Business
Good Times Restaurants Reports Results for the First Quarter Ending December 29, 2020
DENVER--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, a regional
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, a regional quick-service restaurant chain, today reported financial results for the fiscal quarter ended December 29, 2020.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues decreased 11.4% to $27.3 million for the 13-week quarter, compared against a 14-week quarter in fiscal 2020\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants were $18.7 million for the quarter\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants decreased 11.8% for the quarter, impacted by dining room closures in our Colorado restaurants\n\n\nTotal Restaurant Sales for Good Times restaurants increased $0.6 million to $8.4 million\n\n\nSame Store Sales for company-owned Good Times restaurants increased 22.1% for the quarter\n\n\nNet Income Attributable to Common Shareholders was $0.8 million for the quarter\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $1.8 million\n\n\nThe Company ended the quarter with $10.0 million in cash, $4.0 million outstanding under its senior credit facility and $11.6 million in outstanding Paycheck Protection Program loans\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “I am pleased with our performance for the quarter. We increased Net Income of the Company to $0.8 million, continued to experience strong same store sales for the Good Times brand, and maintained restaurant-level operating profit3 (a non-GAAP measure) for the Bad Daddy’s brand. We believe our results compared to 2020 are even more impressive when considering that this year’s quarter has one fewer operating week than did 2020 and that our Colorado Bad Daddy’s were required to close their indoor dining rooms mid-way through November and were closed for the remainder of the quarter. We have since re-opened dining rooms and Bad Daddy’s sales have meaningfully improved in the new calendar year, with that brand reporting same stores sales of (8.3%) for our fiscal January. Good Times continues its streak of double-digit same store sales, posting +24.6% for January.”\n\nMr. Zink continued, “At Good Times, we continue to focus on speed and accuracy in the drive-thru. We intend to introduce a new shake program mid-year and continue to generate “new ...