STRATEGIC PARTNERS
September 4, 2003
THE COLONY, Texas — Pizza Inn reported net income for its fourth quarter, ended June 29, of $522,000 or 5 cents a share, compared to a net loss of $498,000, or 5 cents a share a year ago. Revenues for the period were $14.1 million versus $18.1 million in the previous year.
In a news release, company officials said the net loss for the fourth quarter last year was primarily attributable to a pretax charge of about $1.9 million to reserve for the possible nonpayment for a loan to former CEO Jeffrey Rogers.
However, the company announced in December, 2002, that Rogers had repaid the loan. (See related story, Rogers pays off Pizza Inn debt, stock climbs.) The fourth quarter ended June 30, 2002 included 14 weeks versus 13 weeks for the same period this year.
Earnings were 31 cents for fiscal year 2003, versus 11 cents last year, according to the release. Net income was $3.1 million compared to $1.1 million on revenues of $58.8 million versus $66.6 million last year.
Revenues consist of gross sales of Norco, the company's food and equipment division, franchise fees and royalties. Chain wide comp sales were down 5.7 percent for the year.
