RCI Hospitality Holdings, Inc. (RICK) has reported 13.56 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.90 million, or $0.30 a share in the quarter, compared with $2.55 million, or $0.25 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.99 million, or $0.31 a share compared with $3.15 million or $0.30 a share, a year ago. Revenue during the quarter went up marginally by 0.79 percent to $33.74 million from $33.48 million in the previous year period. Gross margin for the quarter expanded 102 basis points over the previous year period to 85.53 percent. Total expenses were 81.23 percent of quarterly revenues, down from 82.92 percent for the same period last year. This has led to an improvement of 169 basis points in operating margin to 18.77 percent.
Operating income for the quarter was $6.33 million, compared with $5.72 million in the previous year period.
However, the adjusted operating income for the quarter stood at $6.44 million compared to $6.58 million in the prior year period. At the same time, adjusted operating margin contracted 56 basis points in the quarter to 19.09 percent from 19.65 percent in the last year period.
"Were pleased with our 1Q17 results," said Eric Langan, president and chief executive officer. "FCF was up 33.1% year over year in 1Q17, keeping us on track to achieve our initial target of $18 million in FY17.
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