RAVE RESTAURANT GROUP, INC. Files 10-Q for Period Ending March 24, 2024

TL;DR

<b>RAVE RESTAURANT GROUP, INC. filed its quarterly 10-Q report for the period ending March 24, 2024.</b>

AI Summary

RAVE RESTAURANT GROUP, INC. (RAVE) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. RAVE RESTAURANT GROUP, INC. filed a 10-Q report for the period ending March 24, 2024. The filing covers the third quarter of the fiscal year. The company's fiscal year ends on June 30. The filing was made on May 2, 2024. The company's principal executive offices are located at 3551 Plano Parkway, The Colony, TX 75056.

Why It Matters

For investors and stakeholders tracking RAVE RESTAURANT GROUP, INC., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the third quarter of its fiscal year. Understanding the details within this report is crucial for assessing RAVE's current financial health and future prospects.

Risk Assessment

Risk Level: low — RAVE RESTAURANT GROUP, INC. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) and does not appear to contain any immediately alarming information based on the provided header data.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand RAVE's performance and outlook.

Key Numbers

• 2024-03-24 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• RAVE RESTAURANT GROUP, INC. (company) — Filer name
• 2024-03-24 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 3551 PLANO PARKWAY (address) — Business address street 1
• THE COLONY (address) — Business address city
• TX (address) — Business address state
• 75056 (address) — Business address zip
• 469-384-5000 (phone) — Business phone

FAQ

Industry Context

RAVE RESTAURANT GROUP, INC. operates within the restaurant industry, specifically focusing on brands like Pizza Inn and Dog Haus.

Regulatory Implications

This filing is a standard 10-Q, which is a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements (income statement, balance sheet, cash flow) for the quarter ended March 24, 2024.
2. Read the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Examine any disclosed risk factors or legal proceedings that may impact the company.

Year-Over-Year Comparison

This is the first 10-Q filing provided for analysis in this session.

Key Financial Figures

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

Filing Documents

• ef20026300_10q.htm (10-Q) — 1426KB
• ef20026300_ex31-1.htm (EX-31.1) — 13KB
• ef20026300_ex31-2.htm (EX-31.2) — 14KB
• ef20026300_ex32-1.htm (EX-32.1) — 5KB
• ef20026300_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-023848.txt (&nbsp;) — 4758KB
• rave-20240324.xsd (EX-101.SCH) — 21KB
• rave-20240324_cal.xml (EX-101.CAL) — 46KB
• rave-20240324_def.xml (EX-101.DEF) — 83KB
• rave-20240324_lab.xml (EX-101.LAB) — 326KB
• rave-20240324_pre.xml (EX-101.PRE) — 197KB
• ef20026300_10q_htm.xml (XML) — 765KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Page Condensed Consolidated Statements of Income (unaudited) for the three and nine months ended March 24, 2024 and March 26, 2023 3 Condensed Consolidated Balance Sheets at March 24, 2024 (unaudited) and June 25, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) for the three and nine months ended March 24, 2024 and March 26, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended March 24, 2024 and March 26, 2023 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 22

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 Item 1.

Financial Statements

Financial Statements RAVE RESTAURANT GROUP, INC. CONDENSED CONSOLIDATED (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended March 24 , 2024 March 26 , 2023 March 24 , 2024 March 26 , 2023 REVENUES $ 2,962 $ 2,970 $ 8,795 $ 8,841 COSTS AND EXPENSES General and administrative expenses 1,272 1,486 3,932 4,282 Franchise expenses 812 964 2,828 3,033 Impairment of long-lived assets and other lease charges — — — 5 Provision for credit losses 11 28 46 37 Interest (income) expense ( 45 ) — ( 93 ) 1 Depreciation and amortization expense 58 54 170 158 Total costs and expenses 2,108 2,532 6,883 7,516 INCOME BEFORE TAXES 854 438 1,912 1,325 Income tax expense ( 200 ) ( 115 ) ( 319 ) ( 347 ) NET INCOME $ 654 $ 323 $ 1,593 $ 978 INCOME PER SHARE OF COMMON STOCK - BASIC $ 0.04 $ 0.02 $ 0.11 $ 0.06 INCOME PER SHARE OF COMMON STOCK - DILUTED $ 0.04 $ 0.02 $ 0.11 $ 0.06 Weighted average common shares outstanding - basic 14,587 14,154 14,395 15,712 Weighted average common shares outstanding - diluted 14,737 14,154 14,546 15,712 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) March 24 , 2024 June 25 , 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,318 $ 5,328 Accounts receivable, less allowance for credit losses of $ 33 and $ 58 , respectively 1,338 1,145 Notes receivable, current 65 105 Assets held for sale 35 19 Deferred contract charges, current 27 33 Prepaid expenses and other current assets 431 204 Total current assets 8,214 6,834 LONG-TERM ASSETS Property and equipment, net 202 258 Operating lease right of use assets,

View Full Filing

View this 10-Q filing on SEC EDGAR