Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries BT Brands Reports Third Quarter 2023 Results By: BT Brands, Inc. via Business Wire November 15, 2023 at 14:41 PM EST Earnings Conference Call at 4:30 Eastern Today BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the thirteen weeks ending October 1, 2023, and for the 39-week period then ended. The results for 2023 include a full quarter for the three 2022 restaurant acquisitions, and our 41.2% share of Bagger Dave’s Burger Tavern results with its six locations. BT Brands operates a total of eighteen restaurants comprising the following: Eight Burger Time locations and one Dairy Queen franchise; in the North Central region of the United States, collectively (“BTND”); Bagger Dave’s Burger Tavern, Inc., a 41.2% owned affiliate, operating six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”); Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”). Village Bier Garten, in Cocoa, Florida (“VBG”). Highlights and recent activities include: Total revenues for the 2023 39-week period increased 15.1% over 2022 to $11.1 million; Operating income for the 13-week period was $40,614 an increase from $8,992 in 2022; Net loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023: For the 39-week period, restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined just 1.4% to $1,469,129 in 2023 from $1,489,488 in the same period in 2022; Our equity in the second quarter loss of Bagger Dave’s was $109,222: At October 2, 2023, we had $6.9 million in cash and short-term investments. Gary Copperud, the Company’s Chief Executive Officer, said, “The third quarter is seasonally strong at Burger Time, and at Pie in The Sky which has continued to exceed our expectations. Our two Florida locations continued to perform below our expectations during the third quarter of 2023. The disappointing results in Florida are partially the result of unusually warm weather impacting tourist and business activity. Improving the profitability of our Florida businesses continues to be a major focus of our current activity. We incurred approximately $100,000 in non-recurring expenses related to our investment activities, including the contested proxy solicitation at Noble Roman. As a public company, we bear the burden of general and administrative expenses related to compliance and other public company activities; our goal is to spread these expenses over a larger revenue base in the future. We are experiencing some moderation of the 2022 inflationary pressure on our cost of sales inputs; however, we continue to face challenges in staffing even with labor markets trending slightly more favorable. As we consider the balance of 2023, we are focused on achieving profitability consistent with our expectations.” Fiscal 2023 and 2024 Outlook: Because of the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2023 and 2024. Conference Call: Management will host a conference call to discuss the second quarter financial results today, November 15, 2023, at 4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, Chief Financial Officer and Gary Copperud, Chief Executive Officer. Dial: 877-344-8082 Secondary, international dial-in: +1-213-992-4618 The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com. About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2023 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired 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, staffing shortages and the effect of inflation on key supplies and inputs. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 39 Weeks Ended 39 Weeks Ended, 13 Weeks Ended, 13 Weeks Ended, October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 SALES $ 11,078,419 $ 9,621,996 $ 4,007,656 $ 4,023,920 COSTS AND EXPENSES Restaurant operating expenses Food and paper costs 4,348,294 3,637,814 1,449,796 1,604,858 Labor costs 4,124,857 3,122,867 1,509,721 1,336,039 Occupancy costs 845,863 803,792 340,002 367,872 Other operating expenses 603,964 577,035 209,721 248,383 Depreciation and amortization 470,801 351,084 114,774 168,855 General and administrative 1,288,019 1,035,639 343,027 288,921 Gain on sale of assets (313,688 ) - - - Total costs and expenses 11,368,110 9,528,231 3,967,041 4,014,928 Income (loss) from operations (289,691 ) 93,765 40,615 8,992 GAIN (LOSS) ON MARKETABLE SECURITIES 33,184 (155,220 ) 56,248 (74,982 ) INTEREST AND OTHER INCOME 123,630 55,836 32,821 46,364 INTEREST EXPENSE (73,857 ) (88,099 ) (23,948 ) (33,638 ) EQUITY NET LOSS OF AFFILIATE (254,272 ) (135,813 ) (109,222 ) (121,641 ) LOSS BEFORE TAXES (461,006 ) (229,531 ) (3,486 ) (174,906 ) INCOME TAX BENEFIT 82,000 5,000 - - NET LOSS $ (379,006 ) $ (224,531 ) $ (3,486 ) $ (174,906 ) NET LOSS PER COMMON SHARE - $ (0.06 ) $ (0.03 ) $ (0.00 ) $ (0.04 ) WEIGHTED AVERAGE SHARES 6,257,652 6,459,223 6,246,118 6,461,118 BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) October 1, 2023 January 1, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,546,874 $ 2,150,578 Marketable securities 1,366,973 5,994,295 Receivables 55,200 76,948 Inventory 192,991 158,351 Prepaid expenses and other current assets 37,445 37,397 Assets held for sale 258,751 446,524 Total current assets 7,458,234 8,864,093 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,238,310 3,294,644 OPERATING LEASES RIGHT-OF-USE ASSETS 1,834,408 2,004,673 INVESTMENTS 1,115,615 1,369,186 DEFERRED INCOME TAXES 143,000 61,000 GOODWILL 671,220 671,220 INTANGIBLE ASSETS, NET 400,766 453,978 OTHER ASSETS, NET 49,627 50,903 Total assets $ 14,911,180 $ 16,769,697 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 431,187 $ 448,605 Broker margin loan 791,370 Current maturities of long-term debt 164,866 167,616 Current operating lease obligations 215,326 193,430 Accrued expenses 476,035 532,520 Total current liabilities 1,287,414 2,133,541 LONG-TERM DEBT, LESS CURRENT PORTION 2,332,014 2,658,477 NONCURRENT LEASE OBLIGATIONS 1,650,361 1,825,057 Total liabilities 5,269,789 6,617,075 SHAREHOLDERS' EQUITY Common stock 12,492 12,792 Less cost of Treasury shares (356,807 ) (106,882 ) Additional paid-in capital 11,527,235 11,409,235 Accumulated deficit (1,541,529 ) (1,162,523 ) Total shareholders' equity 9,641,391 10,152,622 Total liabilities and shareholders' equity $ 14,911,180 $ 16,769,697 Category: Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20231115703062/en/Contacts KENNETH BRIMMER 612-229-8811 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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BT Brands Reports Third Quarter 2023 Results By: BT Brands, Inc. via Business Wire November 15, 2023 at 14:41 PM EST Earnings Conference Call at 4:30 Eastern Today BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the thirteen weeks ending October 1, 2023, and for the 39-week period then ended. The results for 2023 include a full quarter for the three 2022 restaurant acquisitions, and our 41.2% share of Bagger Dave’s Burger Tavern results with its six locations. BT Brands operates a total of eighteen restaurants comprising the following: Eight Burger Time locations and one Dairy Queen franchise; in the North Central region of the United States, collectively (“BTND”); Bagger Dave’s Burger Tavern, Inc., a 41.2% owned affiliate, operating six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”); Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”). Village Bier Garten, in Cocoa, Florida (“VBG”). Highlights and recent activities include: Total revenues for the 2023 39-week period increased 15.1% over 2022 to $11.1 million; Operating income for the 13-week period was $40,614 an increase from $8,992 in 2022; Net loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023: For the 39-week period, restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined just 1.4% to $1,469,129 in 2023 from $1,489,488 in the same period in 2022; Our equity in the second quarter loss of Bagger Dave’s was $109,222: At October 2, 2023, we had $6.9 million in cash and short-term investments. Gary Copperud, the Company’s Chief Executive Officer, said, “The third quarter is seasonally strong at Burger Time, and at Pie in The Sky which has continued to exceed our expectations. Our two Florida locations continued to perform below our expectations during the third quarter of 2023. The disappointing results in Florida are partially the result of unusually warm weather impacting tourist and business activity. Improving the profitability of our Florida businesses continues to be a major focus of our current activity. We incurred approximately $100,000 in non-recurring expenses related to our investment activities, including the contested proxy solicitation at Noble Roman. As a public company, we bear the burden of general and administrative expenses related to compliance and other public company activities; our goal is to spread these expenses over a larger revenue base in the future. We are experiencing some moderation of the 2022 inflationary pressure on our cost of sales inputs; however, we continue to face challenges in staffing even with labor markets trending slightly more favorable. As we consider the balance of 2023, we are focused on achieving profitability consistent with our expectations.” Fiscal 2023 and 2024 Outlook: Because of the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2023 and 2024. Conference Call: Management will host a conference call to discuss the second quarter financial results today, November 15, 2023, at 4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, Chief Financial Officer and Gary Copperud, Chief Executive Officer. Dial: 877-344-8082 Secondary, international dial-in: +1-213-992-4618 The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com. About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2023 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired 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, staffing shortages and the effect of inflation on key supplies and inputs. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 39 Weeks Ended 39 Weeks Ended, 13 Weeks Ended, 13 Weeks Ended, October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 SALES $ 11,078,419 $ 9,621,996 $ 4,007,656 $ 4,023,920 COSTS AND EXPENSES Restaurant operating expenses Food and paper costs 4,348,294 3,637,814 1,449,796 1,604,858 Labor costs 4,124,857 3,122,867 1,509,721 1,336,039 Occupancy costs 845,863 803,792 340,002 367,872 Other operating expenses 603,964 577,035 209,721 248,383 Depreciation and amortization 470,801 351,084 114,774 168,855 General and administrative 1,288,019 1,035,639 343,027 288,921 Gain on sale of assets (313,688 ) - - - Total costs and expenses 11,368,110 9,528,231 3,967,041 4,014,928 Income (loss) from operations (289,691 ) 93,765 40,615 8,992 GAIN (LOSS) ON MARKETABLE SECURITIES 33,184 (155,220 ) 56,248 (74,982 ) INTEREST AND OTHER INCOME 123,630 55,836 32,821 46,364 INTEREST EXPENSE (73,857 ) (88,099 ) (23,948 ) (33,638 ) EQUITY NET LOSS OF AFFILIATE (254,272 ) (135,813 ) (109,222 ) (121,641 ) LOSS BEFORE TAXES (461,006 ) (229,531 ) (3,486 ) (174,906 ) INCOME TAX BENEFIT 82,000 5,000 - - NET LOSS $ (379,006 ) $ (224,531 ) $ (3,486 ) $ (174,906 ) NET LOSS PER COMMON SHARE - $ (0.06 ) $ (0.03 ) $ (0.00 ) $ (0.04 ) WEIGHTED AVERAGE SHARES 6,257,652 6,459,223 6,246,118 6,461,118 BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) October 1, 2023 January 1, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,546,874 $ 2,150,578 Marketable securities 1,366,973 5,994,295 Receivables 55,200 76,948 Inventory 192,991 158,351 Prepaid expenses and other current assets 37,445 37,397 Assets held for sale 258,751 446,524 Total current assets 7,458,234 8,864,093 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,238,310 3,294,644 OPERATING LEASES RIGHT-OF-USE ASSETS 1,834,408 2,004,673 INVESTMENTS 1,115,615 1,369,186 DEFERRED INCOME TAXES 143,000 61,000 GOODWILL 671,220 671,220 INTANGIBLE ASSETS, NET 400,766 453,978 OTHER ASSETS, NET 49,627 50,903 Total assets $ 14,911,180 $ 16,769,697 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 431,187 $ 448,605 Broker margin loan 791,370 Current maturities of long-term debt 164,866 167,616 Current operating lease obligations 215,326 193,430 Accrued expenses 476,035 532,520 Total current liabilities 1,287,414 2,133,541 LONG-TERM DEBT, LESS CURRENT PORTION 2,332,014 2,658,477 NONCURRENT LEASE OBLIGATIONS 1,650,361 1,825,057 Total liabilities 5,269,789 6,617,075 SHAREHOLDERS' EQUITY Common stock 12,492 12,792 Less cost of Treasury shares (356,807 ) (106,882 ) Additional paid-in capital 11,527,235 11,409,235 Accumulated deficit (1,541,529 ) (1,162,523 ) Total shareholders' equity 9,641,391 10,152,622 Total liabilities and shareholders' equity $ 14,911,180 $ 16,769,697 Category: Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20231115703062/en/Contacts KENNETH BRIMMER 612-229-8811
BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the thirteen weeks ending October 1, 2023, and for the 39-week period then ended. The results for 2023 include a full quarter for the three 2022 restaurant acquisitions, and our 41.2% share of Bagger Dave’s Burger Tavern results with its six locations. BT Brands operates a total of eighteen restaurants comprising the following: Eight Burger Time locations and one Dairy Queen franchise; in the North Central region of the United States, collectively (“BTND”); Bagger Dave’s Burger Tavern, Inc., a 41.2% owned affiliate, operating six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”); Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”). Village Bier Garten, in Cocoa, Florida (“VBG”). Highlights and recent activities include: Total revenues for the 2023 39-week period increased 15.1% over 2022 to $11.1 million; Operating income for the 13-week period was $40,614 an increase from $8,992 in 2022; Net loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023: For the 39-week period, restaurant-level adjusted EBITDA (a non-GAAP measure) for the year declined just 1.4% to $1,469,129 in 2023 from $1,489,488 in the same period in 2022; Our equity in the second quarter loss of Bagger Dave’s was $109,222: At October 2, 2023, we had $6.9 million in cash and short-term investments. Gary Copperud, the Company’s Chief Executive Officer, said, “The third quarter is seasonally strong at Burger Time, and at Pie in The Sky which has continued to exceed our expectations. Our two Florida locations continued to perform below our expectations during the third quarter of 2023. The disappointing results in Florida are partially the result of unusually warm weather impacting tourist and business activity. Improving the profitability of our Florida businesses continues to be a major focus of our current activity. We incurred approximately $100,000 in non-recurring expenses related to our investment activities, including the contested proxy solicitation at Noble Roman. As a public company, we bear the burden of general and administrative expenses related to compliance and other public company activities; our goal is to spread these expenses over a larger revenue base in the future. We are experiencing some moderation of the 2022 inflationary pressure on our cost of sales inputs; however, we continue to face challenges in staffing even with labor markets trending slightly more favorable. As we consider the balance of 2023, we are focused on achieving profitability consistent with our expectations.” Fiscal 2023 and 2024 Outlook: Because of the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2023 and 2024. Conference Call: Management will host a conference call to discuss the second quarter financial results today, November 15, 2023, at 4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, Chief Financial Officer and Gary Copperud, Chief Executive Officer. Dial: 877-344-8082 Secondary, international dial-in: +1-213-992-4618 The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com. About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2023 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired 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, staffing shortages and the effect of inflation on key supplies and inputs. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 39 Weeks Ended 39 Weeks Ended, 13 Weeks Ended, 13 Weeks Ended, October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 SALES $ 11,078,419 $ 9,621,996 $ 4,007,656 $ 4,023,920 COSTS AND EXPENSES Restaurant operating expenses Food and paper costs 4,348,294 3,637,814 1,449,796 1,604,858 Labor costs 4,124,857 3,122,867 1,509,721 1,336,039 Occupancy costs 845,863 803,792 340,002 367,872 Other operating expenses 603,964 577,035 209,721 248,383 Depreciation and amortization 470,801 351,084 114,774 168,855 General and administrative 1,288,019 1,035,639 343,027 288,921 Gain on sale of assets (313,688 ) - - - Total costs and expenses 11,368,110 9,528,231 3,967,041 4,014,928 Income (loss) from operations (289,691 ) 93,765 40,615 8,992 GAIN (LOSS) ON MARKETABLE SECURITIES 33,184 (155,220 ) 56,248 (74,982 ) INTEREST AND OTHER INCOME 123,630 55,836 32,821 46,364 INTEREST EXPENSE (73,857 ) (88,099 ) (23,948 ) (33,638 ) EQUITY NET LOSS OF AFFILIATE (254,272 ) (135,813 ) (109,222 ) (121,641 ) LOSS BEFORE TAXES (461,006 ) (229,531 ) (3,486 ) (174,906 ) INCOME TAX BENEFIT 82,000 5,000 - - NET LOSS $ (379,006 ) $ (224,531 ) $ (3,486 ) $ (174,906 ) NET LOSS PER COMMON SHARE - $ (0.06 ) $ (0.03 ) $ (0.00 ) $ (0.04 ) WEIGHTED AVERAGE SHARES 6,257,652 6,459,223 6,246,118 6,461,118 BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) October 1, 2023 January 1, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,546,874 $ 2,150,578 Marketable securities 1,366,973 5,994,295 Receivables 55,200 76,948 Inventory 192,991 158,351 Prepaid expenses and other current assets 37,445 37,397 Assets held for sale 258,751 446,524 Total current assets 7,458,234 8,864,093 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,238,310 3,294,644 OPERATING LEASES RIGHT-OF-USE ASSETS 1,834,408 2,004,673 INVESTMENTS 1,115,615 1,369,186 DEFERRED INCOME TAXES 143,000 61,000 GOODWILL 671,220 671,220 INTANGIBLE ASSETS, NET 400,766 453,978 OTHER ASSETS, NET 49,627 50,903 Total assets $ 14,911,180 $ 16,769,697 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 431,187 $ 448,605 Broker margin loan 791,370 Current maturities of long-term debt 164,866 167,616 Current operating lease obligations 215,326 193,430 Accrued expenses 476,035 532,520 Total current liabilities 1,287,414 2,133,541 LONG-TERM DEBT, LESS CURRENT PORTION 2,332,014 2,658,477 NONCURRENT LEASE OBLIGATIONS 1,650,361 1,825,057 Total liabilities 5,269,789 6,617,075 SHAREHOLDERS' EQUITY Common stock 12,492 12,792 Less cost of Treasury shares (356,807 ) (106,882 ) Additional paid-in capital 11,527,235 11,409,235 Accumulated deficit (1,541,529 ) (1,162,523 ) Total shareholders' equity 9,641,391 10,152,622 Total liabilities and shareholders' equity $ 14,911,180 $ 16,769,697 Category: Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20231115703062/en/
