BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its
financial results for the second quarter, the thirteen weeks ending
June 30, 2024.
Including our 40% ownership of Bagger Dave’s Burger Tavern with
six locations (OTCMarkets: BDVB), BT Brands currently operates
seventeen restaurants comprising the following:
- Eight Burger Time fast-food restaurants; located in the North
Central region of the United States, collectively (“BTND”);
- Bagger Dave’s Burger Tavern, Inc., a 40% owned affiliate,
operates six Bagger Dave’s restaurants in Michigan, Ohio, and
Indiana (“Bagger Dave’s”);
- Keegan’s Seafood Grille in Indian Rocks Beach, Florida
(“Keegan’s”);
- Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts
(“PIE”).
- Village Bier Garten, a German-themed restaurant, bar, and
entertainment venue in Cocoa, Florida (“VBG”).
- Schnitzel Haus, a German food restaurant, located in Hobe
Sound, near Stuart, Florida (“Schnitzel”).
Highlights and recent activities include:
- Total revenues for the 2024 period increased 2.7% over 2023 to
$4.1 million;
- Net loss attributable to common shareholders was $69,952, or
$.010 per share for the second quarter compared to a net loss of
$233,734 in 2023;
- Restaurant-level adjusted EBITDA (a non-GAAP measure) for the
13-week period was $437,000, a decline from $632,000 in the prior
year's second quarter ;
- Our equity in the second quarter loss of our Bagger Dave’s
affiliate was $81,000;
- We ended the quarter with $5.2 million in total cash and
short-term investments, down from $6.9 million one year ago as a
result of our recent acquisition and capital improvements at our
restaurant;
- Pie in the Sky continues to contribute strong performance, with
a second-quarter revenue increase of approximately 17.5% over the
same period in 2023 to approximately $1,057,000.
- The Burger Time units increased same-store sales by more than
10% and increased total revenue by approximately 15% over the prior
year.
Gary Copperud, the Company’s Chief Executive Officer, said, “Our
second quarter results reflect improving results at our
restaurants, reduced by increased labor costs, including the
addition of senior staff at Pie In the Sky. Our stores experience
seasonal sales patterns; Burger Time and Pie in the Sky
traditionally see an increase in sales in the second quarter
compared to the first quarter due to weather and tourism. Overall,
we continue to see pressure on our cost of sales inputs. There is a
persistent challenge in staffing, which, even though the shortage
of candidates has moderated we continue to see an upward pressure
on labor costs. We are continuing our initiative to reduce costs
and improve performance in all of our businesses, and we remain
focused on achieving profitability consistent with our
expectations.”
Kenneth Brimmer, COO, commented, “We expect to see significant
improvement in restaurant operating results in the second half of
2024.”
Schnitzel Haus Acquisition
Effective May 13, 3024, we acquired the assets of the
approximately 175-seat upscale Schnitzel Haus restaurant in Hobe
Sound, Florida. The retirement of the previous owners presented BT
Brands with an opportunity to acquire a business with robust cash
flow at a particularly low multiple. We believe there is
considerable upside exists as the prior owners significantly
limited the serving hours. There are several potential
opportunities available to grow the business.
Fiscal 2024 Outlook: Because of the uncertain nature of
recent acquisitions' performance and our evolving character, as
well as continuing uncertainty surrounding the current inflationary
environment and the state of the economy, the Company is not, at
this point, providing a financial forecast for fiscal 2024.
About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW)
owns and operates a fast-food restaurant chain called Burger Time
with locations in North and South Dakota and Minnesota. In
addition, the Company owns the Pie In The Sky Coffee and Bakery in
Woods Hole, Massachusetts, the Village Bier Garten in Cocoa,
Florida, Keegan’s Seafood Grille near Clearwater, Florida and
Schnitzel Haus in Hobe Sound, Florida. BT Brands is seeking
acquisitions within the restaurant industry.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. Examples of
forward-looking statements include, among others, statements we
make regarding guidance relating to net income and net income per
share, expected operating results, such as revenue growth and
earnings, anticipated levels of capital expenditures for the 2024
fiscal year,
Any forward-looking statement in this press release is based
only on information currently available to us and speaks only as of
the date on which it is made. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Financial Results Follow:
BT BRANDS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
26 Weeks Ended,
26 Weeks Ended,
13 Weeks Ended,
13 Weeks Ended,
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
SALES
$
7,300,786
$
7,070,763
$
4,110,639
$
3,999,965
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
2,844,028
2,898,498
1,565,070
1,608,175
Labor costs
2,938,448
2,615,136
1,551,762
1,412,376
Occupancy costs
680,631
505,861
344,356
148,736
Other operating expenses
415,738
394,243
211,838
198,629
Depreciation and amortization expenses
331,893
356,027
171,351
192,520
General and administrative expenses
909,420
944,992
454,805
519,077
Gain on sale of assets
-
(313,688)
-
-
Total costs and expenses
8,120,158
7,401,069
4,299,182
4,079,513
Loss from operations
(819,372)
(330,306)
(188,543)
(79,548)
UNREALIZED GAIN (LOSS) ON MARKETABLE
SECURITIES
232,947
(23,064)
118,184
(92,920)
REALIZED GAIN ON SALE OF MARKETABLE
SECURITIES
29,562
-
29,562
-
INTEREST AND OTHER INCOME
136,750
90,809
61,896
1,761
INTEREST EXPENSE
(50,039)
(49,909)
(22,551)
(24,376)
EQUITY IN NET LOSS OF AFFILIATE
(175,500)
(145,050)
(81,000)
(90,651)
LOSS BEFORE TAXES
(645,652)
(457,520)
(82,452)
(285,734)
INCOME TAX BENEFIT
130,000
82,000
12,500
52,000
NET LOSS
$
(515,652)
$
(375,520)
$
(69,952)
$
(233,734)
NET LOSS PER COMMON SHARE -
$
(0.08)
$
(0.06)
$
(0.01)
$
(0.04)
WEIGHTED AVERAGE SHARES USED IN
COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted
6,240,953
6,261,631
6,235,788
6,246,114
BT BRANDS, INC., AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(Unaudited)
ASSETS
June 30, 2024
December 31, 2023
CURRENT ASSETS
Cash
$
3,772,177
$
5,300,446
Marketable securities
1,513,146
1,392,060
Receivables
28,310
28,737
Inventory
300,147
201,333
Prepaid expenses and other current
assets
93,017
47,246
Assets held for sale
258,751
258,751
Total current assets
5,965,548
7,228,573
PROPERTY, EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET
3,773,270
3,247,013
OPERATING LEASES RIGHT-OF-USE
ASSETS
1,854,459
1,789,285
INVESTMENTS AND NOTE RECEIVABLE
954,024
1,022,806
DEFERRED INCOME TAXES
182,988
206,000
GOODWILL
796,220
671,220
INTANGIBLE ASSETS, NET
442,830
395,113
OTHER ASSETS, NET
43,648
49,202
Total assets
$
14,072,499
$
14,609,212
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable
$
612,585
$
555,247
Broker margin loan
-
115,899
Current maturities of long-term debt
164,408
183,329
Current operating lease obligations
282,803
215,326
Accrued expenses
452,680
480,289
Total current liabilities
1,492,476
1,550,090
LONG-TERM DEBT, LESS CURRENT
PORTION
2,200,897
2,269,771
NONCURRENT LEASE OBLIGATIONS
1,630,165
1,600,622
Total liabilities
5,323,538
5,420,483
TOTAL SHAREHOLDERS’ EQUITY
13,714,457
9,188,729
Total liabilities and shareholders'
equity
$
19,179,676
$
14,609,212
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240812146703/en/
Kenneth Brimmer, 612-229-8811
BT Brands (NASDAQ:BTBDW)
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