Good Times Restaurants (NASDAQ: GTIM) reported Q4 EPS of $0.12, versus ($0.33) reported last year. Revenue for the quarter came in at $28.5 million, versus $28.77 million reported last year.

Key highlights of the Company’s financial results include:

• Total Revenues decreased 0.9% to $28.5 million for the quarter and 0.8% to $109.9 million for the year
• Total Restaurant Sales for Bad Daddy’s restaurants decreased 3.8% to $19.3 million for the quarter and 4.3% to $76.3 million for the year
• Total Restaurant Sales for Good Times restaurants increased 6.3% for the quarter to $9.0 million and 9.0% to $32.8 million for the year
• Same Store Sales for company-owned Bad Daddy’s restaurants decreased 12.2% for the quarter and decreased 17.7% for the year
• Same Store Sales for company-owned Good Times restaurants increased 10.0% for the quarter and 7.9% for the year
• Net Income Attributable to Common Shareholders was $1.5 million for the quarter including $0.3 million of asset impairment costs
• For the year, Net Loss Attributable to Common Shareholders was $13.9 million including $15.6 million of asset impairment costs and $1.0 million of preopening costs
• Adjusted EBITDA* (a non-GAAP measure) for the quarter was $2.9 million and $7.6 million for the year
• The Company ended the quarter with $11.5 million in cash, a $5.5 million outstanding under its senior credit facility and $11.6 million outstanding in Paycheck Protection Program loans

Ryan M. Zink, the Company’s Chief Executive Officer, said, “In spite of very significant concerns about liquidity and operating cash flow at the outset of the COVID-19 pandemic, a combination of quick decision-making, teamwork, and CARES Act relief have enabled us to fight through the initial blows the pandemic hit us with, and conclude fiscal 2020 on a positive note, with improved unit economics, improved camaraderie and culture throughout the organization, and a modestly improved balance sheet compared to the end of fiscal 2019. Both of our concepts continue to outperform their respective segments within the industry, and our leadership team continues be creative and energetic, anticipating and adapting to changes in our business driven by a pandemic that will likely be with us for the foreseeable future. We are doing everything possible to ensure we continue to operate all of our restaurants safely and to the maximum extent allowed under each location’s respective regulatory guidance.”

“We expect to resume Bad Daddy’s development in the second half of fiscal 2021, developing the two remaining Bad Daddy’s leases signed in 2019 and beginning the search for our 2022 development pipeline. However, unlike our growth model in the past, we expect our future development rate to be more modest, growing primarily out of operating cash flow and at least initially, developing only a couple of restaurants per year as we make a firm commitment to financial discipline and growing from a strong balance sheet with a minimal debt load.”

For earnings history and earnings-related data on Good Times Restaurants (GTIM) click here.