RAVE Restaurant Group, Inc. (NASDAQ: RAVE) recently announced its financial results for the third quarter of fiscal 2024, ending on March 24, 2024. The company reported an increase in net income, income before taxes, and adjusted EBITDA compared to the same period of the prior year. Total revenue remained stable, and on a fully diluted basis, net income per share also saw an increase.
Despite a slight decrease in Pizza Inn domestic comparable store retail sales and Pie Five domestic comparable store retail sales, the company remains optimistic about its performance. Cash and cash equivalents were reported at $6.3 million, with 104 Pizza Inn domestic units and 21 international units, as well as 23 Pie Five domestic units.
RAVE’s CEO, Brandon Solano, expressed satisfaction with the company’s performance over the past few years, reporting growth in total sales, profit, and net income. He attributed this success to the dedication of the team and effective financial strategies. With a focus on reimaging and marketing programs, RAVE is determined to invest in its long-term success.
Newly appointed CFO, Jay Rooney, praised RAVE’s commitment to right-sizing expenses and growing the bottom line. He highlighted the company’s strong operating cash generation and emphasized the growth potential in sales through reimaging existing restaurants and opening new franchised locations. RAVE uses non-GAAP financial measures like EBITDA and Adjusted EBITDA to evaluate operating performance and effectiveness of business strategies.
Looking ahead, RAVE remains focused on its development pipeline, cost-cutting measures, and reimaging initiatives. While forward-looking statements involve uncertainties, RAVE is confident in its ability to navigate future economic, competitive, and market conditions.
Overall, RAVE Restaurant Group, Inc. continues to show resilience and growth in the challenging restaurant industry. With a strong leadership team, strategic financial planning, and a commitment to innovation, RAVE is poised for sustained growth and value for its shareholders.
For more information on RAVE Restaurant Group, Inc.’s financial performance and strategic initiatives, visit their official website or contact their investor relations department. Stay tuned for more updates from this leading restaurant company as they continue to make waves in the industry.
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