Business
Good Times Restaurants Reports Results for the Fourth Quarter and Fiscal Year Ended September 27, 2022
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 27, 2022.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues increased 11.5% to $138.2 million for the year compared to the 2021 fiscal year\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants increased $1.5 million to $26.0 million for the fourth quarter compared to the prior year fourth quarter and increased $14.6 million to $103.2 million for the year compared to the 2021 fiscal year\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 3.7% for the fourth quarter compared to the prior year fourth quarter and increased 11.2% for the year compared to the 2021 fiscal year\n\n\nTotal Restaurant Sales for Good Times restaurants increased $0.2 million to $8.9 million for the fourth quarter compared to the same prior year fourth quarter and decreased $0.4 million to $34.0 million for the year compared to the 2021 fiscal year\n\n\nSame Store Sales for company-owned Good Times restaurants increased 5.9% for the fourth quarter compared to the prior year fourth quarter and increased 1.1% for the year compared to the 2021 fiscal year\n\n\nNet Loss Attributable to Common Shareholders was $1.3 million for the fourth quarter and was $2.6 million for the year\n\n\nAdjusted EBITDA2 (a non-GAAP measure) was $0.9 million for the fourth quarter and was $4.8 million for the year\n\n\nThe Company ended the fourth quarter with $8.9 million in cash and no long-term debt\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “Fiscal 2022 was an exciting year from a top-line standpoint, as we grew same store sales at both brands for the full year. During the fourth quarter, our Good Times brand grew same store sales by nearly 6%, which included approximately 7.7% year over year price increases. The minimal traffic declines at our primarily drive-thru brand are encouraging as consumers seem to be resuming their pre-pandemic behaviors. Bad Daddy’s has also benefitted from this shift in behavior as seen in the 11% same store sales increase this year. Both brands have started fiscal 2023 with positive same store sales.”\n\n“Profitability, howeve...