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<SEC-DOCUMENT>0000718332-04-000019.txt : 20040423
<SEC-HEADER>0000718332-04-000019.hdr.sgml : 20040423
<ACCEPTANCE-DATETIME>20040423171224
ACCESSION NUMBER:		0000718332-04-000019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040422
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20040423

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:		04751867

	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:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONCEPT DEVELOPMENT INC
		DATE OF NAME CHANGE:	19870212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>doc1.txt
<TEXT>

                  PIZZA INN, INC. REPORTS 3RD QUARTER EARNINGS

THE  COLONY, TEXAS -APRIL 23, 2004- PIZZA INN, INC. (NASDAQ:PZZI) today reported
earnings  per share for its third quarter ended March 28, 2004 of 6 cents versus
4  cents  for  the same quarter last year. Net income increased to $617,000 from
$376,000 for the same quarter last year, and revenues increased to $14.6 million
from  $14.2 million. For the nine-month period, earnings per share were 17 cents
versus  26  cents  last  year.  Net  income  was $1,679,000 versus $2,571,000 on
revenues  of  $44.8  million  versus  $44.7  million  last  year.

The  quarter  ended March 28, 2004 includes a pretax adjustment of $285,000 to a
previously  recorded  legal  reserve.  The  Company and all other parties in the
previously  disclosed class-action fax litigation have entered into a settlement
agreement,  which  is  awaiting  court  approval.  Excluding the above-described
adjustment  of  approximately  $188,000  (after-tax),  or 2 cents per share, net
income  of  $617,000, or 6 cents per share, for the quarter ended March 28, 2004
would  have  been  $429,000  or  4  cents  per  share.

The  Company  also  announced  that  its  board  of  directors,  following  the
recommendation of the shareholders at its annual meeting held February 11, 2004,
approved  the  reimbursement  of  expenses  for  Newcastle  Partners'  proxy
solicitation  efforts  related  to matters presented for a vote at the Company's
annual  shareholder  meeting.  The  Company has established a reserve during its
fiscal  third  quarter  of approximately $176,000 to fund reimbursement of these
expenses.

Comparable  chainwide  same-store  sales  were 0.9% higher for the quarter ended
March  28,  2004  and  down  1.8%  for  the  nine  months  ended March 28, 2004.

Ronnie  Parker,  the  Company's  Chief  Executive  Officer,  commented,  "We are
encouraged  to  see  continuing  positive  comparable  sales  trends  as our new
marketing efforts are beginning to make a difference.  While the recent spike in
overall  cheese prices has put additional margin pressure on our franchisees, we
remain extremely focused to help our franchisees improve their sales and overall
profitability  levels."

The  Company  also  announced  the  establishment,  by unanimous approval of the
board,  of  a  Strategic  Planning  Committee  to  be  comprised  of independent
directors  of  the  Company.  The Strategic Planning Committee will work closely
with management to undertake an extensive review of all aspects of the Company's
operations  and  the  development  of a long-term strategic plan.  The Committee
members  will include Robert B. Page, who has over twenty years of experience in
the  restaurant  industry,  and  Ramon  D. Phillips, who is a franchisee and was
formerly  Chief  Financial  Officer  of  the  Company.

The  Company  also  announced  that  its  annual  owners'  conference in Biloxi,
Mississippi  has  been  scheduled  for  June  20-23.

Pizza  Inn,  Inc.  is  headquartered  in  The  Colony,  Texas,  along  with  its
distribution  division,  Norco  Restaurant  Distribution  Services.  Pizza  Inn
represents over 400 restaurants with annual sales of approximately $170 million.






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





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




3rd Quarter
- --------------------------------------------------
                                                       March 28,  March 30,
<S>                                                 <C>          <C>
                                                           2004         2003
                                                    -----------  -----------
Revenue. . . . . . . . . . . . . . . . . . . . . .  $    14,643  $    14,198

Income before taxes. . . . . . . . . . . . . . . .  $       937  $       569

Net Income . . . . . . . . . . . . . . . . . . . .  $       617  $       376

Diluted earnings per share . . . . . . . . . . . .  $      0.06  $      0.04

Basic earnings per share . . . . . . . . . . . . .  $      0.06  $      0.04

Weighted average shares outstanding:
   Diluted . . . . . . . . . . . . . . . . . . . .   10,132,298   10,063,572
   Basic . . . . . . . . . . . . . . . . . . . . .   10,078,619   10,058,547





Nine Months
- --------------------------------------------------
                                                        March 28,  March 30,
                                                           2004         2003
                                                    -----------  -----------
Revenue. . . . . . . . . . . . . . . . . . . . . .  $    44,788  $    44,723

Income before taxes. . . . . . . . . . . . . . . .  $     2,546  $     3,896

Net Income . . . . . . . . . . . . . . . . . . . .  $     1,679  $     2,571

Diluted earnings per share . . . . . . . . . . . .  $      0.17  $      0.26

Basic earnings per share . . . . . . . . . . . . .  $      0.17  $      0.26

Weighted average shares outstanding:
   Diluted . . . . . . . . . . . . . . . . . . . .   10,113,654   10,060,795
   Basic . . . . . . . . . . . . . . . . . . . . .   10,069,626   10,058,408


</TABLE>














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