News
Pizza Inn reports 2nd consecutive positive quarter
May 8, 2007
THE COLONY, Texas — Domestic comparable-store sales at Pizza Inn Inc. decreased 2 percent in the company's third quarter ended March 25, while comparable buffet restaurant sales decreased 0.9 percent
Revenues for the quarter were $11.8 million, down 8 percent from revenues of $12.8 million in the 2006 third quarter. Year-to-date, revenues were $35.4 million, down from revenues of $38.3 million in the first nine months of last year.
Net income for the quarter was $457,000 compared with a loss of $477 thousand for last year's third quarter. Year to date, Pizza Inn booked a loss of $452,000 compared with a loss of $1.6 million for the first nine months of 2006.
Interest expenses fell 99 percent compared to last year's third quarter due to the company having paid off all its outstanding debt at the end of last year. Operating results for the quarter mark the second consecutive profitable quarter for Pizza Inn.
"By eliminating the company's debt and building a positive cash position, we can now focus our resources on the development and implementation of a long-term growth plan," said Charlie Morrison, Pizza Inn chief financial officer.
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