Good
Times Restaurants Inc. (Nasdaq:GTIM) today announced its same store
sales increased 18.7% for the month of August, its fifth consecutive
month of double-digit increases. The Company said that it is on track
for its thirteenth consecutive quarter of same store sales increases and
that based on the current trend, it expects to finish its fiscal 2013
with a double-digit increase in same store sales for the year.
“We are thrilled with our results and at the risk of sounding like a
broken record, I can’t overstate the significance of the fact that our
sales are being driven by the results of multiple initiatives that are
aligned around our brand position – a fresh, new marketing campaign
telling our all natural `story of no' for our burgers and chicken
categories (no hormones, no antibiotics, no steroids, vegetarian fed,
humanely raised) plus flavorful regional ingredients such as our new
Hatch Valley New Mexico green chile menu and breakfast burritos, a high
level of execution by our operations team and early stage exterior
reimaging of older restaurants,” said Boyd Hoback, President & CEO.
The Company also again reported that it expects to accelerate the pace
of remodeling and reimaging of its older Good Times restaurants and
increase the number of Bad Daddy’s Burger Bar restaurants in the
development pipeline. Hoback added, “With increasing cash flow from
operations and over $6.5 million of cash and no debt on our balance
sheet, we are on track with our business plan to maintain our momentum
in Good Times and increase the number of Bad Daddy’s restaurants we are
developing. Our reimaging projects are showing promising sales results
as well as updating our overall brand image in the market and we are
excited about the potential high return on investment model that Bad
Daddy’s has shown in the existing restaurants. We believe Bad Daddy’s
will be a platform for robust company-owned and franchised growth.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) is a regional chain of quick service
restaurants located primarily in Colorado providing a menu of high
quality all natural hamburgers, 100% all natural chicken tenderloins,
fresh frozen custard, fresh cut fries, fresh lemonades and other unique
offerings. Good Times currently operates and franchises 38 restaurants.
Bad Daddy’s Burger Bar is a full service, upscale, “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 craft microbrew beers in a high energy, family
friendly atmosphere. Bad Daddy’s has received both local and national
accolades for the quality and originality of its food and was most
recently named a top 25 burger in the U.S. by USA Today.
Good Times Forward-Looking Statements
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, 2012 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.
Copyright Business Wire 2013