Rave Restaurant - RAVE STOCK NEWS

RAVE Restaurant Group (NASDAQ: RAVE) announced the promotion of Clint Fendley from Vice President of Finance to Chief Financial Officer, effective July 5, 2021. Fendley has played a vital role since joining in January 2020, guiding the company through the pandemic with a focus on cost control and cash management. Under his leadership, RAVE achieved four consecutive profitable quarters, marking its most consistent earnings streak in nearly a decade. The company operates over 200 Pizza Inn and Pie Five Pizza locations globally.

Pizza Inn has introduced an Unlimited Stuffed Crust option on its All You Can Eat Buffet, starting from May 24, 2021. The new offering features house-made dough filled with mozzarella cheese, enhanced by a blend of Parmesan and Romano cheeses. This launch comes in response to high consumer demand and aims to differentiate Pizza Inn from competitors. The company's focus on high-quality, freshly made pizzas continues to attract customers, with franchisees receiving positive feedback on the new addition.

Pie Five Pizza has launched its new Impossible Tuscan Pizza, featuring plant-based Impossible meatballs. This addition aims to cater to health-conscious customers while maintaining robust flavors. The pizza is topped with a blend of ricotta, house-grated mozzarella, and fresh ingredients like grape tomatoes and arugula. This menu innovation replaces the previous meatball topping, reflecting Pie Five's commitment to enhancing customer experience. The new offerings align with the growing trend of plant-based diets, appealing to a broader audience.

RAVE Restaurant Group reported a net income of $0.4 million for Q3 2021, a significant turnaround from a net loss of $4.5 million in the prior year. Total revenue decreased by $0.5 million to $2.2 million. Pizza Inn's comparable store sales fell by 3%, while Pie Five remained stable. Net income per diluted share rose to $0.02 from a loss of $0.30. Cash and equivalents increased by $0.2 million to $6.5 million. The company launched a garlic-buttery crust and selected Pepsi as its exclusive soft drink supplier, aiming to boost customer engagement.

Pizza Inn has launched a new Pizza Inn Express store in Bearden, Arkansas, managed by franchisee David Blackmon, marking his fifth location in West Arkansas. The store is strategically located at the Bearden Travel Center and is open daily, offering a variety of pizzas including popular and specialty options. Pizza Inn currently has 28 locations in Arkansas, showcasing its growth in the region. RAVE Restaurant Group, the parent company, oversees over 200 Pizza Inn and Pie Five restaurants, emphasizing a commitment to quality and community involvement.

On March 29, 2021, Pizza Inn introduced a new Garlic Buttery Crust to enhance the flavor of its pizzas. This crust incorporates buttery garlic and a blend of Romano and Parmesan cheeses, tested successfully at five locations. The new offering is available on various crust styles, including New York Pan and Stuffed Crust, and will be featured in dine-in, carryout, and delivery services. The chain promotes special offers, such as a large 2-topping pizza for $9.99. Pizza Inn, part of RAVE Restaurant Group, has been serving quality pizza since 1958.

On March 15, 2021, Pie Five Pizza, a subsidiary of Rave Restaurant Group (NASDAQ: RAVE), announced the launch of its new Panzano pan crust. Made from scratch daily, the crust features a thick, crispy exterior and fluffy center, complemented by a garlic buttery blend with Parmesan and Romano cheeses. The restaurant's popular menu items, including the High Five-Meat pizza, have been updated to enhance flavors. Pie Five Pizza emphasizes its unique product offering in the fast-casual sector, aiming to set a new standard for pan pizzas.

RAVE Restaurant Group reported a net income of $102,000 for Q2 FY2021, up from $14,000 in the same period last year. However, total revenue fell by $0.7 million to $2.1 million. Pizza Inn saw an 18% drop in comparable store sales, while Pie Five experienced a 16% decline. Despite these challenges, cash and cash equivalents increased by $3.3 million to $6.3 million. The company is launching innovative products, including Panzano pan pizza, and has implemented cost control measures, resulting in profit amidst the ongoing pandemic.

Pizza Inn, a subsidiary of RAVE Restaurant Group, has voiced concerns over election integrity following the recent Presidential election. CEO Brandon Solano emphasized the need for transparency and security in elections, advocating for a 10-day audit of the vote. The company proposed several reforms, including requiring voter ID, eliminating electronic voting machines, and restricting mail-in ballots to uphold election integrity. Despite potential backlash, Pizza Inn believes these measures are vital for restoring faith in the electoral process, emphasizing the importance of democracy and civic engagement.