Business
Good Times Restaurants Reports Results for the Fiscal Fourth Quarter and Year Ended September 29, 2020
DENVER--(BUSINESS WIRE)-- Good Times Restaurants Inc. (NASDAQ: GTIM), today reported financial results for the fiscal fourth quarter and year ended September
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (NASDAQ: GTIM), today reported financial results for the fiscal fourth quarter and year ended September 29, 2020.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues decreased 0.9% to $28.5 million for the quarter and 0.8% to $109.9 million for the year\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants decreased 3.8% to $19.3 million for the quarter and 4.3% to $76.3 million for the year\n\n\nTotal Restaurant Sales for Good Times restaurants increased 6.3% for the quarter to $9.0 million and 9.0% to $32.8 million for the year\n\n\nSame Store Sales for company-owned Bad Daddy’s restaurants decreased 12.2% for the quarter and decreased 17.7% for the year\n\n\nSame Store Sales for company-owned Good Times restaurants increased 10.0% for the quarter and 7.9% for the year\n\n\nNet Income Attributable to Common Shareholders was $1.5 million for the quarter including $0.3 million of asset impairment costs\n\n\nFor the year, Net Loss Attributable to Common Shareholders was $13.9 million including $15.6 million of asset impairment costs and $1.0 million of preopening costs\n\n\nAdjusted EBITDA* (a non-GAAP measure) for the quarter was $2.9 million and $7.6 million for the year\n\n\nThe Company ended the quarter with $11.5 million in cash, a $5.5 million outstanding under its senior credit facility and $11.6 million outstanding in Paycheck Protection Program loans\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “In spite of very significant concerns about liquidity and operating cash flow at the outset of the COVID-19 pandemic, a combination of quick decision-making, teamwork, and CARES Act relief have enabled us to fight through the initial blows the pandemic hit us with, and conclude fiscal 2020 on a positive note, with improved unit economics, improved camaraderie and culture throughout the organization, and a modestly improved balance sheet compared to the end of fiscal 2019. Both of our concepts continue to outperform their respective segments within the industry, and our leadership team continues be creative and energetic, anticipating and adapting to changes in our business driven by a pandemic that will likely be with us for the foreseeable future. We are doing everything possible to ensure we continue to operate all of our ...