Fourth Quarter Highlights :
- Adjusted EBITDA decreased $0.3 million to $0.1 million compared to the fourth quarter of fiscal 2012.
- Net income decreased $0.6 million from the fourth quarter of fiscal 2012 to a loss of $0.7 million, including impairment expense.
- The Company continues to invest to grow the Pie Five concept:
- Company-owned Pie Five restaurant sales increased 51% over the fourth quarter of fiscal 2012 to $1.4 million.
- Three additional Pie Five multi-unit franchise development agreements were awarded.
- Company opened one additional Pie Five Pizza Co. restaurant.
- Pizza Inn average weekly domestic franchised same store sales decreased 3.2% compared to fourth quarter of fiscal 2012.
- Total Company-owned restaurant sales increased 24% over the fourth quarter of fiscal 2012 to $2.3 million.
- Company incurred non-cash impairment expense of $0.8 million.
Fiscal Year 2013 Highlights :
- Adjusted EBITDA decreased $1.2 million to $0.7 million compared to fiscal year 2012.
- Net income decreased $1.6 million from the prior year to a loss of $1.3 million, including impairment expense.
- Total Company-owned restaurant sales increased 35% over prior year to $8.2 million.
- Pizza Inn average weekly domestic franchised same store sales decreased 5.7% compared to prior year.
- Fiscal year 2013 results include non-cash impairment expense of $0.8 million and $0.1 million loss on the sale of assets.
THE COLONY, Texas, Sept. 25, 2013 (GLOBE NEWSWIRE) -- Pizza Inn Holdings, Inc. (Nasdaq:PZZI) today announced results for the fourth fiscal quarter and fiscal year ended June 30, 2013. Fourth quarter net income decreased to a loss of $0.7 million compared to a loss of $0.1 million for the same quarter of the prior fiscal year. The decline in fourth quarter net income as compared to the prior year quarter was primarily attributable to a non-cash impairment charge of $0.8 million. The non-cash impairment charge related to two Company-owned Pizza Inn restaurants, one of which will close in the second quarter of fiscal 2014 when its lease expires, and to one Company-owned Pie Five restaurant that opened in 2011 and will be relocated to a new site in the second quarter of fiscal 2014.
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