Pizza Inn, Inc. Reports Results For First Quarter Fiscal Year 2011
THE COLONY, Texas, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Pizza Inn, Inc. (Nasdaq:PZZI) today reported net income of $0.1 million, or $0.02 per share, for the fiscal quarter ended September 26, 2010, versus net income of $0.4 million, or $0.05 per share, for the same quarter of the prior fiscal year. Total revenue for the first fiscal quarter of 2011 increased 6.3%, to $10.6 million from $10.0 million in the same period of fiscal 2010.
Highlights for the first quarter of fiscal year 2011 included:
- Comparable domestic buffet restaurant sales decreased 4.2% for the first quarter of fiscal 2011 compared to the same quarter of the prior fiscal year.
- Chain-wide comparable domestic restaurant sales decreased 4.8% for the first quarter of fiscal 2011 compared to the same quarter of the prior fiscal year.
- The Company opened a new Company-owned restaurant during the quarter and acquired a fourth restaurant during the period. By year end, the Company expects to operate five restaurants with the opening of another location in Lewisville, Texas.
- The Company recorded $0.3 million in costs associated with store closure attributable to a change in the estimated useful life of equipment and leasehold improvements resulting from the Company's decision to close its Plano, Texas store. In the absence of this item, pre-tax income from continuing operations would have been $0.5 million compared to $0.6 million for the same period last year.
Charlie Morrison, President and CEO, commented, "The competitive landscape continues to be challenging, but the year-to-year comparisons of our same store sales have improved for the last two quarters. We continue to open new, productive franchise locations as well as more company stores and have a pipeline of franchise and company-operated stores slated to open this fiscal year and next. In addition, during the quarter we signed a new 20 year development agreement with one of our three long-term area developers which demonstrates the confidence our franchisees have in the brand."
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