Business
BT Brands Reports First Quarter 2023 Results
WEST FARGO, N.D.--(BUSINESS WIRE)-- BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks
About this update from Bt Brands, Inc.
[{"type":"text","content":" WEST FARGO, N.D.--(BUSINESS WIRE)--\nBT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks ending April 2, 2023.\n\n\nTogether with the three 2022 restaurant acquisitions, and including our 41.2% ownership of Bagger Dave’s Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands operates a total of eighteen restaurants comprising the following:\n\n\n\nEight Burger Time fast-food restaurants and one Dairy Queen franchise; located in the North Central region of the United States, collectively (“BTND”);\n\n\n\nBagger Dave’s Burger Tavern, Inc., a 41.2% owned affiliate, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”);\n\n\n\nKeegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”);\n\n\n\nPie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”).\n\n\n\nVillage Bier Garten, a German-themed restaurant, bar, and entertainment venue in Cocoa, Florida (“VBG”).\n\n\n\nHighlights and recent activities include:\n\n\n\nTotal revenues for the 2023 period increased 48% over 2022 to $3.1 million;\n\n\n\nOperating income for the quarter declined to a loss of $250,758 from an operating profit of $88,921 in 2022;\n\n\n\nNet loss attributable to common shareholders was $141,786, or $.02 per share for the first quarter;\n\n\n\nRestaurant-level adjusted EBITDA (a non-GAAP measure) for the quarter declined to $338,644 in 2023 from $449,398 in the same period in 2022;\n\n\n\nOur equity in the first quarter loss of Bagger Dave’s was $54,399;\n\n\n\nDuring the first quarter of 2023, the Company repurchased 150,000 shares of common stock for $250,225, approximately $1.67 per share.\n\n\n\nWe ended the quarter with $6.9 million in total cash and short-term investments;\n\n\n\nFirst quarter results include the gain on the sale of a former Burger Time property in West St. Paul for a pre-tax gain of approximately $313,000;\n\n\n\nThe disposition of our St. Louis property was recently finalized and will result in recording a $180,000 gain in the second quarter of 2023.\n\n\n\nGary Copperud, the Company’s Chief Executive Officer, said, “The first quarter has always been seasonally slower for our Burger Time business, and harsher than normal winter weather in the north-central region contributed to a challenging sales environm...