Price | 2.83 | EPS | -0 | |
Shares | 16 | P/E | -73 | |
MCap | 45 | P/FCF | 113 | |
Net Debt | -2 | EBIT | -1 | |
TEV | 43 | TEV/EBIT | -79 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-12-27 | Filed 2021-02-04 |
10-Q | 2020-09-27 | Filed 2020-11-12 |
10-K | 2020-06-28 | Filed 2020-09-28 |
10-Q | 2020-03-29 | Filed 2020-06-29 |
10-Q | 2019-12-29 | Filed 2020-02-12 |
10-Q | 2019-09-29 | Filed 2019-11-13 |
10-K | 2019-06-30 | Filed 2019-09-30 |
10-Q | 2019-03-24 | Filed 2019-05-08 |
10-Q | 2018-12-23 | Filed 2019-02-06 |
10-Q | 2018-09-23 | Filed 2018-11-06 |
10-Q | 2018-09-23 | Filed 2018-11-07 |
10-K | 2018-06-24 | Filed 2018-09-24 |
10-Q | 2018-03-25 | Filed 2018-05-09 |
10-Q | 2017-12-24 | Filed 2018-02-06 |
10-Q | 2017-09-24 | Filed 2017-11-08 |
10-K | 2017-06-25 | Filed 2017-09-25 |
10-Q | 2017-03-26 | Filed 2017-05-10 |
10-Q | 2016-12-25 | Filed 2017-02-08 |
10-Q | 2016-09-25 | Filed 2016-11-09 |
10-K | 2016-06-26 | Filed 2016-09-23 |
10-Q | 2016-03-27 | Filed 2016-05-11 |
10-Q | 2015-12-27 | Filed 2016-02-10 |
10-Q | 2015-09-27 | Filed 2015-11-12 |
10-K | 2015-06-28 | Filed 2015-09-24 |
10-Q | 2015-03-29 | Filed 2015-05-13 |
10-Q | 2014-12-28 | Filed 2015-02-11 |
10-Q | 2014-09-28 | Filed 2014-11-12 |
10-K | 2014-06-29 | Filed 2014-09-23 |
10-Q | 2014-03-30 | Filed 2014-05-14 |
10-Q | 2013-12-29 | Filed 2014-02-12 |
10-Q | 2013-09-29 | Filed 2013-11-12 |
10-K | 2013-06-30 | Filed 2013-09-26 |
10-Q | 2013-03-24 | Filed 2013-05-08 |
10-Q | 2012-12-23 | Filed 2013-02-06 |
10-Q | 2012-09-23 | Filed 2012-11-07 |
10-K | 2012-06-24 | Filed 2012-09-24 |
10-Q | 2012-03-25 | Filed 2012-05-09 |
10-Q | 2011-12-25 | Filed 2012-02-08 |
10-Q | 2011-09-25 | Filed 2011-11-09 |
10-K | 2011-06-26 | Filed 2011-09-14 |
10-Q | 2011-03-27 | Filed 2011-05-10 |
10-Q | 2010-12-26 | Filed 2011-02-09 |
10-Q | 2010-09-26 | Filed 2010-11-09 |
10-K | 2010-06-27 | Filed 2010-09-16 |
10-Q | 2010-03-28 | Filed 2010-05-10 |
10-Q | 2009-12-27 | Filed 2010-02-09 |
8-K | 2020-11-13 | |
8-K | 2020-10-15 | |
8-K | 2020-09-30 | |
8-K | 2020-07-14 | |
8-K | 2020-07-08 | |
8-K | 2020-06-29 | |
8-K | 2020-06-23 | |
8-K | 2020-05-08 | |
8-K | 2020-04-13 | |
8-K | 2020-03-13 | |
8-K | 2020-03-12 | |
8-K | 2020-03-09 | |
8-K | 2020-02-12 | |
8-K | 2019-12-16 | |
8-K | 2019-12-10 | |
8-K | 2019-11-13 | |
8-K | 2019-11-09 | |
8-K | 2019-10-18 | |
8-K | 2019-09-30 | |
8-K | 2019-07-10 | |
8-K | 2019-06-13 | |
8-K | 2019-06-01 | |
8-K | 2019-05-24 | |
8-K | 2019-05-08 | |
8-K | 2019-04-05 | |
8-K | 2019-02-11 | |
8-K | 2019-02-06 | |
8-K | 2018-12-07 | |
8-K | 2018-09-24 | |
8-K | 2018-09-23 | |
8-K | 2018-09-18 | |
8-K | 2018-07-31 | |
8-K | 2018-06-14 | |
8-K | 2018-05-09 | |
8-K | 2018-03-01 | |
8-K | 2018-02-06 | |
8-K | 2018-02-06 |
Part I. Financial Information |
Item 1. Financial Statements |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II. Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and The Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | brhc10019545_ex31-1.htm |
EX-31.2 | brhc10019545_ex31-2.htm |
EX-32.1 | brhc10019545_ex32-1.htm |
EX-32.2 | brhc10019545_ex32-2.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
☑ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Missouri | 45-3189287 | |
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.01 par value | RAVE | Nasdaq Capital Market |
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☑ | Smaller reporting company ☑ |
Emerging growth company ☐ |
PART I. FINANCIAL INFORMATION | |||
Item 1. | Financial Statements | Page | |
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
Item 2. | 14 | ||
Item 3. | 25 | ||
Item 4. | 25 | ||
PART II. OTHER INFORMATION | |||
Item 1. | 26 | ||
Item 1A. | 26 | ||
Item 2. | 26 | ||
Item 3. | 26 | ||
Item 4. | 26 | ||
Item 5. | 26 | ||
Item 6. | 27 | ||
28 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
REVENUES: | $ | 2,128 | $ | 2,830 | $ | 4,031 | $ | 5,706 | ||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Cost of sales | 75 | 115 | 153 | 249 | ||||||||||||
General and administrative expenses | 1,185 | 1,565 | 2,274 | 2,928 | ||||||||||||
Franchise expenses | 606 | 838 | 1,153 | 1,704 | ||||||||||||
Gain on sale of assets | — | — | — | (11 | ) | |||||||||||
Impairment of long-lived assets and other lease charges | 4 | 193 | 21 | 341 | ||||||||||||
Bad debt expense | 88 | 36 | 115 | 28 | ||||||||||||
Interest expense | 23 | 24 | 46 | 51 | ||||||||||||
Depreciation and amortization expense | 43 | 49 | 87 | 96 | ||||||||||||
Total costs and expenses | 2,024 | 2,820 | 3,849 | 5,386 | ||||||||||||
INCOME BEFORE TAXES | 104 | 10 | 182 | 320 | ||||||||||||
Income tax expense (benefit) | 2 | (4 | ) | 4 | 69 | |||||||||||
NET INCOME | 102 | 14 | 178 | 251 | ||||||||||||
INCOME PER SHARE OF COMMON STOCK - BASIC: | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||
INCOME PER SHARE OF COMMON STOCK - DILUTED: | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||
Weighted average common shares outstanding - basic | 17,712 | 15,129 | 16,596 | 15,106 | ||||||||||||
Weighted average common and potential dilutive common shares outstanding | 18,510 | 15,930 | 17,394 | 15,924 |
December 27, 2020 | June 28, 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 6,292 | $ | 2,969 | ||||
Restricted cash | 235 | 234 | ||||||
Accounts receivable, less allowance for bad debts of $166 and $269, respectively | 919 | 965 | ||||||
Notes receivable | 1,006 | 546 | ||||||
Deferred contract charges | 35 | 44 | ||||||
Prepaid expenses and other | 261 | 174 | ||||||
Total current assets | 8,748 | 4,932 | ||||||
LONG-TERM ASSETS | ||||||||
Property, plant and equipment, net | 324 | 366 | ||||||
Operating lease right of use asset, net | 3,274 | 3,567 | ||||||
Intangible assets definite-lived, net | 136 | 155 | ||||||
Notes receivable, net of current portion | 65 | 449 | ||||||
Long-term deferred contract charges | 232 | 231 | ||||||
Deposits and other | — | 5 | ||||||
Total assets | $ | 12,779 | $ | 9,705 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable – trade | $ | 649 | $ | 446 | ||||
Accounts payable - lease termination impairments | — | 407 | ||||||
Accrued expenses | 791 | 775 | ||||||
Operating lease liability, current | 658 | 632 | ||||||
Deferred revenues | 155 | 254 | ||||||
Total current liabilities | 2,253 | 2,514 | ||||||
LONG-TERM LIABILITIES | ||||||||
Convertible notes | 1,562 | 1,549 | ||||||
PPP loan | 657 | 657 | ||||||
Operating lease liability, net of current portion | 3,138 | 3,471 | ||||||
Deferred revenues, net of current portion | 806 | 960 | ||||||
Other long-term liabilities | 51 | 51 | ||||||
Total liabilities | 8,467 | 9,202 | ||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE D) | ||||||||
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 | 37,136 | 33,531 | ||||||
Accumulated deficit | (8,538 | ) | (8,716 | ) | ||||
Treasury stock at cost | ||||||||
Shares in treasury: 7,085,154 and 7,085,154, respectively | (24,537 | ) | (24,537 | ) | ||||
Total shareholders’ equity | 4,312 | 503 | ||||||
Total liabilities and shareholders’ equity | $ | 12,779 | $ | 9,705 |
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Shares | Amount | Total | ||||||||||||||||||||||
Balance, June 30, 2019 | 22,208 | $ | 222 | $ | 33,327 | $ | (4,483 | ) | (7,117 | ) | $ | (24,632 | ) | $ | 4,434 | |||||||||||||
Conversion of senior notes, net | — | — | (31 | ) | — | 32 | 95 | 64 | ||||||||||||||||||||
Equity issue costs - ATM offering | — | — | (2 | ) | — | — | — | (2 | ) | |||||||||||||||||||
Net income | — | — | — | 237 | — | — | 237 | |||||||||||||||||||||
Balance, September 29, 2019 | 22,208 | $ | 222 | $ | 33,294 | $ | (4,246 | ) | (7,085 | ) | $ | (24,537 | ) | $ | 4,733 | |||||||||||||
Stock compensation expense | — | — | (85 | ) | — | — | — | (85 | ) | |||||||||||||||||||
Issuance of common stock | 9 | — | — | — | — | — | — | |||||||||||||||||||||
Equity issue costs - ATM offering | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||
Net income | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||
Balance, December 29, 2019 | 22,217 | 222 | $ | 33,210 | $ | (4,232 | ) | (7,085 | ) | $ | (24,537 | ) | $ | 4,663 |
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Shares | Amount | Total | ||||||||||||||||||||||
Balance, June 28, 2020 | 22,550 | $ | 225 | $ | 33,531 | $ | (8,716 | ) | (7,085 | ) | $ | (24,537 | ) | $ | 503 | |||||||||||||
Equity issue costs - ATM offering | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||
Net income | — | — | — | 76 | — | — | 76 | |||||||||||||||||||||
Balance, September 27, 2020 | 22,550 | $ | 225 | $ | 33,528 | $ | (8,640 | ) | (7,085 | ) | $ | (24,537 | ) | $ | 576 | |||||||||||||
Issuance of common stock | 2,540 | 26 | 3,735 | — | — | — | 3,761 | |||||||||||||||||||||
Equity issue costs - ATM offering | — | — | (127 | ) | — | — | — | (127 | ) | |||||||||||||||||||
Net income | — | — | — | 102 | — | — | 102 | |||||||||||||||||||||
Balance, December 27, 2020 | 25,090 | $ | 251 | $ | 37,136 | $ | (8,538 | ) | (7,085 | ) | $ | (24,537 | ) | $ | 4,312 |
Six Months Ended | ||||||||
December 27, 2020 | December 29, 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 178 | $ | 251 | ||||
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ||||||||
Impairment of long-lived assets and other lease charges | 21 | 341 | ||||||
Stock compensation expense | — | (85 | ) | |||||
Depreciation and amortization | 87 | 96 | ||||||
Amortization of right of use assets | 293 | 230 | ||||||
Amortization of debt issue costs | 13 | 15 | ||||||
Gain on the sale of assets | — | (11 | ) | |||||
Provision for bad debt | 115 | 28 | ||||||
Deferred income tax | — | 60 | ||||||
Changes in operating assets and liabilities: | ||||||||
Restricted cash | (1 | ) | — | |||||
Accounts receivable | (69 | ) | 126 | |||||
Notes receivable | (102 | ) | — | |||||
Deferred contract charges | 8 | (2 | ) | |||||
Inventories | — | 1 | ||||||
Prepaid expenses and other | (87 | ) | 59 | |||||
Deposits and other | 5 | — | ||||||
Accounts payable – trade | 203 | (35 | ) | |||||
Accounts payable - lease termination impairments | (428 | ) | (658 | ) | ||||
Accrued expenses | 17 | (2 | ) | |||||
Operating lease liability | (307 | ) | (241 | ) | ||||
Deferred revenue | (253 | ) | (505 | ) | ||||
Deferred rent and other | — | (21 | ) | |||||
Cash used in operating activities | (307 | ) | (353 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Payments received on notes receivable from fixed asset sales | 26 | 108 | ||||||
Purchase of property, plant and equipment | (26 | ) | (47 | ) | ||||
Cash provided by investing activities | — | 61 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from sale of stock | 3,761 | — | ||||||
Equity issuance costs | (130 | ) | (1 | ) | ||||
Cash (used in) provided by financing activities | 3,631 | (1 | ) | |||||
Net (decrease)/increase in cash, cash equivalents and restricted cash | 3,324 | (293 | ) | |||||
Cash, cash equivalents and restricted cash, beginning of period | 3,203 | 2,264 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 6,527 | $ | 1,971 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
CASH PAID FOR: | ||||||||
Interest | $ | — | $ | 2 | ||||
Income taxes | $ | 16 | $ | 18 | ||||
Non-cash activities: | ||||||||
Conversion of notes to common shares | $ | — | $ | 64 | ||||
Operating lease right of use assets at adoption of ASC 842 | $ | — | $ | 3,428 | ||||
Operating lease liability at adoption of ASC 842 | $ | — | $ | 3,875 |
Three Months Ended | ||||||||
December 27, 2020 | December 29, 2019 | |||||||
Restaurant sales | $ | — | $ | 96 | ||||
Franchise royalties | 847 | 1,028 | ||||||
Supplier and distributor incentive revenues | 808 | 1,033 | ||||||
Franchise license fees | 80 | 410 | ||||||
Area development exclusivity fees and foreign master license fees | 4 | 6 | ||||||
Advertising funds | 150 | 132 | ||||||
Supplier convention funds | 177 | 63 | ||||||
Rental income | 52 | 48 | ||||||
Other | 10 | 14 | ||||||
$ | 2,128 | $ | 2,830 |
Six Months Ended | ||||||||
December 27, 2020 | December 29, 2019 | |||||||
Restaurant sales | $ | — | $ | 204 | ||||
Franchise royalties | 1,705 | 2,136 | ||||||
Supplier and distributor incentive revenues | 1,575 | 2,056 | ||||||
Franchise license fees | 182 | 621 | ||||||
Area development exclusivity fees and foreign master license fees | 8 | 13 | ||||||
Advertising funds | 275 | 284 | ||||||
Supplier convention funds | 177 | 278 | ||||||
Rental income | 100 | 89 | ||||||
Other | 9 | 25 | ||||||
$ | 4,031 | $ | 5,706 |
• | not apply the recognition requirements to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option); |
• | not reassess whether a contract contains a lease, lease classification and initial direct costs; and |
• | not reassess certain land easements in existence prior to July 1, 2019. |
July 1, 2019 | ||||||||||
| Adoption | Reclassification (1) | Total Adjustment | |||||||
Operating lease right of use assets | $ | 3,428 | $ | 434 | $ | 3,862 | ||||
Operating lease liabilities – current | 528 | 528 | ||||||||
Operating lease liabilities - long-term | 3,347 | 3,347 |
(1) | As of June 30, 2019, the Company had $132 thousand recorded within deferred rent for lease incentives incurred at the inception of the affected leases and $302 thousand in deferred rent tenant improvements. Upon adoption of the new standards update, these lease incentives were included within the lease liability. |
Six Months Ended | ||||
December 27, 2020 | ||||
Operating lease cost | $ | 367 | ||
Sublease income | (99 | ) | ||
Total lease expense, net of sublease income | $ | 268 |
Six Months Ended | |||
December 27, 2020 | |||
Cash paid for amounts included in the measurement of lease liabilities | $ | 388 |
December 27, 2020 | |||
Weighted average remaining lease term | 5.0 Years | ||
Weighted average discount rate | 4.0 | % |
Operating Leases | ||||
Remainder of fiscal year 2021 | $ | 398 | ||
2022 | 804 | |||
2023 | 813 | |||
2024 | 766 | |||
Thereafter | 1,448 | |||
Total operating lease payments | $ | 4,229 | ||
Less: imputed interest | (433 | ) | ||
Total operating lease liability | $ | 3,796 |
Six Months Ended | ||||||||
December 27, 2020 | December 29, 2019 | |||||||
| Shares | Shares | ||||||
Outstanding at beginning of year | 206,750 | 216,550 | ||||||
| ||||||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited/Canceled/Expired | — | — | ||||||
| ||||||||
Outstanding at end of period | 206,750 | 216,550 | ||||||
| ||||||||
Exercisable at end of period | 206,750 | 216,550 |
Unvested at June 28, 2020 | — | |||
Granted | — | |||
Vested | — | |||
Forfeited | — | |||
Unvested at December 27, 2020 | — |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
Net income available to common stockholders | $ | 102 | $ | 14 | $ | 178 | $ | 251 | ||||||||
BASIC: | ||||||||||||||||
Weighted average common shares | 17,712 | 15,129 | 16,596 | 15,106 | ||||||||||||
Net income per common share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||
DILUTED: | ||||||||||||||||
Weighted average common shares | 17,712 | 15,129 | 16,596 | 15,106 | ||||||||||||
Convertible notes | 798 | 800 | 798 | 815 | ||||||||||||
Dilutive stock options | — | 1 | — | 3 | ||||||||||||
Weighted average common shares outstanding | 18,510 | 15,930 | 17,394 | 15,924 | ||||||||||||
Net income per common share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
Net sales and operating revenues: | ||||||||||||||||
Pizza Inn Franchising | $ | 1,624 | $ | 1,648 | $ | 3,004 | $ | 3,512 | ||||||||
Pie Five Franchising | 456 | 1,021 | 932 | 1,873 | ||||||||||||
Company-Owned Restaurants | — | 96 | — | 204 | ||||||||||||
Corporate administration and other | 48 | 65 | 95 | 117 | ||||||||||||
Consolidated revenues | $ | 2,128 | $ | 2,830 | $ | 4,031 | $ | 5,706 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Pizza Inn Franchising | $ | — | $ | — | $ | — | $ | — | ||||||||
Pie Five Franchising | — | — | — | — | ||||||||||||
Company-Owned Restaurants | — | — | — | — | ||||||||||||
Combined | — | — | — | — | ||||||||||||
Corporate administration and other | 43 | 49 | 87 | 96 | ||||||||||||
Depreciation and amortization | $ | 43 | $ | 49 | $ | 87 | $ | 96 | ||||||||
Income before taxes: | ||||||||||||||||
Pizza Inn Franchising | $ | 1,284 | $ | 1,323 | $ | 2,384 | $ | 2,735 | ||||||||
Pie Five Franchising | 190 | 508 | 399 | 946 | ||||||||||||
Company-Owned Restaurants | (79 | ) | (236 | ) | (179 | ) | (439 | ) | ||||||||
Combined | 1,395 | 1,595 | 2,604 | 3,242 | ||||||||||||
Corporate administration and other | (1,291 | ) | (1,585 | ) | (2,422 | ) | (2,922 | ) | ||||||||
Income before taxes | $ | 104 | $ | 10 | $ | 182 | $ | 320 | ||||||||
Geographic information (revenues): | ||||||||||||||||
United States | $ | 2,074 | $ | 2,778 | $ | 3,933 | $ | 5,595 | ||||||||
Foreign countries | 54 | 52 | 98 | 111 | ||||||||||||
Consolidated total | $ | 2,128 | $ | 2,830 | $ | 4,031 | $ | 5,706 |
Pizza Inn | Pie Five | All Concepts | ||||||||||||||||||||||
Ending Units | Retail Sales | Ending Units | Retail Sales | Ending Units | Retail Sales | |||||||||||||||||||
Domestic Franchised/Licensed | 142 | $ | 15,757 | 37 | $ | 4,332 | 179 | $ | 20,089 | |||||||||||||||
Company-Owned | — | — | — | — | — | — | ||||||||||||||||||
Total Domestic Units | 142 | $ | 15,757 | 37 | $ | 4,332 | 179 | $ | 20,089 | |||||||||||||||
International Franchised | 32 | — | 32 |
Pizza Inn | Pie Five | All Concepts | ||||||||||||||||||||||
Ending Units | Retail Sales | Ending Units | Retail Sales | Ending Units | Retail Sales | |||||||||||||||||||
Domestic Franchised/Licensed | 142 | $ | 32,076 | 37 | $ | 8,839 | 179 | $ | 40,915 | |||||||||||||||
Company-Owned | — | — | — | — | — | — | ||||||||||||||||||
Total Domestic Units | 142 | $ | 32,076 | 37 | $ | 8,839 | 179 | $ | 40,915 | |||||||||||||||
International Franchised | 32 | — | 32 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
Net income | $ | 102 | $ | 14 | $ | 178 | $ | 251 | ||||||||
Interest expense | 23 | 24 | 46 | 51 | ||||||||||||
Income taxes | 2 | (4 | ) | 4 | 69 | |||||||||||
Depreciation and amortization | 43 | 49 | 87 | 96 | ||||||||||||
EBITDA | $ | 170 | $ | 83 | $ | 315 | $ | 467 | ||||||||
Stock compensation expense | — | (85 | ) | — | (85 | ) | ||||||||||
Severance | — | 119 | — | 119 | ||||||||||||
Gain on sale of assets | — | — | — | (11 | ) | |||||||||||
Impairment of long-lived assets and other lease charges | 4 | 193 | 21 | 341 | ||||||||||||
Franchisee default and closed store revenue | (44 | ) | (307 | ) | (111 | ) | (454 | ) | ||||||||
Closed and non-operating store costs | 75 | (1 | ) | 158 | 5 | |||||||||||
Adjusted EBITDA | $ | 205 | $ | 2 | $ | 383 | $ | 382 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
Pizza Inn Retail Sales - Total Domestic Units | (in thousands, except unit data) | (in thousands, except unit data) | ||||||||||||||
Domestic Units | ||||||||||||||||
Buffet Units - Franchised | $ | 14,290 | $ | 19,268 | $ | 29,014 | $ | 39,553 | ||||||||
Delco/Express Units - Franchised | 1,411 | 1,524 | 2,947 | 3,069 | ||||||||||||
PIE Units - Licensed | 56 | 112 | 115 | 176 | ||||||||||||
Total Domestic Retail Sales | $ | 15,757 | $ | 20,904 | $ | 32,076 | $ | 42,798 | ||||||||
Pizza Inn Comparable Store Retail Sales - Total Domestic | 15,466 | 18,950 | 31,198 | 38,994 | ||||||||||||
Pizza Inn Average Units Open in Period | ||||||||||||||||
Domestic Units | ||||||||||||||||
Buffet Units - Franchised | 77 | 83 | 80 | 83 | ||||||||||||
Delco/Express Units - Franchised | 54 | 58 | 56 | 58 | ||||||||||||
PIE Units - Licensed | 11 | 10 | 11 | 10 | ||||||||||||
Total Domestic Units | 142 | 151 | 147 | 151 |
Three Months Ended December 27, 2020 | ||||||||||||||||||||
Beginning Units | Opened | Concept Change | Closed | Ending Units | ||||||||||||||||
Domestic Units | ||||||||||||||||||||
Buffet Units - Franchised | 79 | 1 | — | 3 | 77 | |||||||||||||||
Delco/Express Units - Franchised | 55 | — | — | 1 | 54 | |||||||||||||||
PIE Units - Licensed | 12 | — | — | 1 | 11 | |||||||||||||||
Total Domestic Units | 146 | 1 | — | 5 | 142 | |||||||||||||||
International Units (all types) | 32 | — | — | — | 32 | |||||||||||||||
Total Units | 178 | 1 | — | 5 | 174 |
Six Months Ended December 27, 2020 | ||||||||||||||||||||
Beginning Units | Opened | Concept Change | Closed | Ending Units | ||||||||||||||||
Domestic Units | ||||||||||||||||||||
Buffet Units - Franchised | 83 | 1 | — | 7 | 77 | |||||||||||||||
Delco/Express Units - Franchised | 55 | — | — | 1 | 54 | |||||||||||||||
PIE Units - Licensed | 13 | — | — | 2 | 11 | |||||||||||||||
Total Domestic Units | 151 | 1 | — | 10 | 142 | |||||||||||||||
International Units (all types) | 38 | 1 | — | 7 | 32 | |||||||||||||||
Total Units | 189 | 2 | — | 17 | 174 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 27, 2020 | December 29, 2019 | December 27, 2020 | December 29, 2019 | |||||||||||||
(in thousands, except unit data) | (in thousands, except unit data) | |||||||||||||||
Pie Five Retail Sales - Total Units | ||||||||||||||||
Domestic Units - Franchised | $ | 4,332 | $ | 7,391 | $ | 8,839 | $ | 16,119 | ||||||||
Domestic Units - Company-owned | — | 96 | — | 204 | ||||||||||||
Total Domestic Retail Sales | $ | 4,332 | $ | 7,487 | $ | 8,839 | $ | 16,323 | ||||||||
Pie Five Comparable Store Retail Sales - Total | $ | 4,013 | $ | 4,751 | $ | 8,052 | $ | 10,019 | ||||||||
Pie Five Average Units Open in Period | ||||||||||||||||
Domestic Units - Franchised | 37 | 53 | 46 | 55 | ||||||||||||
Domestic Units - Company-owned | — | 1 | — | 1 | ||||||||||||
Total Domestic Units | 37 | 54 | 46 | 56 |
Three Months Ended December 27, 2020 | ||||||||||||||||||||
Beginning Units | Opened | Transfer | Closed | Ending Units | ||||||||||||||||
Domestic - Franchised | 39 | — | — | 2 | 37 | |||||||||||||||
Domestic - Company-owned | — | — | — | — | — | |||||||||||||||
Total Domestic Units | 39 | — | — | 2 | 37 |
Six Months Ended December 27, 2020 | ||||||||||||||||||||
Beginning Units | Opened | Transfer | Closed | Ending Units | ||||||||||||||||
Domestic - Franchised | 42 | 1 | — | 6 | 37 | |||||||||||||||
Domestic - Company-owned | — | — | — | — | — | |||||||||||||||
Total Domestic Units | 42 | 1 | — | 6 | 37 |
Pie Five - Company-Owned Restaurants | Three Months Ended | Six Months Ended | ||||||||||||||
(in thousands, except store weeks and average data) | December 27, | December 29, | December 27, | December 29, | ||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Store weeks (excluding partial weeks) | — | 13 | — | 26 | ||||||||||||
Average weekly sales | — | 7,385 | — | 7,846 | ||||||||||||
Average number of units | — | 1 | — | 1 | ||||||||||||
Restaurant sales (excluding partial weeks) | — | 96 | — | 204 | ||||||||||||
Restaurant sales | — | 96 | — | 204 | ||||||||||||
Loss before taxes | (79 | ) | (236 | ) | (179 | ) | (439 | ) | ||||||||
Allocated marketing and advertising expenses | — | (5 | ) | — | 10 | |||||||||||
Impairment, other lease charges and non-operating store costs | 79 | 192 | 179 | 346 | ||||||||||||
Restaurant operating cash flow | — | (49 | ) | — | (83 | ) |