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RAVE Restaurant Group, Inc. Reports First Fiscal Quarter Financial Results
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PR Newswire
DALLAS, Nov. 9, 2016
DALLAS, Nov. 9, 2016 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ:RAVE) today reported financial results for the first quarter of fiscal 2017 ended September 25, 2016.
First Quarter Highlights:
- Total consolidated revenue increased 6.3% to $15.5 million compared to $14.5 million in the first quarter of fiscal 2016.
- Pie Five comparable store retail sales decreased 14.7% from the same period of the prior year.
- Pie Five system-wide retail sales increased 35.5%, while average weekly sales declined 12.8%, year over year.
- Pizza Inn domestic comparable store retail sales increased 0.2% from the same period of the prior year, while total domestic retail sales decreased by 1.6%.
- Net loss of $1.5 million was $0.9 million greater than the same quarter of the prior year primarily due to closed store expenses, lease termination costs and lower sales and financial performance by Company-owned Pie Five stores.
- On a fully diluted basis, the loss was $0.14 per share for the first quarter of fiscal 2017, compared to a loss of $0.05 per share for the same period of the prior year.
- Adjusted EBITDA of ($0.2) million was $0.4 million less than the same quarter of the prior year.
- Company-owned Pie Five operating cash flow decreased $0.6 million from the same period of the prior year.
- Net addition of four Pie Five restaurants during the quarter brought the total Pie Five restaurants open at the end of the quarter to 92.
"Sales trends continued to be very challenging in the first fiscal quarter for the Pie Five system while sales in the Pizza Inn system were comparatively stable, and these trends have continued so far in the current quarter," said Clinton Coleman, Interim Chief Executive Officer for Rave Restaurant Group, Inc. "We are implementing several new service, product, and marketing initiatives to address these poor traffic trends at Pie Five, including the recent launch of online ordering."
First Quarter Fiscal 2017 Operating Results
Total revenues for the third quarter of fiscal 2017 and the comparable prior year quarter were $15.5 million and $14.5 million, respectively, an increase of 6.3% year over year. Additional franchise development fees previously received from Pie Five franchisees have been deferred and will be recognized as future restaurants are opened. Pizza Inn domestic comparable store retail sales increased 0.2% from the same period in the prior year.
For Pie Five, system-wide retail sales increased 35.5% for the first quarter of fiscal 2017 when compared to the same period in the prior year driven by a 57.9% increase in average units open, while system-wide average weekly sales decreased by 12.8%, year over year. Comparable store retail sales decreased by 14.7% for the most recent fiscal quarter compared to the same period in the prior year. The Pie Five comparable store retail sales were adversely impacted by restaurants recently entering the comparable store base having lower average sales than in prior years. The Company believes that increased competition within the fast-casual segment and general industry softness contributed to weakened trends within the Pie Five system.
"At Pie Five we are focused on making it faster and more convenient for our customers to get a consistently great personalized pizza," said Coleman. "Meanwhile, I'm pleased that Pizza Inn is performing relatively well in a tough dine-in restaurant environment, and the performance of recent new and remodeled franchised restaurants indicates a potential for establishing a sustainable growth path for the brand."
Development Review
In the first quarter of fiscal 2017, six new franchised Pie Five restaurants were opened, while one franchised and one Company restaurants were closed, bringing the fiscal quarter-end total unit count to 92 restaurants. The Company signed two new franchise development agreements with an existing franchisee for up to 16 additional Pie Five restaurants in Louisiana and Nevada. The Company currently has franchise restaurant development commitments totaling up to an additional 363 Pie Five restaurants.
"We have an accelerated rate of franchised restaurant openings in the next six months, including stores in several new markets," said Coleman.
Conference Call
A conference call and audio webcast has been scheduled for 5:00 p.m. Central time today to discuss these results. Details of the conference call are as follows:
| Date: | | Wednesday, November 9, 2016 |
| Time: | | 5:00 p.m. Central time |
| Dial-In #: | | 1-877-870-4263 U.S. & Canada |
| | | 1-412-317-0790 International |
| | | |
Alternatively, the conference call will be webcast at www.raverg.com on the "Investor Relations" webpage. A web-based archive of the conference call will also be available at the above website.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating operating performance. These non-GAAP financial measures should not be viewed as an alternative or substitute for its financial statements prepared in accordance with generally accepted accounting principles. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, stock compensation expense, pre-opening expense, gain/loss on sale of assets, costs related to impairment, other lease charges, non-operating store costs and discontinued operations. A reconciliation of Adjusted EBITDA to net income is included with the accompanying financial statements.
Note Regarding Forward Looking Statements
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of RAVE Restaurant Group, Inc. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of RAVE Restaurant Group, Inc. will be achieved.
About RAVE Restaurant Group, Inc.
Founded in 1958, Dallas-based RAVE Restaurant Group [NASDAQ: RAVE] owns, operates and franchises more than 300 Pie Five Pizza Co. and Pizza Inn restaurants domestically and internationally. Pie Five Pizza Co. is a leader in the rapidly growing fast-casual pizza space offering made-to-order pizzas ready in under five minutes. Pizza Inn is an international chain featuring freshly made pizzas, along with salads, pastas, and desserts. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "RAVE". For more information, please visit www.raverg.com.
Contact:
Jami Zimmerman
Investor Relations
RAVE Restaurant Group, Inc.
469-384-5132
| RAVE RESTAURANT GROUP, INC. | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | Three Months Ended | |||
| | | | | | | | September 25, | | September 27, | |
| | | | | | | | 2016 | | 2015 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| REVENUES: | | | | $ 15,456 | | $ 14,536 | ||||
| | | | | | | | | | | |
| COSTS AND EXPENSES: | | | | | | | ||||
| | Cost of sales | | | | 13,882 | | 12,350 | |||
| | General and administrative expenses | | | | 1,903 | | 1,569 | |||
| | Franchise expenses | | | | 852 | | 859 | |||
| | Pre-opening expenses | | | | 19 | | 432 | |||
| | Loss on sale of assets | | | | 43 | | - | |||
| | Other lease charges | | | | 169 | | - | |||
| | Bad debt | | | | 53 | | 103 | |||
| | Interest expense | | | | - | | 1 | |||
| | Total costs and expenses | | | | 16,921 | | 15,314 | |||
| | | | | | | | | | | |
| LOSS FROM CONTINUING OPERATIONS BEFORE TAXES | | | | (1,465) | | (778) | ||||
| | Income tax expense (benefit) | | | | 14 | | (258) | |||
| LOSS FROM CONTINUING OPERATIONS | | | | (1,479) | | (520) | ||||
| | | | | | | | | | | |
| | Loss from discontinued operations, net of taxes | | | | (17) | | (37) | |||
| NET LOSS | | | | $ (1,496) | | $ (557) | ||||
| | | | | | | | | | | |
| LOSS PER SHARE OF COMMON STOCK - BASIC: | | | | | | | ||||
| | Loss from continuing operations | | | | $ (0.14) | | $ (0.05) | |||
| | Loss from discontinued operations | | | | - | | - | |||
| | Net loss | | | | $ (0.14) | | $ (0.05) | |||
| | | | | | | | | | | |
| LOSS PER SHARE OF COMMON STOCK - DILUTED: | | | | | | | ||||
| | | | | | | | | | | |
| | Loss from continuing operations | | | | $ (0.14) | | $ (0.05) | |||
| | Loss from discontinued operations Werbung Mehr Nachrichten zur Rave Restaurant Group Aktie kostenlos abonnieren
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