UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported) May 30,
2008
Pizza
Inn, Inc.
(Exact
name of registrant as specified in its charter)
|
Missouri
(State
or other jurisdiction of incorporation)
|
0-12919
(Commission
File Number)
|
47-0654575
(IRS
Employer Identification No.)
|
|
3551 Plano Parkway, The Colony,
Texas
|
75056
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code (469) 384-5000
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On May
30, 2008, Pizza Inn, Inc. (the “Company”) and The CIT Group / Commercial
Services, Inc. (“CIT”) entered into a Third Amendment to Financing Agreement
(the “Amendment”) modifying certain terms related to the Financing Agreement
dated January 23, 2007. The Amendment permits the company to repurchase up to
$7,000,000 of the Company’s common stock related to the previously disclosed
stock repurchase plan authorized by the board of directors on May 23,
2007.
Item 8.01 Other Events
On June
2, 2008, Pizza Inn, Inc. issued a press release announcing that its Board of
Directors has amended the stock repurchase plan authorized on May 23, 2007
increasing the number of shares of common stock the Company may repurchase
by 1,000,000 shares to a total of 2,016,000. A copy of the
press release is attached as Exhibit 99.1 to this Form
8-K.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
|
Exhibit
No.
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Description
of Exhibit
|
||||
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99.1
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Pizza
Inn, Inc. Press Release dated June 2, 2008 (furnished herewith and
incorporated herein by reference)
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
June 2, 2008
Pizza Inn, Inc.
By: /s/ Charles R.
Morrison
Name: Charles R. Morrison
Title: President and
CEO
&#
160; 
FOR IMMEDIATE
RELEASE
Contact:
Contact:
Danny
Meisenheimer
VP
of Brand Management
Pizza
Inn, Inc.
469-384-5000
dmeisenheimer@pihq.com
PIZZA
INN ANNOUNCES STOCK REPURCHASE PLAN EXTENSION
Board
Approves Plan to Extend Repurchases to more than 2 Million Shares
Of
Outstanding Common Stock
The
Colony, Texas – June 2, 2008 – PIZZA INN INC. (NASDAQ:PZZI) today
announced that its Board of Directors has authorized the repurchase of an
additional 1,000,000 shares of company stock pursuant to the 2007 Stock
Repurchase Plan authorized by the Board of Directors in May of
2007.
Share repurchases
may be implemented through open market purchases, privately negotiated
transactions, block trades or other methods, or by any combination of such
methods. The timing of repurchases is dependent on prevailing market
conditions, alternative uses of capital and other factors. The stock
repurchase plan will be funded primarily through the Company’s available working
capital.
Mr. Mark Schwarz,
Chairman of the Board of Pizza Inn stated, "The increase in the repurchase
program reflects our strong confidence in the future of the Pizza Inn brand and
its strong franchise system. The repurchase of our shares will
continue to be considered along with additional investments in the business, and
in the context of the Company's overall capital allocation
process."
Pizza Inn President
& CEO Charlie Morrison also commented. “We continue to see
positive momentum in our business with 5 straight quarters of positive same
store sales growth and the recent announcements of new domestic franchise
agreements and continued international expansion into new markets.”
Certain statements
in this press release, other than historical information, may be considered
forward-looking statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, and are subject to various
risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may differ from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on
Pizza Inn’s operating results, performance or financial condition are its
ability to implement its growth strategies, national, regional and local
economic conditions affecting the restaurant/entertainment industry, competition
within the restaurant and entertainment industries, success of franchise
operations, negative publicity, seasonality, government regulations, weather and
commodity, insurance and labor costs.
Pizza
Inn, Inc. (www.pizzainn.com)
is headquartered in The Colony, Texas, along with its distribution division,
Norco Restaurant Services Company. The Company is a franchisor and
food and supply distributor to a system of franchised and company owned
restaurants operating both domestically and internationally under the trade name
“Pizza Inn.”