DALLAS, Texas -- Pizza Inn (NASDAQ:PZZI) announced on Dec. 9 that it has received full payment for a note receivable owed to the company by its former CEO, Jeff Rogers.
According to a filing with the Securities and Exchange Commission, during the company's fourth quarter of fiscal 2002 (ended June 30), it recorded a pre-tax charge of approximately $1.9 million in anticipation of possible nonpayment by Rogers.
This reserve will be held for the quarter ending December 29, 2002, the second quarter of its fiscal year.
Word of the repayment pushed Pizza Inn's stock price up to $2.05 per share during Dec. 9 trading. It later retreated to $1.87 a share, up 3.31 percent.
On July 16, the company's stock recorded its year-to-date low of 68 cents a share.
Rogers resigned from Pizza Inn's top spot and its board of directors on Aug. 22, 2002 (See Rogers steps down at Pizza Inn, company posts 4Q loss). The 400-store chain's president, Ronnie Parker, became its CEO, and B. Keith Clark, its senior vice president and general counsel, filled Rogers' board vacancy.