Rave Restaurant Group reported its fifth consecutive quarter of positive sales and profits 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 income increased from 5 cents per share to 5 cents per share for the fourth quarter of fiscal 2021, compared to net income of $ 0.00 per share for the same period of the Previous exercice.
Pizza Inn’s national comparable store retail sales increased 63% in the fourth quarter of fiscal 2021 compared to the same period last year. Pie Five comparable store retail sales increased 36% in the fourth quarter of fiscal 2021 compared to the same period in 2020.
Pizza Inn’s domestic unit count finished at 135 while the international unit count finished 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 delighted that the heroic efforts of our franchisees and team members have resulted in our fifth consecutive quarter of profitability. Our manic focus on cost containment and relentless innovation in the face of consumers is paying off with continued improvement in sales and profits despite the pandemic and the latest variant, ”said Brandon Solano, CEO of Rave Restaurant Group, in the report. “Our fourth quarter net profit of $ 0.9 million marks the fifth consecutive quarter of positive revenue, showing sequential improvement every quarter, during a pandemic, while running a buffet brand. This is RAVE’s best positive revenue streak in nearly a decade.Our fourth quarter revenue includes one-time PPP loan forgiveness, we generate positive operating income, have limited leverage, and hold over $ 8 million dollars in cash. “
“Fiscal 2021 financial results underscore the tremendous efforts of our team at Rave to advance our recovery despite the many challenges facing the restaurant industry,” said Clint Fendley, Chief Financial Officer of Rave Restaurant Group. , in the press release. “We increased our operating cash flow by $ 1.8 million and our cash and cash equivalents by $ 5.4 million, we reduced our debt and posted one of the best years of profitability for Rave in one.” decade. We look forward to 2022 as we continue to invest in both brands to begin growth in future periods. “