Business
BT Brands Reports Results for the Third Quarter Ended October 3, 2021
WEST FARGO, ND / ACCESSWIRE / November 17, 2021 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurants including Burger Time, in
About this update from Bt Brands, Inc.
[{"type":"text","content":"WEST FARGO, ND / ACCESSWIRE / November 17, 2021 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurants including Burger Time, in its first report since its successful public equity offering last week today reported financial results for the fiscal third quarter ended October 3, 2021.Key highlights of the Company's financial results include:Earnings per share for the 39 weeks ended October 3, 2021, were $.14 per share compared to $.20 per share for the prior-year period which included approximately $460,000 attributable to forgiveness of Payroll Protection Program loans. Third-quarter earnings were $.06 per share, the same as in the prior year period.Cash on hand at the end of the quarter was in excess of $2 million and following closing on the Company's November 12, public offering increased to more than $12 million.Total restaurant sales restaurants for the current 39-week period were $6.6 million an increase of $530,000 over the prior year period.Total same-store sales are up 8.7% for the 39-week period over the prior year.Net income was $236,000 for the quarter compared to $254,000 in the same quarter last year.Gary Copperud, the Company's Chief Executive Officer, said, \"We are excited to have completed our recent public offering. The offering proceeds combined with continued strong performance at our Burger Time locations leave us well-positioned to pursue our plan of growing through acquisitions in the restaurant industry.\" Mr. Copperud added, \"As with most restaurant companies, we have seen cost pressures, both in commodities and in the labor market. We expect those pressures to continue through the balance of this fiscal year and into 2022. We expect to be able to manage commodity cost increases through targeted menu price adjustments; however, we believe that overall labor costs will continue to be pressured.\"Conference Call: Management will host a conference call to discuss its third quarter 2021 financial results on Thursday, November 18, at 3:30 p.m. CT/4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, its COO, and Chief Financial Officer.The conference call can be accessed live over the phone by dialing and requesting the BT Brands Restaurants (BTBD) call.Webcast URL:https://www.webcaster4.com/Webcast/Page/2818/43795About BT Brands Restaurants Inc.BT Brands, Inc. (BTBD) owns and ...