Business
Good Times Restaurants Reports Results for the Second Fiscal Quarter Ending March 28, 2023
DENVER--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the second fiscal quarter ended March 28, 2023.\n\n\nKey highlights of the Company’s financial results include:\n\n\n\nTotal Revenues for the quarter increased 3.5% to $34.8 million compared to fiscal 2022 second quarter\n\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants were $26.3 million for the quarter\n\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 4.6% for the quarter\n\n\n\nTotal Restaurant Sales for Good Times restaurants were $8.2 million for the quarter\n\n\n\nSame Store Sales for company-owned Good Times restaurants increased 7.6% for the quarter\n\n\n\nNet Income Attributable to Common Shareholders was $10.6 million for the quarter, including a $10.0 million income tax benefit\n\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $1.5 million\n\n\n\nThe Company ended the quarter with $5.4 million in cash and no long-term debt\n\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “I am pleased to report a strong second fiscal quarter with positive same store sales and improved year-over-year growth at both brands and improved profit and EBITDA.”\n\n\nMr. Zink continued, “Subsequent to the end of the quarter we amended and restated our credit facility with Cadence Bank which extended the term for five years. Though we are not currently in a borrowing position, this facility will provide us with committed capital for discretionary use. We recently began construction on our upcoming Bad Daddy’s in Huntsville, Alabama, for which we anticipate a late summer opening. We are entering the second half of the year from a position of strength and we are looking towards a strong summer at both brands that will continue to demonstrate our relevance with our guests as well as our strong and mindful commitment to our brands.”\n\n\n“I once again thank our management and restaurant teams who continue to impress our guests with great food and beverage and stellar service, and our positive sales at both brands are evident of their continued commitment,” Zink concluded.\n\n\nConference Call: Management will host a conference call to discuss its second quarter 2023 financial res...