RCI Board Authorizes Additional $5 Million for Share Buybacks, Declares 3Q16 Dividend

HOUSTON – May 9, 2016 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced itsBoard of Directors has authorized the repurchase of an additional $5.0 million of common stock, for a total of $6.2 million currently available, including funds remaining from previous authorization. The company has spent $5.4 million buying back shares in FY16 as of April 30, 2016.

The Board also declared the regular quarterly cash dividend of $0.03 per common share for the FY16 third quarter ending June 30, 2016 as part of RCI’s $0.12 per share annual cash dividend. The3Q16 dividendis payable June 27, 2016, to holders of record June 10, 2016, with an ex-dividend date of June 8, 2016.

“These actions underscore our ongoing program to enhance shareholder returns,” said Eric Langan, Chairman of the Board and CEO. “RCI continues to generate significant free cash flow, and we remain committed to our capital allocation policy of effectively using available capital to benefit our investors.”

2Q16 Conference Call Reminder

RCI, as previously announced, will report financial results for the fiscal 2016 second quarter tomorrow, Tuesday, May 10, 2016, following the market close and will hold a related conference call at 4:30 PM ET. Live Participant Dial In 877-407-9210(Toll Free) or 201-689-8049(International). For the webcast, click here. Afterward, investors can meet management at Rick’s Cabaret New York, Manhattan’s No. 1 gentlemen’s club, at 6:00 PM ET.

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

With 43 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as “Rick's Cabaret,” “XTC,” “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret.” Sports bars/restaurants operate under the brand name “Bombshells.” Please visit http://www.rcihospitality.com/

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 in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company’s businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

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