Good day and welcome to the RAVE Restaurant’s Group Inc. Reports Third Quarter 2019 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I’d now like to turn the conference over to Andrea Allen, Chief Accounting and Administrative Officer. Please go ahead.

Thank you. Good afternoon and thank you for joining the RAVE Restaurant Group’s fiscal third quarter 2019 earnings conference call. Everyone should have access to our fiscal third quarter 2019 earnings release that was published this morning. The press release can be found at www.raverg.com in the Investor Relations section. Before we begin, I would like to remind everyone that part of our discussions today will include some 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 you all to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. 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 discussion 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. With that, I’d like to turn the call over to Scott Crane, our Chief Executive Officer.

Thanks, Andrea. Good afternoon everyone. Our third quarter results are another indication for the progress for Rave. This quarter we continue to trend positive total domestic conference store retail sales and also make key investments in international operations, development resources that will accelerate the growth of Pizza Inn, Pie and Pie Five both domestically and international in the coming quarters. Pizza Inn were showing our stronger result in many, many years as we just completed our ninth consecutive quarter of same store sales domestically. Pizza Inn franchises are fully engaged and working to continue this momentum and we're really proud of the efforts of our team to improve the Pizza experience that our guest currently expect for more than 60 years. For Pie Five, we’re working through challenges and progress is being made. Today, we will discuss our key initiatives and the steps we’re taking to capitalize on some of the opportunities that we see for the brand. We've been really pleased and fussed about our newest concept Pie. Since its launch, there has been considerable interest -- there is been considerable interest for pie from non-traditional food retailers, both domestically and internationally. We now have a Pie Five of national brand with great value and opportunities for the pie concept. We're encouraged with the current path of the Company and have confidence that we can build on the progress and investments that we've made in all three brands. Pizza Inc, as I said, just completed its ninth consecutive quarter same store sales. The positive traction has reinvigorated our franchise base providing tailwinds for higher sales. Comparable stores, domestic retail sales increased by 3.3% and 4.3% respectively, during the third quarter of fiscal 2019 compared to the same period of the prior year. Year-to-date Pizza Inn comparable stores sales, retail…

Thanks, Scott. Total component revenue increased 15.2% to $3.1 million in the third quarter of fiscal 2019, compared to $2.7 million in the same period of the prior year. Increases in the quarter were driven by accelerated revenue recognition of fees attributable to the defaulted area development agreements and close doors as well as contributions to advertising and convention fund by franchisees and suppliers that were previously recorded, as net general and administrative expenses prior to the adoption of the new accounting standards. Year-to-date, total consolidate revenue decreased to $9.3 million compared to $12.3 million in the same period of the prior year. The year-to-date decrease was driven primarily by the year-over-year reduction in Company-owned Pie Five units, as we transferred company-owned stores to franchisees. For the nine months ended March 24, 2019, the Company-owned an average of one Pie Five restaurant compared to an average of 8 Pie Five restaurants in the same period of the prior year. For the 3-month period ending March 24, 2019, the Company reported a net loss of $0.3 million primarily related to a non-cash loss on the disposal of assets, impairment of long live assets and other lease charges enclosed and non-operating store costs totaling $0.4 million. In the same period of the prior year, the Company reported a net loss of $0.5 million, year-to-date, the Company reported net income of $0.1 million compared to a net loss of $1.4 million in the same period of the prior year. On a fully diluted basis, the Company reported a net loss of $0.02 per share for the third quarter of fiscal 2019 compared to a net loss of $3 per share in the same period as of prior year. Year-to-date, the Company reported net income of $0.01 per share fully diluted share compared to…

Thanks Andrea. At a close, we continue to believe these positive trends in retail sales and profitability points were strong future for Rave. Recent investments in international operations and development resources, updated technologies and improving the restaurant experience for our guests give us confidence that we are well poised for future growth. With that, I thank everyone for being on the call and turn the call over to the operator for any questions.

Thank you very much for everyone joining and we're wrapped up.

Thank you.

Thank you.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.