BT Brands Reports First Quarter 2024 Results
Acquisition of Schnitzel Haus Completed
Including our
-
Eight Burger Time fast-food restaurants; located in the North Central region of
the United States , collectively (“BTND”); -
Bagger Dave’s Burger Tavern, Inc., a
40% owned affiliate, operates 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, a German-themed restaurant, bar, and entertainment venue in
Cocoa, Florida (“VBG”). -
Effective May 13, 2024, the Company completed the purchase of the upscale Schnitzel Haus restaurant, www.schnitzelhaushobesound.com located in
Hobe Sound , nearStuart, Florida
Highlights and recent activities include:
-
Total revenues for the 2024 period increased
3.9% over 2023 to ;$3.2 million -
Operating loss for the year declined to a loss of
from an operating loss of$631,000 in 2023;$251,000 -
Net loss attributable to common shareholders was
, or$445,700 $.07 per share for the year; -
Restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined to a loss of
in 2024 from a profit of$15,672 in the same period in 2023;$24,946 -
Our equity in the first quarter loss of our Bagger Dave’s affiliate was
;$94,500 -
We ended the quarter with
in total cash and short-term investments down from$6.1 million one year ago;$6.9 million -
First quarter results for 2023 include a pre-tax gain of
from the sale of a former Burger Time property in West St. Paul$313,000
Gary Copperud, the Company’s Chief Executive Officer, said, “The first quarter is seasonally slower for our Burger Time and Pie in the Sky businesses; we were disappointed in our performance during the first quarter this year and have taken a number of steps to reduce costs and improve performance in all of our businesses. Overall, we continue to see inflationary pressure on our cost of sales inputs. There are persistent challenges with staffing, which, although staffing pressure is lessening as labor markets are more favorable, upward pressure on labor costs continues. As we look toward the balance of 2023, we remain focused on achieving profitability consistent with our expectations.”
Schnitzel Haus Acquisition
Effective May 13, 3024, we acquired the assets of the approximately 175-seat upscale Schnitzel Haus restaurant in
Fiscal 2024 Outlook: Because of the uncertain nature of the performance of recent acquisitions and 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 at this point, providing a financial forecast for fiscal 2024.
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 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. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||
|
|
13 Weeks Ended, |
|
13 Weeks Ended, |
||||
|
|
March 31, 2024 |
|
April 2, 2023 |
||||
|
|
|
|
|
||||
SALES |
|
$ |
3,190,147 |
|
|
$ |
3,070,799 |
|
|
|
|
|
|
||||
COSTS AND EXPENSES |
|
|
|
|
||||
Restaurant operating expenses |
|
|
|
|
||||
Food and paper costs |
|
|
1,278,958 |
|
|
|
1,290,323 |
|
Labor costs |
|
|
1,386,686 |
|
|
|
1,202,760 |
|
Occupancy costs |
|
|
336,275 |
|
|
|
357,125 |
|
Other operating expenses |
|
|
203,900 |
|
|
|
195,614 |
|
Depreciation and amortization expenses |
|
|
160,542 |
|
|
|
163,507 |
|
General and administrative expenses |
|
|
454,615 |
|
|
|
425,915 |
|
Gain on sale of assets held for sale |
|
|
- |
|
|
|
(313,688 |
) |
Total costs and expenses |
|
|
3,820,976 |
|
|
|
3,321,556 |
|
|
|
|
|
|
||||
Loss from operations |
|
|
(630,829 |
) |
|
|
(250,758 |
) |
UNREALIZED GAIN ON MARKETABLE SECURITIES |
|
|
114,763 |
|
|
|
69,856 |
|
INTEREST EXPENSE |
|
|
(27,488 |
) |
|
|
(25,533 |
) |
INTEREST AND DIVIDEND INCOME |
|
|
74,854 |
|
|
|
89,048 |
|
EQUITY IN LOSS OF AFFILIATE |
|
|
(94,500 |
) |
|
|
(54,399 |
) |
LOSS BEFORE TAXES |
|
|
(563,200 |
) |
|
|
(141,786 |
) |
INCOME TAX BENEFIT |
|
|
117,500 |
|
|
|
30,000 |
|
NET LOSS |
|
$ |
(445,700 |
) |
|
$ |
(141,786 |
) |
NET LOSS PER COMMON SHARE - Basic and Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted |
|
|
6,246,118 |
|
|
|
6,280,729 |
|
BT BRANDS, INC., AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS |
||||||||
Unaudited |
||||||||
March 31, 2024 |
December 31, 2023 |
|||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and equivalents |
$ |
4,668,295 |
|
$ |
5,300,446 |
|
||
Marketable securities |
|
1,458,213 |
|
|
1,392,060 |
|
||
Receivables |
|
13,263 |
|
|
28,737 |
|
||
Inventory |
|
226,218 |
|
|
201,333 |
|
||
Prepaid expenses and other current assets |
|
77,824 |
|
|
47,246 |
|
||
Assets held for sale |
|
258,751 |
|
|
258,751 |
|
||
Total current assets |
|
6,702,564 |
|
|
7,228,573 |
|
||
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
|
3,225,456 |
|
|
3,247,013 |
|
||
OPERATING LEASES RIGHT-OF-USE ASSETS |
|
1,732,525 |
|
|
1,789,285 |
|
||
INVESTMENTS |
|
928,306 |
|
|
1,022,806 |
|
||
DEFERRED INCOME TAXES |
|
323,500 |
|
|
206,000 |
|
||
GOODWILL |
|
671,220 |
|
|
671,220 |
|
||
INTANGIBLE ASSETS, NET |
|
368,970 |
|
|
395,113 |
|
||
OTHER ASSETS, NET |
|
48,776 |
|
|
49,202 |
|
||
Total assets |
$ |
14,001,317 |
|
$ |
14,609,212 |
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ |
629,504 |
|
$ |
555,247 |
|
||
Broker margin loan |
|
- |
|
|
115,899 |
|
||
Current maturities of long-term debt |
|
171,782 |
|
|
183,329 |
|
||
Current operating lease obligations |
|
213,995 |
|
|
215,326 |
|
||
Accrued expenses |
|
399,906 |
|
|
480,289 |
|
||
Total current liabilities |
|
1,415,187 |
|
|
1,550,090 |
|
||
LONG-TERM DEBT, LESS CURRENT PORTION |
|
2,237,610 |
|
|
2,269,771 |
|
||
NONCURRENT LEASE OBLIGATIONS |
|
1,551,491 |
|
|
1,600,622 |
|
||
Total liabilities |
|
5,204,288 |
|
|
5,420,483 |
|
||
COMMITMENTS AND CONTINGENCIES |
||||||||
SHAREHOLDERS' EQUITY |
||||||||
Preferred stock, |
|
- |
|
|
- |
|
||
Common stock, |
|
12,492 |
|
|
12,492 |
|
||
Less cost of 215,000 held in Treasury at March 31, 2024 and December 31, 2023, |
|
(357,107 |
) |
|
(357,107 |
) |
||
Additional paid-in capital |
|
11,445,135 |
|
|
11,583,235 |
|
||
Accumulated deficit |
$ |
(2,495,591 |
) |
|
(2,049,891 |
) |
||
Total shareholders' equity |
|
8,797,029 |
|
|
9,188,729 |
|
||
Total liabilities and shareholders' equity |
$ |
14,001,317 |
|
$ |
14,609,212 |
|
Category: Financial Category
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515987617/en/
Kenneth Brimmer, 612-229-8811
Source: BT Brands, Inc.