0000825324 false Good Times Restaurants Inc. 0000825324 2022-07-12 2022-07-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

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)

July 12, 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.):

 

☐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 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 July 12, 2022, Good Times Restaurants Inc. issued a press release announcing same store sales for its fiscal quarter ended June 28, 2022.

 

 

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 June 12, 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: July 12, 2022 By:  
      Ryan M. Zink
      Chief Executive Officer

 

 

 

 

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

July 12, 2022   Nasdaq Capital Markets - GTIM

 

GOOD TIMES RESTAURANTS REPORTS THIRD 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 sales* for its third quarter ended June 28, 2022 increased 1.6% for its Good Times brand from the same prior year quarter and increased 5.3% for its Bad Daddy’s brand from the same prior year quarter. Average weekly sales during the 2022 third quarter among restaurants open for at least 18 months were $30,411 for the Company’s Good Times restaurants and $52,745 for the Company’s Bad Daddy’s restaurants.

 

Ryan Zink, Chief Executive Officer, said “It is exciting to report positive comparable sales at both concepts, which we believe demonstrates the strength of our brands. During the quarter we completed the installation of new digital menu boards at one third of our company-owned Good Times and expect to complete the remainder of our restaurants by early October. Additionally, we are well into the process of permitting and construction of new signage at Good Times and expect installation at between six and eight restaurants by the end of the fiscal year and installation at all company-owned restaurants by the end of fiscal 2023. We also continue to refine and innovate our mobile app, providing a convenient platform for our Good Times guests. These improvements are key to our commitment to modernize and revitalize our iconic Colorado brand.”

 

Zink continued, “Our managers and team members of both brands continue to endure supply and labor challenges facing our industry. I find it inspiring that they show up every day ready to impress our guests with their commitment to great food and warm hospitality. Positive sales and a stellar work environment are the direct result of the dedication of our leaders and teams throughout the Company.”

 

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

 

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates 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. owns and operates and franchises a regional quick-service drive-thru restaurant chain consisting of 31 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

 

   
 

 

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” 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 Company's financial performance and its cash flows from operations, general economic conditions, which could adversely affect the Company's results of operations and cash flows. These risks also 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) 384-1432

Christi Pennington (303) 384-1440