BT Brands Reports 2023 Results
Earnings Conference Call at 4:15 Eastern Today
-
Seven Burger Time locations and one Dairy Queen franchise are in the North Central region of
the United States , collectively (“BTND”). -
Bagger Dave’s Burger Tavern, Inc., a
40% - %-owned affiliate operating six Bagger Dave’s restaurants inMichigan ,Ohio , andIndiana (“Bagger Dave’s”). -
Keegan’s Seafood Grille in
Indian Rocks Beach, Florida (“Keegan’s”). -
Pie In The Sky Coffee and Bakery in
Woods Hole, Massachusetts (“PIE”). -
Village Bier Garten, in
Cocoa, Florida (“VBG”).
Highlights and recent activities include:
-
Total revenues for 2023 increased
15.1% over 2022 to .$11.1 million -
Net loss attributable to common shareholders was
, or$887,368 $.14 per share in 2023. -
For the year, restaurant-level adjusted EBITDA (a non-GAAP measure) declined to
6.2% . -
Our equity in the loss of Bagger Dave’s was
.$347,081 -
On December 31, 2023, we had
in cash and short-term investments.$6.9 million
Gary Copperud, the Company’s Chief Executive Officer, said, “Certainly, the loss for the year was disappointing. Our share of the Bagger Dave loss of
Fiscal 2024 Outlook: Because of the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2023 and 2024.
Conference Call: Management will host a conference call to discuss the second quarter financial results today, November 15, 2023, at 4:30 p.m. ET. Kenneth Brimmer, Chief Financial Officer, and Gary Copperud, Chief Executive Officer, will host the call.
Dial: 877-344-7967 Secondary, international dial-in: +1-213-992-4618 The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com.
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
Any forward-looking statement 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 |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
|
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UNAUDITED |
||||||||||
|
|
52 Weeks Ended |
|
52 Weeks Ended, |
|
13 Weeks Ended, |
|
13 Weeks Ended, |
||||||||
|
|
December 31, 2023 |
|
January 1, 2023 |
|
December 31, 2023 |
|
January 1, 2023 |
||||||||
SALES |
$ |
14,076,653 |
|
$ |
12,601,169 |
|
$ |
2,998,234 |
|
$ |
2,979,173 |
|
||||
COSTS AND EXPENSES |
||||||||||||||||
Restaurant operating expenses |
||||||||||||||||
Food and paper costs |
|
5,597,167 |
|
|
4,854,321 |
|
|
1,248,873 |
|
|
1,216,507 |
|
||||
Labor costs |
|
5,458,351 |
|
|
4,126,837 |
|
|
1,333,494 |
|
|
1,003,970 |
|
||||
Occupancy costs |
|
1,312,717 |
|
|
1,147,744 |
|
|
466,854 |
|
|
343,952 |
|
||||
Other operating expenses |
|
841,894 |
|
|
780,564 |
|
|
237,930 |
|
|
200,001 |
|
||||
Depreciation and amortization |
|
598,540 |
|
|
449,038 |
|
|
127,739 |
|
|
101,482 |
|
||||
General and administrative |
|
1,650,755 |
|
|
1,633,829 |
|
|
362,736 |
|
|
489,452 |
|
||||
Gain on sale of assets |
|
(310,182 |
) |
|
- |
|
|
3,506 |
|
|
- |
|
||||
Total costs and expenses |
|
15,149,242 |
|
|
12,992,333 |
|
|
3,781,132 |
|
|
3,355,364 |
|
||||
Income (loss) from operations |
|
(1,072,589 |
) |
|
(391,164 |
) |
|
(782,898 |
) |
|
(376,191 |
) |
||||
GAIN (LOSS) ON MARKETABLE SECURITIES |
|
80,139 |
|
|
(86,422 |
) |
|
46,955 |
|
|
28,798 |
|
||||
INTEREST AND OTHER INCOME |
|
300,923 |
|
|
125,529 |
|
|
177,293 |
|
|
69,693 |
|
||||
OTHER INCOME (EXPENSE)
|
|
103,848 |
|
|
(80,649 |
) |
|
- |
|
|
- |
|
||||
INTEREST EXPENSE |
|
(97,608 |
) |
|
(114,766 |
) |
|
(23,751 |
) |
|
(26,667 |
) |
||||
EQUITY NET LOSS OF AFFILIATE |
|
(347,081 |
) |
|
(194,813 |
) |
|
(92,809 |
) |
|
(59,000 |
) |
||||
LOSS BEFORE TAXES |
|
(1,032,368 |
) |
|
(742,285 |
) |
|
(675,210 |
) |
|
(363,367 |
) |
||||
INCOME TAX BENEFIT |
|
145,000 |
|
|
180,000 |
|
|
63,000 |
|
|
- |
|
||||
NET LOSS |
$ |
(887,368 |
) |
$ |
(562,285 |
) |
$ |
(612,210 |
) |
$ |
(363,367 |
) |
||||
NET LOSS PER COMMON SHARE - |
$ |
(0.14 |
) |
$ |
(0.09 |
) |
$ |
(0.10 |
) |
$ |
(0.06 |
) |
||||
WEIGHTED AVERAGE SHARES |
|
6,261,631 |
|
|
6,455,379 |
|
|
6,261,631 |
|
|
6,261,631 |
|
BT BRANDS, INC., AND SUBSIDIARIES
|
|||||||
December 31, 2023 |
January 1, 2023 |
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ASSETS |
|||||||
CURRENT ASSETS |
|||||||
Cash and cash equivalents |
$ |
5,300,446 |
|
$ |
2,150,578 |
|
|
Marketable securities |
|
1,392,060 |
|
|
5,994,295 |
|
|
Receivables |
|
28,737 |
|
|
76,948 |
|
|
Inventory |
|
201,333 |
|
|
158,351 |
|
|
Prepaid expenses and other current assets |
|
47,246 |
|
|
37,397 |
|
|
Assets held for sale |
|
258,751 |
|
|
446,524 |
|
|
Total current assets |
|
7,228,573 |
|
|
8,864,093 |
|
|
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
|
3,247,013 |
|
|
3,294,644 |
|
|
OPERATING LEASES RIGHT-OF-USE ASSETS |
|
1,789,285 |
|
|
2,004,673 |
|
|
INVESTMENTS |
|
1,022,806 |
|
|
1,369,186 |
|
|
DEFERRED INCOME TAXES |
|
206,000 |
|
|
61,000 |
|
|
GOODWILL |
|
671,220 |
|
|
671,220 |
|
|
INTANGIBLE ASSETS, NET |
|
395,113 |
|
|
453,978 |
|
|
OTHER ASSETS, NET |
|
49,202 |
|
|
50,903 |
|
|
Total assets |
$ |
14,609,212 |
|
$ |
16,769,697 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
CURRENT LIABILITIES |
|||||||
Accounts payable |
$ |
555,247 |
|
$ |
448,605 |
|
|
Broker margin loan |
|
115,899 |
|
|
791,370 |
|
|
Current maturities of long-term debt |
|
183,329 |
|
|
167,616 |
|
|
Current operating lease obligations |
|
215,326 |
|
|
193,430 |
|
|
Accrued expenses |
|
480,289 |
|
|
532,520 |
|
|
Total current liabilities |
|
1,550,090 |
|
|
2,133,541 |
|
|
LONG-TERM DEBT, LESS CURRENT PORTION |
|
2,269,771 |
|
|
2,658,477 |
|
|
NONCURRENT LEASE OBLIGATIONS |
|
1,600,622 |
|
|
1,825,057 |
|
|
Total liabilities |
|
5,420,483 |
|
|
6,617,075 |
|
|
SHAREHOLDERS' EQUITY |
|||||||
Common stock |
|
12,492 |
|
|
12,792 |
|
|
Less cost of Treasury shares(357,107) |
|
(106,882 |
) |
||||
Additional paid-in capital |
|
11,583,235 |
|
|
11,409,235 |
|
|
Accumulated deficit |
|
(2,049,891 |
) |
|
(1,162,523 |
) |
|
Total shareholders' equity |
|
9,188,729 |
|
|
10,152,622 |
|
|
Total liabilities and shareholders' equity |
$ |
14,609,212 |
|
$ |
16,769,697 |
|
|
Category: Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328306121/en/
Kenneth Brimmer, 612-229-8811
Source: BT Brands, Inc.