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-- Adjusted EBITDA decreased $0.4 million to a loss of $0.1 million compared to the first quarter of fiscal 2013.
-- Net income decreased $0.3 million from the first quarter of fiscal 2013 to a loss of $0.4 million.
-- Total Company-owned restaurant sales increased 32% over the prior year quarter to $2.4 million.-- The Company continues to invest to grow the Pie Five concept:
Company-owned Pie Five restaurant sales increased 72% over the prior year quarter to $1.7 million.
Four additional Pie Five multi-unit franchise development agreements were awarded in the quarter.
Two franchised and two Company-owned Pie Five Pizza Co. restaurants opened in the quarter.
-- Pizza Inn average weekly domestic franchised comparable store sales decreased 3.5% compared to first quarter of fiscal 2013.
THE COLONY, Texas, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Pizza Inn Holdings, Inc. (Nasdaq:PZZI) today announced results for the fiscal quarter ended September 29, 2013. First quarter net income decreased to a loss of $0.4 million compared to a loss of $0.1 million for the same quarter of the prior fiscal year. The decline in first quarter net income as compared to the prior year quarter was primarily attributable to a reduction in franchise revenue and food and supply sales related to the Pizza Inn franchise system and an increase in expenses for Pie Five franchise development and Company-owned restaurants.
First quarter franchise revenues decreased $0.1 million, or 7.1%, as compared to the prior fiscal year quarter primarily as a result of lower royalties resulting from lower franchisee retail sales. Because the franchise development fees received from Pie Five franchisees are not recognized until restaurants open, the fiscal first quarter of 2014 included a relatively small amount of franchise revenue related to Pie Five. First quarter food and supply sales decreased by approximately $0.7 million, or 9.7%, as compared to the prior year primarily due to a 10.7% decrease in total domestic franchisee retail sales as the result of a decrease in both the average number of stores open and comparable store sales. First quarter general and administrative expenses remained stable compared to the prior year as higher costs associated with the continued growth of the Pie Five concept were mostly offset by lower stock compensation expense and recruiting fees.
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