THE COLONY Texas Pizza Inn Inc., parent of the 300-unit namesake chain, said Monday that its board had authorized the repurchase of an additional 1 million shares as part of a buyback plan announced last year.
The decision brings the repurchase plan to more than 2 million shares, the company said. Pizza Inn has about 9.5 million shares outstanding.
Pizza Inn's stock has traded between $2.04 to $3.37 per share over the past 52 weeks. The company's stock was down 0.44 percent at $2.25 in midday trading on Monday.
Mark Schwarz, chairman of Pizza Inn, said, “The increase in the repurchase program reflects our strong confidence in the future of the Pizza Inn brand and its strong franchise system.”
For its third quarter ended March 23, Pizza Inn's net income nearly doubled to $898,000, or 9 cents a share, compared with $457,000, or 5 cents a share, in the year-ago quarter. The company said its profit jumped primarily on lowered expenses and an income tax benefit of $216,000. Revenue for the quarter rose slightly to $11.7 million, from $11.6 million a year ago.