DALLAS, Nov. 07, 2024 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the first quarter of fiscal 2025 ended Sept. 29, 2024. First Quarter Highlights: The company recorded net income of $0.5 million for the first quarter of fiscal 2025, a 36.3% increase from the same period of the prior year.Income before taxes increased by $0.2 million to $0.7 million for the first quarter of fiscal 2025 compared to the same period of the prior year.Total revenue was $3.1 ...

Rave Restaurant Group, Inc. (RAVE) reported earnings per share (EPS) of 6 cents in the fourth quarter of fiscal 2024, which increased 50% year over year. Full-year EPS was 17 cents, up 70% compared with that at the end of the comparable fiscal 2023 period. RAVE's Revenues in Detail Rave Restaurant registered revenues of $3.4 million in the fiscal fourth quarter, up $0.3 million year over year. Lower revenues from the Pie Five Franchising segment dampened the topline. Full-year revenues were $12.2 million, r ...

• The Company recorded net income of $0.7 million for the third quarter of fiscal 2024 compared to net income of $0.3 million for the same period of the prior year. • Income before taxes increased 95.2% to $0.9 million for the third quarter of fiscal 2024 compared to the same period of the prior year. • Total revenue remained stable at $3.0 million for the third quarter of fiscal 2024 compared to the same period of the prior year. • Adjusted EBITDA increased by $0.2 million to $0.8 million for the third qua ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) Commission File Number: 0-12919 RAVE RESTAURANT GROUP, INC. (Exact name of registrant as specified in its charter) Missouri 45-3189287 Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ Smaller reporting company ☑ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or rev ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported increased net income for both three and six-month periods, with total assets slightly decreasing and total liabilities significantly reduced, resulting in higher shareholders' equity Condensed Consolidated Statements of Income (Unaudited) | (In thousands) | Three Months Ended Dec 24, 2023 | Three Months Ended Dec 25, 2022 | Six Months Ended Dec 24, 2023 | Six Months Ended Dec 25, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $2,792 | $2,866 | $5,881 | $5,871 | | **Income Before Taxes** | $540 | $488 | $1,058 | $887 | | **Net Income** | $553 | $348 | $939 | $655 | | **Diluted EPS** | $0.04 | $0.02 | $0.07 | $0.04 | Condensed Consolidated Balance Sheets (Unaudited) | (In thousands) | Dec 24, 2023 | June 25, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $5,306 | $5,328 | | **Total current assets** | $7,106 | $6,834 | | **Total assets** | $14,160 | $14,237 | | **Total current liabilities** | $1,697 | $2,198 | | **Total liabilities** | $3,059 | $3,846 | | **Total shareholders' equity** | $11,101 | $10,391 | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Six Months Ended Dec 24, 2023 | Six Months Ended Dec 25, 2022 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $305 | $792 | | **Cash used in investing activities** | $(16) | $(77) | | **Cash used in financing activities** | $(311) | $(5,009) | | **Net decrease in cash** | $(22) | $(4,294) | | **Cash and cash equivalents, end of period** | $5,306 | $3,429 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, lease accounting, segment reporting, and stock-based compensation - The company's revenue is primarily generated from franchise royalties, supplier and distributor incentives, and advertising fund contributions[29](index=29&type=chunk)[37](index=37&type=chunk) - The company has two reportable operating segments: Pizza Inn Franchising and Pie Five Franchising. Corporate administration costs are partially allocated to these segments[61](index=61&type=chunk)[62](index=62&type=chunk) Segment Income Before Taxes (Six Months Ended) | (In thousands) | Six Months Ended Dec 24, 2023 | Six Months Ended Dec 25, 2022 | | :--- | :--- | :--- | | Pizza Inn Franchising | $3,263 | $3,206 | | Pie Five Franchising | $469 | $503 | | Corporate administration and other | $(2,674) | $(2,822) | | **Total Income before taxes** | **$1,058** | **$887** | - As of December 24, 2023, there was **$328 thousand** in unamortized stock-based compensation expense related to Restricted Stock Units (RSUs), to be amortized over the next ten months[55](index=55&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports increased net income, stable revenues, Pizza Inn sales growth, Pie Five sales decline, and stable Adjusted EBITDA - Net income for the three months ended Dec 24, 2023, was **$0.6 million** (**$0.04 per share**), compared to **$0.3 million** (**$0.02 per share**) in the prior-year period[70](index=70&type=chunk) - For the six months ended Dec 24, 2023, net income was **$0.9 million** (**$0.07 per share**) on stable revenues of **$5.9 million**, compared to **$0.7 million** (**$0.04 per share**) in the prior-year period[71](index=71&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | | Six Months Ended Dec 24, 2023 | Six Months Ended Dec 25, 2022 | | :--- | :--- | :--- | | Net income | $939 | $655 | | EBITDA | $1,170 | $992 | | **Adjusted EBITDA** | **$1,170** | **$1,157** | [Pizza Inn Brand Summary](index=19&type=section&id=Pizza%20Inn%20Brand%20Summary) Pizza Inn's domestic retail sales grew, driven by increased Buffet Units and comparable store sales, despite international unit decline - Pizza Inn total domestic retail sales increased by **8.3%** to **$51.6 million** for the six months ended Dec 24, 2023, compared to the prior year[79](index=79&type=chunk) - The growth was driven by an increase in average Buffet Units open (from **73 to 77**) and a **$3.2 million** increase in comparable store retail sales over the six-month period[79](index=79&type=chunk) Pizza Inn Unit Count Change (Six Months Ended Dec 24, 2023) | Unit Type | Beginning Units | Opened | Closed | Ending Units | | :--- | :--- | :--- | :--- | :--- | | **Domestic** | **123** | **4** | **15** | **112** | | Buffet Units | 77 | 3 | 3 | 77 | | Delco/Express | 41 | 1 | 11 | 31 | | **International** | **34** | **0** | **16** | **18** | | **Total Units** | **157** | **4** | **31** | **130** | [Pie Five Brand Summary](index=21&type=section&id=Pie%20Five%20Brand%20Summary) Pie Five's domestic retail sales decreased due to a reduction in average open units, though comparable store sales remained stable - Pie Five total domestic retail sales decreased by **11.4%** for the three months ended Dec 24, 2023, due to a decrease in average units open from **31 to 25**[83](index=83&type=chunk) - Comparable store retail sales for Pie Five remained relatively stable at **$4.3 million** for the quarter[83](index=83&type=chunk) - The total number of domestic Pie Five units decreased by **3 to 24** during the six months ended December 24, 2023, with management expecting a modest future decrease[84](index=84&type=chunk) [Financial Results](index=22&type=section&id=Financial%20Results) Total revenues remained flat, with mixed performance in franchise revenues and overall reduced expenses contributing to higher income - For the six-month period, Pizza Inn franchise revenues increased **1.1%** to **$4.9 million**, driven by higher domestic royalties and default/closed store revenues[89](index=89&type=chunk) - Pie Five franchise revenues decreased **8.9%** to **$0.9 million** for the six-month period, due to lower domestic royalties, advertising revenues, and supplier incentives[90](index=90&type=chunk) - General and administrative expenses decreased by **4.9%** to **$2.7 million** for the six-month period, primarily due to decreased corporate expenses[91](index=91&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Cash from operations decreased, while cash used in financing activities significantly reduced, with management confident in sufficient liquidity - Cash provided by operating activities was **$0.3 million** for the six-month period, a decrease from **$0.8 million** in the prior year, mainly due to the impact of an employee retention credit collected in the prior year[101](index=101&type=chunk)[105](index=105&type=chunk) - Cash used in financing activities was **$0.3 million**, primarily for taxes paid on vested RSUs, compared to **$5.0 million** in the prior year which was mainly for treasury stock purchases[103](index=103&type=chunk) - Management believes cash on hand and net cash from operations will be sufficient to fund operations for the next 12 months and beyond[104](index=104&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for a smaller reporting company, and consequently, no information is provided - Not required for a smaller reporting company[115](index=115&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The Company's management, including the principal executive officer and principal financial officer, concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report[117](index=117&type=chunk) - There were no changes in the Company's internal controls over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[117](index=117&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal matters, which management believes will not materially affect its financial condition - The Company is subject to various claims and contingencies arising out of the normal course of business, but management believes they will not have a material adverse effect on the Company's financial condition[118](index=118&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) This section is not required for a smaller reporting company, and consequently, no information is provided - Not required for a smaller reporting company[119](index=119&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds) This item is not applicable to the company for the current reporting period - Not applicable[120](index=120&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists various exhibits filed with the Form 10-Q, including corporate governance documents and required certifications - Lists various exhibits filed with the report, including corporate governance documents, compensation plans, material contracts, and required certifications[126](index=126&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q RAVE RESTAURANT GROUP, INC. (Exact name of registrant as specified in its charter) Missouri 45-3189287 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3551 Plano Parkway The Colony, Texas 75056 (Address of principal executive offices) (Zip Code) (469) 384-5000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K (Mark One) ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended June 25, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____. Commission File Number 0-12919 RAVE RESTAURANT GROUP, INC. (Exact name of registrant as specified in its charter) Missouri 45-3189287 (State or other ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported increased nine-month revenues to $8.8 million but lower net income, with cash significantly reduced by stock repurchases [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenues grew for the quarter and nine-month period, but net income and diluted EPS declined year-over-year Condensed Consolidated Statements of Income (in thousands, except per share amounts) | | Three Months Ended | | Nine Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | **Mar 26, 2023** | **Mar 27, 2022** | **Mar 26, 2023** | **Mar 27, 2022** | | **Revenues** | $2,970 | $2,620 | $8,841 | $7,869 | | **Income Before Taxes** | $438 | $496 | $1,325 | $1,245 | | **Net Income** | $323 | $493 | $978 | $1,235 | | **Diluted EPS** | $0.02 | $0.03 | $0.06 | $0.07 | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and shareholders' equity decreased, driven by a reduction in cash due to treasury stock purchases Condensed Consolidated Balance Sheet Highlights (in thousands) | | **Mar 26, 2023** | **Jun 26, 2022** | | :--- | :--- | :--- | | **Cash and cash equivalents** | $3,867 | $7,723 | | **Total current assets** | $5,756 | $10,058 | | **Total assets** | $13,490 | $18,516 | | **Total liabilities** | $3,820 | $5,104 | | **Total shareholders' equity** | $9,670 | $13,412 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved, but a $5.0 million stock repurchase led to a net decrease in cash for the nine-month period Cash Flow Summary for Nine Months Ended (in thousands) | | **Mar 26, 2023** | **Mar 27, 2022** | | :--- | :--- | :--- | | **Cash provided by operating activities** | $1,233 | $525 | | **Cash (used in)/provided by investing activities** | ($80) | $169 | | **Cash used in financing activities** | ($5,009) | ($1,787) | | **Net decrease in cash and cash equivalents** | ($3,856) | ($1,093) | | **Cash and cash equivalents, end of period** | $3,867 | $7,237 | - The primary use of cash in financing activities was the purchase of treasury stock, amounting to **$4.98 million**[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue growth from franchise royalties, an expanded stock repurchase plan, a $1.9 million legal contingency, and segment performance Revenue Breakdown for Nine Months Ended (in thousands) | Revenue Source | Mar 26, 2023 | Mar 27, 2022 | | :--- | :--- | :--- | | Franchise royalties | $3,680 | $3,315 | | Supplier and distributor incentive revenues | $3,260 | $3,051 | | Advertising funds contributions | $1,448 | $1,083 | | **Total Revenues** | **$8,841** | **$7,869** | - On June 28, 2022, the board increased the stock purchase plan authorization by **5,000,000 shares**, bringing the total to 8,016,000 shares[52](index=52&type=chunk) - The company is appealing a **$1.9 million judgment** related to a breach of contract claim from a former CEO, with an unpredictable outcome[57](index=57&type=chunk) Segment Income Before Taxes for Nine Months Ended (in thousands) | Segment | Mar 26, 2023 | Mar 27, 2022 | | :--- | :--- | :--- | | Pizza Inn Franchising | $4,907 | $4,506 | | Pie Five Franchising | $761 | $748 | | Corporate administration and other | ($4,343) | ($4,006) | | **Total Income Before Taxes** | **$1,325** | **$1,245** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue growth was driven by Pizza Inn's performance, but higher expenses and taxes reduced net income, while a stock repurchase impacted liquidity [Overview and Brand Performance](index=16&type=section&id=Overview%20and%20Brand%20Performance) Pizza Inn's domestic retail sales grew 15.6% in Q3, while Pie Five's sales saw a modest 2.6% increase - For Q3 FY2023, net income was **$0.3 million**, down from $0.5 million year-over-year, primarily due to a **$0.1 million** increase in income tax expense[77](index=77&type=chunk) Pizza Inn Domestic Retail Sales - Q3 (in thousands) | | **Mar 26, 2023** | **Mar 27, 2022** | **% Change** | | :--- | :--- | :--- | :--- | | Total Domestic Retail Sales | $25,689 | $22,228 | 15.6% | | Comparable Store Retail Sales | $25,321 | $21,906 | 15.6% | Pie Five Domestic Retail Sales - Q3 (in thousands) | | **Mar 26, 2023** | **Mar 27, 2022** | **% Change** | | :--- | :--- | :--- | :--- | | Total Domestic Retail Sales | $4,998 | $4,870 | 2.6% | | Comparable Store Retail Sales | $4,756 | $4,399 | 8.1% | [Financial Results and Non-GAAP Measures](index=18&type=section&id=Financial%20Results%20and%20Non-GAAP%20Measures) Q3 revenue increased to $3.0 million, but higher franchise and tax expenses offset gains, keeping Adjusted EBITDA stable at $0.6 million Adjusted EBITDA Reconciliation (in thousands) | | Three Months Ended | | Nine Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | **Mar 26, 2023** | **Mar 27, 2022** | **Mar 26, 2023** | **Mar 27, 2022** | | **Net income** | $323 | $493 | $978 | $1,235 | | **EBITDA** | $492 | $556 | $1,484 | $1,444 | | **Adjusted EBITDA** | $568 | $590 | $1,725 | $1,586 | - Pizza Inn franchise revenues increased to **$2.5 million** for Q3 FY2023 from $2.1 million in the prior year[100](index=100&type=chunk) - Franchise expenses increased to **$1.0 million** for Q3 FY2023 from $0.7 million YoY, mainly due to higher payroll, advertising, and travel costs[103](index=103&type=chunk) - Income tax expense for Q3 FY2023 was **$115 thousand**, a significant increase from $3 thousand in the same period last year[108](index=108&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Cash from operations of $1.2 million was offset by a $5.0 million stock repurchase, but management believes liquidity remains sufficient - Cash provided by operating activities was **$1.2 million** for the nine-month period, compared to $0.5 million in the prior year[112](index=112&type=chunk) - Net cash used in financing activities was **$5.0 million** for the nine-month period, primarily due to stock repurchases[114](index=114&type=chunk) - Management believes current cash on hand combined with net cash provided by operations will be **sufficient to fund operations** for the next 12 months and beyond[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Not required for a smaller reporting company[128](index=128&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation, the company's principal executive and financial officers concluded that **disclosure controls and procedures were effective**[131](index=131&type=chunk) - There were **no material changes** in the Company's internal controls over financial reporting during the most recent fiscal quarter[131](index=131&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is appealing a $1.9 million judgment from a former CEO's lawsuit, with an unpredictable final outcome - A court entered a **$1.9 million judgment** against the Company in a case with its former CEO[134](index=134&type=chunk) - The Company has **appealed the judgment**, and the ultimate outcome cannot be predicted at this time[134](index=134&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable as the company is a smaller reporting company - Not required for a smaller reporting company[136](index=136&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 3.4 million shares in the last six months, with 2.0 million shares remaining under its expanded repurchase plan - The board amended the stock purchase plan to increase the repurchase authorization to a total of **8,016,000 shares**[137](index=137&type=chunk) - During the six months ended March 26, 2023, the Company repurchased **3,356,977 shares**, leaving 1,997,974 shares available for future repurchase[137](index=137&type=chunk) [Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable - Not applicable[139](index=139&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[140](index=140&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) None - None[141](index=141&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including officer certifications and interactive data files - The exhibits include **certifications from the Principal Executive Officer and Principal Financial Officer**[145](index=145&type=chunk)

Washington, D. C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) Commission File Number: 0-12919 RAVE RESTAURANT GROUP, INC. (Exact name of registrant as specified in its charter) Missouri 45-3189287 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3551 Plano Parkway The Colony, Texas 75056 (Address of principal executive offices) (Zip Code) (469) 384-5000 (Registrant's telephone number, including area code) Securities registere ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) Commission File Number: 0-12919 RAVE RESTAURANT GROUP, INC. (Exact name of registrant as specified in its charter) Missouri 45-3189287 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3551 Plano Parkway The Colony, Texas 75056 (Address of principal executive offices) (Zip Code) | Title of each class | Trading Symbol(s) | Name of each exchange on which | | --- | --- ...