BT Brands, Inc. - BTBD STOCK NEWS

BT Brands (NASDAQ: BTBD) has filed a Notice of Exempt Solicitation urging Noble Roman's (NROM) shareholders to withhold support for director candidates at the upcoming August 27, 2024 meeting. BT Brands, owning about 1.56 million NROM shares, claims Noble Roman's Board prevented them from nominating a competing slate of directors. They allege that CEO A. Scott Mobley failed to provide promised nomination materials within the April 12-May 12 window, effectively blocking their nomination attempt. BT Brands argues this turned a potentially contested election into an uncontested one, entrenching current leadership. They're calling for shareholders to consider these actions when voting.

BT Brands, Inc. (Nasdaq: BTBD) reported Q2 2024 financial results. Total revenues increased 2.7% to $4.1 million, but the company posted a net loss of $69,952 ($.010 per share), an improvement from a $233,734 loss in 2023. Restaurant-level adjusted EBITDA declined to $437,000 from $632,000 year-over-year. Cash and short-term investments decreased to $5.2 million from $6.9 million last year.

Highlights include:

• Pie in the Sky's revenue increased 17.5% to $1,057,000
• Burger Time units saw 10%+ same-store sales growth
• Acquired Schnitzel Haus restaurant in Florida

The company faces challenges with increased labor costs and input prices but expects significant improvement in restaurant operating results in H2 2024.

BT Brands (Nasdaq: BTBD) reported its financial results for the first quarter of 2024, ending March 31. The company operates 17 restaurants, including its recent acquisition, Schnitzel Haus, completed on May 13, 2024. Total revenues increased by 3.9% to $3.2 million compared to the same period in 2023. However, operating loss widened to $631,000 from $251,000, and net loss attributable to common shareholders was $445,700 or $0.07 per share. Restaurant-level adjusted EBITDA dropped to a loss of $15,672 from a profit of $24,946. BT Brands ended the quarter with $6.1 million in cash and short-term investments, a decline from $6.9 million a year ago. CEO Gary Copperud mentioned efforts to reduce costs and improve performance amid inflationary pressures and staffing challenges. The company did not provide a financial forecast for fiscal 2024 due to ongoing uncertainties.

BT Brands, Inc. (BTBD) reports financial results for 2023 with a 15.1% revenue increase but a net loss of $887,368. The company's equity in the loss of Bagger Dave’s was $347,081, affecting restaurant-level adjusted EBITDA. Despite challenges, plans for rebranding and profitability improvements are underway.

BT Brands, Inc. (BTBD) to report Q4 and full year 2023 results with a conference call hosted by CFO and CEO. Details on how to join the call and access webcast provided.

BT Brands, Inc. and its affiliate, Bagger Dave’s Burger Tavern, Inc., plan to review strategic alternatives for the Bagger Dave’s public corporation and its six operating restaurant locations. The proposal includes changing the name of Bagger Dave’s, a reverse split of outstanding shares, and a potential equity offering registration statement. The company aims to uplist the shares to NASDAQ Markets or another exchange. CEO Gary Copperud noted that all six stores are in excellent locations, and the process of conversion to another concept is expected to begin later this year. BT Brands and Bagger Dave’s have retained Eastwalk Consultants, LLC, as an advisor in transitioning Bagger Dave’s to a growing listed corporation.

BT Brands, Inc. (Nasdaq: BTBD and BTBDW) reported its financial results for the thirteen and 39-week periods ending October 1, 2023. Total revenues for the 39-week period increased 15.1% over 2022 to $11.1 million. Operating income for the 13-week period was $40,614, an increase from $8,992 in 2022. Net loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023. The company's equity in the second quarter loss of Bagger Dave’s was $109,222. At October 2, 2023, they had $6.9 million in cash and short-term investments. The CEO highlighted the seasonally strong performance of Burger Time and Pie in The Sky, while expressing concerns about the underperformance of the Florida locations. The company incurred approximately $100,000 in non-recurring expenses related to investment activities. They are experiencing moderation of 2022 inflationary pressure on cost of sales inputs, but continue to face staffing challenges. The company is not providing a financial forecast for fiscal 2023 and 2024 due to evolving conditions and uncertainty. A conference call to discuss the financial results will be hosted by the management.

BT Brands, Inc. reports financial results for Q2 2023, with total revenues increasing by 13.5% to $7.1 million. Operating income declined to a loss of $79,548 and net loss attributable to common shareholders was $375,520. Restaurant-level adjusted EBITDA declined by 3.8% to $971,000. The company ended the quarter with $6.9 million in total cash and short-term investments.

BT Brands, Inc. is taking legal action against Noble Roman's, Inc. for omitting material information from its Proxy Statement and attempting to prevent BT's CEO, Gary Copperud, from being nominated to the board. BT Brands' candidate has received 10,194,885 proxy votes, far exceeding the 2,851,046 votes received by the incumbent candidate. BT Brands and Mr. Copperud have filed a motion requesting the Court to order an annual meeting where Mr. Copperud's nomination is considered and the shareholders' directive is respected. BT Brands owns more than 8% of NROM shares and aims to bring oversight to the NROM board.