RAVE RESTAURANT GROUP, INC. Files 10-Q for Period Ending 2023-12-24

TL;DR

<b>RAVE RESTAURANT GROUP, INC. filed its quarterly report (10-Q) for the period ending December 24, 2023, detailing financial information and historical company names.</b>

AI Summary

RAVE RESTAURANT GROUP, INC. (RAVE) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Filing is a 10-Q for RAVE RESTAURANT GROUP, INC. for the period ending December 24, 2023. The company was formerly known as PIZZA INN HOLDINGS, INC /MO/. The filing includes data points related to common stock, retained earnings, and additional paid-in capital. Key dates mentioned include 2023-12-24, 2024-01-25, 2022-06-26, and 2022-12-25. The company's fiscal year ends on June 30.

Why It Matters

For investors and stakeholders tracking RAVE RESTAURANT GROUP, INC., this filing contains several important signals. This 10-Q filing provides an update on RAVE RESTAURANT GROUP, INC.'s financial position and operational performance for the specified quarter, which is crucial for investors to assess the company's current health and future prospects. Understanding the historical company names and the fiscal year-end helps in contextualizing the financial data and comparing it with previous periods or industry benchmarks.

Risk Assessment

Risk Level: low — RAVE RESTAURANT GROUP, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not inherently contain significant new risks beyond those typically associated with the company's industry.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue trends, profitability, and any changes in debt or equity structure.

Key Numbers

• 2023-12-24 — Period End Date (Conformed period of report)
• 2024-02-01 — Filing Date (Filed as of date)
• 06-30 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• RAVE RESTAURANT GROUP, INC. (company) — Filer name
• PIZZA INN HOLDINGS, INC /MO/ (company) — Former company name
• PIZZA INN INC /MO/ (company) — Former company name
• PANTERAS CORP (company) — Former company name
• 2023-12-24 (date) — Period of report
• 2024-02-01 (date) — Filed as of date
• 06-30 (date) — Fiscal year end
• NASDAQ (company) — Exchange listing

Forward-Looking Statements

• RAVE's focus on retaining earnings suggests a strategy to strengthen its balance sheet rather than immediate large-scale capital returns to shareholders. (RAVE RESTAURANT GROUP, INC.) — medium confidence, target: 2024-06-30

FAQ

Key Dates

• 2023-12-24: Period End — End of the reporting quarter for the 10-Q filing.
• 2024-02-01: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2022-06-26: Prior Period Reference — Reference date for comparative financial data in the filing.
• 2022-12-25: Prior Period Reference — Reference date for comparative financial data in the filing.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Fiscal Year End

The last day of a company's fiscal year. (Helps in understanding the timing of financial reporting cycles and annual comparisons.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value RAVE Nasdaq Capital Marke

Filing Documents

• ef20015323_10q.htm (10-Q) — 1289KB
• ef20015323_ex31-1.htm (EX-31.1) — 12KB
• ef20015323_ex31-2.htm (EX-31.2) — 12KB
• ef20015323_ex32-1.htm (EX-32.1) — 5KB
• ef20015323_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-005023.txt (&nbsp;) — 4513KB
• rave-20231224.xsd (EX-101.SCH) — 21KB
• rave-20231224_cal.xml (EX-101.CAL) — 44KB
• rave-20231224_def.xml (EX-101.DEF) — 82KB
• rave-20231224_lab.xml (EX-101.LAB) — 330KB
• rave-20231224_pre.xml (EX-101.PRE) — 195KB
• ef20015323_10q_htm.xml (XML) — 713KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Page Condensed Consolidated Statements of Income (unaudited) for the three and six months ended December 24, 2023 and December 25, 2022 3 Condensed Consolidated Balance Sheets at December 24, 2023 (unaudited) and June 25, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) for the three and six months ended December 24, 2023 and December 25, 2022 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended December 24, 2023 and December 25, 2022 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

Signatures

Signatures 25 2 Index

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RAVE RESTAURANT GROUP, INC. CONDENSED CONSOLIDATED (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended December 24 , 2023 December 25 , 2022 December 24 , 2023 December 25 , 2022 REVENUES: $ 2,792 $ 2,866 $ 5,881 $ 5,871 COSTS AND EXPENSES: General and administrative expenses 1,341 1,453 2,660 2,796 Franchise expenses 844 867 2,016 2,069 Impairment of long-lived assets and other lease charges — — — 5 Bad debt expense 10 5 35 9 Interest expense — — — 1 Depreciation and amortization expense 57 53 112 104 Total costs and expenses 2,252 2,378 4,823 4,984 INCOME BEFORE TAXES 540 488 1,058 887 Income tax benefit (expense) 13 ( 140 ) ( 119 ) ( 232 ) NET INCOME $ 553 $ 348 $ 939 $ 655 INCOME PER SHARE OF COMMON STOCK - BASIC: $ 0.04 $ 0.02 $ 0.07 $ 0.04 INCOME PER SHARE OF COMMON STOCK - DILUTED: $ 0.04 $ 0.02 $ 0.07 $ 0.04 Weighted average common shares outstanding - basic 14,444 16,351 14,299 16,491 Weighted average common shares outstanding - diluted 14,465 16,351 14,319 16,491 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 3 Index RAVE RESTAURANT GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands , except share amounts) (Unaudited) December 24 , 2023 June 25 , 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,306 $ 5,328 Accounts receivable, less allowance for bad debts of $ 23 and $ 58 , respectively 1,193 1,145 Notes receivable, current 82 105 Assets held for sale 37 19 Deferred contract charges, current 30 33 Prepaid expenses and other current assets 458 204 Total current assets 7,106 6,834 LONG-TERM ASSETS Property and equipment, net 208 258 Operating lease right of use assets, net 1,00

View Full Filing

View this 10-Q filing on SEC EDGAR