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<SEC-DOCUMENT>0000718332-05-000034.txt : 20050628
<SEC-HEADER>0000718332-05-000034.hdr.sgml : 20050628
<ACCEPTANCE-DATETIME>20050628160758
ACCESSION NUMBER:		0000718332-05-000034
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050628
DATE AS OF CHANGE:		20050628

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:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		05920961

	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>11-K
<SEQUENCE>1
<FILENAME>doc1.txt
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K

(Mark  One)
  [X]     ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
                                     OF 1934

For  the  fiscal  year  ended  December  31,  2004

                                       OR

  [_]     TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

  For the transition period from _________________ to ________________________

                         Commission file number 0-12919

                                 PIZZA INN, INC.
                               401(K) SAVINGS PLAN
                              (Full title of plan)

                                 PIZZA INN, INC.
                               3551 PLANO PARKWAY
                             THE COLONY, TEXAS 75056
(name of the issuer of the securities held pursuant to the plan and the address
                       of its principal executive office)







                                                                 PIZZA INN, INC.
                                                             401(K) SAVINGS PLAN




                                                        FINANCIAL STATEMENTS AND
                                                           SUPPLEMENTAL SCHEDULE
                                          YEARS ENDED DECEMBER 31, 2004 AND 2003







<PAGE>

<PAGE>
                                             PIZZA INN, INC. 401(K) SAVINGS PLAN


                                                                        CONTENTS




REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM                  3


FINANCIAL  STATEMENTS

     Statements  of  Net  Assets  Available  for  Benefits  -
          December  31,  2004  and  2003                                       4

     Statement  of  Changes  in  Net  Assets  Available  for  Benefits-
          Year  Ended  December  31,  2004                                     5

     Notes  to  Financial  Statements                                          6


SUPPLEMENTAL  SCHEDULES

     Schedule  of  Assets  Held  at  End  of  Year                            15

     Schedule  of  Reportable  Transactions                                   16

Note:  Other  schedules  required  by Section 2520.103 - 10 of the Department of
Labor's  Rules  and  Regulations for Reporting and Disclosure under the Employee
Retirement  Income Security Act ("ERISA") of 1974 have been omitted because they
are  not  applicable.





<PAGE>
REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM


To  the  Participants  and  Administrator
Pizza  Inn,  Inc.  401(k)  Savings  Plan:

We  have audited the accompanying statement of net assets available for benefits
of  the Pizza Inn, Inc. 401(k) Savings Plan (the "Plan") as of December 31, 2004
and  2003,  and  the  related  statement  of changes in net assets available for
benefits  for  the year ended December 31, 2004.  These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion  on  these  financial  statements  based  on  our  audits.

We  conducted  our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). These standards require that we plan
and  perform  the  audits  to  obtain  reasonable  assurance  about  whether the
financial  statements  are  free  of  material  misstatement.  An audit includes
examining,  on  a test basis, evidence supporting the amounts and disclosures in
the  financial  statements.  An  audit  also  includes  assessing the accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating  the  overall  financial statement presentation.  We believe that our
audits  provide  a  reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects, the net assets available for benefits of the Plan as of
December 31, 2004 and 2003, and the changes in net assets available for benefits
for  the  year  ended Decebmer 31, 2004 in conformity with accounting principles
generally  accepted  in  the  United  States  of  America.

Our  audits  were  performed  for the purpose of forming an opinion on the basic
financial  statements  taken as a whole.  The supplemental schedules of the Plan
are presented for the purpose of additional analysis and are not a required part
of  the basic financial statements but are supplementary information required by
the  Department  of  Labor's  Rules and Regulations for Reporting and Disclosure
under  the  Employee Retirement Income Security Act of 1974.  These supplemental
schedules  are  the  responsibility  of the Plan's management.  The supplemental
schedules have been subjected to the auditing procedures applied in the audit of
the  basic  financial  statements  and, in our opinion, are fairly stated in all
material  respects in relation to the 2004 basic financial statements taken as a
whole.


/s/ BDO Seidman, LLP


Dallas,  Texas
June  10,  2005

                                             PIZZA INN, INC. 401(K) SAVINGS PLAN


                                 STATEMENT OF  NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>



  December 31,                                                  2004        2003
- -----------------------------------------------------------  ----------  ----------
<S>                                                          <C>         <C>
  ASSETS
  Investments, at fair value:
    Mutual funds. . . . . . . . . . . . . . . . . . . . . .  $1,744,657  $1,251,946
    Common/collective fund. . . . . . . . . . . . . . . . .     280,916     335,597
    Pizza Inn, Inc. common stock, at market value (281,306
      and 411,840 shares at December 31, 2004 and 2003,
      respectively) . . . . . . . . . . . . . . . . . . . .     677,526   1,060,487
    Participant loans . . . . . . . . . . . . . . . . . . .     133,329     142,834
- -----------------------------------------------------------  ----------  ----------

  Total investments . . . . . . . . . . . . . . . . . . . .   2,836,428   2,790,864

  LIABILITIES:
  Excess contributions payable. . . . . . . . . . . . . . .                   9,755
- -----------------------------------------------------------  ----------   ---------

  NET ASSETS AVAILABLE FOR BENEFITS . . . . . . . . . . . .  $2,836,428  $2,781,109
- -----------------------------------------------------------  ----------  ----------

<FN>

                                                  See accompanying notes to financial
                                                                        statements.
</TABLE>



<TABLE>
<CAPTION>
                                             PIZZA INN, INC. 401(K) SAVINGS PLAN


                       STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS



<S>                                                   <C>
  Year ended December 31,. . . . . . . . . . . . . .        2004
- ----------------------------------------------------  ----------

  ADDITIONS
  Investment income:
    Net appreciation in the fair value of
      investments. . . . . . . . . . . . . . . . . .  $   63,616
    Interest and dividends . . . . . . . . . . . . .      69,934
- ----------------------------------------------------  ----------

  Total investment income. . . . . . . . . . . . . .     133,550
- ----------------------------------------------------  ----------

  Contributions:
    Participants contributions . . . . . . . . . . .     367,670
    Employer contributions . . . . . . . . . . . . .      58,488
    Rollover contributions . . . . . . . . . . . . .      60,526
- ----------------------------------------------------  ----------

  Total contributions. . . . . . . . . . . . . . . .     486,684
- ----------------------------------------------------  ----------

  Total additions. . . . . . . . . . . . . . . . . .     620,234
- ----------------------------------------------------  ----------

  DEDUCTIONS
  Benefits paid to participants and other deductions     564,915
- ----------------------------------------------------  ----------

  Total deductions . . . . . . . . . . . . . . . . .     564,915
- ----------------------------------------------------  ----------

  Net increase . . . . . . . . . . . . . . . . . . .      55,319

Net assets available for benefits, beginning of year   2,781,109
- ----------------------------------------------------  ----------


Net assets available for benefits, end of year . . .  $2,836,428
- ----------------------------------------------------  ----------

<FN>

                                               See accompanying notes to financial
                                                                     statements.
</TABLE>





                                             PIZZA INN, INC. 401(k) SAVINGS PLAN

                                                   NOTES TO FINANCIAL STATEMENTS


1. DESCRIPTION OF THE PLAN

          The  following  description  of  the  Plan's  provisions provides only
general  information.  Participants  should refer to the Plan agreement for more
complete information regarding the Plan's definitions, benefits, eligibility and
other  matters.

          General  -  Pizza  Inn, Inc. 401(k) Savings Plan ("Plan") was approved
          -------
and  adopted by the board of directors of Pizza Inn, Inc. (the "Company") on May
30,  1985  and  was  implemented  on  July  1,  1985.  The  Plan  is  a  defined
contribution  plan  and  is subject to the provisions of the Employee Retirement
Income  Security  Act  of  1974  (ERISA).  The  Plan is qualified under sections
401(a),  401(k)  and  501(a)  of  the  Internal  Revenue  Code  ("Code")  and,
accordingly,  is exempt from federal income taxes.  On January 1, 2002, the Plan
was amended to comply with the Economic Growth and Tax Relief Reconciliation Act
signed into law on June 8, 2001.  The financial statements are prepared with the
assumption  that  the Plan has maintained its exemption under the Code (see Note
3).

          Administration - The Company is responsible for the administration and
          --------------
operation  of  the  Plan.  Wells  Fargo  Retirement  Plan  Services  (the
"Recordkeeper")  has  been  retained  to  provide recordkeeping services for the
Plan.  The  Wells  Fargo  Trust  Operations  is  responsible for the custody and
management  of  the  Plan's  assets.

          Participation  -   The Plan participation requirements allow employees
          -------------
who  have  six months of service with the Company and who are 21 years of age or
older  to  participate  in  the  Plan.

          Participants  can  defer  up  to  30%  of  their  salary  toward  Plan
contributions.  Matching  contributions  can  be  made  at the discretion of the
Company.  Effective  July  1,  2004, the Company elected to suspend matching the
participants'  contributions.  Company  matching  contributions  from January 1,
2004  to  June  30,  2004  equaled  50%  up to the first 4% of the participants'
contributions.  The  matching Company contribution is invested directly in Pizza
Inn,  Inc. common stock.  Effective July 8, 2003, participants were able to move
the  employer matching contributions out of the Pizza Inn, Inc. common stock and
into  other  investment  options.  In  addition, at the election of the board of
directors,  the  Company  may  make  discretionary contributions.  There were no
additional  discretionary  contributions  made  for  the year ended December 31,
2004.  Rollover  contributions  from  other  qualified plans can be added to the
plan  by  eligible  participants.

          For the plan year ended December 31, 2004, the Plan passed the average
deferral  percentage  discrimination  testing.  For the plan year ended December
31,  2003,  the  Plan  failed  the  average  deferral  percentage discrimination
testing.  In  order  to  continue  as  a  qualified plan, the excess participant
contributions  were  refunded  to  participants during the 2004 plan year.  Such
amounts  refunded  to participants are reflected as excess contributions payable
to  participants  on  the  statement  of  net  assets  available for benefits at
December  31,  2003.

          Participant Accounts - Each participant's account is credited with the
          --------------------
participant's  contribution  and an allocation of the Company's contribution and
plan  earnings.  The  benefit  to which a participant is entitled is the benefit
that  can  be provided from the participant's vested accounts.  Participants may
direct  the investment of their account balances into various investment options
offered  by  the  Plan.  Currently,  the  Plan  offers  eleven mutual funds, one
common/collective  fund  and  common  stock  of  the  Plan sponsor as investment
options  for  participants.

          Vesting  -  Participant  contributions,  and the earnings thereon, are
          -------
fully and immediately vested.  Company contributions vest at the rate of 25% per
year  over  four  years  of  service.

          Forfeitures  -  Forfeitures of unvested Company matching contributions
          -----------
by  terminated  employees are accumulated and periodically applied to reduce the
Company's  matching contributions for the applicable plan year.  The unallocated
forfeited, nonvested account balance as of December 31, 2004 and 2003 was $1,286
and  $0,  respectively.  Employer  contributions  were  reduced  by  $2,709 from
forfeited,  nonvested  accounts  during  the  year  ended  December  31,  2004.

          Participant Loans - Participants may obtain a loan from the Plan in an
          -----------------
amount  not  to  exceed  50% of their vested balance up to a maximum of $50,000.
The  minimum loan available is $1,000.  Loans bear interest at a rate of 2% over
prime  and are collateralized by the participant's vested account balance.  Loan
principal and interest is repaid ratably through monthly payroll deductions over
a  maximum  period  of  five  years,  except  for  the  purchase  of a principal
residence,  which  may  be  repaid  over a reasonable period of time that may be
longer  than  five  years.

          Payment  of Benefits - Terminated participants are entitled to receive
          --------------------
100%  of their contributions to the Plan and any income or loss thereon, as well
as  their  vested  portion  of  the Company contributions and any income or loss
thereon.  Generally,  benefits  attributable  to  employer contributions are not
payable  prior  to termination.  However, hardship distributions of a portion of
the  employee's  contribution and employer's contribution, to the extent vested,
may  be  made  to the participant in certain situations, as defined in the Plan.

          Terminated  employees may continue to participate in the Plan, and the
expenses  related  to  their  participation  are  paid  by  the  Company.

          Plan  Termination - Although it has not expressed any intent to do so,
          -----------------
the Company maintains the right to terminate the Plan at any time.  In the event
that  the  Plan  is  terminated,  the  participants  become 100% vested in their
accounts.


<PAGE>
          Administrative  Expenses  -  The  Company  pays substantially all
          ------------------------
administrative expenses  associated  with  the  administration  of  the  Plan.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          Basis  of Accounting -   The Plan's financial statements are presented
          --------------------
using  the  accrual  method  of accounting in conformity with generally accepted
accounting  principles.

          Use  of  Estimates  -  The  preparation  of  financial  statements  in
          ------------------
conformity  with  generally  accepted  accounting  principles  requires  Plan
management  to  make  significant  estimates  and  assumptions  that  affect the
reported  amounts of assets, liabilities, and changes therein, and disclosure of
contingent  assets  and  liabilities.  Actual results could differ significantly
from  those  estimates.

          Investments and Investment Income - The Plan's investments are exposed
          ---------------------------------
to  various  risks,  such as interest rate, market and credit risks.  Due to the
level  of  risk associated with investments in mutual funds and stocks, it is at
least  reasonably  possible  that changes in the values of such investments will
occur  in  the  near  term  and  that  such  changes  could  materially  affect
participants' account balances and the amounts reported in the statements of net
assets  available  for  benefits.

          The investments are valued at fair value or the ending net asset value
on  the last business day of the Plan year.  Investments in the Company's common
stock  are  valued  at the fair value as determined by the closing quoted market
price on December 31, 2004.  Purchases and sales of securities are recorded on a
trade-date  basis.

          Dividends  are recorded on the ex-dividend date.  Interest is recorded
on  the  accrual  basis.

          Determination of Unrealized Appreciation/Depreciation and Gain or Loss
          ----------------------------------------------------------------------
on  Investments  -  The  Plan presents in the Statement of Changes in Net Assets
- ---------------
Available  for Benefits the net appreciation (depreciation) in the fair value of
its  investments,  which  consists  of  the  realized  gains  or losses, and the
unrealized  appreciation  (depreciation)  on  those  investments.

          Unrealized  appreciation  or  depreciation  in  the  fair  value  of
investments  held at year-end and gain or loss on sale of investments during the
year  are  determined  using  the  fair  value  at  the beginning of the year or
purchase  price  if  acquired  during  the  year.



          Participant  Loans  -  Participant  loans  are valued at original loan
          ------------------
value, plus accrued interest, less principal repayments, which approximates fair
value.  Interest  rates  on the loans range from 6% to 11% at December 31, 2004.

          Payment  of  Benefits  -  Benefits  are  recorded when paid.
          ---------------------

3. TAX STATUS OF THE PLAN

          Management believes that the Plan is qualified under section 401(a) of
the  Internal Revenue Code and therefore, the Plan is exempt from taxation under
section 501(a).  The Internal Revenue Service ("IRS") granted a favorable letter
of  determination  to  the  Plan  in  1986.  During  1997  and 2001, the Company
received  favorable  letters of determination from the IRS for amendments to the
Plan. Generally, contributions to a qualified plan are deductible by the Company
when made.  Earnings of the Plan are tax deferred and participants are not taxed
on  their  benefits  until  withdrawn  from  the  Plan.

     Management  is  unaware of any variations in the operation of the Plan from
the  terms  of  the  Plan documents, as amended. Management believes the Plan is
qualified  under the applicable sections of the Code and the Employee Retirement
Income  Security  Act  of  1974  ("ERISA").

4. INVESTMENTS
          The  following  presents  investments that represent 5% or more of the
Plan's  net  assets:

<TABLE>
<CAPTION>



<S>                                  <C>       <C>
  December 31,. . . . . . . . . . .      2004        2003
- -----------------------------------  --------  ----------
<S>                                  <C>       <C>
  Pizza Inn, Inc. common stock. . .  $677,526  $1,060,487
  Wells Fargo Stable Return EBT
    Fund. . . . . . . . . . . . . .   280,916     335,597
  Janus Fund. . . . . . . . . . . .   305,956     324,331
  Franklin Small-Cap Growth Fund. .   208,024     283,306
  MFS Mid-Cap Growth Fund . . . . .               178,430
  Participant Loans . . . . . . . .               142,834
  Fidelity Advisors High Yield Fund   166,005
  MFS Total Return A. . . . . . . .   188,359
  Wells Fargo Index . . . . . . . .   167,307
  American Century Equity Income. .   168,441
  Strong Small Cap Value. . . . . .   203,161



- --------------------------------------------------------------
Total investments greater than 5%   2,365,695   2,324,985
Total investments less than 5%        470,733     465,879
- --------------------------------------------------------------
Total investments                 $ 2,836,428 $ 2,790,864
- --------------------------------------------------------------
</TABLE>

During  2004,  the Plan's investments (including gains and losses on investments
bought  and  sold,  as  well  as  held  during the year) appreciated in value by
$63,616  as  follows:

<TABLE>
<CAPTION>




<S>                             <C>        <C>
  Year ended December 31,. . .      2004       2003
- ------------------------------  ---------  --------

  Common/collective fund . . .  $ 11,454   $  8,643
  Mutual funds . . . . . . . .   119,335    308,442
  Pizza Inn, Inc. common stock   (67,173)  $110,888
- ------------------------------  ---------  --------

                                $ 63,616   $427,973
                                ---------  --------
- ------------------------------  ---------  --------

</TABLE>







5. NON-PARTICPANT DIRECTED INVESTMENTS

          Employer  contributions  are automatically invested in Pizza Inn, Inc.
common  stock.  Employees  also have the option of investing their contribution,
or  a portion thereof, in Pizza Inn, Inc. common stock.  Effective July 8, 2003,
the  Plan  was amended to allow participants to move employer contributions from
employer  common  stock to other investment options provided by the Plan.  Since
the activity of the nonparticipant-directed and participant-directed investments
are combined, the entire investment option is considered nonparticipant-directed
for  purposes  of  this  disclosure.  Information  about  the net assets and the
significant  components  of  the  changes  in  net  assets  relating  to
nonparticipant-directed  investments  is  as  follows:

<TABLE>
<CAPTION>






<S>                               <C>      <C>
  December 31, . . . . . . . . .     2004       2003
- --------------------------------  -------  ---------

  NET ASSETS:
    Pizza Inn, Inc. common stock  677,526  1,060,487
- --------------------------------  -------  ---------
</TABLE>

<TABLE>
<CAPTION>
<S>                                                <C>
  Year Ended December 31, . . . . . . . . . . . .       2004
- -------------------------------------------------  ----------

  CHANGES IN NET ASSETS
      Contributions . . . . . . . . . . . . . . .  $ 106,863

      Net depreciation. . . . . . . . . . . . . .    (67,173)
  Benefits paid to participants . . . . . . . . .   (113,169)
  Transfers from participant-directed investments   (309,482)
- -------------------------------------------------  ----------

                                                   $(382,961)
                                                   ----------
- -------------------------------------------------  ----------
</TABLE>








6. PARTY-IN-INTEREST TRANSACTIONS

          One  of the Plan's investments options is in shares of Pizza Inn, Inc.
Common  Stock.  Pizza  Inn,  Inc.  sponsors  the  Plan;  therefore,  the related
transactions  are  deemed  party-in-interest  transactions.  The  Plan  recorded
purchases  of  $154,729  and sales of $445,961 of the Company's stock during the
year  ended  December  31,  2004.

          Certain Plan investments are shares of mutual  funds managed by Wells
Fargo or its affiliates.  This institution serves as  trustee  to  the Plan and,
therefore,  these  investments  are  deemed party-in-interest transactions.  In
addition, the Plan has a program to provide loans to participants and therefore
these also are deemed party-in-interest transactions.

7. SUBSEQUENT EVENT

     Effective  January  1,  2005,  the  Plan changed the plan Recordkeeper from
Wells  Fargo  Retirement  Plan  Services  to  BISYS  Retirement  Services.  The
Retirement  Group at Merrill Lynch is responsible for the custody and management
of  the  Plan's  assets.

<PAGE>







                                                          SUPPLEMENTAL SCHEDULES










<TABLE>
<CAPTION>
                                                            SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)




                                                                                                          EIN:  47-0654575
                                                                                                         Plan Number:  005
- --------------------------------------------------------------------------------------------------------------------------
December 31, 2004                                                                                               Schedule I
- --------------------------------------------------------------------------------------------------------------------------
                                                   (c)
                                       Description of investment,
                   (b)                including maturity date, rate                                                    (e)
<S>                                              <C>                              <C>                               <C>
      Identity of issue, borrower,     of interest, collateral, par or          (d)                                Current
(a) . .  lessor or similar party               maturity value                   Cost                                 Value
- --------------------------------------------------------------------------------------------------------------------------
*  Pizza Inn, Inc.                           Common Stock                        **                               $677,526
*  Wells Fargo Stable Return Fund            Common/Collective fund              **                                280,916
   Fidelity Advisors High Yield Fund
    Fund. . . . . . . . . . . . . . . . . .  Mutual Fund                         **                                166,005
   MFS Mid-Cap Growth Fund  . . . . . . . .  Mutual Fund                         **                                115,816
   Strong Small Cap Value.  . . . . . . . .  Mutual Fund                         **                                203,161
   MFS Total Return A. . . . . .  . . . . .  Mutual Fund                         **                                188,359
   Franklin Small-Cap Growth Fund . . . . .  Mutual Fund                         **                                208,024
   American Century International
    Growth Fund . . . . . . . . . . . . . .  Mutual Fund                         **                                 72,665
*  Wells Fargo Diversified Bond
    Fund. . . . . . . . . . . . . . . . . .  Mutual Fund                         **                                 38,709
   Janus Fund. . .  . . . . . . . . . . . .  Mutual Fund                         **                                305,956
   Van Kampen Comstock A. . . . . . . . . .  Mutual Fund                         **                                110,214
  American Century Equity Income
    Fund. . . . . . . . . . . . . . . . . .  Mutual Fund                         **                                168,441
*  Wells Fargo Index Fund                    Mutual Fund                         **                                167,307
*  Participant loans                         General purpose loans,
                                             maturing from 2003-2007
                                             bearing interest at 6.25% to
                                             11.5%                               **                                133,329
- --------------------------------------------------------------------------------------------------------------------------
  Total assets held for investment
    purposes                                                                                                   $ 2,836,428
- --------------------------------------------------------------------------------------------------------------------------
<FN>

*     Party-in  interest
**     Cost  not  required  for  participant-directed  investments.

                                                         See accompanying Report of Independent Registered Accounting Firm

</TABLE>

<TABLE>
<CAPTION>


                                                                                       SCHEDULE OF REPORTABLE TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------------
                                                                                                           EIN: 47-0654575
                                                                                                         Plan Number:  005
- --------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 2004                                                                                   Schedule II
- --------------------------------------------------------------------------------------------------------------------------
                                                                                                                   (i)
       (a)                      (b)                (c)                 (d)                   (g)                 Net Gain
 Identity of Party      Description of Asset   Purchase Price    Selling Price          Cost of Asset            or (Loss)
<S>                      <C>              <C>                 <C>                  <C>                <C>            <C>
- --------------------------------------------------------------------------------------------------------------------------
Series  of  transactions  within the plan year with respect to securities of the same  issue  that, when aggregated,
involve more than 5% of the current value of plan  assets:


Pizza Inn, Inc.      Common Stock             $   154,729
Pizza Inn, Inc.      Common Stock                                $    445,961               428,088                17,873
- --------------------------------------------------------------------------------------------------------------------------
<FN>
                                                         See accompanying Report of Independent Registered Accounting Firm
</TABLE>




                                   SIGNATURES

Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the Plan
Administrator  has  duly caused this annual report to be signed on its behalf by
the  undersigned  hereunto  duly  authorized.

                           Administrative Committee for the
                           Pizza  Inn,  Inc.  401(k)  Savings  Plan

DATE  June  28,  2005      By:/s/  Susan  Milliman
                                   Susan  Milliman
                                   Member  of  the  Pizza  Inn,  Inc.
                                   401(k)  Savings  Plan
                                   Administrative  Committee
















</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>doc2.txt
<TEXT>
       CONSENT  OF  REGISTERED  INDEPENDENT  ACCOUNTING  FIRM


Pizza  Inn,  Inc.  401(k)  Savings  Plan
Dallas,  Texas

We  hereby  consent  to  the  incorporation  by  reference  in  the Registration
Statement  on  Form  S-8  (No.  33-56590)  of  Pizza  Inn,  Inc.  of  our
report dated June 10, 2005 relating to the financial statements and supplemental
schedules  of  the  Pizza  Inn,  Inc.  401(k)  Savings  Plan  as  of  and  for
the  year  ended  December  31,  2004  which  appears  in  this  Form  11-K.

/s/ BDO Seidman, LLP




Dallas,  Texas
June  23,  2005





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