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WEST FARGO, ND / ACCESSWIRE / November 17, 2021 / BT Brands, Inc. (NASDAQ: BTBD) (NASDAQ: BTBDW), operator of quick and casual restaurants including Burger Time, in its first report since its successful IPO last week today released its financial results for the third fiscal quarter ended October 3. , 2021.
The main highlights of the Company’s financial results include:
- Earnings per share for the 39 weeks ended October 3, 2021 was $ 0.14 per share, compared to $ 0.20 per share for the prior year period, which included approximately $ 460,000 attributable to the cancellation of Payroll Protection Program loans. Third quarter earnings were $ 0.06 per share, the same as the prior year period.
- Cash at the end of the quarter was over $ 2 million and after the company closed on November 12, the public offering increased to over $ 12 million.
- Total restaurant sales for the current 39-week period were $ 6.6 million, an increase of $ 530,000 over the prior year period.
- Total comparable store sales were up 8.7% for the 39-week period compared to the previous year.
- Net income was $ 236,000 for the quarter compared to $ 254,000 for the same quarter last year.
Gary Copperud, Chairman and CEO of the Company, said: “We are delighted to have completed our recent public offering. The proceeds from the offering, combined with the continued strong performance of our Burger Time locations, leave us well positioned to continue our growth plan through acquisitions in the restaurant industry. ”Mr. Copperud added: “As with most restaurant businesses, we have seen cost pressures, both in commodities and in the labor market. We expect these pressures to continue through the remainder of this fiscal year and into the future. in 2022. We hope to be able to manage increases in commodity costs through targeted menu price adjustments; however, we believe overall labor costs will continue to be under pressure. ”
Conference call: Management will hold 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. The call host will be Kenneth Brimmer, its COO and CFO.
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 in the restaurant sector. The Company also operates a 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 more information, visit www.itsburgertime.com.
Disclaimer Regarding 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 statements prospective. These statements involve known and unknown risks, which may cause the actual results of the Company to differ materially from the results expressed or implied by forward-looking statements. These risks include factors such as the disruption to our business due to the novel coronavirus (COVID-19) pandemic and the impact of the pandemic on our results of operations, financial condition and outlook, 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 in our restaurants, the uncertain nature of current restaurant development plans and the ability to implement these plans and integrate new restaurants, delays in the development and opening of new restaurants due to weather conditions, local permits or other reasons, increased competition, increases in costs or shortages of raw food products and other matters discussed in the Risk Factors section of BT Brands’ annual report on Form 10- K for the fiscal year ended January 3, 2021, filed with the SEC, and d ‘other documents filed with the SEC. BT Brands disclaims any obligation or duty to update or change these forward-looking statements.
1 Retail store sales is a metric used to assess the performance of established restaurants and is a commonly used metric in the restaurant industry. Comparable store sales of our brands are calculated using all units open for at least 18 full fiscal months and using comparable operating weeks from the previous year to operating weeks in the current year quarter. .
| BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (Unaudited) |
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| 39 weeks completed, | 13 weeks completed, | ||||||||||||||
|
October 3 2021 |
September 27 2020 |
October 3 2021 |
September 27 2020 |
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|
SALES |
$ | 6,604,554 | $ | 6,074,222 | $ | 2,280,999 | $ | 2,374,454 | |||||||
|
COSTS AND EXPENSES |
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|
Restaurant operating expenses |
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|
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 CHARGES |
(161,148 | ) | (136,347 | ) | (32 916 | ) | (45 188 | ) | |||||||
|
INCOME FROM INTEREST |
– | 92,707 | – | 28,507 | |||||||||||
|
OTHER INCOME |
– | 466,758 | – | – | |||||||||||
|
INCOME BEFORE TAX |
808,267 | 1,049,362 | 325,827 | 339,184 | |||||||||||
|
PROVISION FOR INCOME TAXES |
(225,000 | ) | (234,000 | ) | (90,000 | ) | (85,000 | ) | |||||||
|
NET REVENUE |
$ | 583,267 | $ | 815 362 | $ | 235,827 | $ | 254 184 | |||||||
|
NET EARNINGS PER ORDINARY SHARE – |
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|
Basic and Diluted |
$ | 0.14 | $ | 0.20 | $ | 0.06 | $ | 0.06 | |||||||
| BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED RESULTS |
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|
October 3 2021 |
January 3 2021 |
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| (Unaudited) | |||||||
|
ASSETS |
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|
CURRENT ASSETS |
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|
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 A RELATED BUSINESS |
75,000 | 75,000 | |||||
|
OTHER ASSETS, net |
15,200 | 16,759 | |||||
|
Total assets |
$ | 4,141,361 | $ | 3 389 165 | |||
|
SHAREHOLDER LIABILITIES AND DEFICITS |
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CURRENT LIABILITIES |
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|
Current long-term debt maturities |
$ | 178,611 | $ | 245,306 | |||
|
Accounts payable |
419,007 | 270,487 | |||||
|
Increased expenses |
304,598 | 420 734 | |||||
|
Taxes payable on income |
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 TAXES |
176,000 | 118,000 | |||||
|
Total responsibilities |
4,260,417 | 4,091,488 | |||||
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDER DEFICIT |
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|
Preferred shares, par value of $ 0.001, 2,000,000 authorized shares, no shares outstanding as of October 3, 2021 and January 3, 2021 |
– | – | |||||
|
Common shares, par value of $ 0.002, authorized 50,000,000, 4,047,506 shares outstanding as of October 3, 2021 and January 3, 2021 |
8,095 | 8,095 | |||||
|
Premium |
497,671 | 497,671 | |||||
|
Accumulated deficit |
(624 822 | ) | (1 208 089 | ) | |||
|
Total shareholder deficit |
(119,056 | ) | (702,323 | ) | |||
|
Total shareholders’ liabilities and deficit |
$ | 4,141,361 | $ | 3 389 165 | |||
CONTACT FOR MORE INFORMATION:
KENNETH BRIMMER
612-229-8811
[email protected]
THE SOURCE: Trademarks BT, Inc.
See the source version on accesswire.com:
https://www.accesswire.com/673452/BT-Brands-Reports-Results-for-the-Third-Quarter-Ended-October-3-2021
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