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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 25, 2011	Nov. 04, 2011
Document and Entity Information
Entity Registrant Name	PIZZA INN HOLDINGS, INC /MO/
Document Type	10-Q
Document Period End Date	Sep. 25, 2011
Amendment Flag	false
Entity Central Index Key	0000718332
Current Fiscal Year End Date	--06-26
Entity Common Stock, Shares Outstanding		8,010,919
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 25, 2011	Sep. 26, 2010
REVENUES:
Food and supply sales	$ 8,906	$ 8,702
Franchise revenue	949	1,025
Restaurant sales	1,292	905
REVENUES	11,147	10,632
COSTS AND EXPENSES:
Cost of sales	9,250	8,704
Franchise expenses	452	523
General and administrative expenses	907	835
Costs associated with store closure	0	319
Bad debt	15	15
Interest expense	16	10
COSTS AND EXPENSES	10,640	10,406
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	507	226
Income taxes	178	81
INCOME FROM CONTINUING OPERATIONS	329	145
Loss from discontinued operations, net of taxes	(16)	(16)
Net income	$ 313	$ 129
EARNINGS PER SHARE OF COMMON STOCK - BASIC: Income from continuing operations	$ 0.04	$ 0.02
EARNINGS PER SHARE OF COMMON STOCK - BASIC: Loss from discontinued operations	$ 0	$ 0
EARNINGS PER SHARE OF COMMON STOCK - BASIC: Net income	$ 0.04	$ 0.02
EARNINGS PER SHARE OF COMMON STOCK - DILUTED: Income from continuing operations	$ 0.04	$ 0.02
EARNINGS PER SHARE OF COMMON STOCK - DILUTED: Loss from discontinued operations	0	0
EARNINGS PER SHARE OF COMMON STOCK - DILUTED: Net income	$ 0.04	$ 0.02
Weighted average common shares outstanding - basic	8,011	8,011
Weighted average common and potential dilutive common shares outstanding	8,128	8,011

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 25, 2011	Jun. 26, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 870	$ 949
Accounts receivable, less allowance for bad debts of $176 and $162, respectively	3,130	3,128
Income tax receivable	553	553
Inventories	1,884	1,829
Deferred income tax assets	804	822
Prepaid expenses and other	409	232
Total current assets	7,650	7,513
LONG-TERM ASSETS
Property, plant and equipment, net	3,150	3,196
Long-term notes receivable	39	51
Deposits and other	321	392
Total Assets	11,160	11,152
CURRENT LIABILITIES
Accounts payable - trade	1,859	2,103
Deferred revenues, net of current portion	155	165
Accrued expenses	1,515	1,557
Bank debt	333	333
Total current liabilities	3,927	4,195
LONG-TERM LIABILITIES
Deferred gain on sale of property	103	109
Bank debt, net of current portion	399	482
Deferred tax liability	361	360
Other long-term liabilities	19	0
Total liabilities	4,964	5,311
COMMITMENTS AND CONTINGENCIES (See Note 3)
SHAREHOLDERS' EQUITY
Common stock, $.01 par value; authorized 26,000,000 shares; issued 15,130,319 and 15,130,319 shares, respectively; outstanding 8,010,919 and 8,010,919 shares, respectively	151	151
Additional paid-in capital	9,051	9,009
Retained earnings	21,630	21,317
Treasury stock at cost. Shares in treasury: 7,119,400 and 7,119,400, respectively	(24,636)	(24,636)
Total shareholders' equity	$ 6,196	$ 5,841

CONSOLIDATED BALANCE SHEET PARENTHETICALS - $ / shares	Sep. 25, 2011	Jun. 26, 2011
Common stock, par or stated value	$ 0.01	$ 0.01
Common stock, shares authorized	26,000,000	26,000,000
Common Stock, shares issued	15,130,319	15,130,319
Common Stock, shares outstanding	8,010,919	8,010,919
Treasury Stock, Shares	7,119,400	7,119,400

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 25, 2011	Sep. 26, 2010
Net income	$ 313	$ 129
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	176	428
Stock compensation expense	42	30
Deferred tax	18	0
Provision for bad debts	15	14
Net income adjusted for non-cash items	564	601
Changes in operating assets and liabilities:
Notes and accounts receivable	(17)	165
Inventories	(55)	(76)
Accounts payable - trade	(244)	(286)
Accrued expenses	(20)	(106)
Deferred revenue	0	92
Prepaid expenses and other	(109)	(86)
Net changes in operating assets and liabilities	(445)	(297)
Cash provided by operating activities	119	304
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(115)	(545)
Cash used by investing activities	(115)	(545)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in bank debt, net	(83)	273
Cash (used) provided by financing activities	(83)	273
Net increase (decrease) in cash and cash equivalents	(79)	32
Cash and cash equivalents, beginning of period	949	761
Cash and cash equivalents, end of period	870	793
CASH PAYMENTS FOR:
Interest	$ 12	$ 8

Summary of Significant Accounting Policies

3 Months Ended

Sep. 25, 2011

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(1)	Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All appropriate intercompany balances and transactions have been eliminated.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Fiscal Quarters

Fiscal first quarters ended September 25, 2011 and September 26, 2010,both contained 13 weeks.

Revenue Recognition

The Company recognizes revenue when products are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable. The Company's Norco division sells food and supplies to franchisees on trade accounts under terms common in the industry. Food and supply revenue are recognized upon delivery of the product. Norco sales are reflected under the caption "Food and supply sales." Shipping and handling costs billed to customers are recognized as revenue.

Franchise revenue consists of income from license fees, royalties, and area development and foreign master license fees. License fees are recognized as income when there has been substantial performance under the agreement by both the franchisee and the Company. Domestic license fees are generally recognized at the time the restaurant is opened. Foreign master license fees are generally recognized upon execution of the agreement as all material services relating to the sale have been substantially performed by the Company and the fee has been collected. Royalties are recognized as income when earned.

Stock-Based Compensation

We account for stock options using the fair value recognition provisions of the authoritative guidance on share-based payments.

The Company uses the Black-Scholes formula to estimate the value of stock-based compensation for options granted to employees and directors and expects to continue to use this acceptable option valuation model in the future. The authoritative guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow.

Use of Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically and actual results could differ materially from estimates.

Reclassification

Certain items have been reclassified in the prior year financial statements to conform to current year presentation.

Long-Term Debt

3 Months Ended

Sep. 25, 2011

Long-Term Debt

Long-Term Debt

(2)	Long-Term Debt

On January 11, 2010, the Company entered into a Loan Agreement with Amegy Bank National Association (“Amegy”) providing for a $2.0 million revolving credit facility (with a $250 thousand letter of credit subfacility) and a $1.0 million term loan facility. On January 10, 2011, the Company and Amegy entered into a First Amendment to Loan Agreement increasing the Company's term loan facility and amending certain other provisions of the Loan Agreement. On October 26, 2011, the Company and Amegy entered into an Amended and Restated Loan Agreement further increasing the Company’s term loan facility and amending certain other provisions of the Loan Agreement. As amended, the Amegy credit facility provides a $2.0 million revolving credit facility (with a $250 thousand letter of credit subfacility) and a $4.0 million term loan facility, in addition to $0.7 million in existing term loans.

The Company may borrow, repay and reborrow under the Amegy revolving credit facility through January 11, 2013, at which time all amounts outstanding under the revolving credit facility mature. Availability under the revolving credit facility is limited by advance rates on eligible inventory and accounts receivable. Interest on indebtedness from time to time outstanding under the revolving credit facility is computed at Amegy’s prime rate and is payable monthly. A commitment fee of 0.25% per annum is payable quarterly on the average unused portion of the revolving credit facility.

Amegy has agreed to make term loans under the term facility through October 31, 2012. Advances for such term loans are limited by a percentage of the costs of equipment and leasehold improvements for new restaurant locations of the Company and may not be reborrowed after repayment. Interest only is payable monthly on each term loan for up to 120 days after the initial advance. Thereafter, each term loan is payable in 36 equal monthly installments of principal plus accrued interest. Interest on each term loan accrues at Amegy’s prime rate plus 1% or, at the Company’s option, a fixed rate determined by Amegy. A fee of 0.5% of the total term loan facility was paid at closing.

The obligations of the Company under the Loan Agreement are guaranteed by each of the subsidiaries of the Company and are secured by a pledge of all of the stock of such subsidiaries as well as security interests in substantially all of the assets of the Company and its subsidiaries including, but not limited to, accounts receivable, inventory and equipment. The Amended and Restated Loan Agreement contains various affirmative covenants which, among other things, require the Company to provide Amegy with certain financial statements, compliance statements, reports and other information. The Amended and Restated Loan Agreement also contains various negative covenants which, among other things, require the Company to maintain certain financial ratios and restrict the ability of the Company to engage in certain activities. The Company is in compliance with all covenants as of the reporting date. If an event of default occurs under the Amended and Restated Loan Agreement, Amegy may terminate all commitments under the credit facilities and declare all unpaid principal, interest and other amounts owing under the credit facilities to be immediately due and payable. As of September 25, 2011 the balance on the term loan facility was $0.7 million with an interest rate of 6% and the balance on the revolving credit facility was zero with an interest rate of 5%.

Commitment and Contingencies

3 Months Ended

Sep. 25, 2011

Commitment and Contingencies

Commitments and Contingencies

(3)	Commitments and Contingencies

On April 22, 2009 the Company’s board of directors amended the stock purchase plan first adopted on May 23, 2007 and previously amended on June 2, 2008, to increase the number of shares of common stock the Company may repurchase to a total of 3,016,000 shares. As of September 25, 2011, there were 848,425shares available to be repurchased under the plan.

The Company is subject to other claims and legal actions in the ordinary course of its business. The Company believes that all such claims and actions currently pending against it are either adequately covered by insurance or would not have a material adverse effect on the Company’s annual results of operations, cash flows or financial condition if decided in a manner that is unfavorable to the Company.

- Definition

The entire disclosure for commitments and contingencies.

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+ Details

Stock-Based Compensation

3 Months Ended

Sep. 25, 2011

Stock-Based Compensation

Stock-Based Compensation

(4)	Stock-Based Compensation

For the quarter ended September 25, 2011, we recognized stock-based compensation expense of $42,700. As of September 25, 2011, unamortized stock-based compensation expense was $0.2 million.

The following table summarizes the Company’s outstanding stock options for the three months ended September 25, 2011 and September 26, 2010:

	Three Months Ended
	September 25, 2011		September 26, 2010

Outstanding at beginning of year		604,036		565,510

Granted		76,432		20,996
Exercised		-		-
Forfeited/Canceled/Expired		-		-

Outstanding at end of period		680,468		586,506

Exercisable at end of period		501,702		414,010

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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-Number 93-6
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-Name Staff Accounting Bulletin (SAB)
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+ Details

Earnings Per Share (EPS)

3 Months Ended

Sep. 25, 2011

Earnings Per Share (EPS)

Earnings Per Share (EPS)

(5)	Earnings per Share (EPS)

The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts).

	Three Months Ended
	September 25, 2011						September 26, 2010
	Diluted			Basic			Diluted			Basic

Income from continuing operations	$	329		$	329		$	145		$	145
Discontinued operations		(16	)		(16	)		(16	)		(16	)
Net income available to common stockholders	$	313		$	313		$	129		$	129

Weighted average common shares		8,011			8,011			8,011			8,011
Dilutive stock options		117			-			-			-
Average common shares outstanding		8,128			8,011			8,011			8,011

Income from continuing operations per share	$	0.04		$	0.04		$	0.02		$	0.02
Discontinued operations loss per common share		-			-			-			-
Net income per common share	$	0.04		$	0.04		$	0.02		$	0.02

For the three months ended September 25, 2011,options to purchase 40,000 shares of common stock at exercise prices of $3.17 were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common shares for the period. For the quarter ended September 26, 2010, options to purchase 565,510 shares of common stock at exercise prices ranging from $1.90 to $3.17 per share were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common shares for the period.

Discontinued Operations and Disposal Groups

3 Months Ended

Sep. 25, 2011

Discontinued Operations and Disposal Groups

Closed restaurants and discontinued operations

(6)	Closed restaurants and discontinued operations

The authoritative guidance on “Accounting for the Impairment or Disposal of Long-Lived Assets,” requires that discontinued operations that meet certain criteria be reflected in the statement of operations after results of continuing operations as a net amount. This guidance also requires that the operations of the closed restaurants, including any impairment charges, be reclassified to discontinued operations for all periods presented.

The authoritative guidance on “Accounting for Costs Associated with Exit or Disposal Activities,” requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred. This authoritative guidance also establishes that fair value is the objective for initial measurement of the liability.

The Company closed two of its restaurants in Houston, Texas during the quarter ended September 23, 2007. The results of operations for these two restaurants are reported as discontinued operations in the Consolidated Statement of Operations. No provision for impairment was required to be taken at that time because the impairment taken in the fiscal year ended June 24, 2007, reduced the carrying value of the properties to their estimated net realizable value (proceeds less cost to sell). During the fourth quarter of fiscal 2010, the Company entered into a lease buy-out of one of these locations for $150,000 which eliminated all future obligations under this lease. The estimated net realizable value for the remaining location remains unchanged. This property is on the market for sub-lease. Because we believe that the property will sub-lease at or above the current lease rates, we have not reserved any additional costs related to our obligations under this non-cancelable lease.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Income Taxes

3 Months Ended

Sep. 25, 2011

Income Taxes

Income Taxes

(7)	Income Taxes

Management re-evaluates the deferred tax asset each quarter and believes that it is more likely than not that the net deferred tax asset of $0.8 million will be fully realized based on the Company’s recent history of pre-tax profits and the expectation of future taxable income as well as the future reversal of existing temporary differences. During the three months ended September 25, 2011 and September 26, 2010, the Company provided $170,000 and $75,000, respectively in net tax expense. In determining this amount, the Company made its best estimate of the effective tax rate expected to be applicable for the full fiscal year. The rate so determined was used to provide for income taxes on a current year to date basis.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Segment Reporting

3 Months Ended

Sep. 25, 2011

Segment Reporting

Segment Reporting

(8)	Segment Reporting

Summarized in the following tables are net sales and operating revenues, operating income and geographic information (revenues) for the Company’s reportable segments for the three month period ended September 25, 2011 and September 26, 2010 (in thousands). Operating income reported below excludes interest expense, income tax provision and discontinued operations.

	Three Months Ended
	September 25,			September 26,
	2011			2010
Net sales and operating revenues:
Food and supply distribution	$	8,906		$	8,702
Pizza Inn franchise and Company operations (1)		2,011			1,930
Pie Five Company operations		230			-
Intersegment revenues		410			330
Combined		11,557			10,962

Less intersegment revenues		(410	)		(330	)
Consolidated revenues	$	11,147		$	10,632

Depreciation and amortization:
Food and supply distribution	$	-		$	-
Pizza Inn franchise and Company operations (1)		105			402
Pie Five Company operations		12			-
Combined		117			402
Corporate administration and other		59			26
Depreciation and amortization	$	176		$	428

Interest expense:
Food and supply distribution	$	-		$	-
Pizza Inn franchise and Company operations (1)		-			-
Pie Five Company operations		-			-
Combined		-			-
Corporate administration and other		16			10
Interest expense	$	16		$	10

Income from continuing operations before taxes:
Food and supply distribution	$	518		$	499
Pizza Inn franchise and Company operations (1) (2)		438			79
Pie Five Company operations (2)		50			-
Intersegment profit		57			57
Combined		1,063			635
Less intersegment profit		(57	)		(57	)
Corporate administration and other		(499	)		(352	)
Operating income	$	507		$	226

Geographic information (revenues):
United States	$	10,901		$	10,413
Foreign countries		246			219
Consolidated total	$	11,147		$	10,632

(1) Company stores that were closed are included in discontinued operations in the accompanying Condensed Consolidated Statement of Operations.

(2) Does not include full allocation of corporate administration.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Label	Element	Value
Accounts receivable, allowance	us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent	$ 162
Accounts receivable, allowance	us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent	$ 176