Company Continues to Expand and Invest in New Pie Five Concept
Second Quarter Year-to-Year Highlights:
THE COLONY, Texas, Feb. 8, 2012 // GLOBE NEWSWIRE // -- Pizza Inn Holdings, Inc. (Nasdaq:PZZI) today announced results for the second fiscal quarter ended December 25, 2011. Net income decreased $0.3 million year over year to $0.1 million, or $0.01 per share, compared to net income of $0.4 million, or $0.05 per share, for the same quarter of the prior fiscal year. The decline in net income was primarily attributable to $0.2 million of pre-opening costs associated with the opening of three new Company owned Pie Five restaurants during the three months ended December 25, 2011, as well as $0.1 million of costs associated with preparing the Company to support the growth of the Pie Five business and the franchising of Pizza Inn in China. Second quarter revenues were essentially unchanged at $10.3 million compared to $10.4 million for the same quarter of the prior fiscal year. Domestic buffet-style restaurant same store sales increased 0.4% while total domestic same store sales decreased 0.2% from the comparable quarter of the prior fiscal year. Company store restaurant sales increased 32.2% to $1.3 million due primarily to new store openings. Food and supply sales decreased by approximately $0.4 million, or 4.1%, due to a decrease in the average number of restaurants open in the current period when compared to the prior period
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For the six months ended December 25, 2011, net income was $0.4 million, or $0.05 per share, compared to $0.5 million, or $0.06 per share, for the same period in the prior fiscal year. The decline in net income was primarily attributable to $0.2 million of pre-opening costs associated with the opening of three Pie Five during the six months ended December 25, 2011, as well as $0.1 million of costs associated with preparing the Company to support the growth of the Pie Five business and the franchising of Pizza Inn in China. Revenues increased $0.5 million, or 2.4%, to $21.5 million for the six months ended December 25, 2011 compared to $21.0 million during the same period in the prior fiscal year. Domestic buffet-style restaurant same store sales increased 1.6% while total domestic same store sales increased 1.1% compared to the prior fiscal year. For the first half of fiscal 2012, Company store restaurant sales increased $0.7 million, or 37.4%, to $2.5 million due to new store openings
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"We continued to develop and expand our Pie Five concept with the addition of three new locations this quarter," commented Charlie Morrison, President and CEO. "We have invested in people and infrastructure in anticipation of continued growth of our Pie Five concept. The Company opened its fifth Pie Five location in the Dallas/Ft. Worth area in January and we expect to open three more Company owned stores before July 2012. We are now offering Pie Five franchises in all non-registration states in the US and are working on registering in all other states."
"We were also pleased to see same store sales growth in our Pizza Inn brand remain solid at 1.1% domestically and 0.9% internationally for the first half of the year," Mr. Morrison concluded.
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Pizza Inn Holdings. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of Pizza Inn Holdings will be achieved.
Pizza Inn Holdings, Inc. is an owner, franchisor and supplier of a system of restaurants operating domestically and internationally under the trademarks "Pizza Inn" and "Pie Five Pizza Company." The Company and its distribution division, Norco Restaurant Services Company, are headquartered in The Colony, Texas. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "PZZI."
The Pizza Inn logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4933
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Pizza Inn Inc. is a hometown pizza restaurant franchise focused on serving made-from-scratch pizzas to generations of families who like their service and hospitality served with big smiles and even bigger hearts.