
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
BT Brands Inc | NASDAQ:BTBD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 2.65% | 1.55 | 1.35 | 2.49 | 1.55 | 1.40 | 1.49 | 6,426 | 05:00:11 |
Earnings Conference Call at 4:15 Eastern Today
BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the 52 weeks ending December 31, 2023, and for the 13 weeks then ended. The results include our 40% share of Bagger Dave’s Burger Tavern results with its six locations. BT Brands currently operates a total of seventeen restaurants comprising the following:
Highlights and recent activities include:
Gary Copperud, the Company’s Chief Executive Officer, said, “Certainly, the loss for the year was disappointing. Our share of the Bagger Dave loss of $347,081 is a noncash charge representing 35% of our total loss for the year. Our two Florida locations continued to perform below our expectations; however, recent results have been more encouraging. We are in the midst of a significant effort to rebrand the Bagger locations with a different concept, and we are confident that we can achieve profitability in this entity with minimal investment. Improving the profitability of our Florida businesses continues to be a significant focus of our current activity. We also incurred approximately $100,000 in non-recurring expenses related to our investment activities, including the contested proxy solicitation at Noble Roman. As a public company, we bear the burden of general and administrative costs related to compliance and other public company activities; our goal is to spread these expenses over a larger revenue base in the future. We are seeing some moderation of inflationary pressure on our cost of sales inputs; however, we continue to face challenges, and the hourly cost of labor has increased significantly. As we consider the balance of 2024, we are focused on achieving profitability consistent with our expectations. We are in the early stages of reviewing several opportunities that could contribute significantly to improved results."
Fiscal 2024 Outlook: Because of the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2023 and 2024.
Conference Call: Management will host a conference call to discuss the second quarter financial results today, November 15, 2023, at 4:30 p.m. ET. Kenneth Brimmer, Chief Financial Officer, and Gary Copperud, Chief Executive Officer, will host the call.
Dial: 877-344-7967 Secondary, international dial-in: +1-213-992-4618 The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com.
About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2024 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management.
Any forward-looking statement in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
BT BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
52 Weeks Ended
52 Weeks Ended,
13 Weeks Ended,
13 Weeks Ended,
December 31, 2023
January 1, 2023
December 31, 2023
January 1, 2023
SALES
$
14,076,653
$
12,601,169
$
2,998,234
$
2,979,173
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
5,597,167
4,854,321
1,248,873
1,216,507
Labor costs
5,458,351
4,126,837
1,333,494
1,003,970
Occupancy costs
1,312,717
1,147,744
466,854
343,952
Other operating expenses
841,894
780,564
237,930
200,001
Depreciation and amortization
598,540
449,038
127,739
101,482
General and administrative
1,650,755
1,633,829
362,736
489,452
Gain on sale of assets
(310,182
)
-
3,506
-
Total costs and expenses
15,149,242
12,992,333
3,781,132
3,355,364
Income (loss) from operations
(1,072,589
)
(391,164
)
(782,898
)
(376,191
)
GAIN (LOSS) ON MARKETABLE SECURITIES
80,139
(86,422
)
46,955
28,798
INTEREST AND OTHER INCOME
300,923
125,529
177,293
69,693
OTHER INCOME (EXPENSE)
103,848
(80,649
)
-
-
INTEREST EXPENSE
(97,608
)
(114,766
)
(23,751
)
(26,667
)
EQUITY NET LOSS OF AFFILIATE
(347,081
)
(194,813
)
(92,809
)
(59,000
)
LOSS BEFORE TAXES
(1,032,368
)
(742,285
)
(675,210
)
(363,367
)
INCOME TAX BENEFIT
145,000
180,000
63,000
-
NET LOSS
$
(887,368
)
$
(562,285
)
$
(612,210
)
$
(363,367
)
NET LOSS PER COMMON SHARE -
$
(0.14
)
$
(0.09
)
$
(0.10
)
$
(0.06
)
WEIGHTED AVERAGE SHARES
6,261,631
6,455,379
6,261,631
6,261,631
BT BRANDS, INC., AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
December 31, 2023
January 1, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
5,300,446
$
2,150,578
Marketable securities
1,392,060
5,994,295
Receivables
28,737
76,948
Inventory
201,333
158,351
Prepaid expenses and other current assets
47,246
37,397
Assets held for sale
258,751
446,524
Total current assets
7,228,573
8,864,093
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
3,247,013
3,294,644
OPERATING LEASES RIGHT-OF-USE ASSETS
1,789,285
2,004,673
INVESTMENTS
1,022,806
1,369,186
DEFERRED INCOME TAXES
206,000
61,000
GOODWILL
671,220
671,220
INTANGIBLE ASSETS, NET
395,113
453,978
OTHER ASSETS, NET
49,202
50,903
Total assets
$
14,609,212
$
16,769,697
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
555,247
$
448,605
Broker margin loan
115,899
791,370
Current maturities of long-term debt
183,329
167,616
Current operating lease obligations
215,326
193,430
Accrued expenses
480,289
532,520
Total current liabilities
1,550,090
2,133,541
LONG-TERM DEBT, LESS CURRENT PORTION
2,269,771
2,658,477
NONCURRENT LEASE OBLIGATIONS
1,600,622
1,825,057
Total liabilities
5,420,483
6,617,075
SHAREHOLDERS' EQUITY
Common stock
12,492
12,792
Less cost of Treasury shares(357,107)
(106,882
)
Additional paid-in capital
11,583,235
11,409,235
Accumulated deficit
(2,049,891
)
(1,162,523
)
Total shareholders' equity
9,188,729
10,152,622
Total liabilities and shareholders' equity
$
14,609,212
$
16,769,697
Category: Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328306121/en/
Kenneth Brimmer, 612-229-8811
1 Year BT Brands Chart |
1 Month BT Brands Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions