• |
The Company recorded net income of $285 thousand for the first quarter of fiscal 2021 compared to net income of $76 thousand for the same period of the prior year.
|
• |
Income before taxes was $288 thousand for the first quarter of fiscal 2021 compared to net income before taxes of $78 thousand for the same period of the prior year.
|
• |
Total revenue increased by $0.7 million to $2.6 million for the first quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 25% in the first quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
Pie Five comparable store retail sales increased 18% in the first quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
On a fully diluted basis, net income increased $0.02 per share to $0.02 per share for the first quarter of fiscal 2021 compared to net income of $0.00 per share for the same period of the prior year.
|
• |
Cash and cash equivalents decreased $0.5 million during the first quarter of fiscal 2021 to $7.9 million at September 26, 2021.
|
• |
Pizza Inn domestic unit count finished at 133.
|
• |
Pizza Inn international unit count finished at 32.
|
• |
Pie Five domestic unit count finished at 33.
|
Three Months Ended
| ||||||||
September 26,
2021
|
September 27,
2020
| |||||||
REVENUES:
|
$
|
2,553
|
$
|
1,903
| ||||
COSTS AND EXPENSES:
| ||||||||
Cost of sales
|
-
|
78
| ||||||
General and administrative expenses
|
1,206
|
1,089
| ||||||
Franchise expenses
|
986
|
547
| ||||||
Impairment of long-lived assets and other lease charges
|
-
|
17
| ||||||
Bad debt expense
|
5
|
27
| ||||||
Interest expense
|
24
|
23
| ||||||
Depreciation and amortization expense
|
44
|
44
| ||||||
Total costs and expenses
|
2,265
|
1,825
| ||||||
INCOME BEFORE TAXES
|
288
|
78
| ||||||
Income tax expense
|
3
|
2
| ||||||
NET INCOME
|
285
|
76
| ||||||
INCOME PER SHARE OF COMMON STOCK - BASIC:
|
$
|
0.02
|
$
|
0.00
| ||||
INCOME PER SHARE OF COMMON STOCK - DILUTED:
|
$
|
0.02
|
$
|
0.00
| ||||
Weighted average common shares outstanding - basic
|
18,005
|
15,451
| ||||||
Weighted average common and potential dilutive common shares outstanding
|
18,803
|
16,249
|
September 26,
2021
|
June 27,
2021
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
$
|
7,876
|
$
|
8,330
| ||||
Accounts receivable, less allowance for bad debtsof $25 and $47, respectively
|
832
|
911
| ||||||
Notes receivable, current
|
568
|
901
| ||||||
Deferred contract charges, current
|
33
|
35
| ||||||
Prepaid expenses and other
|
150
|
196
| ||||||
Total current assets
|
9,459
|
10,373
| ||||||
LONG-TERM ASSETS
| ||||||||
Property, plant and equipment, net
|
420
|
445
| ||||||
Operating lease right of use asset, net
|
1,981
|
2,085
| ||||||
Intangible assets definite-lived, net
|
202
|
183
| ||||||
Notes receivable, net of current portion
|
302
|
52
| ||||||
Deferred contract charges, net of current portion
|
212
|
207
| ||||||
Total assets
|
$
|
12,576
|
$
|
13,345
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES
| ||||||||
Accounts payable - trade
|
$
|
521
|
$
|
644
| ||||
Accrued expenses
|
500
|
924
| ||||||
Other current liabilities
|
46
|
46
| ||||||
Operating lease liability, current
|
470
|
465
| ||||||
Short term loan, current
|
120
|
250
| ||||||
Convertible notes short term, net of unamortized debt issuance costs and discounts
|
1,583
|
1,576
| ||||||
Deferred revenues, current
|
648
|
626
| ||||||
Total current liabilities
|
3,888
|
4,531
| ||||||
LONG-TERM LIABILITIES
| ||||||||
Operating lease liability, net of current portion
|
1,792
|
1,911
| ||||||
Deferred revenues, net of current portion
|
836
|
1,170
| ||||||
Total liabilities
|
6,516
|
7,612
| ||||||
SHAREHOLDERS' EQUITY
| ||||||||
Common stock, $.01 par value; authorized 26,000,000shares; issued 25,090,058 and 25,090,058 shares, respectively;outstanding 18,004,904 and 18,004,904 shares, respectively
|
251
|
251
| ||||||
Additional paid-in capital
|
37,257
|
37,215
| ||||||
Accumulated deficit
|
(6,911
|
)
|
(7,196
|
)
| ||||
Treasury stock at cost
| ||||||||
Shares in treasury: 7,085,154 and 7,085,154, respectively
|
(24,537
|
)
|
(24,537
|
)
| ||||
Total shareholders' equity
|
6,060
|
5,733
| ||||||
Total liabilities and shareholders' equity
|
$
|
12,576
|
$
|
13,345
|
Three Months Ended
| ||||||||
September 26, 2021
|
September 27, 2020
| |||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
| ||||||||
Net income
|
$
|
285
|
$
|
76
| ||||
Adjustments to reconcile net income to cashused in operating activities:
| ||||||||
Impairment of long-lived assets and other lease charges
|
-
|
17
| ||||||
Stock compensation expense
|
42
|
-
| ||||||
Depreciation and amortization
|
36
|
35
| ||||||
Amortization of operating right of use assets
|
104
|
146
| ||||||
Amortization of intangible assets definite-lived
|
8
|
9
| ||||||
Amortization of debt issue costs
|
7
|
7
| ||||||
Provision for bad debt
|
5
|
27
| ||||||
Changes in operating assets and liabilities:
| ||||||||
Accounts receivable
|
74
|
(74
|
)
| |||||
Notes receivable
|
26
|
62
| ||||||
Deferred contract charges
|
(3
|
)
|
(3
|
)
| ||||
Prepaid expenses and other
|
46
|
(44
|
)
| |||||
Deposits and other
|
-
|
5
| ||||||
Accounts payable - trade
|
(123
|
)
|
23
| |||||
Accounts payable - lease termination impairments
|
-
|
(3
|
)
| |||||
Accrued expenses
|
(424
|
)
|
(90
|
)
| ||||
Operating lease liability
|
(114
|
)
|
(152
|
)
| ||||
Deferred revenue
|
(312
|
)
|
(48
|
)
| ||||
Cash used in operating activities
|
(343
|
)
|
(7
|
)
| ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
| ||||||||
Payments received on notes receivable
|
57
|
4
| ||||||
Purchase of intangible assets definite-lived
|
(27
|
)
|
-
| |||||
Purchase of property, plant and equipment
|
(11
|
)
|
(27
|
)
| ||||
Cash provided by investing activities
|
19
|
(23
|
)
| |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
| ||||||||
Equity issuance costs - ATM offering
|
-
|
(3
|
)
| |||||
Short term loan, current
|
(130
|
)
|
-
| |||||
Cash used in financing activities
|
(130
|
)
|
(3
|
)
| ||||
Net decrease in cash, cash equivalents and restricted cash
|
(454
|
)
|
(33
|
)
| ||||
Cash, cash equivalents and restricted cash, beginning of period
|
8,330
|
3,203
| ||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
7,876
|
$
|
3,170
| ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
| ||||||||
CASH PAID FOR:
| ||||||||
Interest
|
$
|
-
|
$
|
-
| ||||
Income taxes
|
$
|
(2
|
)
|
$
|
7
| |||
Non-cash activities:
| ||||||||
Conversion of notes to common shares
|
$
|
-
|
$
|
-
| ||||
Operating lease right of use assets at adoption
|
$
|
-
|
$
|
-
| ||||
Operating lease liability at adoption
|
$
|
-
|
$
|
-
|
Three Months Ended
| ||||||||
September 26,
2021
|
September 27,
2020
| |||||||
Net income
|
$
|
285
|
$
|
76
| ||||
Interest expense
|
24
|
23
| ||||||
Income taxes
|
3
|
2
| ||||||
Depreciation and amortization
|
44
|
44
| ||||||
EBITDA
|
$
|
356
|
$
|
145
| ||||
Stock compensation expense
|
42
|
-
| ||||||
Severance
|
33
|
-
| ||||||
Impairment of long-lived assets and other lease charges
|
-
|
17
| ||||||
Franchisee default and closed store revenue
|
(1
|
)
|
(67
|
)
| ||||
Closed and non-operating store costs
|
1
|
82
| ||||||
Adjusted EBITDA
|
$
|
431
|
$
|
177
|
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Disclaimer
Rave Restaurant Group Inc. published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 13:14:13 UTC.