Rave Restaurant (US:RAVE)2025-02-06 14:10Sales Performance - For the three months ended December 29, 2024, total domestic retail sales for Pizza Inn increased by $0.3 million, or 1.2%, compared to the same period of the prior year [81]. - For the six months ended December 29, 2024, total domestic retail sales for Pizza Inn decreased by $0.3 million, or 0.7%, compared to the same period of the prior year [82]. - Comparable store retail sales for Pizza Inn increased by $0.2 million, or 0.8%, for the three-month period ended December 29, 2024, compared to the same period of the prior fiscal year [81]. - Pie Five total domestic retail sales decreased by $1.6 million, or 37.0%, for the three months ended December 29, 2024 compared to the same period of the prior year [87]. - Comparable store retail sales decreased by $0.3 million, or 11.4%, for the three-month period ended December 29, 2024 as compared to the same period of the prior fiscal year [87]. - For the six months ended December 29, 2024, total domestic retail sales decreased by $3.4 million, or 37.3%, compared to the same period of the prior year [88]. Financial Performance - Adjusted EBITDA for the fiscal quarter ended December 29, 2024, increased by $0.3 million compared to the same period of the prior fiscal year [78]. - The company reported a net income of $607,000 for the three months ended December 29, 2024, compared to $553,000 for the same period of the prior year [80]. - Total revenues for the three-month period ended December 29, 2024 were $2.9 million, compared to $2.7 million for the same period in the prior fiscal year [94]. - Total revenues for the six-month period ended December 29, 2024 were $5.9 million, compared to $5.8 million for the same period in the prior fiscal year [94]. - Basic net income per share was stable at $0.04 for the three months ended December 29, 2024, with net income of $0.6 million on revenues of $2.9 million [104]. - Basic net income per share increased by $0.01 to $0.08 for the six months ended December 29, 2024, with net income of $1.1 million on revenues of $5.9 million [105]. Unit Performance - The number of domestic franchised/licensed units remained stable at 102, with a total of 122 units across all concepts as of December 29, 2024 [73]. - The average number of Buffet Units open increased from 75 to 78 for the three months ended December 29, 2024, compared to the same period of the prior year [81]. - The total number of international units increased from 24 to 27 during the six months ended December 29, 2024 [84]. - Average units open in the period decreased from 25 to 20 for the three months ended December 29, 2024 [87]. - The Pie Five units remained stable at 20 during the three and six months ended December 29, 2024, with no transfers or closures [89]. - The company anticipates a modest increase in both domestic and international Pizza Inn units in future periods [84]. - The company anticipates a modest decrease in Pie Five units in future periods [89]. Expenses and Cash Flow - General and administrative expenses remained stable at $1.3 million for the three-month period ended December 29, 2024, with a 2.0% decrease driven by lower legal fees [97]. - Total franchise expenses remained stable at $0.8 million for the three months ended December 29, 2024, with a 1.8% decrease compared to the prior fiscal year [98]. - Cash provided by operating activities was $1.2 million for the six months ended December 29, 2024, compared to $0.3 million for the same period in the prior fiscal year [108]. - Cash used in investing activities was $1.0 million for the six months ended December 29, 2024, primarily due to increased purchases of U.S. Treasury bills [109]. - Net cash used in financing activities was $0.2 million for the six months ended December 29, 2024, compared to $0.3 million for the same period in the prior fiscal year [110]. Other Financial Metrics - Provision for credit losses was $9 thousand for the three months ended December 29, 2024, down from $10 thousand in the same period of the prior fiscal year [99]. - Interest income increased by $41 thousand to $87 thousand for the three months ended December 29, 2024, primarily driven by interest received on U.S. Treasury bills [100]. - The company recorded an income tax expense of $144 thousand for the three months ended December 29, 2024, compared to an income tax benefit of $13 thousand in the same period of the prior fiscal year [102]. - As of December 29, 2024, the company has received $0.6 million from the employee retention credit, with $0.1 million still outstanding [112].