Pizza Inn Holdings, Inc. Reports Results For Fourth Quarter And Full Fiscal Year 2013

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.

If you liked this article you might like

Pizza Inn Holdings Inc (PZZI) Downgraded From Hold to Sell

How PizzaRev Plans To Be the 'Chipotle of Pizza'

4 Stocks Under $10 Within Range of Breakouts

Pizza Inn Holdings Inc Stock Downgraded (PZZI)

3 Stocks Under $10 Making Big Moves