GOLDEN, Colo. - April 02, 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 that its same store sales for its second fiscal quarter ended March 31, 2014 increased 17.8%, representing a two year increase of 24.7%, and that same store sales increased 19.2% for the month of March on top of last year’s 3.9% increase. The company reported that the March 23.1% increase over the past two years is the sixth consecutive month of two-year same store increases over 20% and that the Company is planning new store expansion in the Colorado market.
Boyd Hoback, President & CEO said, "We continue to deliver exceptional sales results, which is translating into significant operating margin expansion and increasing cash flows from operations which provides the impetus for us to build new Good Times restaurants in Colorado again in addition to an aggressive remodeling and reimaging schedule for our older restaurants. Our focus for Good Times is to continue to build out the front-range market of Colorado while we also build new Bad Daddy’s restaurants in Colorado and beyond."
"Our soft launch of the first Colorado Bad Daddy’s went well, and we start construction on our second Colorado Bad Daddy’s in April. We are training management for the next two stores, as we have a third lease out for execution and several more in letter of intent stage for our 2015 development."
The Company also reported that it has had its first Good Times restaurant exceed $2 million in annual sales in March. Hoback added, "We are very excited to have a 950-square-foot restaurant generating $2 million in annual sales and it continues to grow along with the rest of our system. We also expect the new Good Times restaurants under development to significantly exceed our system-wide sales average based on the dynamics of the trade areas, our new building design and the performance of our newer restaurants."
Good Times Restaurants Inc. (NASDAQ: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