Falling sales, tax expense hits Pizza Inn net

 
May 13, 2009
THE COLONY, Texas -- Comparable domestic buffet sales at Pizza Inn Inc. restaurants decreased 0.9 percent for the fiscal 2009 third quarter ended March 29, the company has announced.
 
Revenues for the quarter were $10.8 million, off 8 percent compared with revenues of $11.7 million for the fiscal 2008 third quarter. Year to date, revenues were $33.4 million, off 8 percent compared with revenues of $36.4 million for the same period last year.
 
Net income for the quarter was $361,000, off 60 percent compared with net income of $898,000 for the fiscal 2008 third quarter. Year-to-date net income was $790,000, off 62 percent compared with net income of $2.1 million for the first three quarters of fiscal 2008.
 
Net income was affected by an income tax expense of $203,000 in the third quarter compared to an income tax benefit of $216,000 in the fiscal 2008 third quarter.
 
Two new domestic and three franchise international restaurants opened during the quarter.
 
Sales at the company's prototype buffet-style restaurant located in Denton, Texas, that opened in October 2008 averaged $30,000 per week for the quarter. Another corporate location is slated to open in the Dallas-Fort Worth market later this summer.

Topics: Operations Management , Pizza Inn , Public Companies


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