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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 8-K
_________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
OCTOBER 22, 2004
PIZZA INN, INC.
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(Exact name of Registrant as specified in its charter)
MISSOURI 0-12919 47-0654575
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State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
3551 PLANO PARKWAY
THE COLONY, TX 75056 75056
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (469) 384-5000
(Former name, former address and former fiscal year, if changed since last
report)
ITEM 8.01. OTHER EVENTS AND REGULATION FD DISCLOSURE.
See Exhibit 99.1
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
SEE ATTACHED EXHIBIT 99.1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
PIZZA INN, INC.
Date: October 22, 2004 By: /s/ Ronald W. Parker
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Ronald W. Parker, Chief Executive Officer
PIZZA INN ANNOUNCES 1ST QUARTER FINANCIAL RESULTS
THE COLONY, TEXAS -OCTOBER 22, 2004- PIZZA INN, INC. (NASDAQ:PZZI) today
reported earnings per share for its first quarter ended September 26, 2004 of 3
cents versus 5 cents for the same quarter last year. Net income was $285,000
versus $504,000, on revenues of $14.4 million versus $15.4 million in the
previous year. The same quarter last year included higher international
royalties resulting from the collection of approximately $173,000 of previously
unrecorded past due royalties. Comparable same-store sales finished up 0.1% for
the quarter.
Certain statements in this press release, other than historical information, may
be considered forward-looking statements, within the meeting of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995, and
are subject to various risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may differ from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on Pizza Inn's
operating results, performance or financial condition are its ability to
implement its growth strategies, national, regional and local economic
conditions affecting the restaurant industry, competition within each of the
restaurant industries, store sales cannibalization, success of its franchise
operations, negative publicity, fluctuations in quarterly results of operations,
including seasonality, government regulations, weather, commodity, insurance and
labor costs.
Pizza Inn, Inc. is headquartered in The Colony, Texas, along with its
distribution division, Norco Restaurant Distribution Services. Pizza Inn
represents over 400 restaurants with annual sales of approximately $170 million.
PIZZA INN, INC.
(In thousands, except share and per share amounts)
Sept. 26, Sept. 28,
2004 2003
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Revenue. . . . . . . . . . . . . . . . . . . . . . $ 14,421 $ 15,376
Income before taxes. . . . . . . . . . . . . . . . $ 441 $ 764
Net Income . . . . . . . . . . . . . . . . . . . . $ 285 $ 504
Diluted earnings per share . . . . . . . . . . . . $ 0.03 $ 0.05
Basic earnings per share . . . . . . . . . . . . . $ 0.03 $ 0.05
Weighted average shares outstanding:
Diluted . . . . . . . . . . . . . . . . . . . . 10,168,621 10,086,059
Basic . . . . . . . . . . . . . . . . . . . . . 10,133,674 10,059,223