Rave Restaurant Group posted its fifth straight quarter of positive sales and earnings for the fourth quarter ended June 27, 2021, according to an earnings report.
The company recorded net income of $926,000 for the fourth quarter of fiscal 2021, compared to net income of $31,000 for the same period in 2020.
On a fully diluted basis, net earnings increased by 5 cents per share to 5 cents per share for the fourth quarter of fiscal 2021, compared to net earnings of $0.00 per share for the same period of the year. ‘Previous exercice.
Pizza Inn national comparable store retail sales increased 63% in the fourth quarter of Fiscal 2021 compared to the same prior year period. Same-store retail sales for Pie Five increased 36% in the fourth quarter of fiscal 2021 compared to the same period in 2020.
Pizza Inn’s domestic unit count ended at 135 while the international unit count ended at 32. Pie Five finished with 33 units.
The shares traded at $1.20 on Tuesday, with a 52-week range of 40 cents at $2.09.
“We are thrilled that the heroic efforts of our franchisees and team members have resulted in our fifth consecutive quarter of profitability. Our manic focus on cost control and relentless consumer-facing innovation is paying off with improved consistent sales and earnings despite the pandemic and the latest variant,” Rave Restaurant Group CEO Brandon Solano said in the report. “Our fourth-quarter net profit of $0.9 million marks the fifth consecutive quarter of revenue positive, showing sequential improvement each quarter, in a pandemic, while managing a buffet brand. This is RAVE’s best streak of positive earnings in nearly a decade. While our fourth quarter income includes a one-time discount on a PPP loan, we are generating positive operating income, have limited leverage and hold over $8 million in cash. »
“Fiscal 2021 financial results underscore the tremendous efforts our team at Rave has made to advance our turnaround despite the many challenges facing the restaurant industry,” said Clint Fendley, Chief Financial Officer of Rave Restaurant Group. , in the press release. “We increased operating cash by $1.8 million and cash and cash equivalents by $5.4 million, reduced debt and posted one of the best years of profitability for Rave in a decade. We look forward to 2022 as we continue to invest in both brands to drive growth in future periods.”