Good Times Reports Q3 Same Store Sales +4.8%
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 of Bad Daddy's Burger Bar, a full service, upscale concept, today announced that its Good Times' same store sales increased 4.8% in its third fiscal quarter ended June 30, 2015 over the prior year's increase of 12.5%, and that its three year compound increase in same store sales was 34.8%. The Company also reported that it had completed the acquisition of Bad Daddy's International on May 7, 2015 and that sales at the Bad Daddy's restaurants acquired in the acquisition have exceeded expectations.
Boyd Hoback, President & CEO, said, "Despite the wettest May on record in Colorado and unseasonable rain in June, we are thrilled to have met our goal of mid-single digit same store sales increases for the quarter as we lap double digit increases in each of the past two years and to have continued our cumulative three year trend of over 30% same store sales increases. We estimate that the weather had a 2.5% to 3.5% negative impact on our sales in May and early June, based on our sales trends going into and out of that period of inclement weather."
Regarding the acquisition of Bad Daddy's International, Hoback added, "Sales growth at our Bad Daddy's restaurants in Colorado as well as at those acquired in the acquisition of Bad Daddy's International were above our expectations with stores ranging from low single digit growth to very high double digit growth. We are excited about accelerating our growth in 2016 in Colorado, North Carolina and South Carolina. We are working on increasing the staffing levels and training in the North Carolina restaurants along with some minor capital expenditures to continue to enhance the guest experience, expand the chef driven aspects of the menu and lay the foundation for growth in 2016. We have solid operating bases we can now leverage in the Colorado, Charlotte, NC, Raleigh, NC, Winston Salem, NC and South Carolina markets and expect to announce new store development in each of those markets for 2016, in addition to the four new Bad Daddy's restaurants planned in Colorado this year."
The Company said that it expects to provide further growth and revenue guidance for fiscal 2016 and further Bad Daddy's same store sales information in its third fiscal quarter earnings call, which will also include initial results of the Bad Daddy's International acquisition.
About Good Times Restaurants Inc.: Good Times Restaurants Inc. (NASDAQ: 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 38 restaurants.
GTIM owns, operates, franchises and licenses 13 Bad Daddy's Burger Bar restaurants through its wholly owned subsidiaries. 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.
Good Times Restaurants Inc.
INVESTOR RELATIONS CONTACTS:
Boyd E. Hoback, 303-384-1411
President and CEO
Jim Zielke, 303-384-1432
Christi Pennington, 303-384-1440
Porter, LeVay & Rose
Mike Porter, 212-564-4700