Rave Restaurant (RAVE)2024-11-07 14:02Sales Performance - Pizza Inn total domestic retail sales decreased by $0.7 million, or 2.5%, for the three months ended September 29, 2024 compared to the same period in the prior year[71] - Pie Five total domestic retail sales decreased by $1.8 million, or 37.5%, for the three months ended September 29, 2024 compared to the same period in the prior year[73] - Pizza Inn comparable store retail sales decreased by $0.5 million, or 2.1%, for the three months ended September 29, 2024 compared to the prior year[71] - Pie Five comparable store retail sales decreased by $0.3 million, or 8.7%, for the three months ended September 29, 2024 compared to the prior year[73] Unit Count and Openings - Pizza Inn average Buffet Units open in the period increased from 75 to 78 for the three months ended September 29, 2024 compared to the prior year[71] - Pie Five average units open in the period decreased from 27 to 20 for the three months ended September 29, 2024 compared to the prior year[73] - The number of international Pizza Inn units increased by two units for the three months ended September 29, 2024[72] - Total domestic Pizza Inn unit count decreased by three units for the three months ended September 29, 2024[72] - Pie Five units remained stable during the three months ended September 29, 2024[74] Financial Performance - Adjusted EBITDA for the fiscal quarter ended September 29, 2024 increased by $0.1 million compared to the same period in the prior fiscal year[68] - Total revenues for the three months ended September 29, 2024 were $3.1 million, consistent with the same period in the prior fiscal year[77] - Pizza Inn franchise revenues increased by $0.1 million to $2.7 million, a 4.5% increase driven by supplier and distributor incentives[78] - Pie Five franchise revenues decreased by $0.1 million to $0.3 million, a 29.7% decrease due to declines in domestic royalties[78] - Net income for the three months ended September 29, 2024 was $0.5 million, up from $0.4 million in the prior year[87] Expenses and Costs - General and administrative expenses increased by $0.1 million to $1.4 million, a 7.4% rise primarily due to higher legal fees[79] - Franchise expenses decreased by $0.2 million to $1.0 million, a 15.1% reduction driven by lower advertising fees[80] Cash Flow and Investments - Cash provided by operating activities was $0.5 million, down from $0.6 million in the prior year due to decreased payroll-related expenses[89] - Cash used in investing activities was $2.0 million, primarily for increased purchases of U.S. Treasury bills[90] - Interest income increased by $80 thousand to $82 thousand, primarily from U.S. Treasury bills[82] Employee Retention Credit - The company recorded a $0.7 million employee retention credit, with $0.6 million received and $0.1 million outstanding as of September 29, 2024[92]