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P R E S S R E L E A S E
FOR IMMEDIATE RELEASE
PIZZA INN ANNOUNCES 1ST QUARTER FINANCIAL RESULTS
THE COLONY, TEXAS -OCTOBER 31, 2003- PIZZA INN, INC. (NASDAQ:PZZI) today
reported earnings per share for its first quarter ended September 28, 2003 of 5
cents versus 3 cents for the same quarter last year. Net income was $504,000
versus $303,000, on revenues of $15.4 million versus $15.4 million in the
previous year. The previous year's quarter included pre-tax severance related
charges of approximately $415,000 (after-tax affect of approximately $274,000),
in connection with the departure of the Company's former chief executive
officer. Comparable same-store sales finished down 4.8% for the quarter.
The Company is the franchisor and food and supply distributor to more than 410
stores in 20 states and 10 foreign countries.
P R E S S R E L E A S E
PIZZA INN, INC.
(In thousands, except share and per share amounts)
Quarter Ended
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Sept. 28 Sept. 29,
2003 2002
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Revenue . . . . . . . . . . . . . . . $ 15,376 $ 15,361
Income before taxes. . . . . . $ 764 $ 460
Net Income . . . . . . . . . . $ 504 $ 303
Diluted earnings per share . . $ 0.05 $ 0.03
Basic earnings per share . . . $ 0.05 $ 0.03
Weighted average shares outstanding:
Diluted. . . . . . . . . . . . . . 10,086,059 10,058,350
Basic. . . . . . . . . . . . . . . 10,059,223 10,058,248