Good Times Restaurants Inc. (Nasdaq:GTIM)(
), a regional restaurant company focused on operating and developing Good Times Burgers & Frozen Custard and Bad Daddy’s Burger Bar restaurants, provides shareholders with an update on its corporate accomplishments.
As the calendar changes to 2014, we are pleased to report our fiscal 2013 results and provide you an overview of our outlook for the Company for fiscal 2014. This includes our wholly owned subsidiaries, Good Times Drive Thru Inc. and BD of Colorado LLC (Bad Daddy’s Burger Bar), as well as our 48% ownership in Bad Daddy’s Franchise Development LLC. It is an exciting time for the Company as we believe we have tremendous momentum in our legacy business, a solid balance sheet with no long term debt and significant growth prospects for the future. From our perspective we are at an historic inflection point as we transition to a more broadly publicly held growth company from what has been a largely insider held microcap company.
Good Times Burgers & Frozen Custard (37 locations in CO, WY and ND)
Throughout fiscal 2013, we continued to make significant progress in our core Good Times Burgers & Frozen Custard business, having reported thirteen consecutive quarters of same-store sales increases. This has accelerated to nine consecutive months of double-digit same-store sales increases through the end of December, 2013 and a two year sales increase trend of over 20%. This momentum has continued throughout our first quarter of fiscal 2014, translating to significant improvement in our operating margins and cash flow from operations. We believe these improvements will continue to accelerate our growth in fiscal 2014, which we anticipate will result in more than doubling our EBITDA (Earnings Before Depreciation, Interest, Taxes & Amortization) from fiscal 2013 for Good Times Drive Thru Inc. We further anticipate system-wide revenues growing to approximately $32 to $33 million without the addition of new restaurants.