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Pizza Inn, Inc. Reports Results for Third Quarter Fiscal Year 2009; New Concept Restaurant Continues Strong Performance With More Company Stores Slated for the Future
Tuesday, May 12, 2009 5:55 PM


(Source: PrimeNewswire)trackingTHE COLONY, Texas, May 12, 2009 (GLOBE NEWSWIRE) -- Pizza Inn, Inc. (Nasdaq:PZZI) today reported net income of $361,000, or $0.05 per share, for the third quarter ended March 29, 2009, versus net income of $898,000, or $0.09 per share, for the third quarter of the prior fiscal year. Highlights for the quarter ended March 29, 2009, included:

      * Comparable domestic buffet restaurant sales decreased 0.9%      for the quarter compared to the same period of the prior      fiscal year.    * Total domestic restaurant sales decreased 3.0% for the quarter      compared to the same period of the prior fiscal year.    * Sales for the company owned prototype buffet-style restaurant      located in Denton, TX that opened in October 2008 averaged      $30,000 per week for the quarter.    * Excluding the impact of an income tax expense of $203,000 for      the third quarter compared to an income tax benefit of $216,000      in the same quarter in the prior year, net income per share      would have been flat, or $0.07 in both periods.    * Two new domestic and three franchise international restaurants      opened during the quarter. 

"After adjusting for income taxes paid in the current quarter as compared to a tax benefit in the prior year, our EPS for the quarter is flat year over year," said Charlie Morrison, President and CEO.

Morrison expects Pizza Inn's overall performance to continue to improve, as the new franchise pipeline for 2010 continues to be driven by the Company's new buffet-style prototype, as well as its recently launched royalty incentive program for new and existing franchisees. Pizza Inn's new prototype restaurant in Denton, Texas continues to perform well, with another corporate location slated to open in the Dallas-Fort Worth market later this summer.

Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Pizza Inn's control. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that Pizza Inn's objectives and plans will be achieved.

Pizza Inn, Inc. (www.pizzainn.com) is headquartered in The Colony, Texas, along with its distribution division, Norco Restaurant Services Company. Pizza Inn franchises more than 300 restaurants and owns two restaurants with annual domestic and international chain-wide sales of approximately $133 million.

The Pizza Inn logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4933

                                  PIZZA INN, INC.


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