Pizza Inn Holdings Inc. has announced results for the first fiscal quarter of 2012, ended Sept. 25, 2011.
- A net income increase of 143 percent year over year to $0.3 million, or $0.04 per share, compared to net income of $0.1 million, or $0.02 per share.
- Revenues increased 4.8 percent to $11.1 million compared to $10.6 million for the same quarter of the prior fiscal year.
- Domestic same-store sales increased 2.7 percent for the first fiscal quarter compared to the prior fiscal year driven by a 3.2 percent increase in same-store sales for the buffet-style concept.
- EBITDA increased 5.4 percent to $0.7 million.
Additionally, the company experienced a 12.3 percent revenue boost from international operations, to $246,000. Revenue from company-owned restaurants were up 42.8 percent, driven by new restaurants opened since Q1 2011.
The first Pie Five Pizza Company generated $230,000 in sales and $50,000 in operating income before taxes.
"We are pleased with our first quarter performance. We accomplished many objectives of our growth strategy including solid performance in same store sales for our Pizza Inn brand as well as great results from our first Pie Five prototype location," said Charlie Morrison, president and CEO.
Morrison added that the company has established a platform for growth of the Pie Five concept after expanding its term local credit facility by $4 million.
He expects three more Pie Five locations to be open by the end of the calendar year, with more slated in the final two quarters of the fiscal year.
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