Published on October 15, 2003
P R E S S R E L E A S E
FOR IMMEDIATE RELEASE
PIZZA INN ANNOUNCES CHANGE IN ACCOUNTANTS
THE COLONY, TEXAS -OCTOBER 14, 2003- PIZZA INN, INC. (NASDAQ:PZZI) announced
today that it has appointed BDO Seidman, LLP as its independent accountant,
effective as of October 8, 2003. BDO Seidman, LLP is currently in the process
of finalizing their client-acceptance due diligence. BDO Seidman, LLP replaces
PricewaterhouseCoopers LLP, which served as the Company's audit firm for more
than 14 years. The decision followed a thorough evaluation process, which
included other national firms as well as PricewaterhouseCoopers LLP, and was
arrived at by the Audit Committee.
The decision to change accountants was not the result of any disagreement
between the Company and PricewaterhouseCoopers LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedures. The letter from PricewaterhouseCoopers LLP agreeing with these
statements is being filed today in the Company's Form 8-K related to this
announcement.
Dr. F. Jay Taylor, Chairman of the Audit Committee, stated: "Our selection of
BDO Seidman, LLP was based on its professional qualifications, the quality of
the audit and tax professionals who will be working with us, and its reasonable
cost. The quality of the people at PricewaterhouseCoopers and the excellent
professional services provided Pizza Inn for many years have made this a very
difficult decision to make. However, we decided a change in audit firms was in
the best interest of our stockholders.
Due to the auditor transition, the Company's earnings release for the quarter
ended September 28, 2003 is tentatively scheduled for the week of October 27,
2003.
The Company is the franchisor and food and supply distributor to more than 400
stores in 20 states and 10 foreign countries.