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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)

January 13, 2022

 

 

(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.):

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

oPre-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 Stock Exchange

 

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 2.02Results of Operations and Financial Condition.

 

On January 13, 2022, Good Times Restaurants Inc. issued a press release announcing same store sales for its fiscal quarter ended December 28, 2021.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed as part of this report.

 

Exhibit Number   Description
99.1   Press Release, dated January 13, 2022
Exhibit 104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

  
 

 

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: January 13, 2022 By:  
      Ryan M. Zink  
      President and Chief Executive Officer  

 

 

 

 

 

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

January 13, 2022 Nasdaq Capital Markets - GTIM

 

GOOD TIMES RESTAURANTS REPORTS FIRST 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 year-over-year same store sales for its first quarter ended December 28, 2021 decreased 2.5% for its Good Times brand and increased 24.0% for its Bad Daddy’s brand. Sales during the thirteen-week first quarter of 2022 increased by 19.5% at Good Times and by 8.9% at Bad Daddy’s restaurants, as compared to the thirteen weeks ended December 31, 2019, among company-owned restaurants that were open for the thirteen weeks in both years. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

 

   Good Times
Burgers & Frozen Custard		   Bad Daddy’s
Burger Bar		 
Fiscal Period  Same
Store Sales1		     Average
Weekly Sales2		   Same
Store Sales1		     Average
Weekly Sales2		 
                     
October (4 weeks)   3.1%    $26,864    16.8%    $48,783 
November3 (4 weeks)   -2.6%     26,443    20.4%     48,027 
December3 (5 weeks)   -6.8%     24,734    34.0%     47,805 
First Quarter 2022   -2.5%    $25,916    24.0%    $48,174 

 

1Same store sales include all company-owned restaurants currently open with at least 18 full fiscal periods of operating history.

 

2Average weekly sales include all company-owned restaurants with at least 6 full fiscal periods of operating history.

 

3During a portion of November and the entire December fiscal periods of fiscal 2021, restaurant dining rooms in Colorado were closed by regulation, affecting same store sales during the current year favorably at Bad Daddy’s and unfavorably at Good Times.

 

Ryan Zink, President and CEO, said “Our entire team has worked tirelessly in the face of ever-changing challenges in what continues to be a dynamic and unpredictable operating environment. Our sales results for the quarter, including sales increases at both brands compared to the first fiscal quarter of 2020 (prior to the onset of the pandemic), is the outcome of restaurant teams and leaders delivering superior, customer-focused service, and not compromising product quality in the face of elevated input prices, supply chain challenges, and intense competition for high performing employees. Each quarter I continue to be impressed with our team’s ability to deliver strong results despite such challenges.”

 

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 42 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, Good Times Restaurants Inc. operates and franchises a regional quick-service drive-thru restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

 

  
 

 

Forward Looking Statements: This press release contains forward looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” 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. These risks include such factors as the disruption to our business from the novel coronavirus (COVID-19) pandemic and the impact of the pandemic on our results of operations, financial condition and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints at our restaurants, 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, and other matters discussed under the Risk Factors section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 28, 2021 filed with the SEC, and other filings with the SEC . Good Times disclaims any obligation or duty to update or modify these forward-looking statements.

 

 

Category: Financial

 

Good Times Restaurants Inc CONTACTS:

Ryan M. Zink, President and Chief Executive Officer (303) 384-1411

Christi Pennington (303) 384-1440