Business
Good Times Restaurants Reports Results for the First Fiscal Quarter Ending December 27, 2022
DENVER--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the first fiscal quarter ended December 27, 2022.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues for the quarter increased 1.5% to $33.4 million compared to fiscal 2022 first quarter\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants were $25.2 million for the quarter\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 2.4% for the quarter\n\n\nTotal Restaurant Sales for Good Times restaurants were $8.0 million for the quarter\n\n\nSame Store Sales for company-owned Good Times restaurants increased 3.0% for the quarter\n\n\nNet Loss Attributable to Common Shareholders was $0.1 million for the quarter\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $0.7 million\n\n\nThe Company ended the quarter with $6.9 million in cash and no long-term debt\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “During this first quarter of fiscal 2023, we continued to experience challenges with inflationary pressure, particularly at the Good Times brand where our cost of sales increased significantly compared to last year’s quarter with lesser increases throughout the rest of the P&L. These increases in cost of sales have been primarily driven by increases in beef cost, though we have experienced increased costs of other products including buns and burger toppings. We increased prices by 3.4% at the start of calendar 2023 which will partially offset the increases we have seen in cost of sales and should also temper the impact of the eight percent minimum wage increase in Colorado. Though our mission continues to be in long-term profitability, the extent of the input costs we are seeing, coupled with the longer-term forward outlook on beef prices is driving increased focus on cost savings at the restaurant level. We continue to invest in this brand and are on target with our signage replacement program where we expect to replace all of the signage throughout the system by the end of fiscal 2024.”\n\nMr. Zink continued, “At Bad Daddy’s we experienced improvement on the cost of sales line, as our primary suppliers of certain commodities are different from Go...