Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

BT Brands Reports Results for the Third Quarter Ended October 3, 2021

WEST FARGO, ND / ACCESSWIRE / November 17, 2021 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurants including Burger Time, in its first report since its successful public equity offering last week today reported financial results for the fiscal third quarter ended October 3, 2021.

Key highlights of the Company's financial results include:

  • Earnings per share for the 39 weeks ended October 3, 2021, were $.14 per share compared to $.20 per share for the prior-year period which included approximately $460,000 attributable to forgiveness of Payroll Protection Program loans. Third-quarter earnings were $.06 per share, the same as in the prior year period.
  • Cash on hand at the end of the quarter was in excess of $2 million and following closing on the Company's November 12, public offering increased to more than $12 million.
  • Total restaurant sales restaurants for the current 39-week period were $6.6 million an increase of $530,000 over the prior year period.
  • Total same-store sales are up 8.7% for the 39-week period over the prior year.
  • Net income was $236,000 for the quarter compared to $254,000 in the same quarter last year.

Gary Copperud, the Company's Chief Executive Officer, said, "We are excited to have completed our recent public offering. The offering proceeds combined with continued strong performance at our Burger Time locations leave us well-positioned to pursue our plan of growing through acquisitions in the restaurant industry." Mr. Copperud added, "As with most restaurant companies, we have seen cost pressures, both in commodities and in the labor market. We expect those pressures to continue through the balance of this fiscal year and into 2022. We expect to be able to manage commodity cost increases through targeted menu price adjustments; however, we believe that overall labor costs will continue to be pressured."

Conference Call: Management will host a conference call to discuss its third quarter 2021 financial results on Thursday, November 18, at 3:30 p.m. CT/4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, its COO, and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing and requesting the BT Brands Restaurants (BTBD) call.

Webcast URL:
https://www.webcaster4.com/Webcast/Page/2818/43795

About BT Brands Restaurants Inc.

BT Brands, Inc. (BTBD) owns and operates fast-food restaurants called Burger Time. Following its recent public offering, the Company intends to seek acquisitions within the restaurant industry. The Company also operates one unit in Minnesota as a franchisee of International Dairy Queen. The Company operates three Burger Time locations in Minnesota, four in North Dakota, and two in South Dakota. For additional information, visit www.itsburgertime.com.

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. 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 government 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 the BT Brands' Annual Report on Form 10-K for the fiscal year ended January 3, 2021, filed with the SEC, and other filings with the SEC. BT Brands disclaims any obligation or duty to update or modify these forward-looking statements.

1 Sales store sales are a metric used in evaluating the performance of established restaurants and are a commonly used metrics in the restaurant industry. Same-store sales for our brands are calculated using all units open for at least 18 full fiscal months and using the comparable operating weeks from the prior year to the current year's quarter's operating weeks.

BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
39 Weeks Ended, 13 Weeks Ended,
October 3,
2021
September 27,
2020
October 3,
2021
September 27,
2020
SALES
$6,604,554 $6,074,222 $2,280,999 $2,374,454
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
2,580,224 2,299,989 944,171 863,997
Labor costs
1,794,499 1,718,703 607,780 624,696
Occupancy costs
436,196 504,142 132,542 170,109
Other operating expenses
355,024 313,101 102,943 121,827
Depreciation and amortization
173,799 140,588 60,405 49,668
Impairment of assets held for sale
- 100,000 - -
General and administrative
295,397 371,455 74,415 188,292
Total costs and expenses
5,635,139 5,447,978 1,922,256 2,018,589
Income from operations
969,415 626,244 358,743 355,865
INTEREST EXPENSE
(161,148) (136,347) (32,916) (45,188)
INTEREST INCOME
- 92,707 - 28,507
OTHER INCOME
- 466,758 - -
INCOME BEFORE TAXES
808,267 1,049,362 325,827 339,184
PROVISION FOR INCOME TAXES
(225,000) (234,000) (90,000) (85,000)
NET INCOME
$583,267 $815,362 $235,827 $254,184
NET INCOME PER COMMON SHARE -
Basic and Diluted
$0.14 $0.20 $0.06 $0.06
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

October 3,
2021
January 3,
2021
(Unaudited)
ASSETS
CURRENT ASSETS
Cash
$2,078,812 $1,321,244
Receivables
31,751 19,030
Inventory
69,443 60,576
Prepaid expenses and other current assets
66,366 5,348
Total current assets
2,246,372 1,406,198
PROPERTY AND EQUIPMENT, net
1,546,038 1,632,457
LAND AND BUILDINGS HELD FOR SALE
258,751 258,751
INVESTMENT IN RELATED COMPANY
75,000 75,000
OTHER ASSETS, net
15,200 16,759
Total assets
$4,141,361 $3,389,165
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Current maturities of long-term debt
$178,611 $245,306
Accounts payable
419,007 270,487
Accrued expenses
304,598 420,734
Income taxes payable
177,088 97,978
Total current liabilities
1,079,304 1,034,505
LONG-TERM DEBT, less current maturities
3,005,113 2,938,983
DEFERRED INCOME TAXES
176,000 118,000
Total liabilities
4,260,417 4,091,488
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at October 3, 2021 and January 3, 2021
- -
Common stock, $.002 par value, 50,000,000 authorized, 4,047,506 shares outstanding at October 3, 2021 and January 3, 2021
8,095 8,095
Additional paid-in capital
497,671 497,671
Accumulated deficit
(624,822) (1,208,089)
Total shareholders' deficit
(119,056) (702,323)
Total liabilities and shareholders' deficit
$4,141,361 $3,389,165

CONTACT FOR FURTHER INFORMATION:
KENNETH BRIMMER
612-229-8811
kbrimmer@itsburgertime.com

SOURCE: BT Brands, Inc.



View source version on accesswire.com:
https://www.accesswire.com/673452/BT-Brands-Reports-Results-for-the-Third-Quarter-Ended-October-3-2021

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.