Form 8-K Good Times Restaurants For: Apr 08

 

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)

April 8, 2021

 

 

(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))

 

Securities registered pursuant to Section 12(b) of the Act: 

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		GTIM		Nasdaq Stock Exchange

 

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 2.02

Results of Operations and Financial Condition.

 

On April 8, 2021, Good Times Restaurants Inc. issued a press release announcing same store sales for its fiscal quarter ended March 30, 2021.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed as part of this report.

 

Exhibit Number		Description
99.1		Press Release, dated April 8, 2021

 

 

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:    April 8, 2021	By:
		Ryan M. Zink
		Chief Executive Officer

 

 

 

EXHIBIT INDEX

The following exhibits are furnished as part of this report:

 

Exhibit Number		Description
99.1		Press Release, dated April 8, 2021

 

 

4

 

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE
April 8, 2021	Nasdaq Capital Markets - GTIM

 

GOOD TIMES RESTAURANTS REPORTS SECOND QUARTER SAME STORE SALES

 

(GOLDEN, CO) Good Times Restaurants Inc. (GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that year-over-year same store sales for its Good Times brand increased 22.9% for its second fiscal quarter ended March 30, 2021. Year-over-year same store sales at its Bad Daddy’s brand increased 9.1% during the quarter compared to its fiscal 2020 second quarter, driven by reductions in COVID-19-related restrictions late in the quarter and the rollover of initial prior-year impacts of the pandemic during the last half of March. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

 

		Good Times Burgers & Frozen Custard								Bad Daddy’s Burger Bar
Fiscal Period		Same Store Sales1				Average Weekly Sales2				Same Store Sales1				Average Weekly Sales2
January (4 weeks)			24.2	%			25,833				-8.3	%			40,297
February (4 weeks)			22.4	%			25,165				-4.2	%			42,159
March (5 weeks)			22.2	%			25,969				41.6	%			47,457
Second Quarter 2021			22.9	%			25,680				9.1	%			43,624
YTD 2021			22.5	%			26,065				-1.8	%			41,240

 

1

Same store sales include all company-owned restaurants currently open with at least 18 full fiscal periods of operating history.

 

2

Average weekly sales include all company-owned restaurants.

 

Ryan Zink, President & CEO, said “We are pleased to report strong sales for both brands in our second fiscal quarter. We continue to see sequential improvement in average weekly sales at Bad Daddy’s as customers return to on-premises dining and our Good Times concept continues to post impressive sales in spite of reduced pandemic-related restrictions and increased consumer confidence in on-premise dining, which we attribute to improved awareness generated during the pandemic, and our laser-focus on accuracy and speed of service.”

“We continue to focus on staffing our restaurants and operating safely in consideration of the impacts of COVID-19. To that end, we have implemented an incentive program that provides financial incentives for each employee who receives up to two COVID-19 vaccinations between March and June of this year. Further, we are not immune to staffing challenges facing restaurants, and other industries, and we continue to focus efforts toward programs that will allow us to aggressively compete with other companies and concepts for talented employees that are the heart and soul of each restaurant.”

 

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 39 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “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 local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, Good Times Restaurants Inc. operates and franchises a regional quick-service drive-thru restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

 

 

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 disruption to our business from the novel coronavirus (COVID-19) pandemic and the impact of the pandemic on our results of operations, financial condition and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic, the lack of assurance that the full amount of the PPP loans will be forgiven, 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 29, 2020 filed with the SEC, and other filings with the SEC . Good Times disclaims any obligation or duty to update or modify these forward-looking statements.

 

Category: Financial

 

Good Times Restaurants Inc CONTACTS:

Ryan M. Zink, President and Chief Executive Officer (303) 384-1411

Christi Pennington (303) 384-1440

 

 

 

 

 

 

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