Rave Restaurant Group posted its fifth consecutive quarter of positive sales and earnings for Q4 ended June 27, 2021, according to a earnings report.
The company recorded net income of $926,000 for the fourth quarter of fiscal 2021 compared to net income of $31,000 for the same period in 2020.
On a fully diluted basis, net income increased 5 cents per share to 5 cents per share for the fourth quarter of fiscal 2021 compared to net income of $.00 per share for the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 63% in the fourth quarter of fiscal 2021 compared to the same period of the prior year. Pie Five comparable store retail sales increased 36% in the fourth quarter of fiscal 2021 compared to the same period in 2020.
Pizza Inn domestic count finished at 135 while the international unit count finished at 32. Pie Five finished with 33 units.
Shares traded Tuesday at $1.20, with a 52-week range of 40 cents to $2.09.
"We are pleased that the heroic efforts of our franchisees and team members have resulted in our fifth consecutive quarter of profitability. Our maniacal focus on cost control and relentless consumer-facing innovation is paying off with improving sales and consistent earnings despite the pandemic and the latest variant," Brandon Solano, Rave Restaurant Group CEO, said in the report. "Our fourth quarter net income of $.9 million marks the fifth consecutive quarter of positive income, showing sequential improvement each quarter, in a pandemic, while running a buffet brand. This is RAVE's best streak of positive income in nearly a decade. While our fourth quarter income includes a one-time PPP loan forgiveness, we are generating positive operating income, have limited leverage and hold more than $8 million in cash."
"The financial results for fiscal 2021 underscore the tremendous efforts by our team at Rave to advance our turnaround despite the many challenges facing the restaurant industry," Clint Fendley, Rave Restaurant Group CFO, said in the release. "We increased our cash from operations by $1.8 million and our cash and cash equivalents by $5.4 million, reduced our debt, and posted one of the best years of profitability for Rave in a decade. We look forward to 2022 as we continue to invest in both brands in order to ignite growth in future periods."
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