BT Brands Reports Second Quarter 2024 Results

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 second quarter, the thirteen weeks ending June 30, 2024.\n\n\nIncluding our 40% ownership of Bagger Dave’s Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands currently operates seventeen restaurants comprising the following:\n\n\n\nEight Burger Time fast-food restaurants; located in the North Central region of the United States, collectively (“BTND”);\n\n\n\nBagger Dave’s Burger Tavern, Inc., a 40% 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\nSchnitzel Haus, a German food restaurant, located in Hobe Sound, near Stuart, Florida (“Schnitzel”).\n\n\n\nHighlights and recent activities include:\n\n\n\nTotal revenues for the 2024 period increased 2.7% over 2023 to $4.1 million;\n\n\n\nNet loss attributable to common shareholders was $69,952, or $.010 per share for the second quarter compared to a net loss of $233,734 in 2023;\n\n\n\nRestaurant-level adjusted EBITDA (a non-GAAP measure) for the 13-week period was $437,000, a decline from $632,000 in the prior year's second quarter ;\n\n\n\nOur equity in the second quarter loss of our Bagger Dave’s affiliate was $81,000;\n\n\n\nWe ended the quarter with $5.2 million in total cash and short-term investments, down from $6.9 million one year ago as a result of our recent acquisition and capital improvements at our restaurant;\n\n\n\nPie in the Sky continues to contribute strong performance, with a second-quarter revenue increase of approximately 17.5% over the same period in 2023 to approximately $1,057,000.\n\n\n\nThe Burger Time units increased same-store sales by more than 10% and increased total revenue by approximately 15% over the prior year.\n\n\n\nGary Copperud, the Company’s Chief Executive Officer, said, “Our second quarter results reflect improving results at our restaurants, reduced by increased labor costs, including the addition of senior staff at Pie In the Sky. Our stores experience seasonal sales patterns; Burg...

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