
| Income from operations | 15,911 | 25.7 | % | 6,583 | 17.1 | % | ||||||||||
| Other income (expenses) | ||||||||||||||||
| Interest expense | (2,604 | ) | -4.2 | % | (2,434 | ) | -6.3 | % | ||||||||
| Interest income | 106 | 0.2 | % | 60 | 0.2 | % | ||||||||||
| Non-operating gains, net | 84 | 0.1 | % | 4,916 | 12.8 | % | ||||||||||
| Income before income taxes | 13,497 | 21.8 | % | 9,125 | 23.8 | % | ||||||||||
| Income tax expense (benefit) | 2,933 | 4.7 | % | (384 | ) | -1.0 | % | |||||||||
| Net income | 10,564 | 17.1 | % | 9,509 | 24.8 | % | ||||||||||
| Net loss attributable to noncontrolling interests | 11 | 0.0 | % | 134 | 0.3 | % | ||||||||||
| Net income attributable to RCIHH common shareholders | $ | 10,575 | 17.1 | % | $ | 9,643 | 25.1 | % | ||||||||
| Earnings per share | ||||||||||||||||
| Basic and diluted | $ | 1.12 | $ | 1.07 | ||||||||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic and diluted | 9,407,519 | 9,019,088 | ||||||||||||||
| Dividends per share | $ | 0.04 | $ | 0.04 | ||||||||||||
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RCI HOSPITALITY HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES
(in thousands, except per share, number of shares and percentage data)
| For the Three Months Ended | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Reconciliation of GAAP net income to Adjusted EBITDA | ||||||||
| Net income attributable to RCIHH common stockholders | $ | 10,575 | $ | 9,643 | ||||
| Income tax expense (benefit) | 2,933 | (384 | ) | |||||
| Interest expense, net | 2,498 | 2,374 | ||||||
| Settlement of lawsuits | 192 | 152 | ||||||
| Gain on sale of businesses and assets | (342 | ) | (5 | ) | ||||
| Gain on debt extinguishment | (85 | ) | (4,949 | ) | ||||
| Unrealized loss on equity securities | 1 | 33 | ||||||
| Gain on insurance | (1 | ) | (197 | ) | ||||
| Depreciation and amortization | 2,194 | 2,023 | ||||||
| Adjusted EBITDA | $ | 17,965 | $ | 8,690 | ||||
| Reconciliation of GAAP net income to non-GAAP net income | ||||||||
| Net income attributable to RCIHH common stockholders | $ | 10,575 | $ | 9,643 | ||||
| Amortization of intangibles | 50 | 79 | ||||||
| Settlement of lawsuits | 192 | 152 | ||||||
| Gain on sale of businesses and assets | (342 | ) | (5 | ) | ||||
| Gain on debt extinguishment | (85 | ) | (4,949 | ) | ||||
| Unrealized loss on equity securities | 1 | 33 | ||||||
| Gain on insurance | (1 | ) | (197 | ) | ||||
| Net income tax effect | (38 | ) | (1,219 | ) | ||||
| Non-GAAP net income | $ | 10,352 | $ | 3,537 | ||||
| Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share | ||||||||
| Diluted shares | 9,407,519 | 9,019,088 | ||||||
|
GAAP diluted earnings per share
|
$ | 1.12 | $ | 1.07 | ||||
| Amortization of intangibles | 0.01 | 0.01 | ||||||
| Settlement of lawsuits | 0.02 | 0.02 | ||||||
| Gain on sale of businesses and assets | (0.04 | ) | (0.00 | ) | ||||
| Gain on debt extinguishment | (0.01 | ) | (0.55 | ) | ||||
| Unrealized loss on equity securities | 0.00 | 0.00 | ||||||
| Gain on insurance | (0.00 | ) | (0.02 | ) | ||||
| Net income tax effect | (0.00 | ) | (0.14 | ) | ||||
| Non-GAAP diluted earnings per share | $ | 1.10 | $ | 0.39 | ||||
| Reconciliation of GAAP operating income to non-GAAP operating income | ||||||||
| Income from operations | $ | 15,911 | $ | 6,583 | ||||
| Amortization of intangibles | 50 | 79 | ||||||
| Settlement of lawsuits | 192 | 152 | ||||||
| Gain on sale of businesses and assets | (342 | ) | (5 | ) | ||||
| Gain on insurance | (1 | ) | (197 | ) | ||||
| Non-GAAP operating income | $ | 15,810 | $ | 6,612 | ||||
| Reconciliation of GAAP operating margin to non-GAAP operating margin | ||||||||
| GAAP operating margin | 25.7 | % | 17.1 | % | ||||
| Amortization of intangibles | 0.1 | % | 0.2 | % | ||||
| Settlement of lawsuits | 0.3 | % | 0.4 | % | ||||
| Gain on sale of businesses and assets | -0.6 | % | 0.0 | % | ||||
| Gain on insurance | 0.0 | % | -0.5 | % | ||||
| Non-GAAP operating margin | 25.6 | % | 17.2 | % | ||||
| Reconciliation of net cash provided by operating activities to free cash flow | ||||||||
| Net cash provided by operating activities | $ | 16,264 | $ | 6,274 | ||||
| Less: Maintenance capital expenditures | 998 | 605 | ||||||
| Free cash flow | $ | 15,266 | $ | 5,669 | ||||
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RCI HOSPITALITY HOLDINGS, INC.
SEGMENT INFORMATION
(in thousands)
| For the Three Months Ended | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | ||||||||
| Nightclubs | $ | 46,781 | $ | 25,197 | ||||
| Bombshells | 14,771 | 13,006 | ||||||
| Other | 284 | 195 | ||||||
| $ | 61,836 | $ | 38,398 | |||||
| Income (loss) from operations | ||||||||
| Nightclubs | $ | 18,736 | $ | 8,495 | ||||
| Bombshells | 2,802 | 2,717 | ||||||
| Other | (43 | ) | (75 | ) | ||||
| General corporate | (5,584 | ) | (4,554 | ) | ||||
| $ | 15,911 | $ | 6,583 | |||||
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RCI HOSPITALITY HOLDINGS, INC.
NON-GAAP SEGMENT INFORMATION
($ in thousands)
| For the Three Months Ended December 31, 2021 | For the Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||
| Nightclubs | Bombshells | Other | Corporate | Total | Nightclubs | Bombshells | Other | Corporate | Total | |||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 18,736 | $ | 2,802 | $ | (43 | ) | $ | (5,584 | ) | $ | 15,911 | $ | 8,495 | $ | 2,717 | $ | (75 | ) | $ | (4,554 | ) | $ | 6,583 | ||||||||||||||||
| Amortization of intangibles | 47 | 3 | - | - | 50 | 47 | 4 | 28 | - | 79 | ||||||||||||||||||||||||||||||
| Settlement of lawsuits | 177 | 10 | - | 5 | 192 | 118 | 34 | - | - | 152 | ||||||||||||||||||||||||||||||
| Loss (gain) on sale of businesses and assets | 45 | 13 | - | (400 | ) | (342 | ) | - | - | - | (5 | ) | (5 | ) | ||||||||||||||||||||||||||
| Gain on insurance | (1 | ) | - | - | - | (1 | ) | (197 | ) | - | - | - | (197 | ) | ||||||||||||||||||||||||||
| Non-GAAP operating income (loss) | $ | 19,004 | $ | 2,828 | $ | (43 | ) | $ | (5,979 | ) | $ | 15,810 | $ | 8,463 | $ | 2,755 | $ | (47 | ) | $ | (4,559 | ) | $ | 6,612 | ||||||||||||||||
| GAAP operating margin | 40.1 | % | 19.0 | % | -15.1 | % | -9.0 | % | 25.7 | % | 33.7 | % | 20.9 | % | -38.5 | % | -11.9 | % | 17.1 | % | ||||||||||||||||||||
| Non-GAAP operating margin | 40.6 | % | 19.1 | % | -15.1 | % | -9.7 | % | 25.6 | % | 33.6 | % | 21.2 | % | -24.1 | % | -11.9 | % | 17.2 | % | ||||||||||||||||||||
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RCI HOSPITALITY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| For the Three Months Ended | ||||||||
| December 31, 2021 | December 31, 2020 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 10,564 | $ | 9,509 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 2,194 | 2,023 | ||||||
| Deferred income tax benefit | - | - | ||||||
| Gain on sale of businesses and assets | (523 | ) | (5 | ) | ||||
| Gain on debt extinguishment | (83 | ) | (4,920 | ) | ||||
| Unrealized loss on equity securities | 1 | 33 | ||||||
| Amortization of debt discount and issuance costs | 51 | 51 | ||||||
|
Doubtful accounts expense (reversal) on notes receivable
|
17 | (93 | ) | |||||
| Noncash lease expense | 629 | 421 | ||||||
| Gain on insurance | - | (250 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,344 | 1,433 | ||||||
| Inventories | (445 | ) | (22 | ) | ||||
| Prepaid expenses, other current assets and other assets | (6,519 | ) | 1,125 | |||||
| Accounts payable, accrued and other liabilities | 9,034 | (3,031 | ) | |||||
| Net cash provided by operating activities | 16,264 | 6,274 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Proceeds from sale of businesses and assets | 803 | - | ||||||
| Proceeds from insurance | 185 | 250 | ||||||
| Proceeds from notes receivable | 34 | 26 | ||||||
| Payments for property and equipment and intangible assets | (9,850 | ) | (1,289 | ) | ||||
| Acquisition of businesses, net of cash acquired | (39,302 | ) | - | |||||
| Net cash used in investing activities | (48,130 | ) | (1,013 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from debt obligations | 17,002 | - | ||||||
| Payments on debt obligations | (2,488 | ) | (1,745 | ) | ||||
| Purchase of treasury stock | - | (1,794 | ) | |||||
| Payment of dividends | (380 | ) | (360 | ) | ||||
| Net cash provided by (used in) financing activities | 14,134 | (3,899 | ) | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (17,732 | ) | 1,362 | |||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 35,686 | 15,605 | ||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 17,954 | $ | 16,967 | ||||
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