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Pizza Inn Announces 1st Quarter Financial Results

PIZZA INN, INC. today reported earnings per share for its first quarter ended September 26, 2004 of 3 cents versus 5 cents for the same quarter last year. Net income was $285,000 versus $504,000, on revenues of $14.4 million versus $15.4 million in the previous year. The same quarter last year included higher international royalties resulting from the collection of approximately $173,000 of previously unrecorded past due royalties. Comparable same-store sales finished up 0.1% for the quarter.

Certain statements in this press release, other than historical information, may be considered forward-looking statements, within the meeting of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Pizza Inn's operating results, performance or financial condition are its ability to implement its growth strategies, national, regional and local economic conditions affecting the restaurant industry, competition within each of the restaurant industries, store sales cannibalization, success of its franchise operations, negative publicity, fluctuations in quarterly results of operations, including seasonality, government regulations, weather, commodity, insurance and labor costs.

Pizza Inn, Inc. is headquartered in The Colony, Texas, along with its distribution division, Norco Restaurant Distribution Services. Pizza Inn represents over 400 restaurants with annual sales of approximately $170 million.

   Pizza Inn, Inc.             For more information contact:
   3551 Plano Parkway          Ronald W. Parker
   The Colony, TX  75056       President and Chief Executive Officer
                               (469) 384-5000

For more information about the company, visit Pizza Inn at https://www.pizzainn.com/ .

                             PIZZA INN, INC.
            (In thousands, except share and per share amounts)

                                              Sept. 26,         Sept. 28,
                                                2004              2003
  Revenue                                     $14,421           $15,376

  Income before taxes                            $441              $764

  Net Income                                     $285              $504

  Diluted earnings per share                    $0.03             $0.05

  Basic earnings per share                      $0.03             $0.05

  Weighted average shares outstanding:
     Diluted                               10,168,621        10,086,059
     Basic                                 10,133,674        10,059,223

SOURCE: Pizza Inn, Inc.

CONTACT: Ronald W. Parker, President and Chief Executive Officer of
Pizza Inn, Inc., +1-469-384-5000