Thu, Sep 26, 1:02 PM (95 days ago)
Rave Restaurant Group, Inc. reported fiscal year 2024 revenues of $12,150,000, an increase from $11,889,000 in 2023, driven by a 4.9% rise in franchise revenues for Pizza Inn. Net income rose to $2,473,000 from $1,613,000, with earnings per share increasing to $0.17 from $0.11. The company experienced a decline in Pie Five revenues by 17.2%, attributed to a reduced unit count and comparable store sales. Total franchise units decreased to 126 for Pizza Inn and 20 for Pie Five. Operating expenses decreased slightly, contributing to improved profitability. Adjusted EBITDA increased to $3,156,000 from $2,702,000. The company maintains a strong liquidity position with cash and cash equivalents of $2,886,000. Future growth is anticipated through strategic franchise development, particularly for Pizza Inn, while Pie Five may see a modest decline. Risks include competitive pressures and reliance on franchisee performance. Overall, Rave's financial condition appears stable, with ongoing efforts to enhance operational efficiencies and expand market presence.