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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000718332-03-000005.txt : 20030418
<SEC-HEADER>0000718332-03-000005.hdr.sgml : 20030418
<ACCEPTANCE-DATETIME>20030418163302
ACCESSION NUMBER:		0000718332-03-000005
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030418
ITEM INFORMATION:		Changes in control of registrant
FILED AS OF DATE:		20030418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIZZA INN INC /MO/
		CENTRAL INDEX KEY:			0000718332
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				470654575
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0626

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		03655920

	BUSINESS ADDRESS:	
		STREET 1:		5050 QUORUM DR STE 500
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		2147019955

	MAIL ADDRESS:	
		STREET 1:		5050 QUORUM DR STE 500
		STREET 2:		5050 QUORUM DR STE 500
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONCEPT DEVELOPMENT INC
		DATE OF NAME CHANGE:	19870212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>doc1.txt
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                             ----------------------

                                    FORM 8-K



                                 CURRENT REPORT



                     PURSUANT TO SECTION 13 OR 15(D) OF THE

                         SECURITIES EXCHANGE ACT OF 1934


                         Date of Report: April 18, 2003


                                 PIZZA INN, INC.

             (Exact name of registrant as specified in its charter)



             MISSOURI                    0-12919               47-0654575
    (State  or  other  jurisdiction    (Commission      (I.R.S.  Employer
of  incorporation  or  organization) File Number) Identification  Number)


                    3551 PLANO PARKWAY, THE COLONY, TX 75056

               (Address of principal executive offices)(zip code)



      Telephone number of registrant, including area code:  (469) 384-5000




                             ----------------------
<PAGE>
ITEM  5.

See  attached  Exhibit  1.

                                   SIGNATURES


     Pursuant to the requirements of the Securities and Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by  the  undersigned  hereunto  duly  authorized.




                              PIZZA  INN,  INC.


                              By:  /s/Ronald W. Parker
          Ronald  W.  Parker,  Chief  Executive  Officer

Date:     April  18,  2003





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>doc2.txt
<TEXT>
<TABLE>
<CAPTION>



                     P  R  E  S  S      R  E  L  E  A  S  E

                              FOR IMMEDIATE RELEASE



                  PIZZA INN, INC. REPORTS 3RD QUARTER EARNINGS


THE  COLONY, TEXAS -APRIL 18, 2003- PIZZA INN, INC. (NASDAQ:PZZI) today reported
earnings  per  share  for  its third quarter ended March 30, 2003 of $.04 versus
$.05  for  the same quarter last year.  Net income was $376,000 versus $478,000,
on  revenues  of $14.2 million versus $15.3 million in the previous year.  Lower
chainwide retail sales and lower cheese prices contributed to decreased revenues
and  net income.  For the nine-month period, earnings per share were $.26 versus
$.16 last year.  Net income was $2,571,000 compared to $1,635,000 on revenues of
$44.7  million  versus  $48.6 million last year.  The nine-month period includes
the  reversal  of  a  previously  recorded  pre-tax charge of approximately $1.9
million.  The  charge  was  previously  recorded in the fourth quarter of fiscal
2002  to fully reserve for the possible nonpayment for a note receivable owed to
the  Company  from  the  Company's  former chief executive officer.  The Company
received  payment in full for the note receivable in December 2002. Year-to-date
comparable  chainwide same-store sales were 5.2% lower than the same period last
year.

Excluding  the  above-described reversal of approximately $1,286,000 (after-tax)
or $.13 per share, net income of $2,571,000 or $.26 per share for the nine-month
period ended March 30 was $1,285,000 or $.13 per share.  This is compared to net
income  of  $1,635,000  or  $.16  per  share  for  the  same  period  last year.

Ronnie  Parker,  the  Company's Chief Executive Officer, commented, "In spite of
weaker  economic  conditions,  we  are  not pleased with the results of the past
quarter.  However,  we  are  excited  about  and  focused  on  a  number  of new
initiatives  designed  to  improve  Pizza  Inn's  growth."



                      P R  E  S  S      R  E  L  E  A  S  E


Pizza  Inn,  Inc.                    For  more  information  contact:
3551  Plano  Parkway               Ronald  W.  Parker
The  Colony,  TX  75056               President  and  Chief  Executive  Officer
                    (469)  384-5000


   For more information about the company, visit Pizza Inn at www.pizzainn.com
                                                              ----------------




                                      PIZZA INN, INC.
                      (In thousands, except share and per share amounts)



3RD QUARTER
- --------------------------------------------------

                                                     March 30,    March 24,
                                                       2003         2002
                                                    -----------  -----------
<S>                                                 <C>          <C>
Revenue. . . . . . . . . . . . . . . . . . . . . .  $    14,198  $    15,286

Income before taxes. . . . . . . . . . . . . . . .  $       569  $       724

Net Income . . . . . . . . . . . . . . . . . . . .  $       376  $       478

Diluted earnings per share . . . . . . . . . . . .  $      0.04  $      0.05

Basic earnings per share . . . . . . . . . . . . .  $      0.04  $      0.05

Weighted average shares outstanding:
   Diluted . . . . . . . . . . . . . . . . . . . .   10,063,572   10,057,890
   Basic . . . . . . . . . . . . . . . . . . . . .   10,058,547   10,057,890




NINE MONTHS
- --------------------------------------------------

                                                       March 30,   March 24,
                                                           2003         2002
                                                    -----------  -----------
Revenue. . . . . . . . . . . . . . . . . . . . . .  $    44,723  $    48,580

Income before taxes. . . . . . . . . . . . . . . .  $     3,896  $     2,477

Net Income . . . . . . . . . . . . . . . . . . . .  $     2,571  $     1,635

Diluted earnings per share . . . . . . . . . . . .  $      0.26  $      0.16

Basic earnings per share . . . . . . . . . . . . .  $      0.26  $      0.16

Weighted average shares outstanding:
   Diluted . . . . . . . . . . . . . . . . . . . .   10,060,795   10,108,364
   Basic . . . . . . . . . . . . . . . . . . . . .   10,058,408   10,103,922

</TABLE>







</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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