Form 8-K Good Times Restaurants For: Sep 12

September 12, 2017 8:31 AM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
September 12, 2017 (September 11, 2017)


(Exact name of registrant as specified in its charter)

 
Nevada
000-18590
84-1133368
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
   
141 Union Boulevard, #400, Lakewood, CO 80228
(Address of principal executive offices including zip code)

Registrant’s telephone number, including area code: (303) 384-1400

Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
   
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 

 
Item 1.01.          Entry Into a Material Definitive Agreement.

On September 11, 2017, Good Times Restaurants Inc. (the “Company”) and each of its wholly-owned subsidiaries, as guarantors (the “Subsidiary Guarantors”), entered into a First Amendment to Credit Agreement (the “Amendment”) with Cadence Bank, N.A., as lender (“Cadence”) which amends the Credit Agreement (“Senior Credit Facility”) entered into by the Company with Cadence on September 8, 2016.  The Amendment provides for the expansion of the senior revolving loan under the Senior Credit Facility from $9.0 million to $12.0 million (the “Revolver”).

Proceeds from the Senior Credit Facility will be used (i) to fund new restaurant development, (ii) for general corporate purposes, and (iii) to pay transactions costs associated with the Senior Credit Facility.

Under the Amendment, the Revolver will be available until December 31, 2020.  The loans may from time to time consist of a mixture of Eurodollar Rate Loans and Base Rate Loans with differing interest rates based upon varying additions to the Federal Funds Rate, the Cadence prime rate or LIBOR.  The Senior Credit Facility also carries an upfront fee of 0.50% and a commitment fee of 0.25% per annum on the unused portion of the Senior Credit Facility.  No principal payments are required to be made until maturity of the Senior Credit Facility.

The Senior Credit Facility includes customary affirmative and negative covenants and events of default and also requires the Company to maintain various financial condition ratios.

In connection with the Senior Credit Facility, the Company and its wholly owned Subsidiaries, and Cadence entered into a Security and Pledge Agreement (the “Security Agreement”).  Under the Security Agreement, the Senior Credit Facility is secured by a first priority security interest in substantially all the assets of the Company and those Subsidiaries.

The above descriptions of the Amendment, Senior Credit Facility, and the Security Agreement are qualified in their entirety by the Amendment, Senior Credit Facility, and the Security Agreement, copies of which are attached hereto as Exhibits 10.1, 10.2, and 10.3, respectively, and are incorporated herein by reference.


Item 2.03.          Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 regarding the Senior Credit Facility Amendment Agreement is incorporated by reference herein.
     


Item 9.01.          Financial Statements and Exhibits.
   
(d)          Exhibits.
 
Number
 
Description
     
10.1*
 
     
10.2
 
Cadence Bank Credit Agreement (previously filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed September 13, 2016 (File No. 000-18590) and incorporated herein by reference)
     
10.3
 
Cadence Bank Security and Pledge Agreement (previously filed as Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed September 13, 2016 (File No. 000-18590) and incorporated herein by reference)
     
99.1*
 

 
*Filed herewith
 

 
SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
 
GOOD TIMES RESTAURANTS INC.  
       
       
       
Date:  September 12, 2017
By
  
     
Boyd E. Hoback
     
President and Chief Executive Officer
 

 
EXHIBIT INDEX
 
Number
 
Description
     
10.1*
 
     
10.2
 
Cadence Bank Credit Agreement (previously filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed September 13, 2016 (File No. 000-18590) and incorporated herein by reference)
     
10.3
 
Cadence Bank Security and Pledge Agreement (previously filed as Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed September 13, 2016 (File No. 000-18590) and incorporated herein by reference)
     
99.1*
 
 
 


Exhibit 10.1
            
FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated September 11, 2017, is by and among GOOD TIMES RESTAURANTS INC., a Nevada corporation (the “Borrower”), the Guarantors, the Lenders and CADENCE BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”).


W I T N E S S E T H

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated September 8, 2016 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement);

WHEREAS, the Loan Parties have requested that the Lenders make certain amendments to the Credit Agreement as set forth herein; and

WHEREAS, the Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:


ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT

1.1          Amendment to Preliminary Statements.  The first Preliminary Statement of the Credit Agreement is hereby amended and restated in its entirety as follows:

WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders and the L/C Issuer make loans and other financial accommodations to the Loan Parties in an aggregate amount of up to $12,000,000.

1.2          Amendments to Section 1.01.

(a)          The last sentence of the definition of “Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

The Commitments of all of the Lenders on the First Amendment Effective Date shall be $12,000,000.
 

 
(b)          The definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Consolidated EBITDA” means, for any period, the sum of the following determined on a consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period plus (b)  the following to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization expense for such period, (iv) any fees, expenses, costs or charges (including fees, costs and expenses of any counsel of the Administrative Agent) related to or in connection with the closing of this Agreement or any amendment. modification, waiver or consent with respect thereto in an aggregate amount not to exceed $150,000 in any four fiscal quarter period, (v) the excess of consolidated rent expense, including non-cash rent expense included in pre-opening expenses, as determined for GAAP purposes over Consolidated Cash Rent Expense, (vi) non-cash expenses, charges and losses for such period (including, without limitation, any non-cash impairment or store closure expenses and any non-cash compensation or stock option expenses for such period, but excluding any non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), and (vi) pre-opening expenses, excluding non-cash rent expense included in pre-opening expenses as determined for GAAP purposes, related to new restaurant location openings owned or operated by the Borrower and its Subsidiaries during such period as follows:  (A) with respect to any “Good Times Burgers & Frozen Custard” restaurant, in an aggregate amount not to exceed $150,000 per such restaurant location and (B) with respect to any “Bad Daddy’s Burger Bar” restaurant, in an aggregate amount not to exceed $275,000 per such restaurant location, or in the case of any “Bad Daddy’s Burger Bar” restaurant location more than 50 miles from any existing company-owned restaurant, in an aggregate amount not to exceed $350,000 per such restaurant location, minus (c) the following to the extent reflected as a gain or otherwise included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax benefit or credits for such period and (ii) non-cash gains for such period (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods) and (iii) the excess of Consolidated Cash Rent Expense over consolidated rent expense as determined for GAAP purposes.

(c)          The definition of “Consolidated Leverage Ratio” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Adjusted Indebtedness as of such date minus the New Restaurant Adjustment, if any, as of such date to (b) Consolidated EBITDAR for the period of four fiscal quarters of the Borrower most recently ended.
 
(d)          The definition of “Maturity Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
 
Maturity Date” means December 31, 2020; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.
 
2

 
(e)          The following definitions are hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:
 
First Amendment Effective Date” means September [__], 2017.
 
New Restaurant” means, as of any date of determination, any Restaurant that has not yet been in operation, that has been in operation for less than twelve (12) consecutive months, or that has been owned or leased by the Borrower or any Subsidiary for less than twelve (12) consecutive months.
 
New Restaurant Adjustment” means, with respect to any New Restaurant, (a) one minus (the number of full months that such New Restaurant has been open for business while owned or leased by the Borrower or any Subsidiary thereof divided by twelve) times (b) Consolidated Funded Indebtedness incurred to finance the acquisition or development of such New Restaurant.
 
1.3          Amendment to Section 2.15(a)(i). Section 2.15(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(i)          such increase shall be in an amount not exceeding $5,000,000;

1.4          Amendment to Schedule 1.01(b). Schedule 1.01(b) of the Credit Agreement is hereby amended and restated in its entirety as set forth on Exhibit A hereto.


ARTICLE II
CONDITIONS

2.1          Closing Conditions.  This Amendment shall be deemed effective as of the date set forth above upon receipt by the Administrative Agent of:

(a)          a copy of this Amendment duly executed by each of the Borrower, the Guarantors, the Administrative Agent and the Lenders;

(b)          an officer’s certificate dated the date hereof, executed by a Responsible Officer of each Loan Party, certifying as to (i) the Organization Documents of each Loan Party which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority or, with respect to any Organization Document of such Loan Party  delivered to the Administrative Agent on the Closing Date that has not been amended, supplemented or otherwise modified, and that remains in full force and effect on the date hereof, certification by a Responsible Officer that such Organization Document has not been amended, supplemented or otherwise modified since the Closing Date and remains in full force and effect on the date hereof, and (ii) the resolutions of the governing body of each Loan Party; and

(c)          any fees and expenses owing to the Administrative Agent in connection with this Amendment.
 
3

 
ARTICLE III
MISCELLANEOUS

3.1          Amended Terms.  On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

3.2          Representations and Warranties of the Loan Parties.  Each of the Loan Parties represents and warrants as follows:

(a)          Each Loan Party has all requisite power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment in accordance with its terms.

(b)          The execution, delivery and performance by each Loan Party of this Amendment been duly authorized by all necessary corporate or other organizational action and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms.

(c)          No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Loan Parties of this Amendment.

(d)          The representations and warranties set forth in the Loan Documents are true and correct in all material respects as of the date hereof (except for those that are qualified by materiality, which are true and correct in all respects).

(e)          No event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)          The Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens.

(g)          The Obligations of the Loan Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

3.3          Reaffirmation of Obligations.  Each Loan Party hereby ratifies the Credit Agreement and each other Loan Document and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document and (b) that it is responsible for the observance and full performance of its respective obligations under the Loan Documents.

3.4          Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.
 
4

 
3.5          Expenses.  The Loan Parties agree to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel.

3.6          Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

3.7          Counterparts; Telecopy.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.

3.8          GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

3.9          Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

3.10          Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.
 
[SIGNATURE PAGES FOLLOW]
 
5

 
IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.


BORROWER:
GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
       
       
       
GUARANTORS:
GOOD TIMES DRIVE THRU INC.,
 
 
a Colorado corporation
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President
 
       
       
 
BD OF COLORADO LLC,
 
 
a Colorado limited liability company
 
         
    By: GOOD TIMES RESTAURANTS INC.,    
 
a Nevada corporation, its manager 
 
       
       
   
By:
/s/ Boyd E. Hoback
 
   
Name:
Boyd E. Hoback
 
   
Title:
President and CEO
 
 
GOOD TIMES RESTAURANTS INC.
FIRST AMENDMENT
 

 
 
BAD DADDY’S FRANCHISE DEVELOPMENT,
LLC,
 
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its
member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
       
       
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
       
  BAD DADDY’S INTERNATIONAL, LLC,  
  a North Carolina limited liability company  
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
 
GOOD TIMES RESTAURANTS INC.
FIRST AMENDMENT
 

 
  BAD DADDY’S BURGER BAR, LLC,  
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its sole member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
       
 
BAD DADDY’S BURGER BAR OF BALLANTYNE,
LLC,
 
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its sole member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
       
 
BAD DADDY’S BURGER BAR OF BIRKDALE,
LLC,
 
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its sole
member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback
 
 
Name:
Boyd E. Hoback
 
 
Title:
President and CEO
 
 
GOOD TIMES RESTAURANTS INC.
FIRST AMENDMENT
 

 
 
BAD DADDY’S BURGER BAR OF MOORESVILLE,
LLC,
 
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its sole
member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback          
 
 
Name:
Boyd E. Hoback          
 
 
Title:
President and CEO          
 
       
  BAD DADDY’S BURGER BAR OF WAVERLY, LLC,  
  a North Carolina limited liability company  
     
 
By: BAD DADDY’S INTERNATIONAL, LLC,
 
 
a North Carolina limited liability company, its sole
member
 
     
 
By: GOOD TIMES RESTAURANTS INC.,
 
 
a Nevada corporation, its sole member
 
     
     
 
By:
/s/ Boyd E. Hoback          
 
 
Name:
Boyd E. Hoback          
 
 
Title:
President and CEO          
 
 
GOOD TIMES RESTAURANTS INC.
FIRST AMENDMENT
 

 
ADMINISTRATIVE
   
AGENT:
CADENCE BANK, NATIONAL ASSOCIATION,
 
as Administrative Agent  
       
 
By:
/s/ Charles M. Joye III
 
 
Name:
Charles M. Joye III
 
 
Title:
Senior Vice President
 
       
       
LENDERS:
CADENCE BANK, NATIONAL ASSOCIATION
 
  as a Lender  
       
 
By:
/s/ Charles M. Joye III
 
 
Name:
Charles M. Joye III
 
 
Title:
Senior Vice President
 
 
GOOD TIMES RESTAURANTS INC.
FIRST AMENDMENT
 

 
Exhibit A

Schedule 1.01(b)
Initial Commitments and Applicable Percentages


Lender
Commitment
Applicable
Percentage of
Commitment
Cadence Bank, National
Association
$12,000,000.00
100.000000000%
TOTAL
$12,000,000.00
100.000000000%
 
 
 

Exhibit 99.1

FOR IMMEDIATE RELEASE
 
September 12, 2017
Nasdaq Capital Markets - GTIM
 
GOOD TIMES RESTAURANTS INC. EXPANDS DEBT FACILITY TO $12M
Norman, OK Bad Daddy’s Opened on August 28th
Two Additional Bad Daddy’s to Open by October 3rd
 
(DENVER, CO) Good Times Restaurants Inc. (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 it has amended its credit agreement with Cadence Bank, which expands the facility from $9 million to $12 million.
 
Ryan Zink, Chief Financial Officer, said “Cadence Bank’s significant experience in restaurant lending has enabled them to be a great partner with us as they continue to show flexibility based on our projected capital needs for growth and development.  This amendment retains the attractive pricing of the original agreement with a larger commitment and terms that facilitate our continued growth.  We believe the expanded facility combined with cash on-hand and projected internally generated cash flow will provide adequate capital for us to achieve our fiscal 2018 growth objectives and meet capital expenditure needs for both brands while maintaining a reasonably conservative level of debt in our total capital structure.”
 
The Company said that annualized sales for the six new Bad Daddy’s opened so far this year are averaging above its $2.5 million annual sales target, laying the foundation for its growth in fiscal 2018.
 
Commenting on development plans, Boyd Hoback President and CEO said “Our most recent opening in Norman, Oklahoma has gone very well and initial sales and guest feedback are very encouraging in a brand-new market for us.  We plan to open our fifth Bad Daddy’s in the Charlotte metropolitan area and one in Greenville, NC by October 3 which will be our seventh and eighth new Bad Daddy’s this year.  We are also under construction on our first store in the Atlanta market.  We are thrilled with the relationship we’ve established with Cadence Bank and hope to continue to expand that relationship to meet our capital needs for continued growth into fiscal 2019.”
 
About Good Times Restaurants Inc.: Good Times Restaurants Inc. (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, natural 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 24 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 for the fiscal year ended September 27, 2016 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.
 
INVESTOR RELATIONS CONTACTS:
Boyd E. Hoback, President and CEO (303) 384-1411
Ryan Zink, CFO (303) 384-1432
Christi Pennington (303) 384-1440

 

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