View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 24, 2013	May 03, 2013
Document and Entity Information
Entity Registrant Name	PIZZA INN HOLDINGS, INC /MO/
Document Type	10-Q
Document Period End Date	Mar. 24, 2013
Amendment Flag	false
Entity Central Index Key	0000718332
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		8,020,919
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	2013
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 24, 2013	Mar. 25, 2012	Mar. 24, 2013	Mar. 25, 2012
REVENUES	$ 9,781	$ 10,646	$ 30,767	$ 32,129
COSTS AND EXPENSES:
Cost of sales	8,460	8,863	26,127	26,724
General and administrative expenses	840	946	2,995	2,740
Franchise expenses	608	592	1,675	1,565
Pre-opening expenses	82	70	249	246
Bad debt	45	35	135	65
Interest expense	58	38	197	71
Total Cost And Expenses	10,093	10,554	31,378	31,411
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	(312)	102	(611)	718
Income tax (benefit) expense	$ (22)	$ 35	$ (170)	$ 252
(LOSS) INCOME FROM CONTINUING OPERATIONS	$ (290)	$ 67	$ (441)	$ 466
Loss from discontinued operations, net of taxes	$ (100)	$ (15)	$ (127)	$ (45)
NET (LOSS) INCOME	$ (390)	$ 52	$ (568)	$ 421
EARNINGS PER SHARE OF COMMON STOCK - BASIC:
(Loss) Income from continuing operations.	$ (0.04)	$ 0.01	$ (0.05)	$ 0.06
Loss from discontinued operations	(0.01)	0.00	(0.02)	(0.01)
Net (loss) income.	$ (0.05)	$ 0.01	$ (0.07)	$ 0.05
EARNINGS PER SHARE OF COMMON STOCK - DILUTED:
(Loss) Income from continuing operations	$ (0.04)	$ 0.01	$ (0.05)	$ 0.06
Loss from discontinued operations.	$ (0.01)	$ 0.00	$ (0.02)	$ (0.01)
Net (loss) income:	$ (0.05)	$ 0.01	$ (0.07)	$ 0.05
Weighted average common shares outstanding - basic	8,021	8,021	8,021	8,015
Weighted average common and potential dilutive common shares outstanding	8,267	8,385	8,198	8,322

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 24, 2013	Jun. 24, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 815	$ 590
Accounts receivable, less allowance for bad debts of $297 and $253, respectively	3,314	3,098
Inventories	1,522	1,852
Income tax receivable	343	431
Deferred income tax assets	1,005	1,078
Prepaid expenses and other	484	256
Total current assets	7,483	7,305
LONG-TERM ASSETS
Property, plant and equipment, net	5,116	4,794
Long-term notes receivable	115	27
Deposits and other	112	372
Total Assets	12,826	12,498
CURRENT LIABILITIES
Accounts payable - trade	1,541	1,562
Accrued expenses	1,885	1,756
Deferred revenues	306	200
Bank debt	556	765
Total current liabilities	4,288	4,283
LONG-TERM LIABILITIES
Bank debt, net of current portion	2,094	977
Deferred tax liability	383	699
Deferred revenues, net of current portion	99	125
Deferred gain on sale of property	65	84
Other long-term liabilities	22	22
Total liabilities	6,951	6,190
COMMITMENTS AND CONTINGENCIES (See Note 3)
SHAREHOLDERS' EQUITY
Common stock, $.01 par value; authorized 26,000,000 shares; issued 15,140,319 and Outstanding 8,020,919 .	151	151
Additional paid-in capital	9,289	9,154
Retained earnings	21,071	21,639
Treasury stock at cost Shares in treasury: 7,119,400	(24,636)	(24,636)
Total shareholders' equity	5,875	6,308
Total Liabilities and Stockholders' Equity	$ 12,826	$ 12,498

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICALS - USD ($)	Mar. 24, 2013	Jun. 24, 2012
Allowance for doubtful accounts	$ 297	$ 253
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	26,000,000	26,000,000
Common Stock, shares issued	15,140,319	15,140,319
Common Stock, shares outstanding	8,020,919	8,020,919
Treasury stock, Shares	7,119,400	7,119,400

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 24, 2013	Mar. 25, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (568)	$ 421
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	958	663
Loss on the sale of assets	129	0
Stock compensation expense	135	104
Deferred tax	(243)	46
Provision for bad debts	44	65
Changes in operating assets and liabilities:
Notes and accounts receivable	(172)	(394)
Inventories	330	140
Accounts payable - trade	(21)	(2)
Accrued expenses	129	76
Deferred revenue	61	(60)
Prepaid expenses and other	(102)	(175)
Cash provided by operating activities	680	884
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets	184	0
Capital expenditures	(1,547)	(2,208)
Cash used by investing activities	(1,363)	(2,208)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	0	23
Borrowings of bank debt	3,160	1,795
Repayments of bank debt	(2,252)	(749)
Cash provided (used) by financing activities	908	1,069
Net increase (decrease) in cash and cash equivalents	225	(255)
Cash and cash equivalents, beginning of period	590	949
Cash and cash equivalents, end of period	815	694
CASH PAYMENTS FOR:
Interest	248	55
Income taxes - net	$ (84)	$ 37

Summary of Significant Accounting Policies

9 Months Ended

Mar. 24, 2013

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

The three month periods ended March 24, 2013 and March 25, 2012, each contained 13 weeks. The nine month periods ended March 24, 2013 and March 25, 2012, each contained 39 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 sales revenues, including shipping and handling costs, are recognized upon delivery of the product. Revenue from restaurant sales is recognized when food and beverage products are sold. The Company reports revenue net of sales taxes collected from customers and remitted to governmental taxing authorities.

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 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

The Company accounts 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

9 Months Ended

Mar. 24, 2013

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. On June 1, 2012, the Company and Amegy entered into a First Amendment to the Amended and Restated Loan Agreement which revised certain definitions and financial covenants contained in the Company’s credit facilities with Amegy. As amended, the Amegy credit facility ultimately consisted of 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.

Interest on indebtedness from time to time outstanding under the Amegy revolving credit facility was computed at the greater of Amegy’s prime rate or 5% and was payable monthly. A commitment fee of 0.25% per annum was payable quarterly on the average unused portion of the revolving credit facility. Interest on each term loan accrued at the greater of 6% or Amegy’s prime rate plus 1%. A fee of 0.5% of the total term loan facility was paid at closing.

On August 28, 2012, the Company entered into a Loan and Security Agreement (the “F&M Loan Agreement”) with The F&M Bank & Trust Company (“F&M”) providing for a $2.0 million revolving credit facility (with a $500 thousand letter of credit subfacility), a $2.0 million fully funded term loan facility and a $6.0 million advancing term loan facility. An origination fee of 0.5% of the total credit facilities was paid at closing.

The Company may borrow, repay and reborrow under the F&M revolving credit facility through August 28, 2014, 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. Per annum interest on indebtedness from time to time outstanding under the revolving credit facility is computed at the Wall Street Journal prime rate plus 1.00% and is payable monthly. An unused commitment fee of 0.50% per annum is payable quarterly on the average unused portion of the revolving credit facility.

At closing, F&M funded a $2.0 million term loan payable in 48 equal monthly installments of principal plus accrued interest at a fixed rate of 4.574% per annum. Amounts repaid under this fully funded term loan may not be reborrowed. Proceeds from the F&M Loan Agreement were used to repay amounts borrowed under the Amegy credit facility and the Amegy credit facility was canceled.

Through August 28, 2014, F&M has agreed to make up to $6.0 million in additional term loans to the Company. Advances for such additional term loans are limited by a percentage of the costs of equipment, leasehold improvements and other opening costs for new Company-owned Pie Five restaurants and may not be reborrowed after repayment. Interest only is payable monthly on all additional term loan advances during an annual borrowing period. At the end of each annual borrowing period, all additional term loan advances during such borrowing period become payable in 48 equal monthly installments of principal plus accrued interest. Interest on each term loan accrues at the Wall Street Journal prime rate plus 1.00% or, at the Company’s option, a fixed rate equal to the Bloomberg 4-year LIBOR swap rate plus 3.90%.

As security for the credit facilities, the Company has pledged substantially all of its assets including, but not limited to, accounts receivable, inventory and equipment. The F&M Loan Agreement contains various affirmative covenants which, among other things, require the Company to provide F&M with certain financial statements, compliance statements, reports and other information. The F&M 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. If an event of default occurs under the F&M Loan Agreement and any cure periods have expired, F&M 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 March 24, 2013, the total outstanding borrowings under the F&M Loan Agreement were $2.7 million. As of March 24, 2013, the Company had additional borrowing availability of $1.8 million under the revolving credit facility and $5.1 million under the advancing term loan facility, subject to the terms and conditions of the F&M Loan Agreement.

Commitment and Contingencies

9 Months Ended

Mar. 24, 2013

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 March 24, 2013, up to an additional 848,425 shares could be purchased under the plan.

The Company is subject to various 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Stock-Based Compensation

9 Months Ended

Mar. 24, 2013

Stock-Based Compensation

Stock-Based Compensation

(4) Stock-Based Compensation

For the three months and nine months ended March 24, 2013, the Company recognized stock-based compensation expense of $45,000 and $135,000, respectively. As of March 24, 2013, unamortized stock-based compensation expense was $0.3 million.

The following table summarizes the number of shares of the Company’s common stock subject to outstanding stock options:

	Nine Months Ended
	March 24, 2013		March 25, 2012

Outstanding at beginning of year		486,506		604,036

Granted		464,800		169,032
Exercised		-		(10,000	)
Forfeited/Canceled/Expired		-		(15,000	)

Outstanding at end of period		951,306		748,068

Exercisable at end of period		391,939		518,024

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References + Details

Earnings per Share (EPS)

9 Months Ended

Mar. 24, 2013

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
	March 24, 2013						March 25, 2012
	Diluted			Basic			Diluted			Basic

(Loss) income from continuing operations	$	(290	)	$	(290	)	$	67		$	67
Discontinued operations		(100	)		(100	)		(15	)		(15	)
Net (loss) income available to common stockholders	$	(390	)	$	(390	)	$	52		$	52

Weighted average common shares		8,021			8,021			8,021			8,021
Dilutive stock options		246			-			364			-
Average common shares outstanding		8,267			8,021			8,385			8,021

(Loss) income from continuing operations per share	$	(0.04	)	$	(0.04	)	$	0.01		$	0.01
Discontinued operations loss per common share		(0.01	)		(0.01	)		-			-
Net (loss) income available to common stockholders	$	(0.05	)	$	(0.05	)	$	0.01		$	0.01


	Nine Months Ended
	March 24, 2013						March 25, 2012
	Diluted			Basic			Diluted			Basic

(Loss) income from continuing operations	$	(441	)	$	(441	)	$	466		$	466
Discontinued operations		(127	)		(127	)		(45	)		(45	)
Net (loss) income available to common stockholders	$	(568	)	$	(568	)	$	421		$	421

Weighted average common shares		8,021			8,021			8,015			8,015
Dilutive stock options		177			-			307			-
Average common shares outstanding		8,198			8,021			8,322			8,015

(Loss) income from continuing operations per share	$	(0.05	)	$	(0.05	)	$	0.06		$	0.06
Discontinued operations loss per common share		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net (loss) income available to common stockholders	$	(0.07	)	$	(0.07	)	$	0.05		$	0.05

For the three and nine months ended March 24, 2013, options to purchase 100,000 and 165,000 shares of common stock, respectively, at exercise prices ranging from $3.81 to $5.51 and from $3.17 to $5.51, respectively, were excluded from the computation of diluted EPS because the options’ exercise prices exceeded the average market price of the common shares for the periods. For the three and nine months ended March 25, 2012, options to purchase 75,000 shares of common stock at an exercise price of $5.51 were excluded from the computation of diluted EPS for the same reason.

Closed restaurants and discontinued operations

9 Months Ended

Mar. 24, 2013

Closed restaurants and discontinued operations

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.

Loss from discontinued operations includes a $0.1 million loss, net of taxes, during the three and nine months ended March 24, 2013 from the sale of a former Company-owned restaurant property in Little Elm, Texas. Loss from discontinued operations also reflects costs associated with a former Company-owned restaurant in Houston, Texas that was closed during the quarter ended September 23, 2007. This property is on the market for sub-lease. Because we believe that the property will sub-lease at or above the contracted 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.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Income Taxes

9 Months Ended

Mar. 24, 2013

Income Taxes

Income Taxes

7) Income Taxes

For the three and nine months ended March 24, 2013, income tax benefit of $22,000 and $170,000, respectively, was calculated on an effective income tax rate that is consistent with the statutory U.S. federal income tax rate of 34% adjusted for state income tax effects and permanent difference items. Management believes that future operations will generate sufficient taxable income, along with the reversal of temporary differences, to fully realize the deferred tax assets of $1.0 million.

- 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)
-Number 109
-Paragraph 136, 172
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Segment Reporting

9 Months Ended

Mar. 24, 2013

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 and nine months ended March 24, 2013 and March 25, 2012 (in thousands). Operating income reported below excludes income tax provision and discontinued operations.

	Three Months Ended						Nine Months Ended
	March 24,			March 25,			March 24,			March 25,
	2013			2012			2013			2012
Revenue:
Franchising and food and supply distribution	$	7,719		$	8,993		$	24,922		$	27,929
Company-owned restaurants (1)		2,062			1,653			5,845			4,200
Consolidated revenues	$	9,781		$	10,646		$	30,767		$	32,129

Depreciation and amortization:
Franchising and food and supply distribution	$	-		$	-		$	-		$	-
Company-owned restaurants (1)		279			198			762			459
Combined		279			198			762			459
Corporate administration and other		61			71			205			191
Depreciation and amortization	$	340		$	269		$	967		$	650

Income (loss) from continuing operations before taxes:
Franchising and food and supply distribution (2)	$	245		$	692		$	1,526		$	2,456
Company-owned restaurants (1) (2)		(357	)		(199	)		(956	)		(598	)
Combined		(112	)		493			570			1,858
Corporate administration and other (2)		(200	)		(391	)		(1,181	)		(1,140	)
Operating income (loss)	$	(312	)	$	102		$	(611	)	$	718

Geographic information (revenues):
United States	$	9,509		$	10,424		$	29,939		$	31,312
Foreign countries		272			222			828			817
Consolidated total	$	9,781		$	10,646		$	30,767		$	32,129


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

	(2)	Portions of corporate administration and other have been allocated to segments.

- 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
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 24, 2013

ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation

Cash and Cash Equivalents Policy

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 Quarters

The three month periods ended March 24, 2013 and March 25, 2012, each contained 13 weeks. The nine month periods ended March 24, 2013 and March 25, 2012, each contained 39 weeks.

Revenue Recognition

Revenue Recognition

Stock-Based Compensation Policy

Stock-Based Compensation

Use of Management Estimates

Use of Management Estimates

Reclassification

Reclassification

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

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 8, 9, 10
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Technical Practice Aid (TPA)
-Number 2110
-Paragraph 6
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 203
-Paragraph 02-03

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 305
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122427

+ Details

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 46
-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 AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 14, 15
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5, 6, 16-19
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a(2)
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 96-16
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 97-2
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 02, 03

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph c
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph d
-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33801-111570

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197087

+ Details

- Definition

Disclosure of accounting policy for determining an entity's fiscal year or other fiscal period. This disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end is generally noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations are generally also disclosed.

+ References + Details

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

Stock Option Activity (Tables)

9 Months Ended

Mar. 24, 2013

Stock Option Activity

Stock Option Activity

The following table summarizes the number of shares of the Company’s common stock subject to outstanding stock options:

	Nine Months Ended
	March 24, 2013		March 25, 2012

Outstanding at beginning of year		486,506		604,036

Granted		464,800		169,032
Exercised		-		(10,000	)
Forfeited/Canceled/Expired		-		(15,000	)

Outstanding at end of period		951,306		748,068

Exercisable at end of period		391,939		518,024

Calculation Of Earnings Per Share (Tables)

9 Months Ended

Mar. 24, 2013

Calculation Of Earnings Per Share

Calculation Of Earnings Per Share

	Three Months Ended
	March 24, 2013						March 25, 2012
	Diluted			Basic			Diluted			Basic

(Loss) income from continuing operations	$	(290	)	$	(290	)	$	67		$	67
Discontinued operations		(100	)		(100	)		(15	)		(15	)
Net (loss) income available to common stockholders	$	(390	)	$	(390	)	$	52		$	52

Weighted average common shares		8,021			8,021			8,021			8,021
Dilutive stock options		246			-			364			-
Average common shares outstanding		8,267			8,021			8,385			8,021

(Loss) income from continuing operations per share	$	(0.04	)	$	(0.04	)	$	0.01		$	0.01
Discontinued operations loss per common share		(0.01	)		(0.01	)		-			-
Net (loss) income available to common stockholders	$	(0.05	)	$	(0.05	)	$	0.01		$	0.01


	Nine Months Ended
	March 24, 2013						March 25, 2012
	Diluted			Basic			Diluted			Basic

(Loss) income from continuing operations	$	(441	)	$	(441	)	$	466		$	466
Discontinued operations		(127	)		(127	)		(45	)		(45	)
Net (loss) income available to common stockholders	$	(568	)	$	(568	)	$	421		$	421

Weighted average common shares		8,021			8,021			8,015			8,015
Dilutive stock options		177			-			307			-
Average common shares outstanding		8,198			8,021			8,322			8,015

(Loss) income from continuing operations per share	$	(0.05	)	$	(0.05	)	$	0.06		$	0.06
Discontinued operations loss per common share		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net (loss) income available to common stockholders	$	(0.07	)	$	(0.07	)	$	0.05		$	0.05

Segment Reporting Information (Tables)

9 Months Ended

Mar. 24, 2013

Segment Reporting Information

Segment Reporting Information

	Three Months Ended						Nine Months Ended
	March 24,			March 25,			March 24,			March 25,
	2013			2012			2013			2012
Revenue:
Franchising and food and supply distribution	$	7,719		$	8,993		$	24,922		$	27,929
Company-owned restaurants (1)		2,062			1,653			5,845			4,200
Consolidated revenues	$	9,781		$	10,646		$	30,767		$	32,129

Depreciation and amortization:
Franchising and food and supply distribution	$	-		$	-		$	-		$	-
Company-owned restaurants (1)		279			198			762			459
Combined		279			198			762			459
Corporate administration and other		61			71			205			191
Depreciation and amortization	$	340		$	269		$	967		$	650

Income (loss) from continuing operations before taxes:
Franchising and food and supply distribution (2)	$	245		$	692		$	1,526		$	2,456
Company-owned restaurants (1) (2)		(357	)		(199	)		(956	)		(598	)
Combined		(112	)		493			570			1,858
Corporate administration and other (2)		(200	)		(391	)		(1,181	)		(1,140	)
Operating income (loss)	$	(312	)	$	102		$	(611	)	$	718

Geographic information (revenues):
United States	$	9,509		$	10,424		$	29,939		$	31,312
Foreign countries		272			222			828			817
Consolidated total	$	9,781		$	10,646		$	30,767		$	32,129

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Long-Term Debt (details) - USD ($)	Jun. 01, 2012	Jan. 11, 2010
Revolving credit facility..	$ 2,000,000	$ 2,000,000
Letter of credit subfacility..	250,000	250,000
Term loan facility..	4,000,000	1,000,000
Existing term loan facility..	700,000	0
Advancing term loan facility..	$ 0	$ 0
Monthly rate of interest on revolving credit facility ...	5.00%	5.00%
Commitment fee on revolving credit facility Per annum payable quarterly..	0.25%	0.25%
Interest on each term loan accrued Amegy's prime rate plus 1% or fixed % whichever is greater	6.00%	6.00%
Total term loan facility fee..	0.50%	0.50%
Wall Street Journal prime rate plus..	0.00%	0.00%
Additional term loans..	$ 0	$ 0

Loan and Security Agreement with F & M Bank & Trust Company (details) - USD ($)	Mar. 24, 2013	Aug. 28, 2012
Revolving credit facility provided (in Millions)	$ 2.0	$ 2.0
Revolving credit facility with letter of credit subfacility (in Millions)	0.500	0.500
Fully Funded Term loan facility (in Millions)	2.0	2.0
Advancing term loan facility (in Millions)	$ 6.0	$ 6.0
Origination fee of the total credit %	0.50%	0.50%
Unused commitment fee per annum is payable quarterly %	0.50%	0.50%
F & M funded term loan payable (in Millions)	$ 2.0	$ 2.0
Term loan payable in equal monthly installments	48	48
Accrued interest at a fixed rate %	4.574%	4.574%
F & M agreed to make up in additional term loans (in Millions)	$ 6.0	$ 6.0
Total outstanding borrowings under the F & M loan agreement (in Millions)	2.7	0.0
Additional borrowing availability (in Millions)	1.8	0.0
Advancing term loan facility subject to the terms and conditions of the F & M loan agreement (in Millions)	$ 5.1	$ 0.0

Commitments and Contingencies (DETAILS) - USD ($)	3 Months Ended
Commitments and Contingencies (DETAILS) - USD ($)	Mar. 24, 2013	Jun. 02, 2008
Repurchase of number shares of common stock		3,016,000
Additional shares purchased under the plan	$ 848,425

Number of shares of the common stock (Details) - USD ($)	9 Months Ended
	Mar. 24, 2013	Mar. 25, 2012
Outstanding	$ 486,506	$ 604,036
Granted-shares	464,800	169,032
Exercised-shares	0	(10,000)
Forfeited/Canceled/Expired-shares	0	(15,000)
Forfeited/Canceled/Expired-stock	951,306	748,068
Exercisable,	$ 391,939	$ 518,024

Stock-Based Compensation (details) - USD ($)	3 Months Ended	9 Months Ended
Stock-Based Compensation (details) - USD ($)	Mar. 24, 2013	Mar. 24, 2013
Recognized stock-based compensation expense	$ 45,000	$ 135,000
Unamortized stock-based compensation expense	$ 300,000	$ 300,000

Income Taxes Consist (Details) - USD ($)	3 Months Ended	9 Months Ended
Income Taxes Consist (Details) - USD ($)	Mar. 24, 2013	Mar. 24, 2013
Income tax benefit	$ 22,000	$ 170,000
Effective income tax rate that is consistent with the statutory U.S. federal income tax rate	34.00%	34.00%
Fully Realize Net deferred tax asset	$ 1,000,000	$ 1,000,000

Earnings per Share (EPS) Consists of the Following (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 24, 2013	Mar. 25, 2012	Mar. 24, 2013	Mar. 25, 2012
(Loss) income from continuing operations - Basic	$ (290)	$ 67	$ (441)	$ 466
Discontinued operations - Basic	(100)	(15)	(127)	(45)
Net income available to common stockholders - Basic	$ (390)	$ 52	$ (568)	$ 421
Weighted average common shares	8,021	8,021	8,021	8,015
Dilutive stock options	0	0	0	0
Average common shares outstanding	8,021	8,021	8,021	8,015
(Loss) income from continuing operations per share -Basic	$ (0.04)	$ 0.01	$ (0.05)	$ 0.06
Discontinued operations loss per common share - Basic	0.01	0.00	(0.02)	(0.01)
Net (loss) income available to common stockholders - Basic	$ (0.05)	$ 0.01	$ (0.07)	$ 0.05
DILUTED:
(Loss) income from continuing operations -Diluted	$ (290)	$ 67	$ (441)	$ 466
Discontinued operations - Diluted	(100)	(15)	(127)	(45)
Net income available to common stockholders - Diluted	$ (390)	$ 52	$ (568)	$ 421
Weighted average common shares.	8,021	8,021	8,021	8,015
Dilutive stock options.	246	364	177	307
Average common shares outstanding.	8,267	8,385	8,198	8,322
(Loss) income from continuing operations per share.	$ (0.04)	$ 0.01	$ (0.05)	$ 0.06
Discontinued operations loss per common share.	(0.01)	0.00	(0.02)	(0.01)
Net (loss) income available to common stockholders.	$ (0.05)	$ 0.01	$ (0.07)	$ 0.05

Segment Reporting Operating Income and Geographic Information(Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 24, 2013	Mar. 25, 2012	Mar. 24, 2013	Mar. 25, 2012
Franchising and food and supply distribution.	$ 7,719	$ 8,993	$ 24,922	$ 27,929
Company-owned restaurants (1).	2,062	1,653	5,845	4,200
Consolidated revenues.	9,781	10,646	30,767	32,129
Depreciation and amortization:
Company-owned restaurants. (1)	279	198	762	459
Combined.	279	198	762	459
Corporate administration and other	61	71	205	191
Depreciation and amortization	340	269	967	650
Income (loss) from continuing operations before taxes:
Franchising and food and supply distribution (2)	245	692	1,526	2,456
Company-owned restaurants (1) (2)	(357)	(199)	(956)	(598)
Corporate administration and other (2)	(200)	(391)	(1,181)	(1,140)
Operating income (loss).	(312)	102	(611)	718
Geographic information (revenues):
United States	9,509	10,424	29,939	31,312
Foreign countries	272	222	828	817
Consolidated total	$ 9,781	$ 10,646	$ 30,767	$ 32,129