THE COLONY, Texas -- Pizza Inn, Inc. reported comparable-store sales for its third quarter, ended March 30, 2003, were down 5.1 percent.

According to a news release, revenues for the period were $14.2 million, versus $15.3 million in the previous year. Net income was $376,000, versus $478,000. Earnings per share (EPS) for the period were 4 cents, versus 5 cents last year.

The company attributed lower sales and lower cheese prices as key reasons for drops in revenue and net income.

Chief Executive Officer Ronnie Parker said in the release that in spite of weak economic conditions, the company was not pleased with results for the quarter. "However, we are excited about and focused on a number of new initiatives designed to improve Pizza Inn's growth."

For the first nine months of its fiscal year, Pizza Inn's EPS was 26 cents, versus 16 cents last year. Net income was $2.6 million, compared to $1.6 million on revenues of $44.7 million, versus $48.6 million last year.

Pizza Inn's year-to-date EPS increase was helped by the reversal of a previously recorded charge of approximately $1.9 million dollars. (See Pizza Inn 2Q sales dive, but EPS rises after debt repayment.) Its former CEO, Jeffrey Rogers, repaid a $1.9 million debt to the company unexpectedly, and Pizza Inn applied to its proforma in the second quarter.

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