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Rave Restaurant Group Inc. (RAVE-0.77%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $2.9 million from $2.7 million in the same quarter the previous year. This increase was primarily driven by higher supplier and distributor incentives for Pizza Inn.
General and administrative expenses decreased slightly to $1.3 million, compared to $1.3 million in the same quarter of the previous year. The decrease was due to reduced legal fees, partially offset by increased salaries.
Franchise expenses remained stable at $0.8 million for the quarter, with a slight decrease attributed to lower salaries and advertising fees.
The company reported a net income of $607,000 for the quarter, compared to $553,000 in the previous year. Basic net income per share was $0.04, unchanged from the previous year.
Cash provided by operating activities was $1.2 million, while cash used in investing and financing activities was $1.0 million and $0.2 million, respectively.
Rave Restaurant Group had a working capital of $10.4 million as of December 29, 2024. The company believes its cash on hand and cash provided by operations will be sufficient to fund operations for the next 12 months.
The filing also details various financial metrics, including an increase in interest income to $87,000 due to U.S. Treasury bills.
Rave Restaurant Group continues to focus on its Pizza Inn and Pie Five brands, with a slight net decrease in total domestic units for Pizza Inn and stability in Pie Five units during the quarter.
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 February 6, 2025. To report an error, please email earnings@qz.com.