• |
The company recorded net income of $0.7 million for the third quarter of fiscal 2025, a 10.4% increase from the same period of the prior year.
|
• |
Income before taxes increased by $0.1 million to $1.0 million for the third quarter of fiscal 2025 compared to the same period of the prior year, an 11.2% increase.
|
• |
Total revenue was $3.0 million for the third quarter of fiscal 2025, the same as it was in the same period of the prior year.
|
• |
Adjusted EBITDA increased by $0.1 million to $1.0 million for the third quarter of fiscal 2025 compared to the same period of the prior year, a 13.2% increase.
|
• |
On a fully diluted basis, net income per share increased by $0.01 to $0.05 for the third quarter of fiscal 2025 compared to $0.04 in the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 2.5% in the third quarter of fiscal 2025 compared to the same period of the prior year.
|
• |
Pie Five domestic comparable store retail sales decreased 5.6% in the third quarter of fiscal 2025 compared to the same period of the prior year.
|
• |
Cash and cash equivalents were $0.7 million on March 30, 2025.
|
• |
Short-term investments were $8.0 million on March 30, 2025.
|
• |
Rave repurchased 500,000 shares of common stock for $1.2 million in the third quarter.
|
• |
Pizza Inn domestic unit count finished at 98.
|
• |
Pizza Inn international unit count finished at 20.
|
• |
Pie Five domestic unit count finished at 19.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 30,
2025
|
March 24,
2024
|
March 30,
2025
|
March 24,
2024
|
|||||||||||||
REVENUES
|
$
|
2,966
|
$
|
2,962
|
$
|
8,885
|
$
|
8,795
|
||||||||
COSTS AND EXPENSES
|
||||||||||||||||
General and administrative expenses
|
1,302
|
1,272
|
4,032
|
3,932
|
||||||||||||
Franchise expenses
|
768
|
812
|
2,592
|
2,828
|
||||||||||||
Provision (recovery) for credit losses
|
(14
|
)
|
11
|
(22
|
)
|
46
|
||||||||||
Interest income
|
(84
|
)
|
(45
|
)
|
(253
|
)
|
(93
|
)
|
||||||||
Depreciation and amortization expense
|
44
|
58
|
140
|
170
|
||||||||||||
Total costs and expenses
|
2,016
|
2,108
|
6,489
|
6,883
|
||||||||||||
INCOME BEFORE TAXES
|
950
|
854
|
2,396
|
1,912
|
||||||||||||
Income tax expense
|
228
|
200
|
541
|
319
|
||||||||||||
NET INCOME
|
$
|
722
|
$
|
654
|
$
|
1,855
|
$
|
1,593
|
||||||||
INCOME PER SHARE OF COMMON STOCK
|
||||||||||||||||
Basic
|
$
|
0.05
|
$
|
0.04
|
$
|
0.13
|
$
|
0.11
|
||||||||
Diluted
|
$
|
0.05
|
$
|
0.04
|
$
|
0.13
|
$
|
0.11
|
||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
14,508
|
14,587
|
14,595
|
14,395
|
||||||||||||
Diluted
|
14,532
|
14,737
|
14,618
|
14,546
|
March 30,
2025
|
June 30,
2024
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
734
|
$
|
2,886
|
||||
Short-term investments
|
7,987
|
4,945
|
||||||
Accounts receivable, less allowance for credit losses of $30 and $57, respectively
|
1,221
|
1,411
|
||||||
Notes receivable, current
|
45
|
68
|
||||||
Assets held for sale
|
24
|
33
|
||||||
Deferred contract charges, current
|
21
|
26
|
||||||
Prepaid expenses and other current assets
|
216
|
167
|
||||||
Total current assets
|
10,248
|
9,536
|
||||||
LONG-TERM ASSETS
|
||||||||
Property and equipment, net
|
147
|
182
|
||||||
Operating lease right-of-use assets, net
|
565
|
817
|
||||||
Intangible assets definite-lived, net
|
191
|
252
|
||||||
Notes receivable, net of current portion
|
86
|
79
|
||||||
Deferred tax asset, net
|
4,297
|
4,756
|
||||||
Deferred contract charges, net of current portion
|
177
|
197
|
||||||
Total assets
|
$
|
15,711
|
$
|
15,819
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable - trade
|
$
|
425
|
$
|
359
|
||||
Accrued expenses
|
600
|
915
|
||||||
Operating lease liabilities, current
|
367
|
402
|
||||||
Deferred revenues, current
|
183
|
343
|
||||||
Total current liabilities
|
1,575
|
2,019
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Operating lease liabilities, net of current portion
|
300
|
555
|
||||||
Deferred revenues, net of current portion
|
488
|
543
|
||||||
Total liabilities
|
2,363
|
3,117
|
||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE D)
|
||||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,647,171 and 25,522,171 shares, respectively; outstanding 14,211,566
and 14,586,566 shares, respectively
|
256
|
255
|
||||||
Additional paid-in capital
|
37,558
|
37,563
|
||||||
Retained earnings
|
6,767
|
4,912
|
||||||
Treasury stock, at cost
|
|
|
|
|||||
Shares in treasury: 11,435,605 and 10,935,605 respectively
|
(31,233 | ) |
(30,028
|
) |
||||
Total shareholders' equity
|
13,348
|
12,702
|
||||||
Total liabilities and shareholders' equity
|
$
|
15,711
|
$
|
15,819
|
Nine Months Ended
|
||||||||
March 30,
2025
|
March 24,
2024
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
1,855
|
$
|
1,593
|
||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Amortization of discount on short-term investment
|
(110
|
)
|
—
|
|||||
Impairment of long-lived assets and other lease charges
|
9
|
—
|
||||||
Stock-based compensation expense
|
178
|
127
|
||||||
Depreciation and amortization
|
70
|
107
|
||||||
Amortization of operating lease right-of-use assets
|
276 |
314
|
||||||
Amortization of definite-lived intangible assets
|
61
|
63
|
||||||
Non-cash lease expense
|
19 |
—
|
||||||
Provision (recovery) for credit losses
|
(22
|
)
|
46
|
|||||
Deferred income tax
|
459
|
247
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
212
|
(239
|
)
|
|||||
Notes receivable
|
(18
|
)
|
(30
|
)
|
||||
Deferred contract charges
|
25
|
20
|
||||||
Prepaid expenses and other current assets
|
(49
|
)
|
(227
|
)
|
||||
Accounts payable - trade
|
66
|
150
|
||||||
Accrued expenses
|
(315
|
)
|
(217
|
)
|
||||
Operating lease liabilities
|
(333
|
)
|
(356
|
)
|
||||
Deferred revenues
|
(215
|
)
|
(267
|
)
|
||||
Cash provided by operating activities
|
2,168
|
1,331
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of short-term investments
|
(12,265
|
)
|
—
|
|||||
Maturities of short-term investments
|
9,333
|
—
|
||||||
Payments received on notes receivable
|
34
|
45
|
||||||
Proceeds from sale of assets
|
9
|
1
|
||||||
Purchase of definite-lived intangible assets
|
—
|
(8
|
)
|
|||||
Purchase of property and equipment
|
(44
|
)
|
(68
|
)
|
||||
Cash used in investing activities
|
(2,933
|
)
|
(30
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase of treasury stock
|
(1,205
|
)
|
—
|
|||||
Taxes paid on issuance of restricted stock units
|
(182
|
)
|
(311
|
)
|
||||
Cash used in financing activities
|
(1,387
|
)
|
(311
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(2,152
|
)
|
990
|
|||||
Cash and cash equivalents, beginning of period
|
2,886
|
5,328
|
||||||
Cash and cash equivalents, end of period
|
$
|
734
|
$
|
6,318
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
CASH PAID FOR:
|
||||||||
Income taxes
|
$
|
98
|
$
|
4
|
||||
NON-CASH ACTIVITIES:
|
||||||||
Operating lease right of use assets at purchase
|
$ |
24
|
$ |
—
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 30, 2025
|
March 24, 2024
|
March 30, 2025
|
March 24, 2024
|
|||||||||||||
Net income
|
$
|
722
|
$
|
654
|
$
|
1,855
|
$
|
1,593
|
||||||||
Interest income
|
(84
|
)
|
(45
|
)
|
(253
|
)
|
(93
|
)
|
||||||||
Income taxes
|
228
|
200
|
541
|
319
|
||||||||||||
Depreciation and amortization
|
44
|
58
|
140
|
170
|
||||||||||||
EBITDA
|
$
|
910
|
$
|
867
|
$
|
2,283
|
$
|
1,989
|
||||||||
Stock-based compensation expense
|
52
|
45
|
178
|
127
|
||||||||||||
Severance
|
7
|
—
|
12
|
—
|
||||||||||||
Franchisee default and closed store revenue
|
(16
|
)
|
(70
|
)
|
7
|
(152
|
)
|
|||||||||
Adjusted EBITDA
|
$
|
953
|
$
|
842
|
$
|
2,480
|
$
|
1,964
|