GOLDEN, Colo. - March 03, 2014 - (BUSINESS WIRE) - Good Times Restaurants Inc. (Nasdaq: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 its same store sales for February 2014 increased 19.9% over the prior year, which had increased 7.5% from February 2012. The company reported that the 27.4% increase over the past two years is the fifth consecutive month of two-year same store increases over 20%.
"Despite record cold during the first part of the month, we were able to resume and even accelerate our double digit sales increases thereafter," said Boyd Hoback, President and CEO. "Following the successful television advertising campaign for Springer Mountain All Natural Chicken Tenders and Hatch Valley New Mexico Green Chile, on February 24 we introduced a new television ad for our Meyer Ranch All Natural Angus Beef that has no steroids, added hormones, antibiotics and is humanely raised. The ads will feature a limited time 'Fresh Cracked Bacon & Egg Cheeseburger' and will continue our illustrated, handcrafted brand format utilizing animated, hand drawn graphics telling our 100% All Natural story and the lengths that we go to in order to find the best ingredients for our products."
The Company reported that it will begin to lap higher prior year double digit same store sales increases in April through September of this year and anticipates that the pace of its sales growth will begin to moderate somewhat as it compares to those 11% to 19% sales increases. Hoback continued, "If we continue our recent sales trends, our two year sales trend still puts us on pace to exceed those large, double digit prior year increases. We continue to see significant improvement in our restaurant operating margin as a result and believe that we will more than double our operating cash flow from Good Times Drive Thru Inc. this fiscal year over last year while we prepare for additional development of our Bad Daddy’s Burger Bar stores in our wholly owned subsidiary, BD of Colorado LLC, and the development of franchised Bad Daddy’s Burger Bar restaurants. In addition, we hope to have new Good Times restaurants under development this year in Colorado for the first time in over five years."
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, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 37 restaurants.
GTIM owns and operates Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiary, BD of Colorado LLC and will franchise Bad Daddy’s Burger Bar restaurants through its 48% ownership of Bad Daddy’s Franchise Development LLC. 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.
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, 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, 2013 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
Porter, LeVay & Rose