|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
(d) |
Exhibits.
|
99.1 |
Rave Restaurant Group, Inc. press release dated November 2, 2023.
|
Rave Restaurant Group, Inc.
|
||
Date: November 2, 2023
|
By:
|
/s/ CLINTON D. FENDLEY
|
Clinton D. Fendley
|
||
Chief Financial Officer
|
||
(principal financial officer)
|
• |
Total revenue increased by $0.1 million to $3.1 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Adjusted EBITDA increased by $0.1 million to $0.6 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 6.8% in the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Pie Five domestic comparable store retail sales increased 1.2% in the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
The Company recorded net income of $0.4 million for the first quarter of fiscal 2024 compared to net income of $0.3 million for the same period
of the prior year.
|
• |
Income before taxes increased by $0.1 million to $0.5 million for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
On a fully diluted basis, net income increased by $0.01 to $0.03 per share for the first quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Cash and cash equivalents were $5.9 million at September 24, 2023.
|
• |
Pizza Inn domestic unit count finished at 111.
|
• |
Pizza Inn international unit count finished at 22.
|
• |
Pie Five domestic unit count finished at 26.
|
Three Months Ended
|
||||||||
September 24,
2023
|
September 25,
2022
|
|||||||
REVENUES
|
$
|
3,089
|
$
|
3,005
|
||||
COSTS AND EXPENSES:
|
||||||||
General and administrative expenses
|
1,319
|
1,343
|
||||||
Franchise expenses
|
1,172
|
1,202
|
||||||
Impairment of long-lived assets and other lease charges
|
-
|
5
|
||||||
Bad debt expense
|
25
|
4
|
||||||
Interest expense
|
- |
1
|
||||||
Depreciation and amortization expense
|
55
|
51
|
||||||
Total costs and expenses
|
2,571
|
2,606
|
||||||
INCOME BEFORE TAXES
|
518
|
399
|
||||||
Income tax expense
|
(132
|
)
|
(92
|
)
|
||||
NET INCOME
|
386
|
307
|
||||||
INCOME PER SHARE OF COMMON STOCK - BASIC:
|
$
|
0.03
|
$
|
0.02
|
||||
INCOME PER SHARE OF COMMON STOCK - DILUTED:
|
$
|
0.03
|
$
|
0.02
|
||||
Weighted average common shares outstanding - basic
|
14,154
|
16,632
|
||||||
Weighted average common and potential dilutive common shares outstanding
|
14,762
|
16,632
|
September 24,
2023
|
June 25,
2023
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
5,944
|
$
|
5,328
|
||||
Accounts receivable, less allowance for bad debts of $12 and $58, respectively
|
1,072
|
1,145
|
||||||
Notes receivable, current
|
122
|
105
|
||||||
Property held for sale
|
34
|
19
|
||||||
Deferred contract charges, current
|
31
|
33
|
||||||
Prepaid expenses and other current assets
|
388
|
204
|
||||||
Total current assets
|
7,591
|
6,834
|
||||||
LONG-TERM ASSETS
|
||||||||
Property and equipment, net
|
231
|
258
|
||||||
Operating lease right of use asset, net
|
1,115
|
1,227
|
||||||
Intangible assets definite-lived, net
|
312
|
328
|
||||||
Notes receivable, net of current portion
|
44
|
28
|
||||||
Deferred tax asset, net
|
5,234
|
5,342
|
||||||
Deferred contract charges, net of current portion
|
202
|
220
|
||||||
Total assets
|
$
|
14,729
|
$
|
14,237
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable - trade
|
$
|
583
|
$
|
502
|
||||
Accrued expenses
|
1,172
|
891
|
||||||
Operating lease liability, current
|
446
|
463
|
||||||
Deferred revenues, current
|
287
|
342
|
||||||
Total current liabilities
|
2,423
|
2,198
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Operating lease liability, net of current portion
|
848
|
958
|
||||||
Deferred revenues, net of current portion
|
602
|
690
|
||||||
Total liabilities
|
3,873
|
3,846
|
||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE D)
|
||||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,090,058 and 25,090,058 shares, respectively;
outstanding 14,154,453 and 14,154,453 shares, respectively
|
251
|
251
|
||||||
Additional paid-in capital
|
37,808
|
37,729
|
||||||
Retained earnings
|
2,825
|
2,439
|
||||||
Treasury stock at cost
|
||||||||
Shares in treasury: 10,935,605 and 10,935,605 respectively
|
(30,028
|
)
|
(30,028
|
)
|
||||
Total shareholders' equity
|
10,856
|
10,391
|
||||||
Total liabilities and shareholders' equity
|
$
|
14,729
|
$
|
14,237
|
Three Months Ended
|
||||||||
September 24,
2023
|
September 25,
2022
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
386
|
$
|
307
|
||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Impairment of long-lived assets and other lease charges
|
- |
5
|
||||||
Stock-based compensation expense
|
79
|
86
|
||||||
Depreciation and amortization
|
34
|
35
|
||||||
Amortization of operating right of use assets
|
112
|
108
|
||||||
Amortization of intangible assets definite-lived
|
21
|
16
|
||||||
Allowance for bad debts
|
25
|
4
|
||||||
Deferred income tax
|
108
|
- | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
48
|
491
|
||||||
Notes receivable
|
(48
|
)
|
5
|
|||||
Deferred contract charges
|
20
|
9
|
||||||
Prepaid expenses and other
|
(184
|
)
|
38
|
|||||
Accounts payable - trade
|
81
|
20
|
||||||
Accrued expenses
|
281
|
284
|
||||||
Operating lease liability
|
(127
|
)
|
(120
|
)
|
||||
Deferred revenues
|
(208
|
)
|
(153
|
)
|
||||
Cash provided by operating activities
|
628
|
1,135
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Payments received on notes receivable
|
15
|
30
|
||||||
Purchase of intangible assets definite-lived
|
(5
|
)
|
(39
|
)
|
||||
Purchase of property, plant and equipment
|
(22
|
)
|
(14
|
)
|
||||
Cash (used in)/provided by investing activities
|
(12
|
)
|
(23
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase of treasury stock
|
-
|
(1,384
|
)
|
|||||
Payments on short term loan
|
- |
(30
|
)
|
|||||
Cash used in financing activities
|
- |
(1,414
|
)
|
|||||
Net decrease in cash and cash equivalents
|
616
|
(302
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
5,328
|
7,723
|
||||||
Cash and cash equivalents, end of period
|
$
|
5,944
|
$
|
7,421
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
CASH PAID FOR:
|
||||||||
Income taxes
|
$
|
(5
|
)
|
$
|
9
|
Three Months Ended
|
||||||||
September 24, 2023
|
September 25, 2022
|
|||||||
Net income
|
$
|
386
|
$
|
307
|
||||
Interest expense
|
- |
1
|
||||||
Income taxes
|
132
|
92
|
||||||
Depreciation and amortization
|
55
|
51
|
||||||
EBITDA
|
$
|
573
|
$
|
451
|
||||
Stock-based compensation expense
|
79
|
86
|
||||||
Impairment of long-lived assets and other lease charges
|
- |
5
|
||||||
Franchisee default and closed store revenue
|
(64
|
)
|
- | |||||
Adjusted EBITDA
|
$
|
588
|
$
|
542
|
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Document and Entity Information |
Nov. 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 02, 2023 |
Entity File Number | 0-12919 |
Entity Registrant Name | Rave Restaurant Group, Inc. |
Entity Central Index Key | 0000718332 |
Entity Incorporation, State or Country Code | MO |
Entity Tax Identification Number | 45-3189287 |
Entity Address, Address Line One | 3551 Plano Parkway |
Entity Address, City or Town | The Colony |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75056 |
City Area Code | 469 |
Local Phone Number | 384-5000 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | RAVE |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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