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The Dallas-based parent company of the Pie Five and Pizza Inn restaurant brands, Rave Restaurant Group Inc., is making headway since struggles that last year nearly threatened to see the company delisted on the NASDAQ.
Quarterly net income grew to $400,000 versus a net loss of $4.5 million during last year's quarter, according to an earnings report, but total revenue dropped $500,000 from the same period last year to $2.2 million. Other key results for the quarter, which ended March 28, include:
- Net income before taxes was $400,000 in Q3, compared to a net loss of $500,000 last year's quarter.
- 3% drop in Pizza Inn comp sales from last year's quarterly comp sales for the brand.
- Pie Five quarterly comp sales "relatively stable" quarter-year over quarter-year.
- Net income grew 32 cents per share quarter-year over quarter-year to 2 cents per share.
- Cash and cash equivalents increased $200,000 to $6.5 million for the quarter.
The company said the total number of Pizza Inn units in the U.S. stands at 137, while there were 33 units of the brands internationally. Pie Five units stood at 35 in the U.S. at the end of the quarter.
"While we are pleased with this quarter's results, much work remains," Rave CEO Brandon Solano said in the earnings report. "We intend to continue our focus on innovation, operations consistency, technology upgrades, and cost controls to drive value and consistency for our customers and shareholders and position Rave, Pizza Inn, and Pie Five for long-term success.
"Rave's Q3 net income of $0.4 M marks the fourth consecutive quarter of net income and shows sequential improvement each quarter, in a pandemic, while running a buffet brand. We hold significant cash, have limited leverage, and have resolved our NASDAQ listing deficiencies. We have a strong team, a sound strategy, and gritty franchisees committed to winning."
May 06, 2021 at 08:35PM
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Q3 results for Pizza Inn, Pie Five parent show some gains - Fast Casual
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