Pizza Inn, Inc. recently announced a development agreement with one of its existing licensees to open an additional 44 Pizza Inn locations in Saudi Arabia over the next 5 years. The company said that this would bring its locations in the Middle East to over 100.
Pizza Inn, Inc. signed the development agreement with United Food Company, a subsidiary of the Abdullah Abunayyan Group. United Food Company also controls the licensee rights to open Pizza Inn locations in Oman, Qatar, Bahrain, the United Arab Emirates, and other undisclosed countries throughput the Middle East and North Africa.
Charlie Morrison, the CEO of Pizza Inn, Inc., said, “We’re excited about our continued growth throughout the Middle East and North Africa in our partnership with United Food Company. It is a testament to the success of our freshly made pizzas, pastas, salads and more that are a favorite of the people of the Kingdom of Saudi Arabia.”
Pizza Inn, Inc. reported net income of $400,000, or $0.05 per share, in the quarter that ended on 3/28/2010. This was flat with the same quarter in 2009. Pizza Inn, Inc. reported a decline in revenue on a year over year basis, from $10.8 million in 2009, to $10.2 million in the quarter that just ended.
Pizza Inn, Inc. has 318 restaurants located throughout the United States and internationally, of which 315 are franchises, and 3 are company owned.
For more information on the company, go to www.pizzainn.com