Pizza Inn Holdings, Inc. today reported financial results for the fourth quarter and fiscal year ended June 29, 2014.
Fourth Quarter Highlights:
- Pizza Inn domestic comparable sales increased 1.5% from the same period in the prior year.
- Pie Five comparable store sales increased 12.9% from the same period in the prior year.
- Pie Five Company-owned average weekly sales per store increased 25.2% year over year.
- Company-owned restaurant sales from continuing operations increased 42.6% year over year, or 53.6% when prior year quarter is normalized to 13 weeks.
- Adjusted EBITDA, a non-GAAP financial measure, increased by $0.3 million sequentially over the previous quarter to $0.1 million.
- Net losses improved by $0.3 million over the same quarter of the prior year to a loss of $0.4 million.
- Pizza Inn domestic comparable store franchisee retail sales decreased 1.1% year over year.
- Pie Five Company-owned average weekly sales per store increased 12.4% year over year.
- Company-owned restaurant sales increased 33.0% year over year, or 35.5% when prior year is normalized to 52 weeks.
- The Company continued to invest in infrastructure to support future Pie Five growth, contributing to an Adjusted EBITDA loss of $0.5 million, a decrease of $1.1 million compared to prior year.
- Net loss increased $0.3 million from prior year to a loss of $1.6 million
Pizza Inn Holdings, Inc. today announced results for the fourth fiscal quarter and year ended June 29, 2014. The Company's net loss in the fourth quarter improved by $0.3 million over the comparable period in the prior fiscal year to $0.4 million from a loss of $0.7 million. Conversely, the Company's net loss for the 2014 fiscal year increased $0.3 million to $1.6 million compared to a net loss of $1.3 million in the prior fiscal year. The increase in net loss from prior year was primarily due to higher general and administrative expenses and franchise costs attributable to growth of the Pie Five brand, as well as lower food and supply sales. The fourth fiscal quarter and fiscal year 2014 had 13 and 52 weeks, respectively, as compared to 14 and 53 weeks, respectively, in the same periods of the prior fiscal year.
"Fiscal 2014 was an investment year as we continued to build the talent and infrastructure to effectively grow both of our restaurant brands. That investment is reflected in the losses recorded for the last several quarters," said Randy Gier, President and Chief Executive Officer. "We are very pleased to see the improving financial performance each of the last three quarters, and especially pleased with the most recent quarter results which we believe reflect our turning the corner on this investment of resources. Both of our brands recorded strong positive comparable store sales growth for the fourth quarter, a trend that has continued in the first quarter of fiscal 2015," added Gier.