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March 26, 2013
09:06 EDTRICKRick's Cabaret agrees to purchase remaining interest in L.A. nightclub
Rick's Cabaret has agreed to purchase through a subsidiary the remaining half of a new topless nightclub in Los Angeles County and will now own 100% of the venue. Under terms of a definitive agreement signed this week, a subsidiary of Rick's Cabaret will use 100,000 restricted shares of common stock of Rick's Cabaret to purchase the 50% of the 12,000 square foot club it did not already own.
News For RICK From The Last 14 Days
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May 28, 2015
13:03 EDTRICKRCI Hospitality announces Texas Patron tax settlement
RCI Hospitality Holdings announced it has reached a settlement with the State of Texas over payment of the state's Patron Tax on adult club customers. To resolve the issue of taxes owed, RCI agreed to pay $10M in equal monthly installments of $119,000 without interest over the next 84 months. Going forward, RCI agreed to remit the Patron Tax on a monthly basis, based on the current rate of $5 per customer. For accounting purposes, RCI will discount the $10M at an imputed interest rate of 9.6%, establishing a net present value for the settlement of $7.2M. As a consequence, RCI will record an $8.2M pre-tax gain for the third quarter ending June 30, representing the difference between the $10M and what RCI previously accrued for the tax.RCI has expensed, but did not pay the tax, since the second quarter of fiscal 2009. As of March 31, the company's most recent reporting period, this totaled $17.1M in current liabilities. RCI stopped remitting the tax after the State Court of Appeals for the Third District affirmed a lower court judgement that the tax was unconstitutional. The settlement covers 21 of 23 RCI subsidiaries. Payments for the two remaining subsidiaries, for which less than $0.9M has been accrued, are being negotiated presently.

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