Good Times Restaurants Inc. (Nasdaq: GTIM) today announced its sixteenth consecutive month of same store sales increases through the end of October with September and October sales increasing slightly over the prior year’s 7.4% and 20% increases, respectively. For the fiscal year ended September 30, 2011 same store sales increased 6.2%.
Commenting on the sales improvement, President & CEO, Boyd Hoback said, “We are pleased that we continue to see improved sales trends as we lap over more challenging comparisons from last year’s big increases, a trend which continues into November. We anticipate that the cumulative sales increases will result in our reporting approximately $1,350,000 in improved cash flow from continuing operations for fiscal 2011 compared to fiscal 2010 in our year end 10K filing.”
The Company also reported that it is completing its planned rollout of new menu boards to all of its restaurants, which along with the current Santiago’s green chile promotion has increased the average transaction by approximately 4%. Hoback added, “We will continue a very aggressive product reformulation and introduction schedule throughout fiscal 2012 centered on our quarterly 'Lover’s' themes, fresh, handcrafted products and our platform of using high quality, regional ingredients augmented by a new customer loyalty program that we will use to increase customer engagement and frequency.”
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% breast of chicken sandwiches, fresh frozen custard, fresh squeezed lemonades and other unique offerings. Good Times currently operates and franchises 45 restaurants.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 Good Times’ actual results to differ materially from results expressed or implied by the forward looking statements. These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans , 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 30, 2010 filed with the SEC. Although Good Times may from time to time voluntarily update its forward-looking statements, it disclaims any commitment to do so except as required by securities laws.