gtim20240410_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
April 11, 2024
 
Good Times Restaurants Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
  
000-18590
  
84-1133368
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
651 Corporate Circle, Suite 200, Golden, CO 80401
(Address of principal executive offices including zip code)
 
Registrant’s telephone number, including area code: (303) 384-1400
 
Not applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, $0.001 par value
  
GTIM
  
Nasdaq Capital Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 2.02
Results of Operations and Financial Condition.
 
On April 11, 2024, Good Times Restaurants Inc. issued a press release announcing same store sales for its second fiscal quarter ended March 26, 2024.
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibits are filed as part of this report.
 
Exhibit Number
  
Description
99.1
  
     
Exhibit 104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
    GOOD TIMES RESTAURANTS INC.
       
Date:
April 11, 2024
By:
     
Ryan M. Zink
     
Chief Executive Officer
 
 

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 11, 2024 Nasdaq Capital Markets - GTIM

 

GOOD TIMES RESTAURANTS REPORTS
SECOND FISCAL QUARTER SAME STORE SALES

 

(GOLDEN, CO) Good Times Restaurants Inc. (GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that same store sales1 increased 0.9% for its Good Times brand and decreased 3.2% for its Bad Daddy’s brand compared to the same prior-year fiscal quarter and average weekly sales2 were $27,133 and $50,880 for its Good Times and Bad Daddy’s brands, respectively, for its second fiscal quarter ended March 26, 2024.

 

Ryan Zink, President and CEO, said “The strength of our Good Times brand is clearly evident from this quarter’s sales performance. Our Colorado-based brand delivered positive same store sales despite significantly unfavorable weather during the quarter.”

 

“The sequential improvement in Bad Daddy’s same store sales is encouraging, with same store declines nearly half of what we saw in the first fiscal quarter. The more impressive trend is that, like many in the casual dining space, we saw a weak January but this was then offset by improving trends throughout the quarter, with a particularly strong March in spite of our Colorado Bad Daddy’s being affected by the same unfavorable weather impacting our Good Times brand.” Zink continued.

 

Mr. Zink concluded, “I believe that the top line results this quarter demonstrate the success of our strategies at both concepts, including meaningful capital investments at Good Times to freshen and modernize that brand, and the operational changes at Bad Daddy’s driving a greater ownership mindset and ultimately improved hospitality and guest experience.”

 

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, and licenses 41 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 31 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring 100% all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.

 

1 Same store sales include all company-owned restaurants currently open with at least 18 full fiscal months of operating history.  Same store sales do not include the impact of revenue recognition related to the GT Rewards loyalty program which is immaterial.

 

2 Average weekly sales include all company-owned restaurants open for the full fiscal quarter.

 

 
 

 

Forward Looking Statements Disclaimer: This press release contains forward looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek”, “plan” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from results expressed or implied by the forward-looking statements. Such risks and uncertainties include, among other things, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company, the disruption to our business from pandemics and other public health emergencies, the impact and duration of staffing constraints at our restaurants, the impact of supply chain constraints and the current inflationary environment, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, other general economic and operating conditions, risks associated with our share repurchase program, risks associated with the acquisition of additional restaurants, the adequacy of cash flows and the cost and availability of capital or credit facility borrowings to provide liquidity, changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wage and tip credit regulations, and other matters discussed under the Risk Factors section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 26, 2023 filed with the SEC, and other filings with the SEC.

 

GOOD TIMES RESTAURANTS INC CONTACTS:

Ryan M. Zink, President and Chief Executive Officer (303) 384-1432

Christi Pennington (303) 384-1440

 

 

Category: Financial