Business
Good Times Restaurants Reports Results for the Third Fiscal Quarter Ending June 27, 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 third fiscal quarter ended June 27, 2023.\n\n\nKey highlights of the Company’s financial results include:\n\n\n\nTotal Revenues for the quarter decreased 2.4% to $35.6 million compared to fiscal 2022 third quarter\n\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants were $26.1 million for the quarter\n\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants decreased 1.4% for the quarter\n\n\n\nTotal Restaurant Sales for Good Times restaurants were $9.1 million for the quarter\n\n\n\nSame Store Sales for company-owned Good Times restaurants increased 2.1% for the quarter\n\n\n\nNet Income Attributable to Common Shareholders was $0.3 million for the quarter\n\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $2.1 million\n\n\n\nThe Company ended the quarter with $3.7 million in cash and no long-term debt\n\n\n\nRyan M. Zink, the Company’s Chief Executive Officer, said, “Our Good Times brand had a fantastic quarter for both sales and profits, as we posted positive same store sales despite meaningfully unfavorable weather comparisons. I am pleased with the improvements made in food costs at both brands and the improvement in labor costs made at Good Times during what is typically our highest sales-indexing quarter.”\n\n\nMr. Zink continued, “We have invested in additional multi-unit supervisory roles at Bad Daddy’s to reduce spans of control as we seek to address declining sales in a couple of markets, most notably in the Atlanta market. We believe that the investment will pay off as we have already begun to see a turnaround in one of our most challenging restaurants in the market, which has followed the installation of a new general manager. We have completed construction of our upcoming Bad Daddy’s in Huntsville, Alabama, and are looking forward to its opening later this month.”\n\n\n“Additionally, in late July, we acquired a previously-franchised Good Times restaurant in Greenwood Village, Colorado, a southern suburb of Denver. We look forward to the contribution of this restaurant to our Company-owned results moving in the future,” Zink concluded.\n\n\nConference Call: Management will host a co...