In This Story
Good Times Restaurants Inc. (GTIM+2.83%) has submitted its annual report on Form 10-K for the fiscal year ended September 24, 2024 filing.
The company reported net revenues of $142,315,000, a 3.0% increase from $138,160,000 in the previous fiscal year. This increase was attributed to a late fiscal 2023 Bad Daddy’s restaurant opening and acquisitions of Good Times restaurants from franchisees.
Same store sales decreased by 1.2% at Bad Daddy’s Burger Bar but increased by 2.9% at Good Times Burgers & Frozen Custard. The company ended the fiscal year with $3.9 million in cash and $0.8 million in long-term debt.
The company announced a $2.0 million expansion to its share repurchase program, bringing the total authorization for repurchases to $7.0 million.
Good Times operates two restaurant concepts: Bad Daddy’s Burger Bar, a full-service dining segment, and Good Times Burgers & Frozen Custard, a quick-service segment. The company owns and operates 39 Bad Daddy’s restaurants and 27 Good Times restaurants.
Net income for fiscal 2024 was $1,879,000, compared to $11,672,000 in fiscal 2023. The decrease was primarily due to the absence of a significant tax benefit recorded in the previous year.
The company continues to focus on organic sales growth and operational efficiencies. It plans to pursue disciplined unit growth of Bad Daddy’s Burger Bar restaurants.
Good Times maintains a credit facility with Cadence Bank, allowing for borrowings up to $8,000,000, with $500,000 outstanding as of the report date.
The company identified no material weaknesses in its internal controls over financial reporting and continues to monitor cybersecurity risks.
Good Times Restaurants Inc. operates as two reportable business segments and continues to seek opportunities for growth and efficiency improvements in both concepts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Good Times Restaurants Inc. annual 10-K report dated December 12, 2024. To report an error, please email earnings@qz.com.