• |
Total revenue increased by $0.1 million to $3.1 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Adjusted EBITDA increased by $0.1 million to $0.6 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 6.8% in the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Pie Five domestic comparable store retail sales increased 1.2% in the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
The Company recorded net income of $0.4 million for the first quarter of fiscal 2024 compared to net income of $0.3 million for the same period of the prior year.
|
• |
Income before taxes increased by $0.1 million to $0.5 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
On a fully diluted basis, net income increased by $0.01 to $0.03 per share for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Cash and cash equivalents were $5.9 million at September 24, 2023.
|
• |
Pizza Inn domestic unit count finished at 111.
|
• |
Pizza Inn international unit count finished at 22.
|
• |
Pie Five domestic unit count finished at 26.
|
Three Months Ended
| ||||||||
September 24,
2023
|
September 25,
2022
| |||||||
REVENUES
|
$
|
3,089
|
$
|
3,005
| ||||
COSTS AND EXPENSES:
| ||||||||
General and administrative expenses
|
1,319
|
1,343
| ||||||
Franchise expenses
|
1,172
|
1,202
| ||||||
Impairment of long-lived assets and other lease charges
|
-
|
5
| ||||||
Bad debt expense
|
25
|
4
| ||||||
Interest expense
| - |
1
| ||||||
Depreciation and amortization expense
|
55
|
51
| ||||||
Total costs and expenses
|
2,571
|
2,606
| ||||||
INCOME BEFORE TAXES
|
518
|
399
| ||||||
Income tax expense
|
(132
|
)
|
(92
|
)
| ||||
NET INCOME
|
386
|
307
| ||||||
INCOME PER SHARE OF COMMON STOCK - BASIC:
|
$
|
0.03
|
$
|
0.02
| ||||
INCOME PER SHARE OF COMMON STOCK - DILUTED:
|
$
|
0.03
|
$
|
0.02
| ||||
Weighted average common shares outstanding - basic
|
14,154
|
16,632
| ||||||
Weighted average common and potential dilutive common shares outstanding
|
14,762
|
16,632
|
September 24,
2023
|
June 25,
2023
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
$
|
5,944
|
$
|
5,328
| ||||
Accounts receivable, less allowance for bad debts of $12 and $58, respectively
|
1,072
|
1,145
| ||||||
Notes receivable, current
|
122
|
105
| ||||||
Property held for sale
|
34
|
19
| ||||||
Deferred contract charges, current
|
31
|
33
| ||||||
Prepaid expenses and other current assets
|
388
|
204
| ||||||
Total current assets
|
7,591
|
6,834
| ||||||
LONG-TERM ASSETS
| ||||||||
Property and equipment, net
|
231
|
258
| ||||||
Operating lease right of use asset, net
|
1,115
|
1,227
| ||||||
Intangible assets definite-lived, net
|
312
|
328
| ||||||
Notes receivable, net of current portion
|
44
|
28
| ||||||
Deferred tax asset, net
|
5,234
|
5,342
| ||||||
Deferred contract charges, net of current portion
|
202
|
220
| ||||||
Total assets
|
$
|
14,729
|
$
|
14,237
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES
| ||||||||
Accounts payable - trade
|
$
|
583
|
$
|
502
| ||||
Accrued expenses
|
1,172
|
891
| ||||||
Operating lease liability, current
|
446
|
463
| ||||||
Deferred revenues, current
|
287
|
342
| ||||||
Total current liabilities
|
2,423
|
2,198
| ||||||
LONG-TERM LIABILITIES
| ||||||||
Operating lease liability, net of current portion
|
848
|
958
| ||||||
Deferred revenues, net of current portion
|
602
|
690
| ||||||
Total liabilities
|
3,873
|
3,846
| ||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE D)
| ||||||||
SHAREHOLDERS' EQUITY
| ||||||||
Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,090,058 and 25,090,058 shares, respectively; outstanding 14,154,453 and 14,154,453 shares, respectively
|
251
|
251
| ||||||
Additional paid-in capital
|
37,808
|
37,729
| ||||||
Retained earnings
|
2,825
|
2,439
| ||||||
Treasury stock at cost
| ||||||||
Shares in treasury: 10,935,605 and 10,935,605 respectively
|
(30,028
|
)
|
(30,028
|
)
| ||||
Total shareholders' equity
|
10,856
|
10,391
| ||||||
Total liabilities and shareholders' equity
|
$
|
14,729
|
$
|
14,237
|
Three Months Ended
| ||||||||
September 24,
2023
|
September 25,
2022
| |||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
| ||||||||
Net income
|
$
|
386
|
$
|
307
| ||||
Adjustments to reconcile net income to cash provided by operating activities:
| ||||||||
Impairment of long-lived assets and other lease charges
| - |
5
| ||||||
Stock-based compensation expense
|
79
|
86
| ||||||
Depreciation and amortization
|
34
|
35
| ||||||
Amortization of operating right of use assets
|
112
|
108
| ||||||
Amortization of intangible assets definite-lived
|
21
|
16
| ||||||
Allowance for bad debts
|
25
|
4
| ||||||
Deferred income tax
|
108
| - | ||||||
Changes in operating assets and liabilities:
| ||||||||
Accounts receivable
|
48
|
491
| ||||||
Notes receivable
|
(48
|
)
|
5
| |||||
Deferred contract charges
|
20
|
9
| ||||||
Prepaid expenses and other
|
(184
|
)
|
38
| |||||
Accounts payable - trade
|
81
|
20
| ||||||
Accrued expenses
|
281
|
284
| ||||||
Operating lease liability
|
(127
|
)
|
(120
|
)
| ||||
Deferred revenues
|
(208
|
)
|
(153
|
)
| ||||
Cash provided by operating activities
|
628
|
1,135
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
| ||||||||
Payments received on notes receivable
|
15
|
30
| ||||||
Purchase of intangible assets definite-lived
|
(5
|
)
|
(39
|
)
| ||||
Purchase of property, plant and equipment
|
(22
|
)
|
(14
|
)
| ||||
Cash (used in)/provided by investing activities
|
(12
|
)
|
(23
|
)
| ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
| ||||||||
Purchase of treasury stock
|
-
|
(1,384
|
)
| |||||
Payments on short term loan
| - |
(30
|
)
| |||||
Cash used in financing activities
| - |
(1,414
|
)
| |||||
Net decrease in cash and cash equivalents
|
616
|
(302
|
)
| |||||
Cash and cash equivalents, beginning of period
|
5,328
|
7,723
| ||||||
Cash and cash equivalents, end of period
|
$
|
5,944
|
$
|
7,421
| ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
| ||||||||
CASH PAID FOR:
| ||||||||
Income taxes
|
$
|
(5
|
)
|
$
|
9
|
Three Months Ended
| ||||||||
September 24, 2023
|
September 25, 2022
| |||||||
Net income
|
$
|
386
|
$
|
307
| ||||
Interest expense
| - |
1
| ||||||
Income taxes
|
132
|
92
| ||||||
Depreciation and amortization
|
55
|
51
| ||||||
EBITDA
|
$
|
573
|
$
|
451
| ||||
Stock-based compensation expense
|
79
|
86
| ||||||
Impairment of long-lived assets and other lease charges
| - |
5
| ||||||
Franchisee default and closed store revenue
|
(64
|
)
| - | |||||
Adjusted EBITDA
|
$
|
588
|
$
|
542
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Rave Restaurant Group Inc. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 13:03:49 UTC.