Good Times Restaurants Inc

For the period ended Dec 26, 2023. Filed Jan 31, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 26, 2023 · Filed Jan 31, 2024

GTIM$1.24-2.4%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Financial Statements Condensed Consolidated Balance Sheets (unaudited) – December 26, 2023 and September 26, 2023

PART I. - FINANCIAL INFORMATION

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)

	December 26, 2023	September 26, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$3,515	$4,182
Receivables	1,334	769
Prepaid expenses and other	705	163
Inventories	1,424	1,407
Total current assets	6,978	6,521
PROPERTY AND EQUIPMENT:
Land and building	5,722	5,722
Leasehold improvements	38,345	38,191
Fixtures and equipment	33,333	33,040
Total property and equipment	77,400	76,953
Less accumulated depreciation and amortization	(54,847)	(53,917)
Total net property and equipment	22,553	23,036
OTHER ASSETS:
Operating lease right-of-use assets, net	39,153	40,007
Deferred tax assets, net	11,506	11,583
Deposits and other assets	270	277
Trademarks	3,900	3,900
Other intangibles, net	48	51
Goodwill	5,713	5,713
	60,590	61,531
TOTAL ASSETS:	$90,121	$91,088
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$2,642	$2,585
Deferred income	60	67
Operating lease liabilities, current	5,902	5,787
Other accrued liabilities	6,874	6,451
Total current liabilities	15,478	14,890
LONG-TERM LIABILITIES:
Maturities of long-term debt, net of current portion	1,250	750
Operating lease liabilities, net of current portion	41,202	42,332
Deferred and other liabilities	109	122
Total long-term liabilities	42,561	43,204
SHAREHOLDERS’ EQUITY:
Good Times Restaurants Inc. shareholders’ equity:
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of December 26, 2023 and September 26, 2023	-	-
Common stock, $.001 par value; 50,000,000 shares authorized; 12,977,433 issued; 11,285,815 and 11,446,587 shares outstanding as of December 26, 2023 and September 26, 2023, respectively	13	13
Capital contributed in excess of par value	56,739	56,701
Treasury stock, at cost; 1,691,618 and 1,530,846 shares as of December 26, 2023 and September 26, 2023, respectively	(5,346)	(4,908)
Accumulated deficit	(19,791)	(19,235)
Total Good Times Restaurants Inc. shareholders' equity	31,615	32,571
Non-controlling interests	467	423
Total shareholders’ equity	32,082	32,994
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$90,121	$91,088

See accompanying notes to condensed consolidated financial statements (unaudited)

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands except share and per share data)

	Quarter Ended
	December 26, 2023 (13 Weeks)	December 27, 2022 (13 Weeks)
NET REVENUES:
Restaurant sales	$32,946	$33,179
Franchise revenues	186	215
Total net revenues	33,132	33,394
RESTAURANT OPERATING COSTS:
Food and packaging costs	10,327	10,607
Payroll and other employee benefit costs	11,624	11,548
Restaurant occupancy costs	2,505	2,458
Other restaurant operating costs	4,728	4,492
Depreciation and amortization	927	910
Total restaurant operating costs	30,111	30,015
General and administrative costs	2,313	2,378
Advertising costs	1,092	894
Gain on restaurant and equipment asset sales	(10)	-
(LOSS) INCOME FROM OPERATIONS	(374)	107
OTHER INCOME (EXPENSE):
Interest expense, net	(32)	(12)
NET (LOSS) INCOME BEFORE INCOME TAXES	$(406)	$95
Provision for income taxes	(77)	-
NET (LOSS) INCOME	(483)	95
Income attributable to non-controlling interests	(73)	(222)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$(556)	$(127)
NET LOSS PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Basic and Diluted	$(.05)	$(.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	11,377,579	12,041,628
Diluted	11,377,579	12,041,628

See accompanying notes to condensed consolidated financial statements (unaudited)

Consolidated Statements of Shareholders’** Equity (Unaudited)**

For the fiscal quarters ending December 26, 2023 and December 27, 2022

(In thousands, except share and per share data)

Treasury Stock, at cost · Common Stock
	Shares	Amount	Issued Shares	Par Value	Capital Contributed in Excess of Par Value	Non- Controlling Interest In Partnerships	Accumulated Deficit	Total
BALANCES, September 27, 2022	692,798	$(2,634)	12,274,351	$13	$59,427	$1,303	$(30,321)	$27,788
Stock-based compensation cost	-	-	-	-	46	-	-	46
Restricted stock unit vesting	-	-	8,284	-	(92)	-	-	(92)
Stock option exercise	-	-	2,000	-	5	-	-	5
Treasury shares purchased	371,395	(873)	(371,395)	-	-	-	-	(873)
Income attributable to non-controlling interests	-	-	-	-	-	222	-	222
Distributions to unrelated limited partners	-	-	-	-	-	(172)	-	(172)
Contributions from unrelated limited partners	-	-	-	-	-	13	-	13
Net loss attributable to Good Times Restaurants Inc and comprehensive loss	-	-	-	-	-	-	(127)	(127)
BALANCES, December 27, 2022	1,064,193	$(3,507)	11,913,240	$13	$59,386	$1,366	$(30,448)	$26,810
BALANCES, September 26, 2023	1,530,846	$(4,908)	11,446,587	$13	$56,701	$423	$(19,235)	$32,994
Stock-based compensation cost	-	-	-	-	38	-	-	38
Treasury shares purchased	160,772	(438)	(160,772)	-	-	-	-	(438)
Income attributable to non-controlling interests	-	-	-	-	-	73	-	73
Distributions to unrelated limited partners	-	-	-	-	-	(29)	-	(29)
Net loss attributable to Good Times Restaurants Inc and comprehensive loss	-	-	-	-	-	-	(556)	(556)
BALANCES, December 26, 2023	1,691,618	$(5,346)	11,285,815	$13	$56,739	$467	$(19,791)	$32,082

See accompanying notes to consolidated financial statements (unaudited)

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Fiscal Year to Date
	December 26, 2023 (13 Weeks)	December 27, 2022 (13 Weeks)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$(483)	$95
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	948	932
Net change in operating lease right-of-use assets and liabilities	(161)	(682)
Gain on restaurant and equipment asset sales	(10)	-
Stock-based compensation expense	38	46
Provision for income taxes	77	-
Changes in operating assets and liabilities:
(Increase) decrease in:
Receivables and prepaids	(1,107)	(956)
Inventories	(17)	(6)
Deposits and other assets	7	7
Increase (decrease) in:
Accounts payable	43	162
Accrued and other liabilities	413	248
Net cash used in operating activities	(252)	(154)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of property and equipment	(448)	(723)
Proceeds from the sale of fixed assets	-	4
Net cash used in investing activities	(448)	(719)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings against credit facility	500	-
Payment for the purchase of treasury stock	(438)	(873)
Payment for restricted stock vesting settled in cash	-	(92)
Proceeds from stock option exercise	-	5
Contributions from non-controlling interests	-	13
Distributions to non-controlling interests	(29)	(172)
Net cash provided by (used in) financing activities	33	(1,119)
(DECREASE) IN CASH AND CASH EQUIVALENTS	(667)	(1,992)
CASH AND CASH EQUIVALENTS, beginning of period	4,182	8,906
CASH AND CASH EQUIVALENTS, end of period	$3,515	$6,914
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	$21	$5
Change in accounts payable attributable to the purchase of property and equipment	$(14)	$(161)

See accompanying notes to condensed consolidated financial statements (Unaudited)

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