Rave Restaurant Group Inc (RAVE) Reports Increased Net Income in Q1 Fiscal 2024
RAVE reported a net income of $386,000 for Q1 fiscal 2024, up from $307,000 in Q1 fiscal 2023.
The company's revenues increased slightly to $3,089,000 from $3,005,000 year-over-year.
RAVE's EBITDA for Q1 fiscal 2024 was $573,000, up from $451,000 in the same period last year.
The company's cash and cash equivalents stood at $5,944,000 at the end of Q1 fiscal 2024.
Rave Restaurant Group Inc (NASDAQ:RAVE) released its earnings report for the first quarter of fiscal 2024 on November 2, 2023. The company reported a net income of $386,000, marking a 25.7% increase from the $307,000 reported in the same period last year.
Financial Performance and Highlights
RAVE's revenues for Q1 fiscal 2024 were $3,089,000, a slight increase from the $3,005,000 reported in Q1 fiscal 2023. The company's general and administrative expenses decreased to $1,319,000 from $1,343,000 year-over-year.
RAVE's EBITDA for the quarter was $573,000, up from $451,000 in Q1 fiscal 2023. The company's adjusted EBITDA, which excludes non-operational or non-recurring expenses, was $588,000, up from $542,000 in the same period last year.
The company's cash and cash equivalents stood at $5,944,000 at the end of Q1 fiscal 2024, up from $5,328,000 at the end of the previous quarter.
Management Commentary
Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc., commented on the company's performance, stating,
"We are pleased to record our 14th consecutive quarter of profitability with same store sales growth at both Pizza Inn and Pie Five along with a year-over-year reduction in G&A expenses in this challenging cost environment."
Clint Fendley, Chief Financial Officer of RAVE Restaurant Group, Inc., further explained,
"Our improved comparable sales and acute attention to our expense controls yielded year-on-year earnings growth. While our Q1 store count shows a year-on-year decline, our revenues increased due to our strengthening network of stores and strong comparable sales."
Financial Statements Summary
RAVE's condensed consolidated statements of income show a net income of $386,000 for Q1 fiscal 2024, up from $307,000 in Q1 fiscal 2023. The company's total costs and expenses for the quarter were $2,571,000, down from $2,606,000 in the same period last year.
The company's condensed consolidated balance sheets show total assets of $14,729,000 at the end of Q1 fiscal 2024, up from $14,237,000 at the end of the previous quarter. RAVE's total liabilities stood at $3,873,000, up slightly from $3,846,000 at the end of the previous quarter.
RAVE's condensed consolidated statements of cash flows show a net increase in cash and cash equivalents of $616,000 for Q1 fiscal 2024. The company's cash provided by operating activities was $628,000 for the quarter.
Explore the complete 8-K earnings release (here) from Rave Restaurant Group Inc for further details.
This article first appeared on GuruFocus.
