RCI Hospitality: Corrected press release from RCI Hospitality Holdings, Inc. dated January 11, 2022 – Form 8-K

Room 99.1

In the press release that RCI Hospitality Holdings, Inc. published on January 10, 2022 on PRNewswire, the final column of the table, which compares 1Q22 to 1Q20 same-store sales, line items for Handset, Nightclubs and Bombshells have been corrected for + 11.0%, + 8.1% and + 21.1%, respectively. The full and corrected version follows:

RCI Reports $ 61.1 Million Club and Restaurant Sales in 1Q22

HOUSTON-January 11, 2022-RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced sales of its Nightclubs and Bombshells restaurants for the first quarter of fiscal 2022 ended December 31, 2021.

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said, “We had a strong first quarter as we benefited from the legacy as well as new locations, namely our 11th Bombshells in Arlington. , TX, which opened on December 6, and the 12 clubs we acquired in mid-October and early November. We did not have a noticeable impact from Omicron until the end of 1Q22 and hope that it will travel through our markets quickly. We look forward to our first Bombshells franchisee opening its San Antonio site in the March quarter. Full 1Q22 financial results are expected to be released by February 9. ”

($ in millions)

Total sales

Sales in the same stores

1Q22 sales

vs 1Q21

compared to 1Q20

vs 1Q21

compared to 1Q20

Combined

$

61.1

+61.6

%

+27.9

%

+21.8

%

+11.0

%

Nightclubs

$

46.3

+86.6

%

+23.8

%

+30.6

%

+8.1

%

Bombs

$

14.8

+13.8

%

+42.7

%

+7.6

%

+21.1

%

RCI is providing comparisons to its pre-COVID 1Q20 (ended December 31, 2019) for illustration purposes.

Sales do not include non-core transactions and are preliminary and subject to final closing.

The COVID pandemic had a first impact on RCI 2Q20 sales when all sites had to close in mid-March 2020. Bombs and some nightclubs began to reopen in May 2020 in RCI 3Q20. Not all nightclubs were fully reopened to their full opening hours before 4Q21.

All references to “RCI Hospitality Holdings, Inc.”, “company”, “we”, “our” and similar terms refer to RCI and / or its subsidiaries, unless the context indicates otherwise.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) www.rcihospitality.com

With over 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the nation’s leading company in gentlemen’s clubs and sports bars / restaurants. Clubs in New York, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville and other markets operate under brands 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 Bombshells Restaurant & Bar brand.

Forward-looking statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the actual results of the company to differ materially from those indicated, including, but not limited to, risks and uncertainties associated with (i) running and managing an adult business, (ii) business climates in the cities in which it operates, (iii) the success or lack of success in launching and developing business activities, (iv) cybersecurity, (v) the conditions applicable to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) many other factors such as the laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For a more detailed discussion of these factors and certain risks and uncertainties, see RCI’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as its other filings with the Securities and Exchange Commission. the United States. The company has no obligation to update or revise any forward-looking statements to reflect the occurrence of future events or circumstances.

Media and investor contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

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