Pizza Inn Announces 4th Quarter Financial Results
PIZZA INN, INC.
For fiscal year 2003, earnings per share were 31 cents versus 11 cents last year. Net income was $3,093,000 compared to $1,137,000 on revenues of $58.8 million versus $66.6 million last year. Revenues consist of gross sales of Norco, the Company's food and equipment division, franchise fees, and royalties. Comparable chainwide same store sales finished down 5.7% for the year. Net income for the year ended June 29, 2003 includes a pretax gain of approximately $1.9 million for the recovery of the note receivable described above. Fiscal 2002 included 53 weeks versus 52 weeks in fiscal 2003.
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 www.pizzainn.com
PIZZA INN, INC. (In thousands, except share and per share amounts) 4th Quarter June 29, June 30, 2003 2002 Revenue $14,059 $18,061 Income (loss) before taxes $747 ($755) Net Income (Loss) $522 ($498) Diluted earnings (loss) per share $0.05 ($0.05) Basic earnings (loss) per share $0.05 ($0.05) Weighted average shares outstanding: Diluted 10,060,528 10,058,094 Basic 10,058,674 10,058,094 Twelve Months June 29, June 30, 2003 2002 Revenue $58,782 $66,642 Income before taxes $4,643 $1,723 Net Income $3,093 $1,137 Diluted earnings per share $0.31 $0.11 Basic earnings per share $0.31 $0.11 Weighted average shares outstanding: Diluted 10,060,729 10,095,085 Basic 10,058,475 10,091,817
SOURCE: Pizza Inn, Inc.
CONTACT: Ronald W. Parker, President and Chief Executive Officer of
Pizza Inn, Inc., +1-469-384-5000
Web site: http://www.pizzainn.com/