Good
Times Restaurants Inc. (NASDAQ: GTIM), operator of Good Times
Burgers & Frozen Custard, a regional quick-service restaurant chain
focused on fresh, high quality, all natural products and a licensee of
Bad Daddy’s Burger Bar, a full service, upscale concept, today announced
that its Good Times’ same store sales increased 8.2% in its second
fiscal quarter ended March 31, 2015 over the prior year’s increase of
17.8%, and a three year compound increase in same store sales of 35.4%.
The Company also reported that total sales from its three Bad Daddy’s
Burger Bar restaurants were $2,009,000 for the quarter. Sales at the
Cherry Creek location that opened in February 2014 increased
approximately 30% over its comparable prior year period.
Boyd Hoback, President & CEO, said, “Despite a record for the most
snowfall ever in the month of February in Colorado, our second quarter
sales results continued our two year comp sales trend of over 25% at
Good Times. We have announced our plans to introduce all natural,
nitrate free bacon in April and the planned rollout of House Made
Pickles and Fried Pickles and Summer Shakes for this summer, all of
which provide significant brand support. As we lap two years of double
digit sales comps, we anticipate that our product news, continued
remodeling program and one additional media advertising window this year
will support continued sales growth.” The Company also reported that it
is on track to open a new Good Times restaurant in late April 2015.
Commenting on the success of the Bad Daddy’s concept, Hoback added, “Our
Northglenn, Colorado Bad Daddy’s Burger Bar continues to generate the
highest average weekly sales and our Aurora, Colorado store is
generating the second highest average weekly sales out of all
traditional Bad Daddy’s restaurants in the system. Based on the second
quarter sales, those two Bad Daddy’s are averaging at over $3 million in
annualized sales out of a restaurant footprint of less than 3,800 square
feet. The four additional Bad Daddy’s restaurants in our development
pipeline for 2015 have similar site dynamics with upper middle income
demographics, upscale suburban retail co-tenancy and a good daytime
employment base, so we hope that they too will generate strong sales. We
have learned a lot from our first three Bad Daddy’s locations in
Colorado and are targeting the optimum trade areas and site
characteristics based on that knowledge.”
In addition to the Aurora, Colorado Bad Daddy’s restaurant opened by
Good Times, a new Bad Daddy’s franchised restaurant opened during the
quarter. Located in Knoxville, Tennessee, it is operated under a
franchise agreement with Bad Daddy’s Franchise Development in which the
Company owns a 48% interest. There are currently a total of 13 Bad
Daddy’s locations in operation, including the three operated by Good
Times, two operated by an independent franchisee of Bad Daddy’s
Franchise Development, seven operated by the founders, and one licensed
location in the Charlotte-Douglas Airport.
About Good Times Restaurants Inc.: Good Times Restaurants Inc.
(GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of
quick service restaurants located primarily in Colorado, in its wholly
owned subsidiary, Good Times Drive Thru Inc. Good Times provides 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 a
total of 37 restaurants.
GTIM owns and operates three Bad Daddy’s Burger Bar restaurants as a
licensee through its wholly owned subsidiary, BD of Colorado LLC, and
franchises Bad Daddy’s Burger Bar restaurants through its 48% ownership
of Bad Daddy’s Franchise Development LLC. 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 atmosphere that appeals to a broad consumer base.
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 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 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 Good
Times’ Annual Report on Form 10-K/A for the fiscal year ended September
30, 2014 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 2015