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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Good Times Restaurants Inc | NASDAQ:GTIM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -2.43% | 2.81 | 2.80 | 3.10 | 2.95 | 2.8101 | 2.89 | 18,921 | 00:20:56 |
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the third fiscal quarter ended June 27, 2023.
Key highlights of the Company’s financial results include:
Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our Good Times brand had a fantastic quarter for both sales and profits, as we posted positive same store sales despite meaningfully unfavorable weather comparisons. I am pleased with the improvements made in food costs at both brands and the improvement in labor costs made at Good Times during what is typically our highest sales-indexing quarter.”
Mr. Zink continued, “We have invested in additional multi-unit supervisory roles at Bad Daddy’s to reduce spans of control as we seek to address declining sales in a couple of markets, most notably in the Atlanta market. We believe that the investment will pay off as we have already begun to see a turnaround in one of our most challenging restaurants in the market, which has followed the installation of a new general manager. We have completed construction of our upcoming Bad Daddy’s in Huntsville, Alabama, and are looking forward to its opening later this month.”
“Additionally, in late July, we acquired a previously-franchised Good Times restaurant in Greenwood Village, Colorado, a southern suburb of Denver. We look forward to the contribution of this restaurant to our Company-owned results moving in the future,” Zink concluded.
Conference Call: Management will host a conference call to discuss its third quarter 2023 financial results on Thursday, August 3, 2023 at 3:00 p.m. MT/5:00 p.m. ET. Hosting the call will be Ryan M. Zink, its Chief Executive Officer.
The conference call can be accessed live over the phone by dialing 888-210-2831 and entering Participant access code 3024033. The conference call will also be webcast live from the Company's corporate website www.goodtimesburgers.com. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.
About Good Times Restaurants Inc.: Good Times Restaurants Inc. (GTIM) owns, operates, and licenses 40 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 31 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring 100% all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.
Forward Looking Statements Disclaimer: This press release contains forward looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from results expressed or implied by the forward-looking statements. Such risks and uncertainties include, among other things, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company, the Company's financial performance and its cash flows from operations and general economic conditions, which could adversely affect the Company's results of operations and cash flows. These risks also include such factors as the disruption to our business from the COVID-19 pandemic and the impact of the pandemic on our results of operations, financial condition and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints and wage increases for employees at our restaurants, the impact of supply chain constraints and the current inflationary environment, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new 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, and other matters discussed under the Risk Factors section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 27, 2022 and subsequent filings filed with the SEC.
Category: Financial
Good Times Restaurants Inc.
Unaudited Supplemental Information
(In thousands, except per share amounts)
Quarter Ended (13 Weeks)
Year-to-Date (39 Weeks)
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
NET REVENUES:
Restaurant sales
$
35,376
$
36,265
$
103,123
$
102,305
Franchise revenues
244
232
676
705
Total net revenues
35,620
36,497
103,799
103,010
RESTAURANT OPERATING COSTS:
Food and packaging costs
10,923
11,767
32,185
32,450
Payroll and other employee benefit costs
11,940
12,295
35,477
35,027
Restaurant occupancy costs
2,432
2,383
7,318
7,088
Other restaurant operating costs
4,811
4,753
14,129
13,558
Preopening costs
80
-
110
50
Depreciation and amortization
919
993
2,740
2,990
Total restaurant operating costs
31,105
32,191
91,959
91,163
General and administrative costs
2,365
2,384
7,040
7,677
Advertising costs
751
807
2,423
2,260
Impairment of long-lived assets
965
303
1,041
2,056
Gain on restaurant asset sale and lease termination
(10
)
(9
)
(32
)
(666
)
Litigation contingencies
-
-
-
332
INCOME FROM OPERATIONS:
444
821
1,368
188
Interest and other expense, net
(18
)
(12
)
(56
)
(41
)
NET INCOME BEFORE INCOME TAXES:
426
809
1,312
147
Provision for Income Taxes
(551
)
(1
)
(10,503
)
(9
)
NET INCOME:
$
977
$
808
$
11,815
$
138
Income attributable to non-controlling interests
(135
)
(339
)
(479
)
(1,489
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
842
$
469
$
11,336
$
(1,351
)
NET INCOME (LOSS) PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Basic
$
0.07
$
0.04
$
0.96
$
(0.11
)
Diluted
$
0.07
$
0.04
$
0.95
$
(0.11
)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic
11,700,044
12,457,251
11,853,441
12,502,449
Diluted
11,769,286
12,560,658
11,910,491
12,502,449
Good Times Restaurants Inc.
Unaudited Supplemental Information
(In thousands)
June 27, 2023
September 27, 2022
Selected Balance Sheet Data
Cash and cash equivalents
$
3,684
$
8,906
Current Assets
$
7,180
$
11,875
Total assets
$
90,713
$
86,388
Current Liabilities
$
13,601
$
12,897
Stockholders’ equity
$
33,843
$
27,788
Supplemental Information for Company-Owned Restaurants (dollars in thousands):
Bad Daddy’s Burger Bar
Good Times Burgers & Frozen Custard
Third Fiscal Quarter (13 Weeks)
Year-to-Date (39 Weeks)
Third Fiscal Quarter (13 Weeks)
Year-to-Date (39 Weeks)
2023
2022
2023
2022
2023
2022
2023
2022
Restaurant sales
$
26,085
$
27,172
$
77,592
$
77,210
$
9,291
$
9,093
$
25,531
$
25,095
Restaurants open at beginning of period
39
40
40
39
23
23
23
24
Restaurants opened or acquired during period
0
0
-
1
-
-
-
-
Restaurants closed during period
-
-
1
-
-
-
-
1
Restaurants open at period end
39
40
39
40
23
23
23
23
Restaurant operating weeks
504.0
520.0
1545.5
1535.0
299.0
299.0
897.0
922.0
Average weekly sales per restaurant
$
51.8
$
52.3
$
50.2
$
50.3
$
31.1
$
30.4
$
28.5
$
27.2
Certain percentage amounts in the table above may not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues)
Reconciliation of Non-GAAP Measurements to U.S. GAAP Results
Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations
(In thousands, except percentage data)
Bad Daddy’s Burger Bar
Good Times Burgers & Frozen Custard
Good Times Restaurants Inc.
----------------------------------------Quarter Ended (13 Weeks)----------------------------------------
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
Restaurant sales
$
26,085
100.0
%
$
27,172
100.0
%
$
9,291
100.0
%
$
9,093
100.0
%
$
35,376
$
36,265
Restaurant operating costs (exclusive of depreciation and amortization and preopening, shown separately below):
Food and packaging costs
8,106
31.1
%
8,832
32.5
%
2,817
30.3
%
2,935
32.3
%
10,923
11,767
Payroll and benefits costs
9,054
34.7
%
9,296
34.2
%
2,886
31.1
%
2,999
33.0
%
11,940
12,295
Restaurant occupancy costs
1,700
6.5
%
1,684
6.2
%
732
7.9
%
699
7.7
%
2,432
2,383
Other restaurant operating costs
3,750
14.4
%
3,742
13.8
%
1,061
11.4
%
1,011
11.1
%
4,811
4,753
Restaurant-level operating profit
$
3,475
13.3
%
$
3,618
13.3
%
$
1,795
19.3
%
$
1,449
15.9
%
$
5,270
$
5,067
Franchise revenues
244
232
Deduct - Other operating:
Depreciation and amortization
919
993
General and administrative
2,365
2,384
Advertising costs
751
807
Impairment of long-lived assets
965
303
Gain on restaurant asset sale and lease termination
(10
)
(9
)
Pre-opening costs
80
-
Total other operating
5,070
4,478
Income from operations
$
444
$
821
Certain percentage amounts in the table above do not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues).
Reconciliation of Non-GAAP Measurements to U.S. GAAP Results
Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations
(In thousands, except percentage data)
Bad Daddy’s Burger Bar
Good Times Burgers & Frozen Custard
Good Times Restaurants Inc.
--------------------------------------Year-to-Date Period Ended (39 Weeks)--------------------------------------
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
Restaurant sales
$
77,592
100.0
%
$
77,210
100.0
%
$
25,531
100.0
%
$
25,095
100.0
%
$
103,123
$
102,305
Restaurant operating costs (exclusive of depreciation and amortization, and preopening, shown separately below):
Food and packaging costs
24,131
31.1
%
24,615
31.9
%
8,054
31.5
%
7,835
31.2
%
32,185
32,450
Payroll and benefits costs
26,951
34.7
%
26,450
34.3
%
8,526
33.4
%
8,577
34.2
%
35,477
35,027
Restaurant occupancy costs
5,124
6.6
%
5,011
6.5
%
2,194
8.6
%
2,077
8.3
%
7,318
7,088
Other restaurant operating costs
11,084
14.3
%
10,696
13.9
%
3,045
11.9
%
2,862
11.4
%
14,129
13,558
Restaurant-level operating profit
$
10,302
13.3
%
$
10,438
13.5
%
$
3,712
14.5
%
$
3,744
14.9
%
$
14,014
$
14,182
Franchise revenues
676
705
Deduct - Other operating:
Depreciation and amortization
2,740
2,990
General and administrative
7,040
7,677
Advertising costs
2,423
2,260
Litigation Contingencies
-
332
Impairment of long-lived assets
1,041
2,056
Gain on restaurant asset sale
(32
)
(666
)
Pre-opening costs
110
50
Total other operating
13,322
14,699
Income from operations
$
1,368
$
188
Certain percentage amounts in the table above may not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues).
The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant-level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded because, like depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The tables above set forth certain unaudited information for the current and prior year fiscal quarters and year-to-date periods for fiscal 2023 and fiscal 2022, expressed as a percentage of total revenues, except for the components of restaurant operating costs, which are expressed as a percentage of restaurant revenues.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (Thousands of US Dollars)
Quarter Ended (13 Weeks)
Year-to-Date (39 Weeks)
June 27, 2023
June 28, 2022
June 27, 2023
June 28, 2022
Adjusted EBITDA:
Net Income (Loss), as reported
$
291
$
469
$
10,785
$
(1,351
)
Depreciation and amortization
924
951
2,691
2,933
Interest expense, net
18
12
56
41
Provision for income taxes
(551
)
1
(10,503
)
9
EBITDA
1,233
1,433
3,580
1,632
Preopening expense
80
-
110
50
Non-cash stock-based compensation
15
60
104
208
Asset Impairment
965
303
1,041
2,056
GAAP rent-cash rent difference
(135
)
(103
)
(450
)
(286
)
Gain on restaurant asset sales and lease termination
(10
)
(9
)
(32
)
(528
)
One-time special allocation to Bad Daddy’s partnerships
-
-
-
516
Litigation contingencies
-
-
-
332
Adjusted EBITDA
$
2,148
$
1,684
$
4,353
$
3,980
Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by GAAP, and our calculation thereof may not be comparable to that reported by other companies. This measure is presented because we believe that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations.
Adjusted EBITDA is calculated as net income before interest expense, provision for income taxes and depreciation and amortization and further adjustments to reflect the additions and eliminations presented in the table above.
Adjusted EBITDA is presented because: (i) we believe it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, closure costs and restaurant impairments, and (ii) we use Adjusted EBITDA internally as a benchmark for certain of our cash incentive plans and to evaluate our operating performance or compare our performance to that of our competitors. The use of Adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. Companies within our industry exhibit significant variations with respect to capital structures and cost of capital (which affect interest expense and income tax rates) and differences in book depreciation of property, plant and equipment (which affect relative depreciation expense), including significant differences in the depreciable lives of similar assets among various companies. Our management believes that Adjusted EBITDA facilitates company-to-company comparisons within our industry by eliminating some of these foregoing variations. Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies, and our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by excluded or unusual items.
____________________
1 Same store sales are a metric used in evaluating the performance of established restaurants and is a commonly used metric in the restaurant industry. Same store sales for our brands are calculated using all units open for at least 18 full fiscal months and use the comparable operating weeks from the prior year to the current year quarter’s operating weeks.
2 For a reconciliation of Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why the Company considers them useful, see the financial information schedules accompanying this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803693380/en/
Ryan M. Zink, Chief Executive Officer (303) 384-1432 Christi Pennington (303) 384-1440
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