RAVE Restaurant Group Q4 total comparable store retail sales increased 0.4%
Staff Writer |
RAVE Restaurant Group reported financial results for the fourth quarter and fiscal year ended June 24, 2018.
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RAVE total comparable store retail sales increased 0.4% in the fourth quarter of fiscal 2018 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 2.5% in the fourth quarter of fiscal 2018 compared to the same period of the prior year, while total domestic retail sales increased 0.3%.
Pie Five comparable store retail sales decreased 6.4% in the fourth quarter compared to the same period of the prior year, while total system-wide retail sales decreased 10.7%.
Total revenue decreased by $2.5 million to $2.8 million for the fourth quarter of fiscal 2018 compared to $5.3 million for the same period of the prior year.
Net income improved by $4.4 million to $3.3 million compared to a net loss of $1.1 million for the same period of the prior year.
The Company reversed $3.4 million of the previous valuation allowance against net deferred tax assets, resulting in a net income tax benefit of $3.3 million.
On a fully diluted basis, the Company had net income of $0.21 per share for the fourth quarter of fiscal 2018 compared to a net loss of $0.11 per share for the same period of the prior year.
Adjusted EBITDA of $0.3 million was a $0.6 million improvement from the same period of the prior year.
Domestic Pizza Inn units increased by one during the quarter bringing the domestic total units open at the end of the quarter to 153.
International Pizza Inn units decreased by two during the quarter bringing the international total units open at the end of the quarter to 58.
Pie Five units decreased by five during the quarter bringing the total Pie Five units open at the end of the quarter to 73.
Annual Highlights:
RAVE total comparable store retail sales decreased 2.1% compared to fiscal 2017.
Pizza Inn domestic comparable store retail sales increased 1.8% from the prior year, while total domestic retail sales decreased 1.9%.
Pie Five comparable store retail sales decreased 12.9% from the prior year, while total system-wide retail sales decreased 16.7%.
Total consolidated revenue decreased 42.0% in fiscal 2018 to $15.1 million.
Net income improved by $14.4 million to $1.9 million compared to a net loss of $12.5 million in the prior year.
The Company reversed $3.4 million of the previous valuation allowance against net deferred tax assets, resulting in a net income tax benefit of $3.3 million.
On a fully diluted basis, the Company reported net income of $0.13 per share compared to a net loss of $1.18 per share in the prior year.
Adjusted EBITDA of $0.6 million was a $2.4 million increase from the prior year.
Shareholders' Equity increased by $8.4 million to $6.3 million as of the end of fiscal 2018 compared to the prior year
Domestic Pizza Inn units decreased by eight during the year bringing domestic total units open at the end of the fiscal year to 153.
International Pizza Inn units decreased by two during the year bringing the international total units open at the end of the fiscal year to 58.
Pie Five units decreased by eleven during the year bringing the total Pie Five units open at the end of the fiscal year to 73. ■