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BT Brands Reports Results for the Third Quarter Ended October 3, 2021

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WEST FARGO, ND / ACCESSWIRE / November 17, 2021 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurants including Burger Time, in its first report since its successful public equity offering last week today reported financial results for the fiscal third quarter ended October 3, 2021.

Key highlights of the Company's financial results include:

  • Earnings per share for the 39 weeks ended October 3, 2021, were $.14 per share compared to $.20 per share for the prior-year period which included approximately $460,000 attributable to forgiveness of Payroll Protection Program loans. Third-quarter earnings were $.06 per share, the same as in the prior year period.

  • Cash on hand at the end of the quarter was in excess of $2 million and following closing on the Company's November 12, public offering increased to more than $12 million.

  • Total restaurant sales restaurants for the current 39-week period were $6.6 million an increase of $530,000 over the prior year period.

  • Total same-store sales are up 8.7% for the 39-week period over the prior year.

  • Net income was $236,000 for the quarter compared to $254,000 in the same quarter last year.

Gary Copperud, the Company's Chief Executive Officer, said, "We are excited to have completed our recent public offering. The offering proceeds combined with continued strong performance at our Burger Time locations leave us well-positioned to pursue our plan of growing through acquisitions in the restaurant industry." Mr. Copperud added, "As with most restaurant companies, we have seen cost pressures, both in commodities and in the labor market. We expect those pressures to continue through the balance of this fiscal year and into 2022. We expect to be able to manage commodity cost increases through targeted menu price adjustments; however, we believe that overall labor costs will continue to be pressured."

Conference Call: Management will host a conference call to discuss its third quarter 2021 financial results on Thursday, November 18, at 3:30 p.m. CT/4:30 p.m. ET. Hosting the call will be Kenneth Brimmer, its COO, and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing and requesting the BT Brands Restaurants (BTBD) call.

Webcast URL:
https://www.webcaster4.com/Webcast/Page/2818/43795

About BT Brands Restaurants Inc.

BT Brands, Inc. (BTBD) owns and operates fast-food restaurants called Burger Time. Following its recent public offering, the Company intends to seek acquisitions within the restaurant industry. The Company also operates one unit in Minnesota as a franchisee of International Dairy Queen. The Company operates three Burger Time locations in Minnesota, four in North Dakota, and two in South Dakota. For additional information, visit www.itsburgertime.com.

Forward-Looking Statements Disclaimer:

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 disruption to our business from the novel coronavirus (COVID-19) pandemic and the impact of the pandemic on our results of operations, financial condition, and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local government actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints at our restaurants, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, 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 the BT Brands' Annual Report on Form 10-K for the fiscal year ended January 3, 2021, filed with the SEC, and other filings with the SEC. BT Brands disclaims any obligation or duty to update or modify these forward-looking statements.

1 Sales store sales are a metric used in evaluating the performance of established restaurants and are a commonly used metrics in the restaurant industry. Same-store sales for our brands are calculated using all units open for at least 18 full fiscal months and using the comparable operating weeks from the prior year to the current year's quarter's operating weeks.

BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

39 Weeks Ended,

13 Weeks Ended,

October 3,

2021

September 27,

2020

October 3,

2021

September 27,

2020

SALES

$

6,604,554

$

6,074,222

$

2,280,999

$

2,374,454

COSTS AND EXPENSES

Restaurant operating expenses

Food and paper costs

2,580,224

2,299,989

944,171

863,997

Labor costs

1,794,499

1,718,703

607,780

624,696

Occupancy costs

436,196

504,142

132,542

170,109

Other operating expenses

355,024

313,101

102,943

121,827

Depreciation and amortization

173,799

140,588

60,405

49,668

Impairment of assets held for sale

-

100,000

-

-

General and administrative

295,397

371,455

74,415

188,292

Total costs and expenses

5,635,139

5,447,978

1,922,256

2,018,589

Income from operations

969,415

626,244

358,743

355,865

INTEREST EXPENSE

(161,148

)

(136,347

)

(32,916

)

(45,188

)

INTEREST INCOME

-

92,707

-

28,507

OTHER INCOME

-

466,758

-

-

INCOME BEFORE TAXES

808,267

1,049,362

325,827

339,184

PROVISION FOR INCOME TAXES

(225,000

)

(234,000

)

(90,000

)

(85,000

)

NET INCOME

$

583,267

$

815,362

$

235,827

$

254,184

NET INCOME PER COMMON SHARE -

Basic and Diluted

$

0.14

$

0.20

$

0.06

$

0.06

BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS


October 3,

2021

January 3,

2021

(Unaudited)

ASSETS

CURRENT ASSETS

Cash

$

2,078,812

$

1,321,244

Receivables

31,751

19,030

Inventory

69,443

60,576

Prepaid expenses and other current assets

66,366

5,348

Total current assets

2,246,372

1,406,198

PROPERTY AND EQUIPMENT, net

1,546,038

1,632,457

LAND AND BUILDINGS HELD FOR SALE

258,751

258,751

INVESTMENT IN RELATED COMPANY

75,000

75,000

OTHER ASSETS, net

15,200

16,759

Total assets

$

4,141,361

$

3,389,165

LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES

Current maturities of long-term debt

$

178,611

$

245,306

Accounts payable

419,007

270,487

Accrued expenses

304,598

420,734

Income taxes payable

177,088

97,978

Total current liabilities

1,079,304

1,034,505

LONG-TERM DEBT, less current maturities

3,005,113

2,938,983

DEFERRED INCOME TAXES

176,000

118,000

Total liabilities

4,260,417

4,091,488

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' DEFICIT

Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at October 3, 2021 and January 3, 2021

-

-

Common stock, $.002 par value, 50,000,000 authorized, 4,047,506 shares outstanding at October 3, 2021 and January 3, 2021

8,095

8,095

Additional paid-in capital

497,671

497,671

Accumulated deficit

(624,822

)

(1,208,089

)

Total shareholders' deficit

(119,056

)

(702,323

)

Total liabilities and shareholders' deficit

$

4,141,361

$

3,389,165

CONTACT FOR FURTHER INFORMATION:
KENNETH BRIMMER
612-229-8811
kbrimmer@itsburgertime.com

SOURCE: BT Brands, Inc.



View source version on accesswire.com:
https://www.accesswire.com/673452/BT-Brands-Reports-Results-for-the-Third-Quarter-Ended-October-3-2021