BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the second quarter, the thirteen weeks ending June 30, 2024.

Including our 40% ownership of Bagger Dave’s Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands currently operates seventeen restaurants comprising the following:

• Eight Burger Time fast-food restaurants; located in the North Central region of the United States, collectively (“BTND”);
• Bagger Dave’s Burger Tavern, Inc., a 40% owned affiliate, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”);
• Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”);
• Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”).
• Village Bier Garten, a German-themed restaurant, bar, and entertainment venue in Cocoa, Florida (“VBG”).
• Schnitzel Haus, a German food restaurant, located in Hobe Sound, near Stuart, Florida (“Schnitzel”).

Highlights and recent activities include:

• Total revenues for the 2024 period increased 2.7% over 2023 to $4.1 million;
• Net loss attributable to common shareholders was $69,952, or $.010 per share for the second quarter compared to a net loss of $233,734 in 2023;
• Restaurant-level adjusted EBITDA (a non-GAAP measure) for the 13-week period was $437,000, a decline from $632,000 in the prior year's second quarter ;
• Our equity in the second quarter loss of our Bagger Dave’s affiliate was $81,000;
• We ended the quarter with $5.2 million in total cash and short-term investments, down from $6.9 million one year ago as a result of our recent acquisition and capital improvements at our restaurant;
• Pie in the Sky continues to contribute strong performance, with a second-quarter revenue increase of approximately 17.5% over the same period in 2023 to approximately $1,057,000.
• The Burger Time units increased same-store sales by more than 10% and increased total revenue by approximately 15% over the prior year.

Gary Copperud, the Company’s Chief Executive Officer, said, “Our second quarter results reflect improving results at our restaurants, reduced by increased labor costs, including the addition of senior staff at Pie In the Sky. Our stores experience seasonal sales patterns; Burger Time and Pie in the Sky traditionally see an increase in sales in the second quarter compared to the first quarter due to weather and tourism. Overall, we continue to see pressure on our cost of sales inputs. There is a persistent challenge in staffing, which, even though the shortage of candidates has moderated we continue to see an upward pressure on labor costs. We are continuing our initiative to reduce costs and improve performance in all of our businesses, and we remain focused on achieving profitability consistent with our expectations.”

Kenneth Brimmer, COO, commented, “We expect to see significant improvement in restaurant operating results in the second half of 2024.”

Schnitzel Haus Acquisition

Effective May 13, 3024, we acquired the assets of the approximately 175-seat upscale Schnitzel Haus restaurant in Hobe Sound, Florida. The retirement of the previous owners presented BT Brands with an opportunity to acquire a business with robust cash flow at a particularly low multiple. We believe there is considerable upside exists as the prior owners significantly limited the serving hours. There are several potential opportunities available to grow the business.

Fiscal 2024 Outlook: Because of the uncertain nature of recent acquisitions' performance and our evolving character, as well as continuing uncertainty surrounding the current inflationary environment and the state of the economy, the Company is not, at this point, providing a financial forecast for fiscal 2024.

About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota. In addition, the Company owns the Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, Keegan’s Seafood Grille near Clearwater, Florida and Schnitzel Haus in Hobe Sound, Florida. BT Brands is seeking acquisitions within the restaurant industry.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2024 fiscal year,

Any forward-looking statement in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Financial Results Follow:

View source version on businesswire.com: https://www.businesswire.com/news/home/20240812146703/en/