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Press Release: RAVE Restaurant Group, Inc. -2-

· 02/05/2021 08:30
basic 17,712 15,129 16,596 15,106 Weighted average common and potential dilutive common shares outstanding 18,510 15,930 17,394 15,924 RAVE RESTAURANT GROUP, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) December 27, 2020 June 28, 2020 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,292 $ 2,969 Restricted cash 235 234 Accounts receivable, less allowance for bad debts of $166 and $269, respectively 919 965 Notes receivable 1,006 546 Deferred contract charges 35 44 Prepaid expenses and other 261 174 Total current assets 8,748 4,932 LONG-TERM ASSETS Property, plant and equipment, net 324 366 Operating lease right of use asset, net 3,274 3,567 Intangible assets definite-lived, net 136 155 Notes receivable, net of current portion 65 449 Long-term deferred contract charges 232 231 Deposits and other - 5 Total assets $ 12,779 $ 9,705 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 649 $ 446 Accounts payable - lease termination impairments - 407 Accrued expenses 791 775 Operating lease liability, current 658 632 Deferred revenues 155 254 Total current liabilities 2,253 2,514 LONG-TERM LIABILITIES Convertible notes 1,562 1,549 PPP loan 657 657 Operating lease liability, net of current portion 3,138 3,471 Deferred revenues, net of current portion 806 960 Other long-term liabilities 51 51 Total liabilities 8,467 9,202 SHAREHOLDERS' EQUITY Common stock, $.01 par value; authorized 26,000,000 shares; issued 25,090,058 and 22,550,376 shares, respectively; outstanding 18,004,904 and 15,465,222 shares, respectively 251 225 Additional paid-in capital 37,136 33,531 Accumulated deficit (8,538) (8,716) Treasury stock at cost Shares in treasury: 7,085,154 and 7,085,154, respectively (24,537) (24,537) Total shareholders' equity 4,312 503 Total liabilities and shareholders' equity $ 12,779 $ 9,705 RAVE RESTAURANT GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended December 27, 2020 December 29, 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 178 $ 251 Adjustments to reconcile net income to cash (used in) provided by operating activities: Impairment of long-lived assets and other lease charges 21 341 Stock compensation expense - (85) Depreciation and amortization 87 96 Amortization of right of use assets 293 230 Amortization of debt issue costs 13 15 Gain on the sale of assets - (11) Provision for bad debt 115 28 Deferred income tax - 60 Changes in operating assets and liabilities: Restricted cash (1) - Accounts receivable (69) 126 Notes receivable (102) - Deferred contract charges 8 (2) Inventories - 1 Prepaid expenses and other (87) 59 Deposits and other 5 - Accounts payable - trade 203 (35) Accounts payable - lease termination impairments (428) (658) Accrued expenses 17 (2) Operating lease liability (307) (241) Deferred revenue (253) (505) Deferred rent and other - (21) Cash used in operating activities (307) (353) CASH FLOWS FROM INVESTING ACTIVITIES: Payments received on notes receivable from fixed asset sales 26 108 Purchase of property, plant and equipment (26) (47) Cash provided by investing activities - 61 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of stock 3,761 - Equity issuance costs (130) (1) Cash (used in) provided by financing activities 3,631 (1) Net (decrease)/increase in cash, cash equivalents and restricted cash 3,324 (293) Cash, cash equivalents and restricted cash, beginning of period 3,203 2,264 Cash, cash equivalents and restricted cash, end of period $ 6,527 $ 1,971 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: Interest $ - $ 2 Income taxes $ 16 $ 18 Non-cash activities: Conversion of note to common shares $ - $ 64 Operating lease right of use assets at adoption of ASC 842 $ - $ 3,428 Operating lease liability at adoption of ASC 842 $ - $ 3,875 RAVE RESTAURANT GROUP, INC. ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Six Months Ended December 27, December December 27, December 29, 2020 29, 2019 2020 2019 Net income $ 102 $ 14 $ 178 $ 251 Interest expense 23 24 46 51 Income taxes 2 (4) 4 69 Depreciation and amortization 43 49 87 96 EBITDA $ 170 $ 83 $ 315 $ 467 Stock compensation expense - (85) - (85) Severance - 119 - 119 Gain on sale of assets - - - (11) Impairment of long-lived assets and other lease charges 4 193 21 341 Franchisee default and closed store revenue (44) (307) (111) (454) Closed and non-operating store costs 75 (1) 158 5 Adjusted EBITDA $ 205 $ 2 $ 383 $ 382

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SOURCE RAVE Restaurant Group, Inc.

/Web site: http://www.raverg.com/

(END) Dow Jones Newswires

February 05, 2021 08:30 ET (13:30 GMT)