RAVE RESTAURANT GROUP, INC. — Director's Dealing 2003

Nov 12, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PIZZA INN INC /MO/ (PZZI)
CIK: 0000718332
Period of Report: 2003-11-07

Reporting Person: NEWCASTLE PARTNERS L P (10% Owner)
Reporting Person: NEWCASTLE CAPITAL MANAGEMENT LP (10% Owner)
Reporting Person: NEWCASTLE CAPITAL GROUP LLC (10% Owner)
Reporting Person: SCHWARZ MARK E (Director, 10% Owner)
Reporting Person: PULLY STEVEN J (Director, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-07	Common Stock, $0.01 par value per share	P	15680	$2.75	Acquired	3583780	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value per share	10000	Direct

Footnotes

F1: Owned directly by Newcastle Partners, L.P. ("NP"). Newcastle Capital Management, L.P. ("NCM") is the general partner of NP, Newcastle Capital Group, L.L.C. ("NCG") is the general partner of NCM and Mark E. Schwarz ("Schwarz") is the managing member of NCG. Accordingly, each of NCM, NCG and Schwarz may be deemed to beneficially own 3,583,780 shares of Common Stock owned by NP. The reporting persons are members of a Section 13(d) group. NP disclaims beneficial ownership of any shares owned by any other member of the group. Schwarz, NCM and NCG disclaim beneficial ownership of the 3,583,780 shares owned by NP, except to the extent of their pecuniary interest therein, and any other shares owned by any other member of the group.

F2: Owned directly by Schwarz