| RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the second quarter of fiscal 2025 ended December 29, 2024. |
| Second Quarter Highlights: |
- The company recorded a net income of $0.6 million for the second quarter of fiscal 2025, a 9.8% increase from the same period of the prior year.
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- Income before taxes increased by $0.2 million to $0.7 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 39% increase.
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- Total revenue increased by $0.1 million to $2.8 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 4% increase.
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- Adjusted EBITDA increased by $0.3 million to $0.8 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 51% increase.
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- On a fully diluted basis, net income was $0.04 per share for the second quarter of fiscal 2025, the same as it was in the same period of the prior year.
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- Pizza Inn's domestic comparable store retail sales increased by 0.8% in the second quarter of fiscal 2025 compared to the same period of the prior year.
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- Pie Five domestic comparable store retail sales decreased 11.4% in the second quarter of fiscal 2025 compared to the same period of the prior year.
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- Cash and cash equivalents were $2.9 million on December 29, 2024.
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- Short-term investments were $6.0 million on December 29, 2024.
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- Pizza Inn's domestic unit count finished at 102.
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- Pizza Inn's international unit count finished at 27.
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- Pie Five domestic unit count finished at 20.
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| “Quarter Two represented our 19th consecutive quarter of profitability, and we have no plans on letting our foot off the accelerator,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. |
| “It’s an exciting time at Pizza Inn as we continue to deliver solid results in the current quarter and are getting ready to grow with 30 buffet restaurants currently signed to development agreements," continued Solano. “During the second quarter, we opened our fourth Pizza Inn buffet restaurant in the state of Oklahoma with strong sales. Many new guests to the brand were able to enjoy all the buffet favourites plus the new stuffed crust chocolate chip Pizzert, which was successfully introduced in the second quarter. And we continue to expand our restaurant reimage program with nine units starting the process, eight of which are planned to be finished this fiscal year." |
| Solano concluded, “We continue to innovate our food offerings. While the first two quarters saw new desserts introduced at Pizza Inn, the third quarter will see three varieties of baked pasta added to the buffet and available for carryout. Pizza Inn continues to give guests more reasons to visit more often as we offer more than just pizza on the buffet with a focus on high-quality desserts, salads, and now baked pasta. Pizza Inn also replaced legacy paper gift certificates with a new gift card program just in time for the holidays.” |
| “We have a keen focus on operational improvements at Pie Five,” says Vice President of Operations Zack Viljoen, adding, “Our new operational format will double make-line capacity, allowing us to better and more quickly serve our guests, thus increasing volume at peak hours while at the same time improving the guest experience.” |
| Chief Financial Officer Jay Rooney added, “Quarter two was a continuation of the solid financial start to the fiscal year seen in Quarter One. PizzaInn'sn same-store sales were positive year over year for the quarter as the sales momentum generated by quarter one dessert and online ordering initiatives carried through to the second quarter. Total revenue was up $123 thousand from the second quarter last year, and total expenses were down $88 thousand. For the fiscal year to date, Profit before Tax is now up over 36% from the prior year, and our balance sheet remains strong with current assets totalling seven times the number of current liabilities.” |
| For the full document,nt click the link below: |
| RAVE Restaurant Group, Inc. |
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