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THE COLONY, Texas, May 8, 2013 (GLOBE NEWSWIRE) --
PIZZA INN HOLDINGS, INC. (Nasdaq:PZZI)
Third Quarter Highlights:
EBITDA from continuing operations decreased $0.3 million to $0.1 million compared to the third quarter of fiscal 2012
Net income decreased to a loss of $0.4 million compared to net income of $0.1 million for the third quarter of fiscal 2012
The Company continues to grow the Pie Five concept: -- Company-owned restaurant sales increased 24.7% over the third quarter of fiscal 2012 to $2.1 million -- Two additional Pie Five Pizza Co. multi-unit franchise development agreements were awarded -- Company opened one additional Pie Five Pizza Co. restaurant
Pizza Inn total domestic franchise same store sales decreased 8.1% compared to third quarter of fiscal 2012
Company sold property in Little Elm, Texas for $0.2 million, contributing $0.1 million to the total net loss
Pizza Inn Holdings, Inc. (Nasdaq:PZZI) today announced results for the third fiscal quarter ended March 24, 2013. Third quarter net income decreased to a loss of $0.4 million, or $0.05 per share, compared to net income of $0.1 million, 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, lower food and supply sales at Pizza Inn, higher costs related to the continued development of the Pie Five Pizza Co. concept and a loss on the sale of property in Little Elm, Texas when compared to the third quarter ended March 25, 2012.
Third quarter revenues decreased to $9.8 million in fiscal 2013 compared to $10.6 million in the prior fiscal year. Third quarter food and supply sales decreased by approximately $1.2 million, or 15.0%, in fiscal 2013 compared to fiscal 2012 due primarily to a 14.7% decrease in total domestic franchise retail sales as the result of a decrease in both the average number of restaurants open and same store sales. Compared to the third quarter of fiscal 2012, Company-owned restaurant sales increased 24.7% to $2.1 million in the most recent quarter due primarily to new Pie Five restaurant openings.