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Pizza Inn's Q1 ''03 comp-sales drop 4.8%

November 2, 2003

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THE COLONY, Texas—Pizza Inn, Inc. reported that same-store sales for the first quarter (ended Sept. 28, 2003) of its fiscal year dropped 4.8 percent, compared to the same period in 2002.

Revenues for the period were $15.4 million, identical to the comparable period in 2002. Net income was up slightly, however, at $504,000, versus $303,000.

Earnings per share was up as well: 5 cents versus 3 cents for the same quarter last year. The comparable period in 2002 included pre- tax severance related charges of approximately $415,000 (after-tax affect of approximately $274,000), in connection with the departure of former CEO Jeffrey Rogers.

Pizza Inn operates 410 stores in 20 U.S. states and 10 foreign countries.