Good Times Announces 7.8% Increase in September Same Store Sales and 65% Increase in 4th Quarter Net Income

By: Good Times | 0 Shares 103 Reads

October 29, 2007 // Franchising.com // (GOLDEN, CO) Good Times Restaurants Inc. (GTIM) today announced that September same store sales increased 7.8% and 4th quarter unaudited net income increased to approximately $350,000 (prior to any fiscal year end audit adjustments) from $212,000 last year. Fourth quarter same store sales increased 11.9%.

Commenting on the sales results, Boyd Hoback, President and CEO said "We are particularly pleased with September results because we did not have any media advertising during the month and it has been 4 months since we introduced our new Bambino burgers. We hope to continue our sales growth momentum as prior year comparisons are relatively weak through next March due to last year's weather and lack of media advertising."

Regarding the improved profits in the 4th quarter he added, "Our last 9 prototype stores that have opened are annualizing at an average of approximately $1.2 million in gross sales, which has contributed to our improving profits and the recent price increases have helped to improve our gross profit margin, even though we continue to face dramatically increased commodity costs. We also benefited from lower health insurance costs in our partially self-funded program and a slight improvement in labor efficiencies associated with the production of Bambino burgers during the 4th quarter."

Good Times Burgers & Frozen Custard has 54 restaurants, mostly in Colorado serving high quality, 100% all natural Coleman beef burgers, chicken sandwiches, and fresh frozen custard. This press release contains forward looking statements within the meaning of federal securities laws. The word "intend" and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause Good Times' 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, 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-KSB for the fiscal year ended September 30, 2006 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.

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