GOLDEN, Colo. - January 05, 2015 - (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 a licensee of Bad Daddy's Burger Bar, a full service, upscale concept today announced that its Good Times' same store sales increased 8% in its first fiscal quarter ending December 31, 2014 over the prior year's increase of 17.4%.
Boyd Hoback, President & CEO said, "We are thrilled with our first quarter sales results for the third year in a row, particularly given two stretches of record setting cold weather this year in November and December that negatively impacted almost three weeks of sales. Our cumulative same store sales increase in the first fiscal quarter over the past three years totals 30.5%."
The Company also reported that its newest Good Times restaurant that opened on November 20, 2014 has exceeded sales expectations. Hoback added, "We knew we had a good site on our hands, but sales have been extraordinary and we anticipate that it will settle in at sales level above our initial projections and well above our system average. Our new design direction that includes more natural materials and upscale finishes has been very well received by our customers and, while we are solidly positioned in the quick-service segment with the majority of our sales derived from drive thru transactions, the new design continues to anchor Good Times' all natural, handcrafted brand position as the quality alternative to other quick service restaurant concepts."
The Company also reiterated that it closed on the purchase of land for an additional Good Times restaurant expected to open in the spring of 2015 with additional Good Times sites in various stages of negotiation. The Company also said that its third Bad Daddy's Burger Bar restaurant in Colorado will open on January 7, 2015 in the Southlands shopping center in Aurora, Colorado with additional sites signed or in final stages of negotiation for development in 2015. Commenting on the development plan, Hoback said "We lost about a month for our new Bad Daddy's due to delays with the local municipality and initial development done by the landlord, but we are excited to have it ready to go. We have a couple of additional Good Times opportunities that we hope to have ready to go in 2015 in addition to our planned Bad Daddy's development." Bad Daddy's restaurants opened by the Company are as a licensee of the concept through its wholly owned subsidiary BD of Colorado LLC.
The Company also reported that it will be a Presenting Company at the 17th Annual ICR XChange Investor Conference at the JW Marriott in the Grande Lakes resort in Orlando, Florida at 4:30 pm on January 12, 2015.
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 as a licensee through its wholly owned subsidiary, BD of Colorado LLC and plans to 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.
Good Times Forward Looking Statements: 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, 2014 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.
SOURCE Good Times
Boyd E. Hoback
Good Times Restaurants Inc.
President and CEO
Good Times Restaurants Inc.
Porter, LeVay & Rose