RAVE RESTAURANT GROUP, INC. — Director's Dealing 2004

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PIZZA INN INC /MO/ (PZZI)
CIK: 0000718332
Period of Report: 2004-05-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-10	Common Stock, $0.01 par value per share	P	38350	$2.85	Acquired	3622130	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 3,622,130 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 3,622,130 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: Excludes 10,000 shares owned directly by Schwarz.