US-based restaurant chain Rave Restaurant Group has reported a 42% decline to $15.12m in total revenues for the fiscal year ending 24 June.

The company currently owns, operates and franchises Pie Five Pizza and Pizza Inn restaurant brands.

Net income improved by $14.4m, or $1.31 per diluted share to $1.9m, or $0.13 per diluted share, in fiscal 2018.

The increase was due to a $7.9m improvement in company-owned stores and a $3.4m benefit from a partial reversal of the previous valuation allowance for net deferred tax assets.

“We are executing on key elements of our revitalisation plans which are driving us towards the next phase of growth.”

Adjusted EBITDA of $0.6m saw an increase of $2.4m, compared to the previous year.

Rave Restaurant Group chief executive officer Scott Crane said: “We are encouraged by progress that we’ve made with both brands. The decisions made in fiscal 2018 have laid a solid foundation for success in coming quarters.

“We are executing on key elements of our revitalisation plans which are driving us towards the next phase of growth. Positive trends in comparable store retail sales point to a strong turnaround.”

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Additionally, comparable store retail sales of Pizza Inn increased by 1.8% from the previous year, while comparable store retail sales of Pie Five restaurants decreased by 12.9%.

Pizza Inn’s domestic restaurants increased from 152 to 153, while its international establishments decreased by two to 58. Pie Five restaurants decreased by eleven during the year bringing the total restaurant count to 73.