Rave Restaurant Group, Inc. engages in the management and franchising of restaurants. It operates through the following segments: Pizza Inn Franchising, Pie Five Franchising, and Company-Owned Restaurants. The Pizza Inn Franchising and Pie Five Franchising segments establish franchisees, licensees, and territorial rights. The Company-Owned Restaurant segment includes sales and operating results for company owned restaurants. The company was founded in 1958 and is headquartered in The Colony, TX.
The Company franchises pizza buffet (“Buffet Units”), delivery/carry-out (“Delco Units”) and express (“Express Units”) restaurants under the trademark “Pizza Inn” and operates and franchises fast casual pizza restaurants (“Pie Five Units”) under the trademarks “Pie Five Pizza Company” or “Pie Five”. The Company also licenses Pizza Inn Express kiosks (“PIE Units”) under the trademark “Pizza Inn”. We facilitate food, equipment and supply distribution to our domestic and international system of restaurants through agreements with third party distributors. At June 30, 2019, Company-owned and franchised restaurants consisted of the following (in thousands, except unit data):
The domestic units were located in 21 states predominately situated in the southern half of the United States. The international restaurants were located in seven foreign countries.
Basic net income per common share decreased $0.19 to a net loss of $0.05 per share for fiscal 2019 compared to net income of $0.14 per share in the prior fiscal year. Net income decreased $2.7 million to a net loss of $0.8 million for fiscal 2019 compared to net income of $1.9 million for the prior fiscal year on revenues of $12.3 million for fiscal 2019 as compared to $15.1 million in fiscal 2018.