THE COLONY, Texas -- Pizza Inn has reported that CEO Jeff Rogers has resigned, and has been replaced by Ronnie Parker, president and a director of the 395-store chain.
According to a release, Rogers' departure is connected to the board's belief that he is unable to pay a $1.9 million loan from the company. Writing off the amount in its fourth quarter (the current period in its fiscal year), which ended June 30, equated to a $498,000 loss (5 cents per share) against revenues of $18.1 million for the period.
In the same period last year, Pizza Inn posted net income of $701,000 (7 cents a share) on revenues of $16.6 million.
Total chain sales for the quarter in 2002 were $47.8 million, versus $46.1 million for the same period last year.
For fiscal year 2002, net income was $1.14 million, compared to $2.48 million last year. Revenues were $66.6 million, versus $65.3 million last year. (Revenues for fiscal 2002 consist of the gross sales of Norco, the company's food and equipment division, franchise fees and royalties.) Earnings per share were 11 cents, versus 23 cents last year.
Comparable chain-wide same-store sales were $181.3 million for the year, down 2.6 percent compared to $184.2 million last fiscal year.
Rogers took the helm at Pizza Inn in 1990. The company then was $123 million in debt and had filed for bankruptcy the year before.
In his 12 years there, he helped the company reverse long-term loss trends and stem the tide of store closures. The company's stock also rose to a high of $6.25 a share by 1998, but it has fallen steadily since, trading for about $1 a share in recent weeks.
Rogers hired Parker, a foodservice industry veteran, in 1992. The company has not said who will replace him as its president.