Business
Good Times Restaurants Reports Results for the Third Quarter Ended June 29, 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 third quarter ended June 29, 2021.\n\nKey highlights of the Company’s financial results include: \n\n\nTotal Revenues increased 39.4% to $33.9 million for the quarter compared to the same prior-year quarter\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants increased $9.5 million to $24.4 million for the quarter\n\n\nCompared to the third quarter of 2019, sales during the quarter increased by 14.3% at Good times and by 0.7% at Bad Daddy’s among restaurants that were open for the full quarter in both years\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 61.4% for the quarter\n\n\nTotal Restaurant Sales for Good Times restaurants were $9.3 million for the quarter\n\n\nSame Store Sales for company-owned Good Times restaurants increased 2.9% for the quarter\n\n\nNet Income Attributable to Common Shareholders was $13.6 million for the quarter including approximately $11.8 million in forgiveness of principal and interest amounts on Paycheck Protection Program (“PPP”) loans\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $3.1 million\n\n\nThe Company ended the quarter with $10.3 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, “Our strong same store sales at both brands, as well as attaining 2019 sales levels beginning in July at Bad Daddy’s, are the results of the commitment and dedication of our restaurant leaders and team members who embrace our mission to serve our guests and operate great restaurants despite the pressures and challenges arising from a difficult hiring environment.”\n\nMr. Zink continued, “As many other restaurant companies have expressed, we have seen cost pressures, both in commodities and in the labor market. We expect those pressures to continue through the balance of this fiscal year and likely at least through the end of the calendar year. We expect to be able to manage commodity cost increases through targeted menu price adjustments, however, we believe that overall labor costs will be pressured until there is greater slack in the labor market.”\n\nFiscal 2...