PIZZA INN, INC.
Excluding the above-described severance-related charges, net income for its first quarter ended September 29 was $577,000, or 6 cents per share, compared to net income of $590,000, or 6 cents per share for the same quarter last year.
Ronnie Parker, the Company's President and Chief Executive Officer stated, "Revenues were down approximately $1.9 million quarter over quarter primarily due to lower chainwide retail sales and an overall decrease of more than 23% in cheese prices. Although the significantly lower cheese prices negatively impact our top line revenues, they ease margin pressure on our franchisees. Our primary focus continues to be in helping our franchisees improve their sales levels. To help reach this goal we are strengthening our field training and marketing programs for both new and existing restaurants and are currently adding additional field personnel. We are encouraged by the initial success of these joint efforts with our franchisees at our recent new store openings."
Pizza Inn, Inc. For more information contact: 3551 Plano Parkway Ronald W. Parker The Colony, TX 75056 President & Chief Executive Officer (469) 384-5000
For more information about the company, visit Pizza Inn at www.pizzainn.com
PIZZA INN, INC. (In thousands, except share and per share amounts) Quarter Ended Sept. 29, Sept. 23, 2002 2001 Revenue $15,361 $17,308 Income before taxes $460 $894 Net Income $303 $590 Diluted earnings per share $0.03 $0.06 Basic earnings per share $0.03 $0.06 Weighted average shares outstanding: Diluted 10,058,350 10,199,460 Basic 10,058,248 10,186,624
SOURCE: Pizza Inn, Inc.
CONTACT: Ronald W. Parker, President & Chief Executive Officer of Pizza
Inn, Inc., +1-469-384-5000
Web site: http://www.pizzainn.com/