BT Brands Reports Third Quarter 2024 Results
Including our
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Highlights and recent activities include:
-
Total revenues for the 2024 period increased
8.1% to a record high of ;$4.3 million -
Net loss attributable to common shareholders was
, or$219,479 $.04 per share for the third quarter compared to a net loss of in 2023;$3,486 -
Restaurant-level adjusted EBITDA (a non-GAAP measure) for the 13-week period was
, a decline of$442,000 from the prior year's third quarter of$56,000 ;$498,000 -
Our equity in the third quarter loss of our Bagger Dave’s affiliate was
compared to a loss of 109,000 in the same period a year ago;$116,000 -
We ended the quarter with
in total cash and short-term investments, down from$5.0 million at the end of the second quarter;$5.1 million -
Pie in the Sky continues to contribute strong performance, with a third-quarter revenue increase of approximately
13% over the same period in 2023 to approximately .$1,467,000 -
The Burger Time units increased quarterly sales by approximately
9% and increased total sales increased by approximately24% over the prior year for the 39 weeks.
Gary Copperud, the Company’s Chief Executive Officer, said, “Our third quarter results continued challenging bottom line performance at our restaurants as a result of increased labor costs, including the addition of senior staff at Pie In the Sky. Our stores experience seasonal sales patterns; Burger Time and Pie in the Sky traditionally see an increase in sales in the second quarter compared to the first quarter due to weather and tourism. Overall, we continue to see pressure on our cost of sales input. The challenge in staffing has moderated. However, we continue to see upward pressure on labor costs.” BT Brands, CFO, Kenneth Brimmer, added “We are continuing our efforts to reduce costs and improve performance in all of our businesses, and we remain focused on achieving profitability consistent with our expectations.”
Sale of Trademark Asset
Following the end of the quarter, we completed the sale of a trademark asset property, Hot-N-Now, with no cost basis for an upfront cash payment of
Ham Lake Burger Time Location
In July 2024, we rebranded our
Fiscal 2024 Outlook: Because of the uncertain nature of recent acquisitions' performance and our evolving character, as well as continuing uncertainty surrounding the current inflationary environment and the state of the economy, 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 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.
Financial Results Follow:
BT BRANDS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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39 Weeks
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39 Weeks Ended, |
13 Weeks
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13 Weeks Ended, |
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September 29,
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October 2,
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September 29,
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October 1,
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SALES |
$ |
11,649,610 |
$ |
11,078,419 |
$ |
4,348,824 |
$ |
4,007,656 |
COSTS AND EXPENSES |
||||||||
Restaurant operating expenses |
||||||||
Food and paper costs |
4,407,101 |
4,348,294 |
1,563,073 |
1,449,796 |
||||
Labor costs |
4,636,598 |
4,124,857 |
1,698,150 |
1,509,721 |
||||
Occupancy costs |
1,058,029 |
845,863 |
377,398 |
340,002 |
||||
Other operating expenses |
653,769 |
603,964 |
238,031 |
209,721 |
||||
Depreciation and amortization expenses |
473,420 |
470,801 |
141,527 |
114,774 |
||||
General and administrative expenses |
1,284,871 |
1,288,019 |
375,451 |
343,027 |
||||
Loss (Gain) on sale of assets |
30,205 |
(313,688) |
30,205 |
- |
||||
Total costs and expenses |
12,543,993 |
11,368,110 |
4,423,835 |
3,967,041 |
||||
Income (Loss) from operations |
(894,384) |
(289,691) |
(75,011) |
40,615 |
||||
UNREALIZED GAIN (LOSS) ON MARKETABLE SECURITIES |
163,014 |
33,184 |
(69,933) |
- |
||||
REALIZED GAIN (LOSS) ON SALE OF MARKETABLE SECURITIES |
29,219 |
- |
(343) |
- |
||||
INTEREST AND OTHER INCOME |
186,892 |
123,630 |
50,142 |
89,069 |
||||
INTEREST EXPENSE |
(72,591) |
(73,857) |
(22,552) |
(23,948) |
||||
EQUITY IN NET LOSS OF AFFILIATE |
(291,282) |
(254,272) |
(115,782) |
(109,222) |
||||
LOSS BEFORE TAXES |
(879,131) |
(461,006) |
(233,479) |
(3,486) |
||||
INCOME TAX BENEFIT |
144,000 |
82,000 |
14,000 |
- |
||||
NET LOSS |
$ |
(735,131) |
$ |
(379,006) |
$ |
(219,479) |
$ |
(3,486) |
NET LOSS PER COMMON SHARE - |
$ |
(0.12) |
$ |
(0.06) |
$ |
(0.04) |
$ |
(0.00) |
WEIGHTED AVERAGE SHARES - Basic and Diluted |
6,221,154 |
6,257,652 |
6,181,952 |
6,246,118 |
BT BRANDS, INC., AND SUBSIDIARIES |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(Unaudited) |
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ASSETS |
September 29,
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December 31,
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CURRENT ASSETS |
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Cash |
$ |
3,085,342 |
$ |
5,300,446 |
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Marketable securities |
1,969,964 |
1,392,060 |
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Receivables |
49,390 |
28,737 |
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Inventory |
289,199 |
201,333 |
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Prepaid expenses and other current assets |
80,942 |
47,246 |
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Assets held for sale |
258,751 |
258,751 |
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Total current assets |
5,733,588 |
7,228,573 |
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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
3,699,988 |
3,247,013 |
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OPERATING LEASES RIGHT-OF-USE ASSETS |
1,787,992 |
1,789,285 |
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INVESTMENTS AND NOTES RECEIVABLE |
851,524 |
1,022,806 |
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DEFERRED INCOME TAXES |
350,000 |
206,000 |
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GOODWILL |
796,220 |
671,220 |
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INTANGIBLE ASSETS, NET |
423,205 |
395,113 |
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OTHER ASSETS, NET |
37,543 |
49,202 |
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Total assets |
$ |
13,680,060 |
$ |
14,609,212 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
CURRENT LIABILITIES |
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Accounts payable |
$ |
588,968 |
$ |
555,247 |
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Broker margin loan |
16,417 |
115,899 |
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Current maturities of long-term debt |
170,203 |
183,329 |
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Current operating lease obligations |
264,642 |
215,326 |
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Accrued expenses |
416,841 |
480,289 |
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Total current liabilities |
1,457,071 |
1,550,090 |
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LONG-TERM DEBT, LESS CURRENT PORTION |
2,151,016 |
2,269,771 |
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NONCURRENT LEASE OBLIGATIONS |
1,567,260 |
1,600,622 |
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Total liabilities |
5,175,346 |
5,420,483 |
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TOTAL SHAREHOLDERS’ EQUITY |
8,504,714 |
9,188,729 |
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Total liabilities and shareholders' equity |
$ |
13,680,060 |
$ |
14,609,212 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241113293108/en/
Kenneth Brimmer, 612-229-8811
Source: BT Brands, Inc.