RCI to File 10-K, Hold Call and Meet Management; Board Ups Buy Back Authorization $10 Million

HOUSTON – February 10, 2020 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) plans to file its 10-K and report financial results for its Fiscal 4Q19 and 2019 after the market closes Thursday, February 13, 2020.

The company will hold a related conference call that day at 4:30 PM ET. At 6:00 PM ET, investors can meet management at Rick's Cabaret New York, Manhattan's No. 1 gentlemen's club, and tour its sister club, Hoops Cabaret and Sports Bar, next door.

RCI also announced it had filed today an SEC Form 12b-25 notification of late filing in connection with its 1Q20 10-Q, which was due today. The company anticipates filing the 10-Q later this month.

In addition, RCI announced its Board of Directors, based on RCI's 1Q20 financial performance, authorized the repurchase of an additional $10.0 million of common stock, bringing the total available funds to approximately $13.8 million, including those funds remaining from a previous authorization.

From FY15 to 1Q20, the company has spent approximately $20 million buying back shares, including $6.4 million in 1Q20.

Conference Call Details

• Thursday, February 13, 2020, at 4:30 PM ET
• Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049
• To access the live webcast, slides or replay, visit: https://www.webcaster4.com/Webcast/Page/2209/33080
• Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 58853

Meet Management Details

• Thursday, February 13, 2020, 6:00-8:00 PM ET
• Rick's Cabaret New York, at 50 W. 33rd Street, New York, NY, between Fifth Avenue and Broadway
• RSVP by 12:00 PM ET, February 13, 2020, with your contact information, to gary.fishman@anreder.com.

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

With more than 40 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/Ft. Worth, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, 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. 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, 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) our ability to regain and maintain compliance with the filing requirements of the SEC and the Nasdaq Stock Market, and (vii) 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