The Colony, Texas, Sept. 14, 2011 (GLOBE NEWSWIRE) — Pizza Inn, Inc. today announced results for the fourth quarter and fiscal year ended June 26, 2011. Net income increased to $407,000, or $0.05 per share, for the fourth quarter compared to net income of $49,000, or $0.01 per share, for the same quarter of the prior fiscal year. Revenues for the fourth quarter increased 10.0% to $11.3 million compared to $10.3 million for the same quarter of the prior fiscal year. Domestic same store sales increased 4.3% for the fourth fiscal quarter compared to the same quarter of the prior fiscal year driven by a 5.0% increase in same store sales for the buffet-style concept.
Net income increased 16.6% year over year to $1.4 million, or $0.17 per share, for fiscal 2011 compared to net income of $1.2 million, or $0.15 per share, for the prior fiscal year. Revenues increased 5.3% to $43.0 million compared to $40.9 million for the prior fiscal year. Domestic same store sales for fiscal 2011 decreased 0.4% compared to the prior fiscal year but showed a 0.3% increase in same store sales for the buffet-style concept. EBITDA increased 17.3%, or $0.4 million, to $2.9 million for fiscal 2011compared to $2.5 million in the prior fiscal year.
“We are very pleased with the results of our fourth quarter and fiscal year, along with the opening of our first Pie Five prototype restaurant,” commented Charlie Morrison, President and CEO. “Our net income and EBITDA results for fiscal 2011 were significantly improved despite the negative impact of a one-time $0.3 million charge for settlement costs in the fourth quarter. The Pizza Inn brand performance remains strong with continued positive same store sales growth resulting from ongoing investments made by our franchisees. Our pipeline for new Pizza Inn franchise openings in the U.S. and international business continues to fill, with the potential to open another 15 new Pizza Inn restaurants worldwide in fiscal 2012. Our new concept, Pie Five Pizza Company, has seen great success in the early stages of the development of the brand. We expect to open additional company owned Pie Five restaurants in fiscal 2012 as well as begin franchising.”
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 Pizza Inn’s control. 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 Pizza Inn’s objectives and plans will be achieved.
Pizza Inn, 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.”