Pizza Inn Holdings Inc.‘s third fiscal quarter ended March 25 and included a net income decrease of $0.4 million year-over-year to $52 thousand, compared to net income of $0.4 million for the same quarter of the prior fiscal year. The decline was partially attributable to the pre-opening costs associated with new company-owned Pie Five restaurants.
Third quarter revenues were essentially unchanged at $10.6 million compared to $10.7 million for the same quarter of the prior fiscal year. Company-owned restaurant sales increased 45.8 percent to $1.7 million due primarily to new store openings.
For the nine months ended March 25, net income was $0.4 million, compared to $0.9 million for the same period in the prior fiscal year. The decline in net income was partially attributable to the opening of four Pie Five stores during the nine months and $0.6 million of costs associated with preparing the company to support the growth of the Pie Five business, as well as the franchising of Pizza Inn in China.