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Rave Restaurant Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing revenues of $3.1 million, stable compared to the same period last year. The company reported net income of $526,000, up from $386,000 in the previous year.
Pizza Inn (RAVE+1.89%) franchise revenues increased by 4.5% to $2.7 million, driven by higher supplier and distributor incentives. Pie Five franchise revenues decreased by 29.7% to $0.3 million, primarily due to a decline in domestic royalties.
General and administrative expenses rose by 7.4% to $1.4 million, attributed to increased legal fees. Franchise expenses decreased by 15.1% to $1.0 million, due to lower advertising fees.
Interest income increased significantly to $82,000, primarily from U.S. Treasury bills. Depreciation and amortization expenses decreased by $12,000 to $43,000.
Cash provided by operating activities was $520,000, while cash used in investing activities was $2.0 million, mainly due to purchases of U.S. Treasury bills.
As of September 29, 2024, Rave Restaurant Group had 102 domestic Pizza Inn units and 26 international units. Pie Five units remained stable at 20.
Rave Restaurant Group expects modest growth in Pizza Inn units and a slight decrease in Pie Five units in future periods.
The company continues to evaluate the realizability of its deferred tax assets and has no uncertain tax positions as of the reporting date.
Management believes that the current cash on hand and cash from operations will be sufficient to fund operations for the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rave Restaurant Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.