PIZZA INN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
		March 28,				June 28,
ASSETS		2009 (unaudited)				2009
CURRENT ASSETS
Cash and cash equivalents		$	579			$	274
Accounts receivable, less allowance for bad debts
of $132 and $203, respectively			3,236				2,559
Income tax receivable			-				80
Inventories			1,563				1,371
Property held for sale			16				17
Deferred income tax assets			618				618
Prepaid expenses and other			331				233
Total current assets			6,343				5,152
LONG-TERM ASSETS
Property, plant and equipment, net			2,139				1,743
Deferred income tax assets			86				86
Deposits and other			154				81
		$	8,722			$	7,062
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade		$	1,706			$	1,806
Deferred revenues			292				132
Accrued expenses			1,721				1,009
Short-term bank debt			110				-
Total current liabilities			3,829				2,947
LONG-TERM LIABILITIES
Deferred gain on sale of property			140				159
Deferred revenues			217				246
Bank debt			220				621
Other long-term liabilities			27				37
Total liabilities			4,433				4,010
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $.01 par value; authorized 26,000,000
shares; issued 15,130,319 and 15,130,319 shares, respectively;
outstanding 8,010,919 and 8,010,919 shares, respectively			151				151
Additional paid-in capital			8,863				8,741
Retained earnings			19,911				18,796
Treasury stock at cost
Shares in treasury: 7,119,400 and 7,119,400, respectively			(24,636	)			(24,636	)
Total shareholders' equity			4,289				3,052
		$	8,722			$	7,062

 

 

 

PIZZA INN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Nine Months Ended
		March 28,				March 29,
		2010				2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	1,115			$	790
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization			258				222
Stock compensation expense			122				150
Provision for litigation costs			-				263
Provision for bad debts			55				60
Changes in operating assets and liabilities:
Notes and accounts receivable			(652	)			438
Inventories			(192	)			129
Accounts payable - trade			(100	)			(701	)
Accrued expenses			712				(238	)
Deferred revenue			160				-
Prepaid expenses and other			(232	)			(8	)
Cash provided by operating activities			1,246				1,105
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(650	)			(984	)
Cash used by investing activities			(650	)			(984	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in line of credit, net			(291	)			527
Repurchase of common stock			-				(1,466	)
Cash used for financing activities			(291	)			(939	)
Net increase (decrease) in cash and cash equivalents			305				(818	)
Cash and cash equivalents, beginning of period			274				1,157
Cash and cash equivalents, end of period		$	579			$	339