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

About this update from Rave Restaurant Group, Inc.

[{"type":"text","content":"DALLAS, TX / ACCESSWIRE / September 21, 2023 / RAVE Restaurant Group, Inc. (NASDAQ:RAVE) today reported financial results for the fourth quarter and fiscal year ended June 25, 2023.Fourth Quarter Highlights:Total revenue increased by $0.2 million to $3.0 million for the fourth quarter of fiscal 2023 compared to the same period of the prior year.Adjusted EBITDA decreased by $0.2 million to $1.0 million for the fourth quarter of fiscal 2023 compared to the same period of the prior year.Pizza Inn domestic comparable store retail sales increased 9.0% in the fourth quarter of fiscal 2023 compared to the same period of the prior year.Pie Five domestic comparable store retail sales decreased 0.6% in the fourth quarter of fiscal 2023 compared to the same period of the prior year.The Company recorded net income of $0.6 million for the fourth quarter of fiscal 2023 compared to net income of $6.8 million for the same period of the prior year.Income before taxes decreased by $0.3 million to $0.8 million for the fourth quarter of fiscal 2023 compared to the same period of the prior year.On a fully diluted basis, net income decreased by $0.34 to $0.04 per share for the fourth quarter of fiscal 2023 compared to the same period of the prior year.Cash and cash equivalents were $5.3 million on June 25, 2023.Pizza Inn domestic unit count finished at 123.Pizza Inn international unit count finished at 34.Pie Five domestic unit count finished at 27.Annual Highlights:Total revenue increased by $1.2 million during fiscal 2023 to $11.9 million at June 25, 2023.Adjusted EBITDA of $2.7 million for fiscal 2023 was a $0.1 million decrease from the prior year.RAVE total domestic comparable store retail sales increased 10.3% for the year ended June 25, 2023 compared to the same period of the prior year.Pizza Inn domestic comparable store retail sales increased 11.3% for the year ended June 25, 2023 compared to the same period of the prior year.Pie Five domestic comparable store retail sales increased 5.4% for the year ended June 25, 2023 compared to the same period of the prior year.Net income decreased by $6.4 million to $1.6 million in fiscal 2023 compared to net income of $8.0 million for fiscal 2022.Income before taxes decreased by $0.2 million to $2.2 million in fiscal 2023 compared to $2.4 million in fiscal 2022.On a fully diluted basis, the Company rep...

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