RICK - RCI Hospitality Holdings (RICK) - Ups Buyback Authorization By $25 Million

Additional Authorization. Yesterday, RCI Hospitality Holdings' Board of Directors authorized increasing the amount available under the company's share repurchase program by an additional $25.0 million. Buybacks are one of three uses for free cash flow under the Company's capital allocation plan and with the shares closing yesterday at $51.58, just above the 52-week low and 45% below the January 52-week high of $94.33, we believe the shares represent an attractive use of capital.Recent Purchases. Through the first six months of fiscal 2022, RCI repurchased 45,643 shares at a cost of $2.85 million, or about $62.33 per share on average. From fiscal year 2016, when the company started implementing its capital allocation strategy, through the second quarter of fiscal 2022, RCI has invested approximately $25.4 million repurchasing approximately 1.6 million shares at an average of $15.88 per share. Read More >>