News

Pizza Inn comps positive for 4Q, negative for fiscal '04

August 24, 2004

THE COLONY, Texas — Pizza Inn reported its chain-wide same-store sales rose 1.3 percent during its fourth quarter, ended June 27, 2004. Comps fell 1.3 percent, however, for its fiscal year, also ended June 27. According to a news release, the company's buffet restaurants helped 4Q comps with a sales increase of 2.5 percent.

Fourth quarter net income rose slightly to $564,000 from $522,000 for the comparable quarter, while revenues rose to $15.4 million versus $14.1 million.

Full-year net income was $2.2 million, down from $3.1 million, while '04 revenue rose to $60.2 million, versus '03 revenue of $58.8 million.

Pizza Inn's revenue includes gross restaurant sales, sales at its food and equipment division, Norco, franchise fees and royalties.

Full-year earnings per share on its stock was 22 cents.

Pizza Inn's board said it will resume purchases of up to 1.1 million shares of its common stock. The timing and extent of the purchases will depend on market conditions, and funds will be drawn from its cash supplies and its credit facility.

Pizza Inn CEO and President Ronnie Parker said the company is planning a redesign of its Express concept for smaller venues such as convenience stores and airports. Parker also said the company is "making progress in our aggressive pursuit of external revenues from other customers (non Pizza Inn) in our Norco division to continue our focus on improving our distribution efficiencies." Who those other customers are was not made clear.