false 0000825324 0000825324 2024-01-31 2024-01-31
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 31, 2024
Good Times Restaurants Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Identification No.)
651 Corporate Circle, Suite 200, Golden, CO 80401
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (303) 384-1400
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.001 par value
Nasdaq Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02         Results of Operations and Financial Condition.
On January 31, 2024, Good Times Restaurants Inc. issued a press release announcing earnings and other financial results for the first fiscal quarter and year ended December 26, 2023, and that management would review these results in a conference call on January 31, 2024 at 5:00 p.m. ET.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report.
Exhibit Number
Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:         January 31, 2024
Ryan M. Zink
Chief Executive Officer

Exhibit 99.1



January 31, 2024 Nasdaq Capital Markets - GTIM




(DENVER, CO) Good 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 2024 first fiscal quarter ended December 26, 2023.


Key highlights of the Companys financial results include:



Total Revenues for the quarter decreased 0.8% to $33.1 million compared to the first quarter of fiscal 2023



Total Restaurant Sales for Bad Daddy’s restaurants were $24.1 million for the quarter



Same Store Sales1 for company-owned Bad Daddy’s restaurants decreased 6.2% for the quarter



Total Restaurant Sales for Good Times restaurants were $8.8 million for the quarter



Same Store Sales for company-owned Good Times restaurants increased 4.1% for the quarter



Net Loss Attributable to Common Shareholders was $0.6 million for the quarter



Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $0.3 million



The Company ended the quarter with $3.5 million in cash and $1.3 million of long-term debt


Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our Good Times brand has continued to deliver top line results, we believe, in part, due to the results of our multi-year investments into that brand. That strength in sales has translated into 13.5% restaurant-level operating profit3 during our first fiscal quarter. We have completed remodels of three Good Times restaurants that include fresh paint, including murals by local artists, new awnings and umbrellas, new signage, and complete overhauls of the parking lot and driving surfaces. This is in addition to the installation of digital menu boards in both the drive-thru and walk-up windows which has been completed at all of our Good Times locations. In addition to refreshing the physical restaurants, we continue to make investments in our mobile app and GT Rewards loyalty program, which we expect to enhance, with stored value capability, in the next major update to the app.”


Mr. Zink continued, “The work we are doing to turn around Bad Daddy’s sales has already resulted in improved operations and we have seen the gap to the Black Box, an industry-known benchmark service, same store sales index narrow considerably beginning in late November. Further, management of controllable costs in the restaurants improved from November to December, and we expect those improvements to continue throughout the balance of this year. These efforts started with a mindset shift by recapturing the culture of operations excellence which had lost intensity during the past two years. We have more changes planned that we expect to return Bad Daddy’s to peak performance, which includes a re-intensified focus on bar execution which will complement what we believe is already the segment-leading culinary performance. But the larger opportunity is to continue to increase the level of hospitality and salesmanship in the front of house, and we are making investments in training, learning, and development of both our front-of-house team members and our management teams.”


1 Sales store sales are a metric used in evaluating the performance of established restaurants and is a commonly used metric in the restaurant industry.  Same store sales for our brands are calculated using all units open for at least 18 full fiscal months and use the comparable operating weeks from the prior year to the current year quarter’s operating weeks.

2 For a reconciliation of Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why the Company considers them useful, see the financial information schedules accompanying this release.

3 For a reconciliation of restaurant-level operating profit to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why the Company considers them useful, see the financial information schedules accompanying this release.




“Macro trends are currently favoring the QSR segment over the casual dining segment and the Company is well positioned to capitalize on such cyclical changes by owning relevant burger-focused brands in both segments.” Zink concluded.


Conference Call: Management will host a conference call to discuss its first quarter 2024 financial results on Wednesday, January 31, 2024 at 3:00 p.m. MT/5:00 p.m. ET. Hosting the call will be Ryan M. Zink, its Chief Executive Officer and Keri A. August, its Senior Vice President of Finance and Accounting.


The conference call can be accessed live over the phone by dialing 844-210-2831, participant code 3024033. The conference call will also be webcast live from the Company's corporate website www.goodtimesburgers.com. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.


Good Times Restaurants Inc. (Nasdaq: GTIM)


Good Times Restaurants Inc. owns, operates, and licenses 41 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 31 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring 100% all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.


Forward Looking Statements


This press release contains forward looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek”, “plan” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from results expressed or implied by the forward-looking statements. Such risks and uncertainties include, among other things, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company, the disruption to our business from pandemics and other public health emergencies, the impact and duration of staffing constraints at our restaurants, the impact of supply chain constraints and the current inflationary environment, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, other general economic and operating conditions, risks associated with the acquisition of additional restaurants, the adequacy of cash flows and the cost and availability of capital or credit facility borrowings to provide liquidity, changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wage and tip credit regulations, and other matters discussed under the Risk Factors section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 26, 2023 filed with the SEC, and other filings with the SEC.




Ryan M. Zink, Chief Executive Officer (303) 384-1432

Christi Pennington (303) 384-1440


Category: Financial





Good Times Restaurants Inc.

Unaudited Supplemental Information

(In thousands, except per share amounts)



Fiscal First Quarter






Statement of Operations


(13 weeks)


(13 weeks)




Restaurant sales

  $ 32,946     $ 33,179  

Franchise revenues

    186       215  

Total net revenues

    33,132       33,394  



Food and packaging costs

    10,327       10,607  

Payroll and other employee benefit costs

    11,624       11,548  

Restaurant occupancy costs

    2,505       2,458  

Other restaurant operating costs

    4,728       4,492  

Depreciation and amortization

    927       910  

Total restaurant operating costs

    30,111       30,015  

General and administrative costs

    2,313       2,378  

Advertising costs

    1,092       894  

Gain on restaurant and equipment asset sales

    (10 )     -  


    (374 )     107  



Interest expense, net

    (32 )     (12 )


  $ (406 )   $ 95  

Provision for income taxes

    (77 )     -  


    (483 )     95  

Income attributable to non-controlling interests

    (73 )     (222 )


  $ (556 )   $ (127 )



Basic and Diluted

  $ (.05 )   $ (.01 )




    11,377,579       12,041,628  


    11,377,579       12,041,628  





Good Times Restaurants Inc.

Unaudited Supplemental Information

(In thousands)


Balance Sheet Data


December 26, 2023




September 26, 2023


Cash and cash equivalents

  $ 3,515     $ 4,182  

Current assets

  $ 6,978     $ 6,521  

Total assets

  $ 90,121     $ 91,088  

Current liabilities

  $ 15,478     $ 14,890  

Shareholders’ equity

  $ 32,082     $ 32,994  


Supplemental Information for Company-Owned Restaurants (dollars in thousands):



Bad Daddy’s Burger Bar


Good Times Burgers &
Frozen Custard


Fiscal First Quarter


(13 weeks)



(13 weeks)


(13 weeks)



(13 weeks)


Restaurant sales

  $ 24,120     $ 25,165     $ 8,826     $ 8,014  

Restaurants opened during period

    -       -       -       -  

Restaurants closed during period

    -       -       -       -  

Restaurants open at period end

    40       40       25       23  

Restaurant operating weeks

    520.0       520.0       325.0       299.0  

Average weekly sales per restaurant

  $ 46.4     $ 48.4     $ 27.2     $ 26.8  




Reconciliation of Non-GAAP Measurements to U.S. GAAP Results


Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations

(In thousands, except percentage data)


    Bad Daddy’s Burger Bar     Good Times Burgers & Frozen Custard     Good Times
Restaurants Inc.
    Fiscal First Quarter Ended  

December 26, 2023
(13 weeks)


December 27, 2022
(13 weeks)


December 26, 2023
(13 weeks)


December 27, 2022
(13 weeks)


Dec 26,
(13 wks)


Dec 27,
(13 wks)


Restaurant sales

  $ 24,120       100.0 %   $ 25,165       100.0 %   $ 8,826       100.0 %   $ 8,014       100.0 %   $ 32,946     $ 33,179  

Restaurant operating costs (exclusive of depreciation and amortization and preopening, shown separately below):


Food and packaging costs

    7,608       31.5 %     7,973       31.7 %     2,719       30.8 %     2,634       32.9 %     10,327       10,607  

Payroll and benefits costs

    8,641       35.8 %     8,754       34.8 %     2,983       33.8 %     2,794       34.9 %     11,624       11,548  

Restaurant occupancy costs

    1,719       7.1 %     1,732       6.9 %     786       8.9 %     726       9.1 %     2,505       2,458  

Other restaurant operating costs

    3,581       14.8 %     3,521       14.0 %     1,147       13.0 %     971       12.1 %     4,728       4,492  

Restaurant-level operating profit

  $ 2,571       10.7 %   $ 3,185       12.7 %   $ 1,191       13.5 %   $ 889       11.1 %   $ 3,762     $ 4,074  

Franchise revenues

                                                                    186       215  

Deduct - Other operating:


Depreciation and amortization

                                                                    927       910  

General and administrative

                                                                    2,313       2,378  

Advertising costs

                                                                    1,092       894  

Gain on restaurant asset sale

                                                                    (10 )     -  

Total other operating

                                                                    4,322       4,182  

(Loss) Income from operations

                                                                  $ (374 )   $ 107  





The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant-level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because like depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The tables above set forth certain unaudited information for the current and prior year fiscal quarters and year-to-date periods for fiscal 2024 and fiscal 2023, expressed as a percentage of total revenues, except for the components of restaurant operating costs, which are expressed as a percentage of restaurant revenues.


Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (Thousands of US Dollars)



Fiscal First Quarter Ended


December 26, 2023
(13 weeks)


December 27, 2022
(13 weeks)


Net loss, as reported

  $ (556 )   $ (127 )

Depreciation and amortization4

    929       867  

Interest expense, net

    32       12  

Provision for income taxes

    77       -  


    482       752  

Non-cash stock-based compensation

    38       46  

GAAP rent-cash rent difference 4

    (163 )     (124 )

Gain on restaurant asset sales and lease termination

    (10 )     -  

Adjusted EBITDA

  $ 347     $ 674  


Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by GAAP, and our calculation thereof may not be comparable to that reported by other companies. This measure is presented because we believe that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations.


Adjusted EBITDA is calculated as net income before interest expense, provision for income taxes and depreciation and amortization and further adjustments to reflect the additions and eliminations presented in the table above.


Adjusted EBITDA is presented because: (i) we believe it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, closure costs and restaurant impairments, and (ii) we use Adjusted EBITDA internally as a benchmark for certain of our cash incentive plans and to evaluate our operating performance or compare our performance to that of our competitors. The use of Adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. Companies within our industry exhibit significant variations with respect to capital structures and cost of capital (which affect interest expense and income tax rates) and differences in book depreciation of property, plant and equipment (which affect relative depreciation expense), including significant differences in the depreciable lives of similar assets among various companies. Our management believes that Adjusted EBITDA facilitates company-to-company comparisons within our industry by eliminating some of these foregoing variations. Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies, and our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by excluded or unusual items.


4 Depreciation and amortization and the difference between GAAP rent and cash rent have been reduced by any amounts attributable to non-controlling interests.


Document And Entity Information
Jan. 31, 2024
Document Information [Line Items]  
Entity, Registrant Name Good Times Restaurants Inc.
Document, Type 8-K
Document, Period End Date Jan. 31, 2024
Entity, Incorporation, State or Country Code NV
Entity, File Number 000-18590
Entity, Tax Identification Number 84-1133368
Entity, Address, Address Line One 651 Corporate Circle, Suite 200
Entity, Address, City or Town Golden
Entity, Address, State or Province CO
Entity, Address, Postal Zip Code 80401
City Area Code 303
Local Phone Number 384-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol GTIM
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000825324

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