RAVE Restaurant Group, Inc. Reports First Quarter Financial Results

About this update from Rave Restaurant Group, Inc.

[{"type":"text","content":"DALLAS, Nov. 4, 2021 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the first quarter ended September 26, 2021.\nFirst Quarter Highlights:\nThe Company recorded net income of $285 thousand for the first quarter of fiscal 2021 compared to net income of $76 thousand for the same period of the prior year. Income before taxes was $288 thousand for the first quarter of fiscal 2021 compared to net income before taxes of $78 thousand for the same period of the prior year. Total revenue increased by $0.7 million to $2.6 million for the first quarter of fiscal 2021 compared to the same period of the prior year. Pizza Inn domestic comparable store retail sales increased 25% in the first quarter of fiscal 2021 compared to the same period of the prior year. Pie Five comparable store retail sales increased 18% in the first quarter of fiscal 2021 compared to the same period of the prior year. On a fully diluted basis, net income increased $0.02 per share to $0.02 per share for the first quarter of fiscal 2021 compared to net income of $0.00 per share for the same period of the prior year. Cash and cash equivalents decreased $0.5 million during the first quarter of fiscal 2021 to $7.9 million at September 26, 2021. Pizza Inn domestic unit count finished at 133. Pizza Inn international unit count finished at 32. Pie Five domestic unit count finished at 33.\"The valiant efforts of our franchisees and team members have been crucial to accomplishing our sixth consecutive quarter of profitability,\" said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. \"Our strong sales recovery and focus on cost control is paying off with strong earnings growth despite the pandemic, supply chain disruptions, and labor market upheaval.\"\n\"Our first quarter net income before tax of $288 thousand marks the sixth consecutive quarter of positive income and is 269% better than year ago, demonstrating our brands' resilience and strong connection with our customers. Our franchisees are gritty, refusing to concede to the labor market shortage and continuing to staff their stores and open dining rooms when many competitors are limiting service options, hours and days of operation,\" said Solano. \"This is RAVE's best streak of positive income in nearly a decade as we generate positive operating income...

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