Pizza Inn annual profit slashed in half

THE COLONY Texas Pizza Inn Inc. reported this week that its annual profit was less than half of what it totaled a year earlier, mostly because of tax expenses and legal settlements, as well as a double-digit decline in revenue.

The parent to the 310-unit chain reported profit of $1.2 million, or 14 cents a share, for the year ended June 28, compared with a profit of $2.8 million, or 29 cents a share, last year. Revenue fell down 11.5 percent to $43.8 million.

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