BT Brands reports results for the third quarter ended October 3, 2021



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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)
39 weeks completed, 13 weeks completed,

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 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 –

Basic and Diluted

$ 0.14 $ 0.20 $ 0.06 $ 0.06
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED RESULTS

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 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

CURRENT LIABILITIES

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

COMMITMENTS AND CONTINGENCIES

SHAREHOLDER DEFICIT

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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