Business
Good Times Restaurants Reports Results for the First Quarter Ending December 31, 2019
DENVER--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar, a full-service premium burger bar concept, and Good
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, a full-service premium burger bar concept, and Good Times Burgers & Frozen Custard, a regional quick-service restaurant chain, today reported financial results for the fiscal first quarter ended December 31, 2019.\n\n\nKey highlights of the Company’s financial results include:\n\n\n\nTotal Revenues increased 21.5% to $30.8 million for the quarter\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants increased 25.0% to $22.8 million for the quarter\n\n\nThe Company opened two Bad Daddy’s restaurants during the first quarter, in Charleston and Columbia, South Carolina\n\n\nSame Store Sales for company-owned Bad Daddy’s restaurants decreased 3.4% for the quarter\n\n\nTotal Restaurant Sales for Good Times restaurants increased $0.9 million for the quarter to $7.8 million\n\n\nSame Store Sales for company-owned Good Times restaurants increased 5.8% for the quarter\n\n\nNet Loss Attributable to Common Shareholders was $0.8 million for the quarter\n\n\nAdjusted EBITDA* (a non-GAAP measure) for the quarter was $1.5 million\n\n\nThe Company ended the quarter with $3.3 million in cash and $14.4 million drawn against its senior credit facility\n\n\n\nRyan M. Zink, the Company’s Acting Chief Executive Officer, said, “I am pleased with the progress our team is making in turning our near-term primary focus towards service, hospitality, and operational excellence within our existing restaurants. Our first quarter of fiscal 2020 saw the addition of two new Bad Daddy’s restaurants, which continue to perform well as our operators embrace the objective to serve our guests with unmatched hospitality from day one. Additionally, we continue to experience same-store sales strength at our Good Times Burgers and Frozen Custard concept as we improve our service speed and order accuracy, while still providing the same high-quality, all-natural burgers our customers have come to expect.”\n\n\nMr. Zink continued, “Although we still experienced year-over-year margin erosion in our quarterly results, we made improvements sequentially throughout the quarter and significantly narrowed the year-over-year margin gap from where we ended fiscal 2019. We expect to make additional progress throughout the rest of this year. As a result of our fiscal calendar, ...