Good Times Restaurants Inc. - GTIM STOCK NEWS

Good Times Restaurants Inc. (NASDAQ: GTIM) announced the grand reopening of Bad Daddy’s Burger Bar in Magnolia Park, Greenville, South Carolina, on April 10, 2023. The remodeled location, which was acquired from a franchisee in March 2022, features new cooking equipment, updated dining aesthetics, and a dedicated 'to-go' area. Guests can enjoy a revamped spring menu featuring items such as the Thai Chicken Sandwich and Jammin’ With You Burger, alongside signature offerings. The reopening event will include a ribbon-cutting ceremony and a traditional burger cutting, starting at 10:30 a.m. local time. The restaurant aims to provide a unique dining experience with gourmet burgers, craft beers, and exceptional service, aligning with its brand's southern hospitality.

Good Times Restaurants Inc. (Nasdaq: GTIM) reported a significant increase in same-store sales, achieving a 7.6% rise for its Good Times brand and a 4.6% increase for Bad Daddy’s in the second fiscal quarter ended March 28, 2023. The average sales per week reached $27,510 for Good Times and $52,432 for Bad Daddy’s. The company has recently acquired five Bad Daddy’s locations and initiated remodeling efforts, with a new location set to open in Madison, Alabama, by the end of fiscal 2023. Menu pricing increased by 10.5% at Good Times and 3.4% at Bad Daddy’s to counteract rising wage pressures in Colorado. Despite these gains, the closure of the Bad Daddy’s location in Cherry Creek due to lease expiration is noteworthy. The company remains focused on sales growth and modernization.

Good Times Restaurants, Inc. (Nasdaq: GTIM) reported a 1.5% increase in total revenues for Q1 fiscal 2023, reaching $33.4 million. Bad Daddy's restaurant sales were $25.2 million, with same-store sales up 2.4%. Good Times restaurants generated $8.0 million, with a 3.0% increase in same-store sales. The net loss attributable to common shareholders was $0.1 million, while adjusted EBITDA stood at $0.7 million. The company ended the quarter with $6.9 million in cash and no long-term debt. CEO Ryan M. Zink noted challenges from inflation and increased beef costs, prompting a 3.4% price hike. The company is optimistic about future sales and restaurant margins.

Good Times Restaurants Inc. (GTIM) announced the acquisition of membership interests from its partners in five former joint-venture Bad Daddy’s Burger Bar locations across North Carolina and South Carolina for approximately $4.4 million, funded from cash reserves. This strategic move consolidates ownership of all traditional Bad Daddy's locations, enhancing operational familiarity as the company has managed these restaurants since their openings. Additionally, GTIM has amended its credit facility to extend the maturity date to April 30, 2023 and to provide EBITDA credit for a portion of the allocated EBITDA previously held by non-controlling members.

Good Times Restaurants Inc. (GTIM) will host a conference call on February 2, 2023, at 5:00 p.m. ET, to discuss its financial results for the first fiscal quarter ended December 27, 2022. CEO Ryan Zink and SVP of Finance Matthew Karnes will lead the call, with a press release containing the results expected prior to the meeting. The conference call can be accessed by dialing (888) 210-2831, Conference ID 3024033, and will also be available via live webcast on the company's website, where an archive will be posted post-call. GTIM operates 41 Bad Daddy’s Burger Bar restaurants and 31 Good Times Burgers & Frozen Custard locations in Colorado.