Rave Restaurant - RAVE STOCK NEWS

Pizza Inn has reopened its restaurant in Enid, OK, at 702 East Maine, under franchisees Tony and Katee Nemer. The buffet-style eatery offers signature pizzas, pastas, and desserts, complemented by a fresh salad bar. Operating hours are from 11:00 am to 9:00 pm daily, employing around sixty local residents. The Nemers, who also own the Blackwell, OK location, aim to restore Pizza Inn's reputation as a family-friendly dining spot. The brand's growth strategy has shown positive results, evidenced by the debut of a new restaurant prototype and increased sales. RAVE Restaurant Group's CEO, Brandon Solano, emphasized the emotional appeal of the Pizza Inn brand, which has served customers since 1958. The restaurant features popular menu items and special promotions, including buffets for seniors and kids.

RAVE Restaurant Group reported financial results for Q2 of fiscal 2023, showing a net income of $0.3 million, down from $0.5 million in Q2 2022. Total revenue increased to $2.9 million, driven by an 8.4% rise in Pizza Inn comparable store sales and a 6.3% increase for Pie Five. The company maintained stable income before taxes and adjusted EBITDA at $0.5 million and $0.6 million, respectively. Share repurchases totaled $3.6 million, though cash reserves fell to $3.4 million. The restaurant group plans significant investments, including a Pizza Inn rebranding and new menu offerings to enhance customer experiences.

RAVE Restaurant Group reported its Q1 fiscal 2023 results, showing stability with a net income of $0.3 million, consistent with Q1 fiscal 2022. Total revenue rose by $0.5 million to $3.0 million, with adjusted EBITDA increasing to $0.5 million. Significant growth was noted in Pizza Inn and Pie Five comparable store sales, up 12.5% and 7.6% respectively. The company maintained cash reserves of $7.4 million while utilizing $1.4 million for share repurchases. CEO Brandon Solano discussed ongoing initiatives aimed at enhancing customer experience and future growth.

RAVE Restaurant Group reported financial results for Q4 and fiscal year ended June 26, 2022, showing a significant increase in net income to $6.8 million, compared to $0.9 million the prior year. Total revenue rose to $2.8 million, with adjusted EBITDA stable at $1.2 million. Annual net income improved to $8.0 million from $1.5 million, alongside a 23.2% increase in comparable store retail sales. The company repurchased $0.5 million of its common stock and plans to invest in brand initiatives for future growth, despite a $0.6 million decrease in cash and cash equivalents by fiscal year-end.

RAVE Restaurant Group (NASDAQ: RAVE) announced the promotion of Mike Burns to Executive Vice President and Chief Operating Officer effective June 27, 2022. Burns, who previously served as the Chief Operations Officer, is recognized for enhancing supply chain efficiency and franchise development initiatives, contributing to the company's eight consecutive quarters of profitability. Mark Schwarz, Chairman, and Brandon Solano, President and CEO, praised Burns for his leadership and impact on the company's operations amid ongoing supply chain challenges.