Pizza Inn Inc. (PZZI, Financial) filed Quarterly Report for the period ended 2010-03-28.
Pizza Inn Inc. has a market cap of $15.46 million; its shares were traded at around $1.93 with a P/E ratio of 10.16 and P/S ratio of 0.35.
Year to date basic and diluted net income per share increased to $0.14 per share as of March 28, 2010, compared to $0.09 for the comparable period ended March 29, 2009. Year to date net income for fiscal 2010 increased to $1.1 million on revenues of $30.6 million as compared to net income of $0.8 million on revenues of $33.4 million for the similar period of fiscal 2009. The year to date increase in net income for fiscal 2010 as compared to the same period of fiscal 2009 was primarily attributable to a non-recurring legal settlement and severance payments incurred in fiscal 2009.
Total revenues for the three month period ended March 28, 2010 decreased 5%, or $0.6 million, to $10.2 million from $10.8 million in the same period in the prior fiscal year. Food and supply sales decreased $0.8 million driven primarily by a decrease in total domestic chain-wide retail sales, while restaurant sales increased $0.2 million due to the opening of a new Company store during the current fiscal year. Total revenues for the nine month period ended March 28, 2010 decreased 8%, or $2.8 million, to $30.6 million from $33.4 million in the same period in the prior fiscal year. Food and supply sales decreased $3.5 million driven primarily by a decrease in total domestic chain-wide retail sales, while restaurant sales increased $0.8 million due to the opening of new Company stores in the second quarters of fiscal 2009 and 2010.
Food and supply sales by Norco include food and paper products and other distribution revenues. Food and supply sales for the three month period ended March 28, 2010 decreased 8%, or $0.8 million, to $8.4 million from $9.1 million in the same period in the prior fiscal year. Domestic food and paper sales accounted for the decrease, driven primarily by a decrease in total domestic chain-wide retail sales of 10%, or $3.4 million, compared to the same period in the prior fiscal year. Food and supply sales for the nine month period ended March 28, 2010 decreased 12%, or $3.5 million, to $25.4 million from $28.9 million in the same period in the prior fiscal year. Domestic food and paper sales accounted for $3.3 million of the decrease, driven primarily by: (i) a 13% decrease in cheese prices; and (ii) a decrease in total domestic chain-wide retail sales of 8%, or $7.3 million, compared to the same period in the prior fiscal year.
Franchise revenue, which includes income from royalties, license fees and area development and foreign master license sales, decreased 1%, or $15,000, for the three month period ended March 28, 2010 compared to the comparable period for the prior fiscal year. Franchise revenues decreased 2%, or $57,000, for the nine month period ended March 28, 2010 compared to the same period of the prior year. The decrease in domestic royalties was the result of lower retail sales driven by unit closures and the decrease in comparable store sales. The decrease in domestic royalties was partially offset by higher domestic and international franchise fees and income generated from the buyout by a franchisee of an existing franchise agreement for $44,000 in the first quarter of this fiscal year. Due to the “0% First Year Royalty” incentive program the Company had in place for new franchise Buffet Units signed by the end of the prior fiscal year, new Buffet Units opened during the current fiscal year have not generated increased domestic royalties. The following chart summarizes the major components of franchise revenue (in thousands):
Restaurant sales, which consist of revenue generated by Company-owned restaurants, increased 35%, or $0.2 million, to $0.8 million for the three month period ended March 28, 2010 compared to $0.6 million for the comparable period in the prior fiscal year. Restaurant sales increased 56%, or $0.8 million, to $2.1 million for the nine month period ended March 28, 2010 compared to $1.3 million for the comparable period in the prior fiscal year. The Company opened a new store in Denton, Texas on October 15, 2008 and a new store in Fort Worth, Texas on September 15, 2009. The following chart summarizes the sales by location (in thousands):
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Pizza Inn Inc. has a market cap of $15.46 million; its shares were traded at around $1.93 with a P/E ratio of 10.16 and P/S ratio of 0.35.
Highlight of Business Operations:
Basic and diluted income per common share remained unchanged at $0.05 for the three month period ended March 28, 2010 compared to the comparable period ended March 29, 2009. Net income for the three month period ended March 28, 2010 was also flat at $0.4 million compared to the comparable period in the prior fiscal year, on revenues of $10.2 million for the three month period ended March 28, 2010 and $10.8 million for the comparable period in the prior fiscal year.Year to date basic and diluted net income per share increased to $0.14 per share as of March 28, 2010, compared to $0.09 for the comparable period ended March 29, 2009. Year to date net income for fiscal 2010 increased to $1.1 million on revenues of $30.6 million as compared to net income of $0.8 million on revenues of $33.4 million for the similar period of fiscal 2009. The year to date increase in net income for fiscal 2010 as compared to the same period of fiscal 2009 was primarily attributable to a non-recurring legal settlement and severance payments incurred in fiscal 2009.
Total revenues for the three month period ended March 28, 2010 decreased 5%, or $0.6 million, to $10.2 million from $10.8 million in the same period in the prior fiscal year. Food and supply sales decreased $0.8 million driven primarily by a decrease in total domestic chain-wide retail sales, while restaurant sales increased $0.2 million due to the opening of a new Company store during the current fiscal year. Total revenues for the nine month period ended March 28, 2010 decreased 8%, or $2.8 million, to $30.6 million from $33.4 million in the same period in the prior fiscal year. Food and supply sales decreased $3.5 million driven primarily by a decrease in total domestic chain-wide retail sales, while restaurant sales increased $0.8 million due to the opening of new Company stores in the second quarters of fiscal 2009 and 2010.
Food and supply sales by Norco include food and paper products and other distribution revenues. Food and supply sales for the three month period ended March 28, 2010 decreased 8%, or $0.8 million, to $8.4 million from $9.1 million in the same period in the prior fiscal year. Domestic food and paper sales accounted for the decrease, driven primarily by a decrease in total domestic chain-wide retail sales of 10%, or $3.4 million, compared to the same period in the prior fiscal year. Food and supply sales for the nine month period ended March 28, 2010 decreased 12%, or $3.5 million, to $25.4 million from $28.9 million in the same period in the prior fiscal year. Domestic food and paper sales accounted for $3.3 million of the decrease, driven primarily by: (i) a 13% decrease in cheese prices; and (ii) a decrease in total domestic chain-wide retail sales of 8%, or $7.3 million, compared to the same period in the prior fiscal year.
Franchise revenue, which includes income from royalties, license fees and area development and foreign master license sales, decreased 1%, or $15,000, for the three month period ended March 28, 2010 compared to the comparable period for the prior fiscal year. Franchise revenues decreased 2%, or $57,000, for the nine month period ended March 28, 2010 compared to the same period of the prior year. The decrease in domestic royalties was the result of lower retail sales driven by unit closures and the decrease in comparable store sales. The decrease in domestic royalties was partially offset by higher domestic and international franchise fees and income generated from the buyout by a franchisee of an existing franchise agreement for $44,000 in the first quarter of this fiscal year. Due to the “0% First Year Royalty” incentive program the Company had in place for new franchise Buffet Units signed by the end of the prior fiscal year, new Buffet Units opened during the current fiscal year have not generated increased domestic royalties. The following chart summarizes the major components of franchise revenue (in thousands):
Restaurant sales, which consist of revenue generated by Company-owned restaurants, increased 35%, or $0.2 million, to $0.8 million for the three month period ended March 28, 2010 compared to $0.6 million for the comparable period in the prior fiscal year. Restaurant sales increased 56%, or $0.8 million, to $2.1 million for the nine month period ended March 28, 2010 compared to $1.3 million for the comparable period in the prior fiscal year. The Company opened a new store in Denton, Texas on October 15, 2008 and a new store in Fort Worth, Texas on September 15, 2009. The following chart summarizes the sales by location (in thousands):
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