RAVE Restaurant Group, Inc. (NASDAQ: RAVE) recently announced their financial results for the fourth quarter and fiscal year ended June 30, 2024. In the fourth quarter, the company reported a net income of $0.9 million, an increase from the same period in the prior year. Total revenue for the quarter also increased to $3.4 million. Adjusted EBITDA saw an increase of $0.2 million to $1.2 million for the same period. The Pizza Inn and Pie Five brands also saw changes in comparable store retail sales in the fourth quarter.
For the entire fiscal year, RAVE reported a net income increase of $0.9 million to $2.5 million compared to the previous year. Total revenue also increased to $12.2 million, with adjusted EBITDA reaching $3.2 million. The Pizza Inn brand saw an increase in comparable store retail sales, while the Pie Five brand experienced a decrease.
RAVE CEO Brandon Solano expressed satisfaction with the company’s financial performance, highlighting the 17th consecutive quarter of profitability and praising the new executive team for their efforts. Solano emphasized the growth initiatives that are driving the company forward, such as reimagining stores, expanding restaurant openings, and implementing a new online ordering platform to enhance digital business.
Chief Financial Officer Jay Rooney echoed Solano’s sentiments, noting the outstanding fiscal year 2024 performance, including a 70% year-over-year increase in diluted Earnings per Share. Rooney highlighted the $3.1 million profit before tax and the company’s strong balance sheet, with $7.8 million in cash and short-term investments and no debt.
RAVE Restaurant Group utilizes non-GAAP financial measures such as EBITDA and Adjusted EBITDA to provide investors with a more comprehensive view of the company’s operating performance. These measures exclude non-operational or non-recurring expenses, allowing for a clearer assessment of core business performance.
As RAVE looks towards the future, the company remains optimistic about its growth potential and commitment to shareholder value. By focusing on financial strategies and operational efficiency, RAVE aims to sustain growth and continue delivering positive results.
For more information on RAVE Restaurant Group, visit their website at http://www.raverg.com and follow them on Instagram for updates and insights on their brands, Pizza Inn and Pie Five Pizza. Investors can also contact RAVE Restaurant Group directly at 469-384-5000 for further inquiries.
Source link
