GOLDEN, Colo. - May 29, 2013 - (BUSINESS WIRE) - Good Times Restaurants Inc. (Nasdaq: GTIM) today announced that Bad Daddy’s Franchise Development LLC (“BDFD”) has agreements for three new Bad Daddy’s Burger Bar restaurants that will be developed in North Carolina and South Carolina. Good Times owns 48% of BDFD and said that two of the restaurants will be developed by Bad Daddy’s International, LLC, the majority owner of BDFD, in Raleigh and Winston-Salem, North Carolina and the third will be developed by CPR Burgers, LLC in Greenville, South Carolina as BDFD’s first franchisee.
Commenting on the new restaurants, Boyd Hoback, CEO of Good Times and BDFD said, “We are excited to have our first Bad Daddy’s Burger Bar franchisee in the fold as we continue to refine and build what we believe are best-in-class operating systems and a platform for accelerated franchise growth later this year. Frank Scibelli and Dennis Thompson are continuing to build restaurants in North Carolina and we will do the same in Colorado, which will give us a good platform to support franchise growth in key markets across the country. Our goal is to maintain a compelling concept that can continue to deliver industry-leading unit economics for experienced, multi-unit franchisees as we grow. We anticipate announcing the signing of our first Colorado sites soon.”
Bad Daddy’s Burger Bar is a full-service, upscale, “small box” restaurant concept operating mostly in inline locations 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. Bad Daddy’s has received both local and national accolades for the quality and originality of its food and was most recently named a top 25 burger in the U.S. by USA Today. There are four restaurants currently open and a fifth in the Charlotte airport operated by HMS Host.
Bad Daddy’s International, LLC is owned and operated by Dennis Thompson and Frank Scibelli. Mr. Thompson is the developer of multiple restaurant concepts having developed and taken public or sold Lone Star Steakhouse, Bailey’s Sports Grille and Firebird’s Wood Fired Grill. The Bad Daddy’s Burger Bar Concept was created by Mr. Scibelli, who has also produced multiple award-winning restaurant concepts including Mama Ricotta’s, Midwood Smokehouse and Paco’s Tacos & Tequila.
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% all natural tenderloin sandwiches, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 39 restaurants.
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 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-K for the fiscal year ended September 30, 2012 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.
Boyd E. Hoback
President and CEO