Business
Good Times Restaurants Reports Results for the Fourth Quarter and Fiscal Year Ended September 26, 2023
GOLDEN, Colo.--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" GOLDEN, Colo.--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today reported financial results for the fiscal fourth quarter and fiscal year ended September 26, 2023.\n\n\nHighlights of the Company’s financial results include:\n\n\n\nTotal Revenues decreased 0.1% to $138.1 million for the year compared to the 2022 fiscal year\n\n\n\nTotal Restaurant Sales for company-owned Good Times restaurants increased $0.6 million to $9.5 million for the fourth quarter compared to the same prior year fourth quarter and increased $1.0 million to $35.0 million for the year compared to the 2022 fiscal year\n\n\n\nSame Store Sales for company-owned Good Times restaurants increased 2.4% for the fourth quarter compared to the prior year fourth quarter and increased 3.7% for the year compared to the 2022 fiscal year\n\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants decreased $1.4 million to $24.6 million for the fourth quarter compared to the prior year fourth quarter and decreased $1.0 million to $102.2 million for the year compared to the 2022 fiscal year\n\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants decreased 4.9% for the fourth quarter compared to the prior year fourth quarter and increased 0.1% for the year compared to the 2022 fiscal year\n\n\n\nNet Loss Attributable to Common Shareholders was $0.3 million for the fourth quarter. Net Income Attributable to Common Shareholders was $11.1 million for the year\n\n\n\nAdjusted EBITDA2 (a non-GAAP measure) was $1.1 million for the fourth quarter and $5.5 million for the year\n\n\n\nThe Company ended the fourth quarter with $4.2 million in cash and $0.8 million of long-term debt\n\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “We are thrilled about the continued same store sales increases that we are seeing at Good Times. We are on the path to modernizing and re-energizing this 36-year-old regional brand and we believe the financial results this year, especially considering the unusual level of input cost inflation, demonstrate the impact that our investments in technology and in our facilities is making on the business.”\n\n\n“Unfortunately, Bad Daddy’s did not perform to our expectations during the fourth quarter, and we know that this quarter’s results are no...