RAVE Restaurant Group, Inc. Reports Fourth Quarter and Fiscal Year 2020 Financial Results

About this update from Rave Restaurant Group, Inc.

[{"type":"text","content":"DALLAS, Sept. 30, 2020 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the fourth quarter and fiscal year ended June 28, 2020. \nFourth Quarter Highlights: \nPizza Inn domestic comparable store retail sales decreased 39% in the fourth quarter of fiscal 2020 compared to the same period of the prior year. Pie Five comparable store retail sales decreased 37.9% in the fourth quarter of fiscal 2020 compared to the same period of the prior year. Total revenue decreased by $1.5 million to $1.6 million for the fourth quarter of fiscal 2020 compared to the same period of the prior year. Income before taxes was $32 thousand for the fourth quarter of fiscal 2020 compared to a loss before taxes of $1.1 million for the same period of the prior year. The Company recorded net income of $31 thousand for the fourth quarter of fiscal 2020 compared to net loss of $0.8 million for the same period of the prior year. On a fully diluted basis, net income increased $0.05 per share to $0.00 per share for the fourth quarter of fiscal 2020 compared to net loss of $0.05 per share for the same period of the prior year. Cash and cash equivalents increased $1.4 million during the fourth quarter of fiscal 2020 to $3.0 million at June 28, 2020. Pizza Inn domestic unit count finished at 151. Pizza Inn international unit count finished at 38. Pie Five domestic unit count finished at 42. Annual Highlights: \nFiscal 2020 contained 52 weeks compared to 53 weeks in fiscal 2019. RAVE total domestic comparable store retail sales decreased 10.5% for the 53 weeks ended June 28, 2020 compared to the 53 weeks ended June 30, 2019. Pizza Inn domestic comparable store retail sales for the 53 weeks ended June 28, 2020 decreased 8.8% compared to the same period of the prior year, while total domestic retail sales decreased 13.7%. Pie Five comparable store retail sales for the 53 weeks ended June 28, 2020 decreased 15.7% compared to the same period of the prior year, while total systemwide retail sales decreased 37.4%. Total consolidated revenue decreased 18.6% in fiscal 2020 to $10.0 million. Net income before tax improved by $0.6 million to a loss of $0.2 million in fiscal 2020 compared to a loss of $0.8 million in fiscal 2019. Net income decreased by $3.5 million to a net loss of $4.2 million for fiscal 2020 compared to net loss...

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