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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 31, 2003
PIZZA INN, INC.
(Exact name of registrant as specified in its charter)
MISSOURI 0-12919 47-0654575
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification Number)
3551 PLANO PARKWAY, THE COLONY, TX 75056
(Address of principal executive offices)(zip code)
Telephone number of registrant, including area code: (469) 384-5000
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ITEM 5.
See attached Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
PIZZA INN, INC.
By: /s/Shawn M. Preator
Shawn M. Preator, Chief Financial Officer
Date: October 31, 2003
[GRAPHIC OMITED]
P R E S S R E L E A S E
FOR IMMEDIATE RELEASE
PIZZA INN ANNOUNCES 1ST QUARTER FINANCIAL RESULTS
THE COLONY, TEXAS -OCTOBER 31, 2003- PIZZA INN, INC. (NASDAQ:PZZI) today
reported earnings per share for its first quarter ended September 28, 2003 of 5
cents versus 3 cents for the same quarter last year. Net income was $504,000
versus $303,000, on revenues of $15.4 million versus $15.4 million in the
previous year. The previous year's quarter included pre-tax severance related
charges of approximately $415,000 (after-tax affect of approximately $274,000),
in connection with the departure of the Company's former chief executive
officer. Comparable same-store sales finished down 4.8% for the quarter.
The Company is the franchisor and food and supply distributor to more than 410
stores in 20 states and 10 foreign countries.
P R E S S R E L E A S E
PIZZA INN, INC.
(In thousands, except share and per share amounts)
Quarter Ended
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Sept. 28 Sept. 29,
2003 2002
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Revenue . . . . . . . . . . . . . . . $ 15,376 $ 15,361
Income before taxes. . . . . . $ 764 $ 460
Net Income . . . . . . . . . . $ 504 $ 303
Diluted earnings per share . . $ 0.05 $ 0.03
Basic earnings per share . . . $ 0.05 $ 0.03
Weighted average shares outstanding:
Diluted. . . . . . . . . . . . . . 10,086,059 10,058,350
Basic. . . . . . . . . . . . . . . 10,059,223 10,058,248