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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.38% | 1.43 | 1.33 | 1.45 | 1.47 | 1.33 | 1.46 | 14,623 | 23:56:38 |
BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the fiscal year ending January 1, 2023.
Following the 2022 acquisition of three operating restaurants, and including the 41.2% owned Bagger Dave’s Burger Tavern six locations (OTCMarkets: BDVB), BT Brands has ownership in nineteen restaurants comprising the following:
Highlights and recent activities include:
Gary Copperud, the Company’s Chief Executive Officer, said, “During fiscal 2022, we completed our transition to a public company, significantly increasing our general and administrative expenses. Overall, we have continued to see inflationary pressure on our cost of sales and staffing. Increasing hourly labor rates are an issue in all of our locations. During 2022, staffing issues led to some lost sales days and, in some instances, a curtailment of store hours. All three of our recently acquired restaurants experienced some challenges during the transition period, and we are working to improve these results. Our goal is to achieve long-term profitability consistent with our acquisition expectations, and we believe we are headed in that direction.
Fiscal 2023 Outlook: Because of the uncertain nature of the performance of recent acquisitions and the evolving character of our Company and because of continuing uncertainty surrounding public health concerns and the aftermath, impacts of supply chain constraints, and the current inflationary environment, the Company is not, at this point, providing a financial forecast for fiscal 2023.
Conference Call: Management will host a conference call to discuss its year-ended January 1, 2023, financial results on Thursday, April 21, 2023, at 4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, Chief Financial Officer and Gary Copperud, Chief Executive Officer. Dial: 877-344-8082
Secondary, international dial-in +1-213-992-4618
The conference call can be accessed live over the phone by dialing the call-in number. In addition, an archive of the call will be available on the Company’s website page after the call has concluded. Website https://itsburgertime.com/corporate/.
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. Including the 2022 acquisition of three operating restaurants and the purchase of 41.2% Bagger Dave’s Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands has ownership in nineteen restaurants. BT Brands continues to seek 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 2023 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.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, staffing shortages and the effect of inflation on key supplies and inputs.
Any forward-looking statement made by us 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.
Financial results follow.
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
52 Weeks Ended,
January 1, 2023
January 2, 2022
SALES
$
12,601,169
$
8,451,870
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
4,854,321
3,285,752
Labor costs
4,126,837
2,383,206
Occupancy costs
1,147,744
681,560
Other operating expenses
780,564
469,822
Depreciation and amortization expenses
449,038
234,027
General and administrative expenses
1,633,829
416,791
Total costs and expenses
12,992,333
7,471,158
Income (loss) from operations
(391,164
)
980,712
UNREALIZED LOSS ON MARKETABLE SECURITIES
(86,422
)
-
INTEREST AND DIVIDEND INCOME
125,529
-
INTEREST EXPENSE
(114,766
)
(172,861
)
OTHER INCOME (EXPENSE)
(80,649
)
-
EQUITY IN NET LOSS OF AFFILIATE
(194,813
)
-
INCOME (LOSS) BEFORE TAXES
(742,285
)
807,851
INCOME TAX (EXPENSE) BENEFIT
180,000
(200,000
)
NET INCOME (LOSS)
$
(562,285
)
$
607,851
NET INCOME (LOSS) PER COMMON SHARE
$
(0.09
)$
0.14
WEIGHTED AVERAGE SHARES
6,458,810
4,382,848
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
January 1, 2023
January 2, 2022
ASSETS
CURRENT ASSETS
Cash
$
2,150,578
$
12,385,632
Marketable securities
5,994,295
-
Receivables
76,948
72,251
Inventory
158,351
79,510
Prepaid expenses and other current assets
37,397
27,186
Assets held for sale
446,524
-
Total current assets
8,864,093
12,564,579
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
3,294,644
1,592,338
OPERATING LEASE RIGHT-OF-USE ASSETS
2,004,673
-
INVESTMENTS
1,369,186
75,000
DEFERRED INCOME TAXES
61,000
-
GOODWILL
671,220
-
INTANGIBLE ASSETS, NET
453,978
-
OTHER ASSETS, NET
50,903
273,810
TOTAL ASSETS
$
16,769,697
$
14,505,727
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
448,605
$
291,973
Broker margin loan
791,370
-
Current maturities of long-term debt
167,616
169,908
Current operating lease obligations
193,430
-
Accrued expenses
532,520
254,341
Income taxes payable
-
209,088
Total current liabilities
2,133,541
925,310
LONG-TERM DEBT, LESS CURRENT PORTION
2,658,477
2,833,064
DEFERRED INCOME TAXES
-
119,000
NONCURRENT LEASE OBLIGATIONS
1,825,057
-
TOTAL LIABILITIES
6,617,075
3,877,374
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
10,152,622
10,628,353
Total liabilities and shareholders' equity
$
16,769,697
$
14,505,727
Category: Financial Category: Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005950/en/
KENNETH BRIMMER 612-229-8811
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