RAVE Restaurant Group, Inc. (NASDAQ:RAVE) Q4 2019 Earnings Conference Call - Final Transcript
Sep 30, 2019 • 03:00 am ET
Good day and welcome to the RAVE Restaurant Group's Incorporated Reports Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Mr. Bob Bafundo, President of RAVE Restaurant Group. Please go ahead.
Good afternoon and thank you for joining RAVE Restaurant Group's fourth quarter and fiscal year 2019 earnings conference call. Everyone should have access to our fourth quarter and fiscal 2019 earnings release that was released this morning. The press release can be found at www.raverg.com in the Investor Relations section.
Before we begin, I'd like to remind everyone that part of our discussions today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We refer all of you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial conditions.
Please note that during today's conference call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating our performance. Any discussions of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of comparable GAAP measures is available in our earnings release.
Also since fiscal 2019 included 53 weeks and fiscal 2018 included 52 weeks, to improve comparability we have included the first week of fiscal 2019 in both annual periods in the presentation of total retail sales and comparable store retail sales.
And with that, I'm very pleased to share our fourth quarter and full year financial operating results. During the past year, we made important major improvements in leadership and overall strategy at both RAVE brands and we continue to remain focused on the two primary levers of our business, growing same-store sales and adding new restaurants. In addition, we are impacting each brand by strengthening communication with our franchisees and by strategically adding support talent that will provide immediate results.
As you may know, Scott Crane departed as CEO in July. I continue my role as President and I feel great about the incredible leadership team we have assembled and that is in place and helping us drive results. We've got stability in critical roles including pizza and operations, development, construction and the marketing of both Pizza Inn and Pie Five brands. We've also added new leadership in operation services, international operations and additional resources and development over the past 18 months.
A new team member of that team is Scott Black who we brought in as Vice President of Operations for Pie Five. Scott has a proven track record of success with over 30 years of experience in the food and beverage industry, specifically in the Pizza segment and as a restaurant owner.