Rave Restaurant Group, Inc.(RAVE), known for its portfolio of pizza brands including Pie Five Pizza and Pizza Inn, has released its consolidated financial statements for the fourth quarter and fiscal year ended June 25, 2023. The report highlights a net income of $635,000 for the quarter and total revenue of $3,048,000, showcasing a remarkable increase in both net income and revenue compared to the previous year.
Quarter 4: Net Income at a Glance
In the fourth quarter of 2023, Rave Restaurant Group reported a net income of $635,000, marking a significant turnaround compared to the previous year when the company reported a net income of $6.79 million. The substantial increase in net income demonstrates the company's efforts to improve its financial performance.
Quarter 4: Revenue Soars
The fourth quarter of 2023 saw Rave Restaurant Group achieve total revenue of $3,048,000. This represents a substantial increase from the same quarter in the previous year when the company reported revenue of $2,823,000. The surge in revenue is a positive indicator of the company's growth and customer demand for its pizza brands.
Fiscal Year 2023: A Closer Look
While the fourth quarter showed impressive results, Rave Restaurant Group also provided an overview of its fiscal year 2023 performance. The company reported a net income of $1.61 million for the entire fiscal year, a decrease from $8.02 million in the previous year. This decline in net income can be attributed to various factors, including increased expenses.
Cost and Expenses
The company faced various costs and expenses during the fiscal year, including costs of sales, general and administrative expenses, franchise expenses, and more. Total costs and expenses for the fiscal year 2023 amounted to $9.74 million, compared to $9.03 million in the previous year.
Other Income
Rave Restaurant Group reported other income items, including a gain on forgiveness of a PPP loan and employee retention credit, which contributed positively to its financials.
Shareholders' Equity
The balance sheet reflects a shareholders' equity of $10.39 million at the end of fiscal year 2023, compared to $13.41 million in the previous year.
Cash Flows
The statement of cash flows revealed that Rave Restaurant Group generated cash provided by operating activities of $2.63 million for the fiscal year 2023, reflecting the company's ability to manage its finances efficiently.
Investing and Financing Activities
The company made strategic investments during the fiscal year, and its financing activities included the purchase of treasury stock and the payment of convertible notes.
Rave Restaurant Group's financial report for the fourth quarter of 2023 and the entire fiscal year highlights a notable increase in revenue in the quarter and demonstrates the company's ongoing efforts to manage costs efficiently. While net income for the fiscal year decreased, the company continues to navigate the challenges of the restaurant industry, positioning itself for future growth and success.