Net income for the quarter jumped 655% to $6.8 million. Adjusted EBITDA increased 3% to $1.2 million.
EPS for the quarter grew to $0.38 from $0.05 last year.
"We expect that key initiatives such as our Pizza Inn rebranding efforts, reimagined Pizza Inn buffet experience, and Pie Five menu relaunch, will provide returns long after our initial investments," said CEO Brandon Solano.
The operating expenses rose 12.2% to $2.4 million.
The company held $7.7 million in cash and equivalents as of June 26, 2022. Cash provided by operating activities for the year totaled $1.4 million.
"We look forward to fiscal 2023 as we continue to invest in initiatives in both brands that resonate with our customers and drive growth and value for all stakeholders," said CFO Clint Fendley.
Price Action: RAVE shares are trading higher by 13% at $1.30 on the last check Friday.
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