This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Pizza Inn Holdings, Inc. Reports Results For Second Quarter Fiscal Year 2013

"The retail sales trend in the Pizza Inn system was negative when compared to the prior year period primarily as a result of significant pricing competition in the pizza market," Gier added. "However, new initiatives are underway to improve product quality and to communicate with loyal customers as well as new audiences about the value of Pizza Inn's legendary menu. We have a very unique product offering that is not matched by larger pizza competitors. We will continue to develop a strategy to leverage this to the benefit of the Pizza Inn system."

Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Pizza Inn Holdings. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of Pizza Inn Holdings will be achieved. 

About Pizza Inn Holdings, Inc.:

Headquartered in the Dallas suburb of The Colony, TX, Pizza Inn Holdings, Inc., is an owner, franchisor and supplier of a system of restaurants operating domestically and internationally under the trademarks "Pizza Inn" and "Pie Five Pizza Co." Pizza Inn is an international pizza chain featuring traditional and specialty pizzas, as well as freshly made pastas, sandwiches, and desserts. Pie Five Pizza Co. is a fast-casual concept offering individual pizzas made to order and cooked in less than five minutes. Founded in 1958, Pizza Inn Holdings Inc. owns and franchises approximately 300 restaurants. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "PZZI".  For more information, please visit www.pizzainn.com.

The Pizza Inn logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4933

PIZZA INN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
         
         
         
  Three Months Ended Six Months Ended
  December 23, December 25, December 23, December 25,
  2012 2011 2012 2011
REVENUES:        
Food and supply sales  $ 7,701  $ 8,137  $ 15,411  $ 17,044
Franchise revenue  890  943  1,792  1,892
Restaurant sales  1,957  1,256  3,783  2,547
   10,548  10,336  20,986  21,483
         
COSTS AND EXPENSES:        
Cost of sales  8,875  8,611  17,667  17,861
General and administrative expenses  1,153  898  2,158  1,793
Franchise expenses  566  521  1,067  973
Pre-opening expenses  85  164  164  176
Bad debt  45  15  90  30
Interest expense  35  17  139  33
   10,759  10,226  21,285  20,866
         
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES  (211)  110  (299)  617
Income tax (benefit) expense  (103)  39  (148)  217
(LOSS) INCOME FROM CONTINUING OPERATIONS  (108)  71  (151)  400
         
Loss from discontinued operations, net of taxes  (12)  (15)  (27)  (31)
NET (LOSS) INCOME  $ (120)  $ 56  $ (178)  $ 369
         
EARNINGS PER SHARE OF COMMON STOCK - BASIC:        
(Loss) Income from continuing operations  $ (0.01)  $ 0.01  $ (0.02)  $ 0.05
Loss from discontinued operations  --   --   --   -- 
Net (loss) income  $ (0.01)  $ 0.01  $ (0.02)  $ 0.05
         
EARNINGS PER SHARE OF COMMON STOCK - DILUTED:        
         
(Loss) Income from continuing operations  $ (0.01)  $ 0.01  $ (0.02)  $ 0.05
Loss from discontinued operations  --   --   --   -- 
Net (loss) income  $ (0.01)  $ 0.01  $ (0.02)  $ 0.05
         
Weighted average common shares outstanding - basic 8,021 8,013 8,021 8,012
         
Weighted average common and potential dilutive common shares outstanding 8,184 8,362 8,172 8,292
 
PIZZA INN HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
     
  December 23, June 24,
ASSETS 2012 (unaudited) 2012
     
CURRENT ASSETS    
Cash and cash equivalents  $534  $590
Accounts receivable, less allowance for bad debts of $252 and $253, respectively  3,303  3,098
Inventories  1,531  1,852
Income tax receivable  429  431
Deferred income tax assets  1,070  1,078
Prepaid expenses and other  436  256
Total current assets  7,303  7,305
     
LONG-TERM ASSETS    
Property, plant and equipment, net  5,520  4,794
Long-term notes receivable  115  27
Deposits and other  216  372
   $13,154  $12,498
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable - trade  $1,422  $1,562
Accrued expenses  1,856  1,756
Deferred revenues  128  200
Bank debt  556  765
Total current liabilities  3,962  4,283
     
LONG-TERM LIABILITIES    
Bank debt, net of current portion  2,219  977
Deferred tax liability  553  699
Deferred revenues, net of current portion  107  125
Deferred gain on sale of property  71  84
Other long-term liabilities  22  22
Total liabilities  6,934  6,190
COMMITMENTS AND CONTINGENCIES     
SHAREHOLDERS' EQUITY    
Common stock, $.01 par value; authorized 26,000,000 shares; issued 15,140,319; outstanding 8,020,919  151  151
Additional paid-in capital  9,244  9,154
Retained earnings  21,461  21,639
Treasury stock at cost    
Shares in treasury: 7,119,400   (24,636)  (24,636)
Total shareholders' equity   6,220  6,308
   $13,154  $12,498
PIZZA INN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
     
  Six Months Ended
  December 23, December 25,
  2012 2011
     
CASH FLOWS FROM OPERATING ACTIVITIES:    
     
Net (loss) income  $ (178)  $ 369
Adjustments to reconcile net (loss) income to cash provided by operating activities:    
Depreciation and amortization  627  389
Stock compensation expense  90  73
Deferred tax  (138)  39
Provision for litigation costs    
Provision for bad debts  1  30
Changes in operating assets and liabilities:    
Notes and accounts receivable  (319)  (282)
Inventories  321  105
Accounts payable - trade  (140)  (8)
Accrued expenses  100  (169)
Deferred revenue  (103)  (78)
Prepaid expenses and other  (26)  (283)
Cash provided by operating activities  235  185
     
CASH FLOWS FROM INVESTING ACTIVITIES:    
     
Capital expenditures  (1,324)  (1,222)
Cash used by investing activities  (1,324)  (1,222)
     
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options  --  23
Borrowings of bank debt  3,160  741
Repayments of bank debt  (2,127)  (167)
Repayments of bank debt - F&M  --  --
Cash provided by financing activities   1,033  597
     
Net decrease in cash and cash equivalents  (56)  (440)
Cash and cash equivalents, beginning of period  590  949
Cash and cash equivalents, end of period  $ 534  $ 509
     
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
     
CASH PAYMENTS FOR:    
     
 Interest  $ 141  $ 32
 Income taxes - net  --  57
 
PIZZA INN HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)
(Unaudited)
       
  Three Months Ended  
  December 23, December 25,  
  2012 2011  
 Net (loss) income   $ (120)  $ 56  
 Interest expense   35  17  
 Taxes   (103)  39  
 Depreciation and amortization   326  206  
 EBITDA   $ 138  $ 318  
       
       
  Six Months Ended  
  December 23, December 25,  
  2012 2011  
 Net (loss) income   $ (178)  $ 369  
 Interest expense   139  33  
 Taxes   (148)  217  
 Depreciation and amortization   627  389  
 EBITDA   $ 440  $ 1,008  
CONTACT: Jerry L. Trojan
         Chief Financial Officer
         Pizza Inn Holdings, Inc.
         469-384-5000

Pizza Inn, Inc. Logo

Stock quotes in this article: PZZI 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,387.54 +124.98 0.77%
S&P 500 1,855.30 +12.32 0.67%
NASDAQ 4,064.1950 +30.0340 0.74%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs