Rave Restaurant Stock Price, News & Analysis

RAVE Restaurant Group reported strong financial results for Q3 2022, showing a 20% increase in total revenue to $2.6 million. Pizza Inn and Pie Five experienced significant growth, with domestic retail sales rising 27.0% and 19.5%, respectively. The company achieved a net income of $0.5 million, up from $0.4 million the previous year, marking its eighth consecutive quarter of profitability. Cash balances decreased to $7.2 million, but the full repayment of $1.6 million in Convertible Notes improved financial stability. Innovative product launches are anticipated to further drive sales.

On April 18, 2022, Pizza Inn announced the introduction of the NYXL Pizza, its largest menu item, featuring extra large deli pepperoni and 100% house-shredded mozzarella cheese, available for $11.99. This new New York-style pizza is part of the All You Can Eat buffet and is offered for delivery or carryout at select locations. CEO Brandon Solano emphasized the commitment to quality ingredients, while marketing director Chaz Black expressed aspirations to make the NYXL a permanent menu item to drive growth.

Pie Five Pizza has reopened a location in Skokie, Illinois, offering made-to-order pizzas in under five minutes. This franchise, operated by Marwan Murrar, is the second in Illinois and the 33rd nationwide. Customers can enjoy house-made dough and fresh ingredients, including various crusts and toppings. New menu items include Mike's Sticky Fingers and Parmesan Crunch Stuffed Crust. Pie Five operates from 11 a.m. to 9 p.m. Monday-Saturday and 11 a.m. to 7 p.m. Sunday. The reopening aims to provide an enjoyable dining experience in the bustling Westfield Old Orchard Center.

On February 15, 2022, RAVE Restaurant Group (NASDAQ: RAVE) announced the full repayment of $1.6 million under its 4% Convertible Senior Notes, maturing on the same date. This cash payment extinguishes the debt and prevents conversion into common stock, offering the company greater financial flexibility for future growth initiatives across its brands, Pie Five Pizza Co. and Pizza Inn. CFO Clint Fendley highlighted this move as a positive step towards enhancing operational investments.

Pizza Inn has officially reopened its restaurant in Elizabethton, Tennessee, under the ownership of franchisee Dion Firooznia. The location features a buffet with 10-12 pizza varieties, pasta, salad, and desserts made fresh daily. Operating hours are set from 11 a.m. to 9 p.m. for the buffet and 8 a.m. for the drive-thru. Firooznia, an experienced operator with over 30 years in the restaurant industry, plans to expand to six franchises. Pizza Inn is recognized for its high-quality, house-made pizza dough and fresh ingredients.

RAVE Restaurant Group reported positive financial results for Q2 2022, with a net income of $457,000, showing a significant increase from $102,000 in Q2 2021. Total revenue rose by $0.6 million to $2.7 million, driven by a 31% increase in Pizza Inn's comparable store sales and a 15% rise for Pie Five. The company has achieved seven consecutive quarters of profitability, boasting $8.2 million in cash. The launch of new menu items contributed to sales momentum, while the company is poised to settle $1.6 million in convertible notes in Q3 2022.

On January 18, 2022, Pie Five Pizza announced the launch of a new menu item called Mike's Sticky Fingers. This personal-size pepperoni pizza is topped with Mike's Hot Honey, combining two pepperoni varieties with sweet and spicy flavors. Available from January 17 to February 13 for just $5 with promo code 'BEEHOT', the pizza also features artisan thin or traditional Italian crusts. The brand, part of Rave Restaurant Group (NASDAQ: RAVE), aims to attract customers seeking innovative pizza options.

Pizza Inn is holding a fundraiser from January 7 to 9, 2022, at its locations in Paducah and Frankfort, Kentucky, to support families affected by a recent tornado. The initiative aims to assist seven families who lost their homes, with a portion of sales and cash donations collected at the restaurants. Local franchise owner Larry Rust mentioned ongoing efforts to feed first responders and provide community support. Over its 50-year history, the Paducah Pizza Inn has donated nearly $500,000 to local charities.

Pizza Inn has announced a multi-unit franchise agreement with Dion Firooznia to open six buffet restaurants in Tennessee and North Carolina, with the first location set to debut in Elizabethton, TN, by the end of 2021. Firooznia, who has extensive experience in the restaurant industry, emphasizes his belief in Pizza Inn's brand value and product innovation. The company is also offering attractive incentives for new franchisees, increasing its presence in key markets. This expansion aims to re-establish Pizza Inn's roots and enhance its buffet offerings.