Bagger Dave’s to Pursue Strategic Alternatives
Bagger Dave’s opened its first location In
BT Brands and Bagger Dave’s have retained Eastwalk Consultants, LLC, as an advisor in transitioning Bagger Dave’s to a growing listed corporation.
About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired 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, staffing shortages and the effect of inflation on key supplies and inputs.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
BT BRANDS, INC. AND SUBSIDIARIES |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(Unaudited) |
|||||||||||
39 Weeks Ended |
39 Weeks Ended, |
13 Weeks Ended, |
13 Weeks Ended, |
||||||||
October 1, 2023 |
October 2, 2022 |
October 1, 2023 |
October 2, 2022 |
||||||||
SALES |
$ |
11,078,419 |
$ |
9,621,996 |
$ |
4,007,656 |
$ |
4,023,920 |
|||
COSTS AND EXPENSES |
|||||||||||
Restaurant operating expenses |
|||||||||||
Food and paper costs |
4,348,294 |
3,637,814 |
1,449,796 |
1,604,858 |
|||||||
Labor costs |
4,124,857 |
3,122,867 |
1,509,721 |
1,336,039 |
|||||||
Occupancy costs |
845,863 |
803,792 |
340,002 |
367,872 |
|||||||
Other operating expenses |
603,964 |
577,035 |
209,721 |
248,383 |
|||||||
Depreciation and amortization |
470,801 |
351,084 |
114,774 |
168,855 |
|||||||
General and administrative |
1,288,019 |
1,035,639 |
343,027 |
288,921 |
|||||||
Gain on sale of assets |
(313,688) |
|
- |
|
- |
- |
|||||
Total costs and expenses |
11,368,110 |
9,528,231 |
3,967,042 |
4,014,928 |
|||||||
Income (loss) from operations |
(289,691) |
93,765 |
40,614 |
8,992 |
|||||||
GAIN (LOSS) ON MARKETABLE SECURITIES |
33,184 |
(155,220) |
56,248 |
(74,982) |
|||||||
INTEREST AND OTHER INCOME |
123,630 |
55,836 |
32,821 |
46,364 |
|||||||
INTEREST EXPENSE |
(73,857) |
(88,099) |
(23,948) |
(33,638) |
|||||||
EQUITY NET LOSS OF AFFILIATE |
(254,272) |
(135,813) |
(109,222) |
(121,641) |
|||||||
LOSS BEFORE TAXES |
(461,006) |
(229,531) |
(3,486) |
(174,905) |
|||||||
INCOME TAX BENEFIT |
82,000 |
5,000 |
- |
- |
|||||||
NET LOSS |
$ |
(379,006) |
$ |
(224,531) |
$ |
(3,486) |
$ |
(174,905) |
|||
NET LOSS PER COMMON SHARE - |
$ |
(0.06) |
$ |
(0.03) |
$ |
(0.00) |
$ |
(0.04) |
|||
WEIGHTED AVERAGE SHARES |
6,257,652 |
6,459,223 |
6,246,118 |
6,461,118 |
|||||||
BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||
|
|
||||
|
(Unaudited) |
|
|||
October 1, 2023 |
|
January 1, 2023 |
|||
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|||
Cash and cash equivalents |
$ |
5,546,874 |
$ |
2,150,578 |
|
Marketable securities |
|
1,366,973 |
|
5,994,295 |
|
Receivables |
|
55,200 |
|
76,948 |
|
Inventory |
|
192,991 |
|
158,351 |
|
Prepaid expenses and other current assets |
|
37,445 |
|
37,397 |
|
Assets held for sale |
|
258,751 |
|
446,524 |
|
Total current assets |
|
7,458,234 |
|
8,864,093 |
|
|
|
||||
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
|
3,238,310 |
|
3,294,644 |
|
OPERATING LEASES RIGHT-OF-USE ASSETS |
|
1,834,408 |
|
2,004,673 |
|
INVESTMENTS |
|
1,115,615 |
|
1,369,186 |
|
DEFERRED INCOME TAXES |
|
143,000 |
|
61,000 |
|
GOODWILL |
|
671,220 |
|
671,220 |
|
INTANGIBLE ASSETS, NET |
|
400,766 |
|
453,978 |
|
OTHER ASSETS, NET |
|
49,627 |
|
50,903 |
|
Total assets |
$ |
14,911,180 |
$ |
16,769,697 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|||
CURRENT LIABILITIES |
|
|
|||
Accounts payable |
$ |
431,187 |
$ |
448,605 |
|
Broker margin loan |
|
|
|
791,370 |
|
Current maturities of long-term debt |
|
164,866 |
|
167,616 |
|
Current operating lease obligations |
|
215,326 |
|
193,430 |
|
Accrued expenses |
|
476,035 |
|
532,520 |
|
Total current liabilities |
|
1,287,414 |
|
2,133,541 |
|
LONG-TERM DEBT, LESS CURRENT PORTION |
|
2,332,014 |
|
2,658,477 |
|
NONCURRENT LEASE OBLIGATIONS |
|
1,650,361 |
|
1,825,057 |
|
Total liabilities |
|
5,269,789 |
|
6,617,075 |
|
SHAREHOLDERS' EQUITY |
|
|
|||
Common stock |
|
12,492 |
|
12,792 |
|
Less cost of Treasury shares |
(356,807) |
|
(106,882) |
||
Additional paid-in capital |
|
11,527,235 |
|
11,409,235 |
|
Accumulated deficit |
|
(1,541,529) |
|
(1,162,523) |
|
Total shareholders' equity |
|
9,641,391 |
|
10,152,622 |
|
Total liabilities and shareholders' equity |
$ |
14,911,180 |
$ |
16,769,697 |
Category: Financial Category
View source version on businesswire.com: https://www.businesswire.com/news/home/20240126639874/en/
KENNETH BRIMMER 612-229-8811
Source: BT Brands, Inc.