BT Brands Reports Third Quarter 2023 Results

About this update from Bt Brands, Inc.

[{"type":"text","content":"\nEarnings Conference Call at 4:30 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 October 1, 2023, and for the 39-week period then ended. The results for 2023 include a full quarter for the three 2022 restaurant acquisitions, and our 41.2% share of Bagger Dave’s Burger Tavern results with its six locations. 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 39-week period increased 15.1% over 2022 to $11.1 million;\n\n\n\nOperating income for the 13-week period was $40,614 an increase from $8,992 in 2022;\n\n\n\nNet loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023:\n\n\n\nFor the 39-week period, restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined just 1.4% to $1,469,129 in 2023 from $1,489,488 in the same period in 2022;\n\n\n\nOur equity in the second quarter loss of Bagger Dave’s was $109,222:\n\n\n\nAt October 2, 2023, we had $6.9 million in cash and short-term investments.\n\n\n\nGary Copperud, the Company’s Chief Executive Officer, said, “The third quarter is seasonally strong at Burger Time, and at Pie in The Sky which has continued to exceed our expectations. Our two Florida locations continued to perform below our expectations during the third quarter of 2023. The disappointing results in Florida are partially the result of unusually warm weather impacting tourist and business activity. Improving the profitability of our Florida businesses continues to be a major focus of our current activity. We incurred approximately $100,000 in non-recurring expenses related to our investment activities, including the contested proxy sol...

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