Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/718332/000114036119017524/form10k.htm
May 2022
February 2022
February 2022
December 2021
November 2021
September 2021
June 2021
May 2021
February 2021
February 2021
![]() |
![]() |
![]() |
![]() |
• |
Total revenue increased by $0.4 million to $3.1 million for the third quarter of fiscal 2019 compared to $2.7 million for the same period of the prior year.
|
• |
RAVE total comparable store domestic retail sales increased 1.1% in the third quarter of fiscal 2019 compared to the same period of the prior year.
|
• |
Pizza Inn domestic comparable store retail sales increased 3.3% in the third quarter of fiscal 2019 compared to the same period of the prior year, while total Pizza Inn
domestic retail sales increased 4.3%.
|
• |
Pie Five comparable store retail sales decreased 4.4% in the third quarter of fiscal 2019 compared to the same period of the prior year, while total system-wide Pie Five
retail sales decreased 18.1% primarily due to a decrease in average units open during the quarter.
|
• |
The Company recorded a net loss of $0.3 million for the third quarter of fiscal 2019 compared to a net loss of $0.5 million for the same period of the prior year.
|
• |
On a fully diluted basis, the Company had a net loss of $0.02 per share for the third quarter of fiscal 2019 compared to a net loss of $0.03 per share for the same period
of the prior year.
|
• |
Adjusted EBITDA of $0.4 million for the third quarter of fiscal 2019 increased $0.6 million from the same period of the prior year.
|
• |
Cash and cash equivalents increased to $1.9 million as of the end of the quarter, a $0.5 million increase during the first nine months of the 2019 fiscal year.
|
• |
Pizza Inn domestic unit count including PIE finished at 156
|
• |
Pizza Inn international unit count finished at 48.
|
• |
Pie Five domestic unit count finished at 61.
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Date: |
Wednesday, May 8, 2019
|
Time: |
5 p.m. Central Standard Time
|
Dial-In #: |
1-844-492-3725 U.S. & Canada
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 24,
2019 |
March 25,
2018 |
March 24,
2019 |
March 25,
2018 |
|||||||||||||
REVENUES:
|
$
|
3,070
|
$
|
2,665
|
$
|
9,256
|
$
|
12,294
|
||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Cost of sales
|
382
|
299
|
715
|
3,441
|
||||||||||||
General and administrative expenses
|
1,569
|
1,698
|
4,623
|
5,809
|
||||||||||||
Franchise expenses
|
888
|
613
|
2,841
|
1,957
|
||||||||||||
Pre-opening expenses
|
-
|
-
|
-
|
114
|
||||||||||||
(Gain)/loss on sale of assets
|
104
|
31
|
(250
|
)
|
(134
|
)
|
||||||||||
Impairment of long-lived assets and other lease charges
|
219
|
70
|
389
|
751
|
||||||||||||
Bad debt
|
16
|
264
|
211
|
477
|
||||||||||||
Interest expense
|
26
|
26
|
77
|
157
|
||||||||||||
Depreciation and amortization expense
|
120
|
133
|
385
|
733
|
||||||||||||
Total costs and expenses
|
3,324
|
3,134
|
8,991
|
13,305
|
||||||||||||
INCOME/(LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES
|
(254
|
)
|
(469
|
)
|
265
|
(1,011
|
)
|
|||||||||
Income tax expense/(benefit)
|
9
|
6
|
188
|
(8
|
)
|
|||||||||||
INCOME/(LOSS) FROM CONTINUING OPERATIONS
|
(263
|
)
|
(475
|
)
|
77
|
(1,003
|
)
|
|||||||||
Loss from discontinued operations, net of taxes
|
-
|
(17
|
)
|
-
|
(422
|
)
|
||||||||||
NET INCOME / (LOSS)
|
$
|
(263
|
)
|
$
|
(492
|
)
|
$
|
77
|
$
|
(1,425
|
)
|
|||||
INCOME / (LOSS) PER SHARE OF COMMON STOCK - BASIC:
|
||||||||||||||||
Income / (loss) from continuing operations
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.08
|
)
|
|||||
Loss from discontinued operations
|
-
|
-
|
-
|
(0.03
|
)
|
|||||||||||
Net income / (loss)
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.11
|
)
|
|||||
INCOME / (LOSS) PER SHARE OF COMMON STOCK - DILUTED:
|
||||||||||||||||
Income / (loss) from continuing operations
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.08
|
)
|
|||||
Loss from discontinued operations
|
-
|
-
|
-
|
(0.03
|
)
|
|||||||||||
Net income / (loss)
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.11
|
)
|
|||||
Weighted average common shares outstanding - basic
|
15,071
|
14,940
|
15,069
|
13,456
|
||||||||||||
Weighted average common and potential dilutive common shares outstanding
|
15,071
|
14,940
|
15,902
|
13,456
|
March 24,
2019 (Unaudited) |
June 24,
2018 |
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
1,932
|
$
|
1,386
|
||||
Accounts receivable, less allowance for bad debts of $148 and $158, respectively
|
1,514
|
1,518
|
||||||
Other receivable
|
-
|
300
|
||||||
Notes receivable, less allowance of bad debt of $186 and $0, respectively
|
610
|
712
|
||||||
Inventories
|
16
|
6
|
||||||
Income tax receivable
|
-
|
5
|
||||||
Property held for sale
|
271
|
539
|
||||||
Deferred contract charges
|
35
|
-
|
||||||
Prepaid expenses and other
|
485
|
273
|
||||||
Total current assets
|
4,863
|
4,739
|
||||||
LONG-TERM ASSETS
|
||||||||
Property, plant and equipment, net
|
1,219
|
1,510
|
||||||
Intangible assets definite-lived, net
|
207
|
212
|
||||||
Long-term notes receivable
|
1,025
|
803
|
||||||
Deferred tax asset, net
|
3,328
|
3,479
|
||||||
Long-term deferred contract charges
|
208
|
-
|
||||||
Deposits and other
|
232
|
243
|
||||||
Total assets
|
$
|
11,082
|
$
|
10,986
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable - trade
|
$
|
402
|
$
|
421
|
||||
Accounts payable - lease termination impairments
|
566
|
353
|
||||||
Accrued expenses
|
995
|
1,109
|
||||||
Deferred rent
|
37
|
32
|
||||||
Deferred revenues
|
238
|
65
|
||||||
Total current liabilities
|
2,238
|
1,980
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Convertible notes
|
1,581
|
1,562
|
||||||
Deferred rent, net of current portion
|
406
|
433
|
||||||
Deferred revenues, net of current portion
|
1,604
|
670
|
||||||
Other long-term liabilities
|
57
|
42
|
||||||
Total liabilities
|
5,886
|
4,687
|
||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE 3 WITHIN FORM 10-Q)
|
||||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Common stock, $.01 par value; authorized 26,000,000 shares; issued 22,190,515 and 22,166,674
shares, respectively; outstanding 15,071,311 and 15,047,470 shares, respectively
|
222
|
222
|
||||||
Additional paid-in capital
|
33,648
|
33,206
|
||||||
Accumulated deficit
|
(4,038
|
)
|
(2,493
|
)
|
||||
Treasury stock at cost
|
||||||||
Shares in treasury: 7,119,204
|
(24,636
|
)
|
(24,636
|
)
|
||||
Total shareholders’ equity
|
5,196
|
6,299
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
11,082
|
$
|
10,986
|
Nine Months Ended
|
||||||||
March 24,
2019 |
March 25,
2018 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income/(loss)
|
$
|
77
|
$
|
(1,425
|
)
|
|||
Adjustments to reconcile net income/(loss) to cash provided by (used in) operating activities:
|
||||||||
Impairment of fixed assets and other assets
|
389
|
751
|
||||||
Stock compensation expense
|
410
|
29
|
||||||
Depreciation and amortization
|
353
|
704
|
||||||
Amortization of intangible assets definite-lived
|
32
|
29
|
||||||
Amortization of debt issue costs
|
19
|
29
|
||||||
Gain/loss on the sale of assets
|
(250
|
)
|
(134
|
)
|
||||
Provision for bad debt (accounts receivable)
|
25
|
477
|
||||||
Provision for bad debt (notes receivable)
|
186
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
202
|
1,127
|
||||||
Inventories
|
(10
|
)
|
66
|
|||||
Prepaid expenses, deposits and other, net
|
(201
|
)
|
(188
|
)
|
||||
Deferred revenue
|
(759
|
)
|
(734
|
)
|
||||
Accounts payable - trade
|
(19
|
)
|
(2,856
|
)
|
||||
Accounts payable - lease termination impairments
|
(64
|
)
|
(1,384
|
)
|
||||
Deferred tax assets
|
151
|
-
|
||||||
Accrued expenses, deferred rent and other
|
(121
|
)
|
(920
|
)
|
||||
Cash provided by (used in) operating activities
|
420
|
(4,429
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sale of assets
|
169
|
1,706
|
||||||
Purchase of intangible assets definite-lived
|
-
|
(9
|
)
|
|||||
Capital expenditures
|
(76
|
)
|
(884
|
)
|
||||
Cash provided by investing activities
|
93
|
813
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from sale of stock
|
36
|
5,144
|
||||||
Expenses from sale of stock
|
(4
|
)
|
-
|
|||||
Net change in other debt
|
-
|
(1,000
|
)
|
|||||
Cash provided by financing activities
|
32
|
4,144
|
||||||
Net increase in cash and cash equivalents
|
545
|
528
|
||||||
Cash and cash equivalents, beginning of period
|
1,386
|
451
|
||||||
Cash and cash equivalents, end of period
|
$
|
1,931
|
$
|
979
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
CASH PAID FOR:
|
||||||||
Interest
|
$
|
71
|
$
|
170
|
||||
Income taxes
|
$
|
145
|
$
|
48
|
||||
Non-cash activities:
|
||||||||
Capital expenditures included in accounts payable
|
$
|
-
|
$
|
81
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 24,
2019 |
March 25,
2018 |
March 24,
2019 |
March 25,
2018 |
|||||||||||||
Net income (loss)
|
$
|
(263
|
)
|
$
|
(492
|
)
|
$
|
77
|
$
|
(1,425
|
)
|
|||||
Interest expense
|
26
|
26
|
77
|
157
|
||||||||||||
Income taxes
|
9
|
6
|
188
|
(8
|
)
|
|||||||||||
Depreciation and amortization
|
120
|
133
|
385
|
733
|
||||||||||||
EBITDA
|
$
|
(108
|
)
|
$
|
(327
|
)
|
$
|
727
|
$
|
(543
|
)
|
|||||
Stock compensation expense
|
129
|
10
|
410
|
29
|
||||||||||||
Pre-opening costs
|
-
|
-
|
-
|
114
|
||||||||||||
(Gain) / loss on sale/disposal of assets
|
104
|
31
|
(250
|
)
|
(134
|
)
|
||||||||||
Impairment of long-lived assets and other lease charges
|
219
|
70
|
389
|
751
|
||||||||||||
Discontinued operations, excluding taxes
|
-
|
13
|
-
|
421
|
||||||||||||
Closed and non-operating store costs
|
70
|
(13
|
)
|
151
|
(349
|
)
|
||||||||||
Adjusted EBITDA
|
$
|
414
|
$
|
(216
|
)
|
$
|
1,427
|
$
|
289
|
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/718332/000114036119017524/form10k.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Rave Restaurant Group, Inc..
Rave Restaurant Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Rating
Learn More![]()
Pie Five - Company-Owned Restaurants Fiscal Year Ended (in thousands, except store weeks and average data) June 30, June 24, Store weeks (excluding partial weeks) Average weekly sales 11,253 11,707 Average number of units Restaurant sales (excluding partial weeks) 4,191 Restaurant sales 4,254 Loss from continuing operations before taxes (2,001 ) (1,763 ) Allocated marketing and advertising expenses Depreciation/amortization expense Pre-opening costs - Operations management and extraordinary expenses - Impairment, other lease charges and non-operating store costs 1,135 Restaurant operating cash flow (699 ) (354 ) Total retail sales of Company-owned Pie Five restaurants decreased $3.4 million, or 79.1%, to $0.9 million for fiscal 2019 compared to $4.3 million for fiscal 2018 primarily as a result of decreased store count.
Amortization and Depreciation Expense Amortization and depreciation expense decreased $0.4 million to $0.5 million in fiscal 2019 compared to $0.9 million in fiscal 2018 primarily as a result of lower depreciation attributable to fewer Company-owned restaurants.
Pie Five franchise expenses increased by $0.8 million to $2.1 million in fiscal 2019 compared to $1.3 million in the prior fiscal year primarily as a result of the change in treatment of advertising fund contributions due to adoption of Topic 606.
Similarly, operating cash flow from Company-owned Pie Five restaurants declined by $0.3 million to $0.7 million cash used in fiscal 2019 compared to $0.4 million cash used in fiscal 2018.
Pizza Inn franchise expenses increased $0.4 million to $1.7 million in fiscal 2019 compared to $1.3 million in the prior fiscal year primarily as a result of the change in treatment of convention fund contributions due to adoption of Topic 606.
"Adjusted EBITDA" represents earnings before...Read more
(Gain) / loss on sale...Read more
If a contract has multiple...Read more
Bad Debt Expense The Company...Read more
Interest Expense Interest expense decreased...Read more
The new lease standard is...Read more
Loss from continuing operations before...Read more
Franchise revenue consists of income...Read more
The following table sets forth...Read more
These costs decreased 69.3%, or...Read more
The decrease in average weekly...Read more
The Company determined that the...Read more
Impairment of long-lived assets and...Read more
Total franchise expenses increased $1.1...Read more
The beneficial conversion feature and...Read more
The 2017 ATM Offering is...Read more
The Company adopted Topic 606...Read more
The increase in domestic retail...Read more
General and administrative expenses for...Read more
Liquidity and Capital Resources Sources...Read more
Management also uses these non-GAAP...Read more
The Company believes this will...Read more
Management may also use such...Read more
Pizza Inn domestic comparable store...Read more
We believe that Adjusted EBITDA...Read more
ATM Offering On December 5,...Read more
Pizza Inn total domestic retail...Read more
Pizza Inn Franchise and License...Read more
Pie Five Franchise and License...Read more
Net income decreased $2.7 million...Read more
Basic net income per common...Read more
Diluted net income per common...Read more
General and Administrative Expenses Total...Read more
Adjusted EBITDA for the fiscal...Read more
General and administrative expenses for...Read more
The decrease in restaurant sales...Read more
Cash flows from investing activities...Read more
Accrued interest will be paid...Read more
"Non-operating store costs" represent gain...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Rave Restaurant Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: RAVE
CIK: 718332
Form Type: 10-K Annual Report
Accession Number: 0001140361-19-017524
Submitted to the SEC: Mon Sep 30 2019 3:35:00 AM EST
Accepted by the SEC: Mon Sep 30 2019
Period: Monday, September 30, 2019
Industry: Wholesale Groceries And Related Products