P R E S S R E L E A S E
FOR IMMEDIATE RELEASE
PIZZA INN, INC. REPORTS 3RD QUARTER EARNINGS
THE COLONY, TEXAS -APRIL 18, 2003- PIZZA INN, INC. (NASDAQ:PZZI) today reported
earnings per share for its third quarter ended March 30, 2003 of $.04 versus
$.05 for the same quarter last year. Net income was $376,000 versus $478,000,
on revenues of $14.2 million versus $15.3 million in the previous year. Lower
chainwide retail sales and lower cheese prices contributed to decreased revenues
and net income. For the nine-month period, earnings per share were $.26 versus
$.16 last year. Net income was $2,571,000 compared to $1,635,000 on revenues of
$44.7 million versus $48.6 million last year. The nine-month period includes
the reversal of a previously recorded pre-tax charge of approximately $1.9
million. The charge was previously recorded in the fourth quarter of fiscal
2002 to fully reserve for the possible nonpayment for a note receivable owed to
the Company from the Company's former chief executive officer. The Company
received payment in full for the note receivable in December 2002. Year-to-date
comparable chainwide same-store sales were 5.2% lower than the same period last
year.
Excluding the above-described reversal of approximately $1,286,000 (after-tax)
or $.13 per share, net income of $2,571,000 or $.26 per share for the nine-month
period ended March 30 was $1,285,000 or $.13 per share. This is compared to net
income of $1,635,000 or $.16 per share for the same period last year.
Ronnie Parker, the Company's Chief Executive Officer, commented, "In spite of
weaker economic conditions, we are not pleased with the results of the past
quarter. However, we are excited about and focused on a number of new
initiatives designed to improve Pizza Inn's growth."
P R E S S R E L E A S E
Pizza Inn, Inc. For more information contact:
3551 Plano Parkway Ronald W. Parker
The Colony, TX 75056 President and Chief Executive Officer
(469) 384-5000
For more information about the company, visit Pizza Inn at www.pizzainn.com
----------------
PIZZA INN, INC.
(In thousands, except share and per share amounts)
3RD QUARTER
- --------------------------------------------------
March 30, March 24,
2003 2002
----------- -----------
Revenue. . . . . . . . . . . . . . . . . . . . . . $ 14,198 $ 15,286
Income before taxes. . . . . . . . . . . . . . . . $ 569 $ 724
Net Income . . . . . . . . . . . . . . . . . . . . $ 376 $ 478
Diluted earnings per share . . . . . . . . . . . . $ 0.04 $ 0.05
Basic earnings per share . . . . . . . . . . . . . $ 0.04 $ 0.05
Weighted average shares outstanding:
Diluted . . . . . . . . . . . . . . . . . . . . 10,063,572 10,057,890
Basic . . . . . . . . . . . . . . . . . . . . . 10,058,547 10,057,890
NINE MONTHS
- --------------------------------------------------
March 30, March 24,
2003 2002
----------- -----------
Revenue. . . . . . . . . . . . . . . . . . . . . . $ 44,723 $ 48,580
Income before taxes. . . . . . . . . . . . . . . . $ 3,896 $ 2,477
Net Income . . . . . . . . . . . . . . . . . . . . $ 2,571 $ 1,635
Diluted earnings per share . . . . . . . . . . . . $ 0.26 $ 0.16
Basic earnings per share . . . . . . . . . . . . . $ 0.26 $ 0.16
Weighted average shares outstanding:
Diluted . . . . . . . . . . . . . . . . . . . . 10,060,795 10,108,364
Basic . . . . . . . . . . . . . . . . . . . . . 10,058,408 10,103,922