RAVE Restaurant Group, Inc. announced today its financial results for the second quarter of fiscal 2024, which ended on December 24, 2023. The company is traded on the NASDAQ under the ticker symbol RAVE. Some key highlights for this quarter include an increase in net income to $0.6 million, up from $0.3 million for the same period in the previous year. Income before taxes also saw a 10.7% increase to $0.5 million, and adjusted EBITDA remained steady at $0.6 million. The Pizza Inn domestic unit count finished at 112, with 18 international units, and the Pie Five domestic unit count finished at 24. Cash and cash equivalents totaled $5.3 million at the end of December 24, 2023.
RAVE’s CEO, Brandon Solano, expressed satisfaction with the company’s financial performance, noting that it was the 15th consecutive quarter of profitability. He attributed the success to a combination of factors, including maintaining tight cost control and the effectiveness of the company’s financial strategies. Additionally, Solano highlighted the steady profit growth and a testament to the dedication of the team.
Solano also announced three new Pie Five franchisees in Texas, emphasizing their confidence in the business model. He mentioned the completion of several store reimaging projects, stating that the company was pleased with the strong results from the completed prototype and anticipated completing most transformations before the end of the fiscal year. Solano also discussed the company’s strategic investments in key areas such as analytics, development, and IT as part of its commitment to innovation and growth.
In terms of non-GAAP financial measures, RAVE focuses on EBITDA and Adjusted EBITDA as supplemental measures of operating performance commonly used by analysts and investors. The company believes these measures provide additional useful information to investors and are used by management for evaluating operating performance, planning, and budgeting.
RAVE’s press release also noted that some statements, including those regarding cost-cutting measures, reimaging initiatives, development pipeline, and future economic conditions, are forward-looking and are subject to risks and uncertainties. While the company believes these statements are reasonable, they may not prove to be accurate due to the inherent uncertainties.
The source of this information is RAVE Restaurant Group, Inc.
This press release showcases RAVE Restaurant Group’s financial performance for the second quarter of fiscal 2024 and highlights key achievements, plans, and goals for the company.
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