Pizza Inn Inc. has announced its fourth quarter and fiscal year 2011 results, ended June 26.
Net income increased to $407,000, or $0.05 per share, for the fourth quarter compared to net income of $49,000, or $0.01 per share, for the same quarter 2010.
Revenues for Q4 increased 10 percent to $11.3 million compared to $10.3 million for Q4 2010. Domestic same-store sales increased 4.3 percent for Q4 compared to the same quarter last year, driven by a 5 percent increase in same-store sales for the buffet-style concept.
Net income increased 16.6 percent year over year to $1.4 million, or $0.17 per share, for fiscal 2011 compared to net income of $1.2 million, or $0.15 per share, for fiscal 2010.
Revenues increased 5.3 percent to $43.0 million, compared to $40.9 million for the prior fiscal year.
The only decrease in the report came from domestic same-store sales for fiscal 2011, which were down a slight 0.4 percent compared to the prior fiscal year. However, the company showed a 0.3 percent increase in same-store sales for the buffet-style concept.
EBITDA increased 17.3 percent, or $0.4 million, to $2.9 million for fiscal 2011compared to $2.5 million in the prior fiscal year.
The company's net income and EBITDA results for fiscal 2011 were significantly improved despite the negative impact of a one-time $0.3 million charge for settlement costs in the fourth quarter, according to Charlie Morrison, president and CEO.
The company's results exceeded expectations and was boosted, in part, from its first "Pie Five Pizza Company" prototype restaurant, which opened on June 3.
Fiscal year sales for company-owned restaurants were up 45.7 percent, driven by two new buffet-style restaurants added in the first two fiscal quarters.
"We are very pleased with the results of our fourth quarter and fiscal year, along with the opening of our first Pie Five prototype restaurant," Morrison said. "The Pizza Inn brand performance remains strong with continued positive same-store sales growth resulting from ongoing investments made by our franchisees."
The pipeline for new Pizza Inn franchise openings includes 15 units worldwide in fiscal 2012. Additionally, more company-owned Pie Five restaurants are expected in 2012 as the concept begins franchising.
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