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Good Times Restaurants Inc. (GTIM-0.06%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $36,333,000 from $33,157,000 in the same quarter the previous year. This increase is attributed to additional weeks in the fiscal quarter and menu price increases.
Bad Daddy’s Burger Bar sales increased to $26,078,000 from $24,120,000, while Good Times Burgers & Frozen Custard sales increased to $9,887,000 from $8,826,000 in the same period the previous year.
Food and packaging costs rose to $11,363,000, representing 31.6% of restaurant sales, compared to 31.3% in the previous year. The increase is due to higher food purchase prices.
Payroll and other employee benefit costs increased to $12,783,000, representing 35.5% of restaurant sales, compared to 35.3% in the previous year. This increase is due to higher average pay rates.
Net income for the quarter was $174,000, compared to a net loss of $483,000 in the previous year. The improvement is attributed to increased revenues and controlled operating costs.
Cash used in operating activities was $518,000, while cash used in investing activities was $1,846,000, primarily for the acquisition of two Good Times restaurants.
Good Times had a working capital deficit of $9,223,000 as of December 31, 2024. The company anticipates meeting its capital needs through existing cash and future borrowings.
The filing also details the company's credit facility with Cadence Bank, which provides up to $8,000,000 in loans for various corporate purposes.
Good Times Restaurants does not anticipate any material effect from recent accounting pronouncements on its financial statements.
The company continues to focus on expanding its Bad Daddy’s and Good Times brands, with a total of 40 Bad Daddy’s and 30 Good Times restaurants as of the end of the quarter.
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. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.