RAVE Restaurant Group, Inc Reports Third Quarter 2020 Financial Results.
DALLAS: RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter of fiscal 2020 ended March 29, 2020.
Third Quarter Highlights:
Pizza Inn domestic comparable store retail sales decreased 7.8% in the third quarter of fiscal 2020 compared to the same period of the prior year.
Pie Five comparable store retail sales decreased 21.4% in the third quarter of fiscal 2020 compared to the same period of the prior year.
Total revenue decreased by $0.4 million to $2.7 million for the third quarter of fiscal 2020 compared to the same period of the prior year.
Loss before taxes was $0.5 million for the third quarter of fiscal 2020 compared to a $0.3 million loss for the same period of the prior year.
The Company recorded net loss of $4.5 million for the third quarter of fiscal 2020 compared to net loss of $0.3 million for the same period of the prior year primarily due to a $4.3 million increase in the reserve against net deferred tax assets;
On a fully diluted basis, net loss increased $0.28 per share to $0.30 per share for the third quarter of fiscal 2020 compared to $0.02 per share for the same period of the prior year.
Adjusted EBITDA for the third quarter of fiscal 2020 decreased $0.2 million from the same period of the prior year.
Cash and cash equivalents decreased $0.4 million during the third quarter of fiscal 2020 to $1.5 million at March 29, 2020.
Pizza Inn domestic unit count finished at 152.
Pizza Inn international unit count finished at 37.
Pie Five domestic unit count finished at 43.
"During this unprecedented time for the restaurant industry, I'm extremely proud of how our franchisees and team members have responded," said Brandon Solano, Chief Executive Officer of Rave Restaurant Group, Inc. "I've been inspired by our system's resilience and their tireless efforts to ensure that our restaurants remain a safe place to work and dine during the Coronavirus outbreak. Additionally, we have taken extensive measures to protect Rave's financial stability. We looked at all areas to reduce expenses, including furloughing two-thirds of our support staff and an across-the-board 20% pay reduction for all other employees and executive leadership late in the third quarter. I am grateful for our team's sacrifices and the continued support of our guests and communities."
The Company's basic net loss increased $0.28 per share to $0.30 per share for the three months ended March 29, 2020, compared to basic net loss...
To continue reading
Request your trial