|
|
|
(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 May 2, 2024.
|
Rave Restaurant Group, Inc.
|
||
Date: May 2, 2024
|
By:
|
/s/ JAY D. ROONEY
|
Jay D. Rooney
|
||
Chief Financial Officer
|
||
(principal financial officer)
|
• |
The Company recorded net income of $0.7 million for the third quarter of fiscal 2024 compared to net income of $0.3 million for the same period of the prior year.
|
• |
Income before taxes increased 95.2% to $0.9 million for the third quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Total revenue remained stable at $3.0 million for the third quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Adjusted EBITDA increased by $0.2 million to $0.8 million for the third quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
On a fully diluted basis, net income increased by $0.02 to $0.04 per share for the third quarter of fiscal 2024 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales decreased slightly by 1.9% in the third quarter of fiscal 2024 compared to the same period of the prior year. In the prior year third quarter,
comparable store sales were up 15.6% from the third quarter of 2022.
|
• |
Pie Five domestic comparable store retail sales decreased 6.4% in the third quarter of fiscal 2024 compared to the same period of the prior year. In the prior year third quarter, comparable store
sales were up 8.4% from the third quarter of 2022.
|
• |
Cash and cash equivalents were $6.3 million on March 24, 2024.
|
• |
Pizza Inn domestic unit count finished at 104.
|
• |
Pizza Inn international unit count finished at 21.
|
• |
Pie Five domestic unit count finished at 23.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 24, 2024
|
March 26, 2023
|
March 24, 2024
|
March 26, 2023
|
|||||||||||||
REVENUES
|
$
|
2,962
|
$
|
2,970
|
$
|
8,795
|
$
|
8,841
|
||||||||
COSTS AND EXPENSES
|
||||||||||||||||
General and administrative expenses
|
1,272
|
1,486
|
3,932
|
4,282
|
||||||||||||
Franchise expenses
|
812
|
964
|
2,828
|
3,033
|
||||||||||||
Impairment of long-lived assets and other lease charges
|
—
|
—
|
—
|
5
|
||||||||||||
Provision for credit losses
|
11
|
28
|
46
|
37
|
||||||||||||
Interest (income) expense
|
(45
|
)
|
—
|
(93
|
)
|
1
|
||||||||||
Depreciation and amortization expense
|
58
|
54
|
170
|
158
|
||||||||||||
Total costs and expenses
|
2,108
|
2,532
|
6,883
|
7,516
|
||||||||||||
INCOME BEFORE TAXES
|
854
|
438
|
1,912
|
1,325
|
||||||||||||
Income tax expense
|
(200
|
)
|
(115
|
)
|
(319
|
)
|
(347
|
)
|
||||||||
NET INCOME
|
$
|
654
|
$
|
323
|
$
|
1,593
|
$
|
978
|
||||||||
INCOME PER SHARE OF COMMON STOCK - BASIC
|
$
|
0.04
|
$
|
0.02
|
$
|
0.11
|
$
|
0.06
|
||||||||
INCOME PER SHARE OF COMMON STOCK - DILUTED
|
$
|
0.04
|
$
|
0.02
|
$
|
0.11
|
$
|
0.06
|
||||||||
Weighted average common shares outstanding - basic
|
14,587
|
14,154
|
14,395
|
15,712
|
||||||||||||
Weighted average common shares outstanding - diluted
|
14,737
|
14,154
|
14,546
|
15,712
|
March 24,
2024
|
June 25,
2023
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
6,318
|
$
|
5,328
|
||||
Accounts receivable, less allowance for credit losses of $33 and $58, respectively
|
1,338
|
1,145
|
||||||
Notes receivable, current
|
65
|
105
|
||||||
Assets held for sale
|
35
|
19
|
||||||
Deferred contract charges, current
|
27
|
33
|
||||||
Prepaid expenses and other current assets
|
431
|
204
|
||||||
Total current assets
|
8,214
|
6,834
|
||||||
LONG-TERM ASSETS
|
||||||||
Property and equipment, net
|
202
|
258
|
||||||
Operating lease right of use assets, net
|
913
|
1,227
|
||||||
Intangible assets definite-lived, net
|
273
|
328
|
||||||
Notes receivable, net of current portion
|
53
|
28
|
||||||
Deferred tax asset, net
|
5,095
|
5,342
|
||||||
Deferred contract charges, net of current portion
|
206
|
220
|
||||||
Total assets
|
$
|
14,956
|
$
|
14,237
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable - trade
|
$
|
652
|
$
|
502
|
||||
Accrued expenses
|
674
|
891
|
||||||
Operating lease liabilities, current
|
421
|
463
|
||||||
Deferred revenues, current
|
192
|
342
|
||||||
Total current liabilities
|
1,939
|
2,198
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Operating lease liabilities, net of current portion
|
644
|
958
|
||||||
Deferred revenues, net of current portion
|
573
|
690
|
||||||
Total liabilities
|
3,156
|
3,846
|
||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE C)
|
||||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,522,171 and 25,090,058 shares, respectively;
outstanding 14,586,566 and 14,154,453 shares, respectively
|
255
|
251
|
||||||
Additional paid-in capital
|
37,541
|
37,729
|
||||||
Retained earnings
|
4,032
|
2,439
|
||||||
Treasury stock, at cost
|
||||||||
Shares in treasury: 10,935,605 and 10,935,605 respectively
|
(30,028
|
)
|
(30,028
|
)
|
||||
Total shareholders' equity
|
11,800
|
10,391
|
||||||
Total liabilities and shareholders' equity
|
$
|
14,956
|
$
|
14,237
|
Nine Months Ended
|
||||||||
March 24,
2024
|
March 26,
2023
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
1,593
|
$
|
978
|
||||
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
|
127
|
259
|
||||||
Depreciation and amortization
|
107
|
105
|
||||||
Amortization of operating right of use assets
|
314
|
327
|
||||||
Amortization of intangible assets definite-lived
|
63
|
53
|
||||||
Provision for credit losses
|
46
|
37
|
||||||
Deferred income tax
|
247
|
272
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(239
|
)
|
452
|
|||||
Notes receivable
|
(30
|
)
|
22
|
|||||
Deferred contract charges
|
20
|
12
|
||||||
Prepaid expenses and other current assets
|
(227
|
)
|
(35
|
)
|
||||
Accounts payable - trade
|
150
|
(204
|
)
|
|||||
Accrued expenses
|
(217
|
)
|
(415
|
)
|
||||
Operating lease liabilities
|
(356
|
)
|
(364
|
)
|
||||
Deferred revenues
|
(267
|
)
|
(271
|
)
|
||||
Cash provided by operating activities
|
1,331
|
1,233
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Payments received on notes receivable
|
45
|
90
|
||||||
Proceeds from sale of assets
|
1
|
5
|
||||||
Purchase of intangible assets definite-lived
|
(8
|
)
|
(123
|
)
|
||||
Purchase of property and equipment
|
(68
|
)
|
(52
|
)
|
||||
Cash used in investing activities
|
(30
|
)
|
(80
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase of treasury stock
|
—
|
(4,979
|
)
|
|||||
Taxes paid on issuance of restricted stock units
|
(311
|
)
|
—
|
|||||
Payments on short term loan
|
—
|
(30
|
)
|
|||||
Cash used in financing activities
|
(311
|
)
|
(5,009
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
990
|
(3,856
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
5,328
|
7,723
|
||||||
Cash and cash equivalents, end of period
|
$
|
6,318
|
$
|
3,867
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
CASH (REFUNDED) PAID FOR:
|
||||||||
Income taxes
|
$
|
(4
|
)
|
$
|
90
|
|||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 24, 2024
|
March 26, 2023
|
March 24, 2024
|
March 26, 2023
|
|||||||||||||
Net income
|
$
|
654
|
$
|
323
|
$
|
1,593
|
$
|
978
|
||||||||
Interest (income) expense
|
(45
|
)
|
—
|
(93
|
)
|
1
|
||||||||||
Income taxes
|
200
|
115
|
319
|
347
|
||||||||||||
Depreciation and amortization
|
58
|
54
|
170
|
158
|
||||||||||||
EBITDA
|
$
|
867
|
$
|
492
|
$
|
1,989
|
$
|
1,484
|
||||||||
Stock-based compensation expense
|
45
|
86
|
127
|
259
|
||||||||||||
Impairment of long-lived assets and other lease charges
|
—
|
—
|
—
|
5
|
||||||||||||
Franchisee default and closed store revenue
|
(70
|
)
|
(10
|
)
|
(152
|
)
|
(23
|
)
|
||||||||
Adjusted EBITDA
|
$
|
842
|
$
|
568
|
$
|
1,964
|
$
|
1,725
|
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M\
Document and Entity Information |
May 02, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 02, 2024 |
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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