BT Brands Reports 2024 Results
-
Seven Burger Time locations in the North Central region of
the United States , collectively referred to as “BTND”. -
Bagger Dave’s Burger Tavern, Inc., a
39.6% -owned affiliate operating five Bagger Dave’s restaurants inMichigan ,Ohio , andIndiana (“Bagger Dave’s”). -
Keegan’s Seafood Grille a casual dining restaurant in
Indian Rocks Beach, Florida (“Keegan’s”). -
Pie In The Sky Coffee and Bakery in
Woods Hole, Massachusetts (“PIE”). -
Schnitzel Haus, an upscale German-themed restaurant in
Hobe Sound, Florida .
Recent results reflect:
-
Total revenues for 2024 increased
5.3% over 2023 to .$14.8 million -
Net loss attributable to common shareholders was
, or a loss of$2,311,207 $.37 per share in 2024. -
For the year, restaurant-level adjusted EBITDA (a non-GAAP measure) declined to
4.9% from6.2% . -
Our equity in the loss of Bagger Dave’s of
.$415,085 -
On December 29, 2024, we had
in cash and short-term investments.$4.3 million
The loss for the year reflects a
- Closing Village Bier Garten in January 2025 and writing off our remaining investment
-
Closing a BTND location in
Ham Lake, Minnesota — we are pursuing the liquidation ofHam Lake andRichmond properties, which we believe will result in a gain on the sale of assets in 2025. - Aggressive cost-cutting and process improvement measures were implemented at Burger Time locations, including a menu reengineering introducing hand-cut fries to our customers, which we believe will lower overall food costs.
- Cost and headcount reductions at Pie, combined with a thorough review of product pricing, should return the business to historic, significantly improved profit levels.
- Continued efforts to liquidate Bagger Dave’s restaurant properties — we are encouraged that we will achieve our goal of liquidating the store properties in 2025.”
Fiscal 2025 Outlook: Given the evolving character of our Company and the potential impact of a slowdown in the overall economy and the recent inflationary environment, the Company is not providing a financial forecast for fiscal 2025
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 solely on information currently available to us and speaks only as of the date 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 |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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|
|
52 Weeks Ended |
|
52 Weeks Ended, |
||||
|
|
December 29, 2024 |
|
December 29, 2023 |
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SALES |
|
$ |
14,823,472 |
|
|
$ |
14,076,653 |
|
|
|
|
|
|
|
|
||
COSTS AND EXPENSES |
|
|
|
|
|
|
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Restaurant operating expenses |
|
|
|
|
|
|
||
Food and paper costs |
|
|
5,605,579 |
|
|
|
5,597,167 |
|
Labor costs |
|
|
6,128,574 |
|
|
|
5,458,351 |
|
Occupancy costs |
|
|
1,403,204 |
|
|
|
1,312,717 |
|
Other operating expenses |
|
|
962,287 |
|
|
|
841,894 |
|
Depreciation and amortization expenses |
|
|
742,860 |
|
|
|
598,540 |
|
Restaurant asset impairment charge |
|
|
371,872 |
|
|
|
- |
|
General and administrative expenses |
|
|
1,691,404 |
|
|
|
1,650,755 |
|
Gain on sale of assets |
|
|
(250,000 |
) |
|
|
(310,182 |
) |
Total costs and expenses |
|
|
16,655,780 |
|
|
|
15,149,242 |
|
Loss from operations |
|
|
(1,832,308 |
) |
|
|
(1,072,589 |
) |
|
|
|
|
|
|
|
||
UNREALIZED GAIN (LOSS) ON MARKETABLE SECURITIES |
|
|
(93,458 |
) |
|
|
80,139 |
|
REALIZED GAIN ON MARKETABLE SECURITIES |
|
|
143,340 |
|
|
|
23,058 |
|
INTEREST AND DIVIDEND INCOME |
|
|
178,279 |
|
|
|
300,923 |
|
INTEREST EXPENSE |
|
|
(99,906 |
) |
|
|
(97,608 |
) |
OTHER INCOME |
|
|
13,930 |
|
|
|
80,790 |
|
EQUITY IN NET LOSS OF AFFILIATE |
|
|
(415,085 |
) |
|
|
(347,081 |
) |
LOSS BEFORE TAXES |
|
|
(2,105,208 |
) |
|
|
(1,032,368 |
) |
INCOME TAX BENEFIT (EXPENSE) |
|
|
(206,000 |
) |
|
|
145,000 |
|
NET LOSS |
|
$ |
(2,311,208 |
) |
|
$ |
(887,368 |
) |
NET LOSS PER COMMON SHARE - Basic and Diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
||
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted |
|
|
6,194,842 |
|
|
|
6,261,631 |
|
BT BRANDS, INC., AND SUBSIDIARIES
|
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|
|
December 31, 2024 |
|
December 31, 2023 |
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ASSETS |
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|
|
|
|
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CURRENT ASSETS |
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
1,951,415 |
|
|
$ |
5,300,446 |
|
Marketable securities |
|
|
2,319,555 |
|
|
|
1,392,060 |
|
Receivables |
|
|
69,459 |
|
|
|
28,737 |
|
Inventory |
|
|
272,603 |
|
|
|
201,333 |
|
Prepaid expenses and other current assets |
|
|
127,621 |
|
|
|
47,246 |
|
Assets held for sale |
|
|
258,751 |
|
|
|
258,751 |
|
Total current assets |
|
|
4,999,404 |
|
|
|
7,228,573 |
|
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
|
|
3,343,340 |
|
|
|
3,247,013 |
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
|
1,724,052 |
|
|
|
1,789,285 |
|
EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY |
|
|
304,439 |
|
|
|
718,806 |
|
INVESTMENT IN EQUITY AND NOTES RECEIVABLE FROM RELATED COMPANY |
|
|
424,000 |
|
|
|
304,000 |
|
DEFERRED INCOME TAXES |
|
|
- |
|
|
|
206,000 |
|
GOODWILL |
|
|
796,220 |
|
|
|
671,220 |
|
INTANGIBLE ASSETS, NET |
|
|
367,799 |
|
|
|
395,113 |
|
OTHER ASSETS, NET |
|
|
37,543 |
|
|
|
49,202 |
|
Total assets |
|
$ |
11,996,797 |
|
|
$ |
14,609,212 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
612,059 |
|
|
$ |
555,247 |
|
Broker margin loan |
|
|
- |
|
|
|
115,899 |
|
Current maturities of long-term debt |
|
|
185,009 |
|
|
|
183,329 |
|
Current operating lease obligations |
|
|
274,511 |
|
|
|
215,326 |
|
Accrued expenses |
|
|
371,356 |
|
|
|
480,289 |
|
Total current liabilities |
|
|
1,442,935 |
|
|
|
1,550,090 |
|
LONG-TERM DEBT, LESS CURRENT PORTION |
|
|
2,091,335 |
|
|
|
2,269,771 |
|
NONCURRENT OPERATING LEASE OBLIGATIONS |
|
|
1,497,300 |
|
|
|
1,600,622 |
|
Total liabilities |
|
|
5,031,570 |
|
|
|
5,420,483 |
|
SHAREHOLDERS' EQUITY |
|
|
6,965,227 |
|
|
|
9,188,729 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
11,996,797 |
|
|
$ |
14,609,212 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331950262/en/
Kenneth Brimmer
612-229-8811
Source: BT Brands, Inc.