Business
Good Times Restaurants Reports Results for the Fourth Quarter and Year Ended September 28, 2021
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 year ended September 28, 2021.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues increased 12.8% to $124.0 million for the year compared to fiscal 2020\n\n\nTotal Restaurant Sales increased 17.6% to $33.5 million for the quarter compared to the same prior-year quarter and 12.8% to $123.1 million for the year\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants increased $5.2 million to $24.5 million for the quarter compared to the same prior-year quarter and 16.1% to $88.6 million for the year\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 22.8% for the quarter and 18.2% for the fiscal year\n\n\nTotal Restaurant Sales for Good Times restaurants were $8.8 million for the quarter and $34.5 million for the year\n\n\nSame Store Sales for company-owned Good Times restaurants decreased 0.2% for the quarter and increased 10.5% for the fiscal year\n\n\nThe Company opened one traditional Bad Daddy’s restaurant and one non-traditional location (Bad Daddy’s at Tivoli) during the quarter\n\n\nNet Income Attributable to Common Shareholders was $1.3 million for the quarter\n\n\nNet Income Attributable to Common Shareholders was $16.8 million for the year\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $2.5 million and $9.6 million for the year\n\n\nThe Company ended the quarter with $8.9 million in cash and no borrowings outstanding under its senior credit facility\n\n\nRyan M. Zink, the Company’s President and Chief Executive Officer, said, “We concluded our fiscal year with record sales at both of our brands and for the Company as a whole. This sales strength, particularly at Bad Daddy’s, has continued into the first quarter of fiscal 2022. I am extremely proud of our team for successfully battling through the varied challenges that our industry has faced in the wake of the pandemic. In addition to generating record sales, through strong operations, we have also achieved record profitability in fiscal 2021.“\n\nMr. Zink continued, “We expect 2022 to be equally challenging. The industry faces increasing inflationary pressure, supply chain constrai...