• |
The Company recorded net income of $926 thousand for the fourth quarter of fiscal 2021 compared to net income of $31 thousand for the same period of the prior year.
|
• |
Income before taxes was $892 thousand for the fourth quarter of fiscal 2021 compared to net income before taxes of $32 thousand for the same period of the prior year.
|
• |
Total revenue increased by $0.8 million to $2.4 million for the fourth quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 63% in the fourth quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
Pie Five comparable store retail sales increased 36% in the fourth quarter of fiscal 2021 compared to the same period of the prior year.
|
• |
On a fully diluted basis, net income increased $0.05 per share to $0.05 per share for the fourth quarter of fiscal 2021 compared to net income of $0.00 per share for the same period of the prior year.
|
• |
Cash and cash equivalents increased $1.8 million during the fourth quarter of fiscal 2021 to $8.3 million at June 27, 2021.
|
• |
Pizza Inn domestic unit count finished at 135.
|
• |
Pizza Inn international unit count finished at 32.
|
• |
Pie Five domestic unit count finished at 33.
|
• |
Net income improved by $5.7 million to $1.5 million in fiscal 2021 compared to a net loss of $4.2 million in fiscal 2020.
|
• |
Net income before tax improved by $1.7 million to $1.5 million in fiscal 2021 compared to a loss of $0.2 million in fiscal 2020.
|
• |
Adjusted EBITDA of $2.0 million for fiscal 2021 was a $1.4 million increase from the prior year.
|
• |
On a fully diluted basis, the Company reported net income of $0.09 per share in fiscal 2021 compared to a net loss of $0.28 per share in the prior year.
|
• |
RAVE total domestic comparable store retail sales decreased 2.0% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales decreased 1.0% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
|
• |
Pie Five comparable store retail sales decreased 6.2% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
|
• |
Total consolidated revenue decreased by $1.4 million in fiscal 2021 to $8.6 million.
|
• |
Both fiscal 2021 and fiscal 2020 contained 52 weeks.
|
• |
Cash and cash equivalents increased $5.4 million in fiscal 2021 to $8.3 million.
|
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
June 27,
2021
|
June 28,
2020
|
June 27,
2021
|
June 28,
2020
| |||||||||||||
REVENUES:
|
$
|
2,379
|
$
|
1,617
|
$
|
8,593
|
$
|
10,028
| ||||||||
COSTS AND EXPENSES:
| ||||||||||||||||
Cost of sales
|
35
|
86
|
264
|
439
| ||||||||||||
General and administrative expenses
|
1,186
|
920
|
4,710
|
5,503
| ||||||||||||
Franchise expenses
|
612
|
487
|
2,394
|
3,051
| ||||||||||||
Gain on sale of assets
|
146
|
(31
|
)
|
(10
|
)
|
(24
|
)
| |||||||||
Impairment of long-lived assets and other lease charges
|
-
|
44
|
21
|
880
| ||||||||||||
Bad debt expense
|
103
|
14
|
121
|
53
| ||||||||||||
Interest expense
|
23
|
20
|
92
|
95
| ||||||||||||
Depreciation and amortization expense
|
39
|
45
|
167
|
186
| ||||||||||||
Total costs and expenses
|
2,144
|
1,585
|
7,759
|
10,183
| ||||||||||||
OTHER INCOME:
|
-
|
-
|
-
|
-
| ||||||||||||
Gain on forgiveness of PPP loan
|
(657
|
)
|
-
|
(657
|
)
|
-
| ||||||||||
Total other income
|
(657
|
)
|
-
|
(657
|
)
|
-
| ||||||||||
INCOME (LOSS) BEFORE TAXES
|
892
|
32
|
1,491
|
(155
|
)
| |||||||||||
Income tax (benefit) expense
|
(34
|
)
|
1
|
(29
|
)
|
4,078
| ||||||||||
NET INCOME (LOSS)
|
926
|
31
|
1,520
|
(4,233
|
)
| |||||||||||
INCOME (LOSS) PER SHARE OF COMMON STOCK - BASIC:
|
$
|
0.05
|
$
|
0.00
|
$
|
0.09
|
$
|
(0.28
|
)
| |||||||
INCOME (LOSS) PER SHARE OF COMMON STOCK - DILUTED:
|
$
|
0.05
|
$
|
0.00
|
$
|
0.09
|
$
|
(0.28
|
)
| |||||||
Weighted average common shares outstanding - basic
|
18,005
|
15,194
|
17,307
|
15,144
| ||||||||||||
Weighted average common and potential dilutive common shares outstanding
|
18,803
|
15,992
|
18,105
|
15,144
|
June 27, 2021
|
June 28, 2020
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
$
|
8,330
|
$
|
2,969
| ||||
Restricted cash
|
-
|
234
| ||||||
Accounts receivable, less allowance for bad debts of $47 and $269, respectively
|
911
|
965
| ||||||
Notes receivable, current
|
901
|
546
| ||||||
Deferred contract charges, current
|
35
|
44
| ||||||
Prepaid expenses and other
|
196
|
174
| ||||||
Total current assets
|
10,373
|
4,932
| ||||||
LONG-TERM ASSETS
| ||||||||
Property, plant and equipment, net
|
445
|
366
| ||||||
Operating lease right of use asset, net
|
2,085
|
3,567
| ||||||
Intangible assets definite-lived, net
|
183
|
155
| ||||||
Notes receivable, net of current portion
|
52
|
449
| ||||||
Deferred contract charges, net of current portion
|
207
|
231
| ||||||
Deposits and other
|
-
|
5
| ||||||
Total assets
|
$
|
13,345
|
$
|
9,705
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES
| ||||||||
Accounts payable - trade
|
$
|
644
|
$
|
446
| ||||
Accounts payable - lease termination impairments
|
-
|
407
| ||||||
Accrued expenses
|
924
|
775
| ||||||
Other current liabilities
|
46
|
-
| ||||||
Operating lease liability, current
|
465
|
632
| ||||||
Short term loan, current
|
250
|
-
| ||||||
Convertible notes short term, net of unamortized debt issuance costs and discounts
|
1,576
|
-
| ||||||
Deferred revenues, current
|
626
|
254
| ||||||
Total current liabilities
|
4,531
|
2,514
| ||||||
LONG-TERM LIABILITIES
| ||||||||
Convertible notes, net of current portion
|
-
|
1,549
| ||||||
PPP loan
|
-
|
657
| ||||||
Operating lease liability, net of current portion
|
1,911
|
3,471
| ||||||
Deferred revenues, net of current portion
|
1,170
|
960
| ||||||
Other long-term liabilities
|
-
|
51
| ||||||
Total liabilities
|
7,612
|
9,202
| ||||||
SHAREHOLDERS' EQUITY
| ||||||||
Common stock, $.01 par value; authorized 26,000,000 shares; issued 25,090,058 and 22,550,376 shares, respectively; outstanding 18,004,904 and 15,465,222 shares, respectively
|
251
|
225
| ||||||
Additional paid-in capital
|
37,215
|
33,531
| ||||||
Accumulated deficit
|
(7,196
|
)
|
(8,716
|
)
| ||||
Treasury stock at cost
| ||||||||
Shares in treasury: 7,085,154 and 7,085,154, respectively
|
(24,537
|
)
|
(24,537
|
)
| ||||
Total shareholders' equity
|
5,733
|
503
| ||||||
Total liabilities and shareholders' equity
|
$
|
13,345
|
$
|
9,705
|
Twelve Months Ended
| ||||||||
June 27, 2021
|
June 28, 2020
| |||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
| ||||||||
Net income (loss)
|
$
|
1,520
|
$
|
(4,233
|
)
| |||
Adjustments to reconcile net income (loss) to cash used in operating activities:
| ||||||||
Impairment of long-lived assets and other lease charges
|
21
|
880
| ||||||
Stock compensation expense
|
80
|
(104
|
)
| |||||
Depreciation and amortization
|
131
|
145
| ||||||
Amortization of operating right of use assets
|
569
|
471
| ||||||
Amortization of debt issue costs
|
27
|
29
| ||||||
Gain on the sale of assets
|
(10
|
)
|
(24
|
)
| ||||
Provision for bad debt
|
7
|
53
| ||||||
Bad debt on notes receivable
|
114
|
-
| ||||||
Gain on forgiveness of PPP loan
|
(657
|
)
|
-
| |||||
Deferred income tax
|
-
|
4,060
| ||||||
Changes in operating assets and liabilities:
| ||||||||
Accounts receivable
|
47
|
132
| ||||||
Notes receivable
|
(119
|
)
|
104
| |||||
Deferred contract charges
|
33
|
(6
|
)
| |||||
Inventories
|
-
|
7
| ||||||
Prepaid expenses and other
|
(22
|
)
|
167
| |||||
Deposits and other
|
5
|
-
| ||||||
Accounts payable - trade
|
198
|
46
| ||||||
Accounts payable - lease termination impairments
|
(428
|
)
|
(985
|
)
| ||||
Accrued expenses
|
149
|
(46
|
)
| |||||
Other current liabilities
|
46
|
-
| ||||||
Operating lease liability
|
(793
|
)
|
(494
|
)
| ||||
Deferred revenue
|
582
|
(581
|
)
| |||||
Other long-term liabilities
|
(51
|
)
|
(22
|
)
| ||||
Cash provided by/(used in) operating activities
|
1,485
|
(360
|
)
| |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
| ||||||||
Payments received on notes receivable
|
47
|
123
| ||||||
Proceeds from sale of assets
|
1
|
-
| ||||||
Purchase of intangible assets definite-lived
|
(74
|
)
|
-
| |||||
Purchase of property, plant and equipment
|
(212
|
)
|
(56
|
)
| ||||
Cash provided by investing activities
|
(238
|
)
|
67
| |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
| ||||||||
Proceeds from sale of stock
|
3,761
|
357
| ||||||
Equity issuance costs - ATM offering
|
(131
|
)
|
(15
|
)
| ||||
Proceeds from PPP loan
|
-
|
657
| ||||||
Short term loan, current
|
250
|
-
| ||||||
Cash provided by financing activities
|
3,880
|
999
| ||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash
|
5,127
|
706
| ||||||
Cash, cash equivalents and restricted cash, beginning of period
|
3,203
|
2,497
| ||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
8,330
|
$
|
3,203
| ||||
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
| ||||||||
Cash and cash equivalents
|
$
|
8,330
|
$
|
2,969
| ||||
Restricted cash
|
-
|
234
| ||||||
Total cash, cash equivalents and restricted cash
|
$
|
8,330
|
$
|
3,203
| ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
| ||||||||
CASH PAID FOR:
| ||||||||
Interest
|
$
|
64
|
$
|
66
| ||||
Income taxes
|
$
|
23
|
$
|
18
| ||||
Non-cash activities:
| ||||||||
Conversion of notes to common shares
|
$
|
-
|
$
|
64
| ||||
Operating lease right of use assets at adoption
|
$
|
-
|
$
|
4,150
| ||||
Operating lease liability at adoption
|
$
|
-
|
$
|
4,894
| ||||
Gain on forgiveness of PPP loan
|
$
|
657
|
$
|
-
|
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
June 27,
2021
|
June 28,
2020
|
June 27,
2021
|
June 28,
2020
| |||||||||||||
Net income (loss)
|
$
|
926
|
$
|
31
|
$
|
1,520
|
$
|
(4,233
|
)
| |||||||
Interest expense
|
23
|
20
|
92
|
95
| ||||||||||||
Income taxes
|
(34
|
)
|
1
|
(29
|
)
|
4,078
| ||||||||||
Depreciation and amortization
|
39
|
45
|
167
|
186
| ||||||||||||
EBITDA
|
$
|
954
|
$
|
97
|
$
|
1,750
|
$
|
126
| ||||||||
Stock compensation expense (income)
|
41
|
-
|
80
|
(104
|
)
| |||||||||||
Severance
|
23
|
-
|
23
|
157
| ||||||||||||
Gain on sale of assets
|
146
|
(31
|
)
|
(10
|
)
|
(24
|
)
| |||||||||
Impairment of long-lived assets and other lease charges
|
-
|
44
|
21
|
880
| ||||||||||||
Franchisee default and closed store revenue
|
(16
|
)
|
(19
|
)
|
(170
|
)
|
(606
|
)
| ||||||||
Closed and non-operating store costs
|
36
|
87
|
271
|
137
| ||||||||||||
Adjusted EBITDA
|
$
|
1,184
|
$
|
178
|
$
|
1,965
|
$
|
566
|
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Disclaimer
Rave Restaurant Group Inc. published this content on 21 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2021 13:11:06 UTC.