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THE COLONY, Texas, Feb. 6, 2013 (GLOBE NEWSWIRE) --
PIZZA INN HOLDINGS, INC. (Nasdaq:PZZI)
Second Quarter Highlights:
The Company opened an additional Pie Five Pizza Co. restaurant
Company awarded first two Pie Five Pizza Co. franchise development agreements
Company-owned restaurant sales increased 55.8% over the second quarter of fiscal 2012 to $2.0 million
Net income decreased $0.2 million from the second quarter of fiscal 2012 to a loss of $120,000
Compared to second quarter of fiscal 2012, total domestic Pizza Inn franchised same store sales decreased 4.5%
EBITDA decreased $0.2 million to $0.1 million compared to the second quarter of fiscal 2012
Pizza Inn Holdings, Inc. (Nasdaq:PZZI) today announced results for the second fiscal quarter ended December 23, 2012. Second quarter net income decreased $0.2 million to a loss of $120,000, or $0.01 per share, compared to net income of $56,000, or $0.01 per share, for the same quarter of the prior fiscal year. The decline in net income was primarily attributable to lower revenue earned from franchising and food and supply sales and higher costs related to the continued development of the Pie Five Pizza Co. concept when compared to the second quarter ended December 25, 2011.
Second quarter revenues increased to $10.5 million in fiscal 2013 compared to $10.3 million in the prior fiscal year. Food and supply sales decreased by approximately $0.4 million, or 5.4%, due to the combined impact of a decrease in the average number of restaurants open and an 8.7% decrease in total domestic franchisee retail sales. Compared to the second quarter of fiscal 2012, Company-owned restaurant sales increased 55.8% to $2.0 million due primarily to new store openings.
"We continued to expand our Pie Five concept with the opening of another corporate-owned location during the second fiscal quarter," said Randy Gier, President and Chief Executive Officer. "We also welcomed 2013 with the opening of our ninth corporate-owned Pie Five in January. In the second fiscal quarter we awarded our first two multi-unit franchise agreements to develop up to 18 locations in Utah and North Carolina. At the same time, we have invested in the people and infrastructure for further development of our brands with the addition of Flynn Dekker as Chief Marketing Officer for Pizza Inn Holdings and Chris Smith as Vice President of Operations for Pie Five. We have plans to continue opening new Pie Five locations throughout 2013. The pace of store openings is contingent upon the availability of quality real estate and the completion of new retail centers in which we have leased space.