BT Brands Reports Second Quarter 2023 Results

About this update from Bt Brands, Inc.

[{"type":"text","content":"\nEarnings Conference Call at 4:15 Eastern Today\n\n\n WEST FARGO, N.D.--(BUSINESS WIRE)--\nBT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the thirteen weeks ending July 2, 2023, and for the 26-week period then end.\n\n\nThe results for 2023 include a full quarter for the three 2022 restaurant acquisitions, and 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 locations and one Dairy Queen franchise; 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, operating 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, in Cocoa, Florida (“VBG”).\n\n\n\nHighlights and recent activities include:\n\n\n\nTotal revenues for the 2023 period increased 13.5% over 2022 to $7.1 million;\n\n\n\nOperating income for the year declined to a loss of $79,548 from an operating loss of $4,148 in 2022;\n\n\n\nNet loss attributable to common shareholders was $375,520, or $.06 per share for the year;\n\n\n\nFor the 26-week period Restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined just 3.8% to $971,000 in 2023 from $1,010,000 in the same period in 2022;\n\n\n\nOur equity in the second quarter loss of Bagger Dave’s was $90,651\n\n\n\nWe ended the quarter with $6.9 million in total cash and short-term investments;\n\n\n\nFinal disposition of our St. Louis property resulted in a $180,000 reduction in occupancy expenses in the second quarter of 2023.\n\n\n\nGary Copperud, the Company’s Chief Executive Officer, said, “The second quarter is a period of building sales throughout the quarter for our Burger Time business, and our Pie in The Sky business follows a similar seasonal sales pattern, with both businesses experiencing strong June results. Our two Florida locations performed significantly below our expectations during the first half of 2023 as a result of continued volatile market conditions for both seafood costs and challenges in securing a stable workforce. We a...

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