Good Times Restaurants Inc. Files 2024 Annual Report

TL;DR

GTIM filed its 2024 10-K. All systems go.

AI Summary

Good Times Restaurants Inc. filed its annual report for the fiscal year ended September 24, 2024. The company, incorporated in Nevada, operates under the SIC code 5812 for retail-eating places. Its principal executive offices are located in Golden, Colorado.

Why It Matters

This filing provides a comprehensive overview of Good Times Restaurants Inc.'s financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Players & Entities

• Good Times Restaurants Inc. (company) — Registrant
• 000-18590 (dollar_amount) — Commission file number
• September 24, 2024 (date) — Fiscal year end
• Nevada (location) — State of incorporation
• 84-1133368 (dollar_amount) — I.R.S. Employer Identification Number
• 651 Corporate Circle #200, Golden, Colorado 80401 (location) — Address of principal executive offices
• (303) 384-1400 (dollar_amount) — Registrant's telephone number

FAQ

Key Financial Figures

• $4,155,000 — t revenues for fiscal 2024 increased by $4,155,000 (3.0%) to $142,315,000 from $138,160,00
• $142,315,000 — 2024 increased by $4,155,000 (3.0%) to $142,315,000 from $138,160,000 in fiscal 2023, prima
• $138,160,000 — $4,155,000 (3.0%) to $142,315,000 from $138,160,000 in fiscal 2023, primarily due to a late
• $3.9 million — iscal 2024. We ended fiscal 2024 with $3.9 million in cash and $0.8 million in long-term d
• $0.8 million — scal 2024 with $3.9 million in cash and $0.8 million in long-term debt. Same store sales i
• $5.0 million — n stock at an aggregate amount of up to $5.0 million dollars on the open market. As of Septe
• $4,650,000 — n at an aggregate cost of approximately $4,650,000. On December 12, 2024 the Company annou
• $2.0 million — cember 12, 2024 the Company announced a $2.0 million expansion to its share repurchase progr
• $7.0 million — for repurchases of its common stock to $7.0 million. In addition to purchases made under th
• $2.60 — hares of its common stock at a price of $2.60 per share in a transaction negotiated w
• $2.47 — a non-executive employee at a price of $2.47 per share. Debt Cadence Credit Facil
• $8,000,000 — adence agreed to loan the Company up to $8,000,000, with a maturity date of April 20, 2028
• $4.0 m — der the Cadence Credit Facility exceeds $4.0 million, the Company is required to meet
• $299,000 — ding professional fees of approximately $299,000 and is amortizing these costs over the
• $95,000 — e unamortized balance of these fees was $95,000. In connection with the Cadence Credit

Filing Documents

• gtim-20240924.htm (10-K) — 961KB
• ex4_2.htm (EX-4.2) — 16KB
• ex19_1.htm (EX-19.1) — 55KB
• ex21_1.htm (EX-21.1) — 10KB
• ex23_1.htm (EX-23.1) — 2KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 5KB
• ex97_1.htm (EX-97.1) — 18KB
• gtim_thinlogo.jpg (GRAPHIC) — 7KB
• kaugust_sig.jpg (GRAPHIC) — 5KB
• rzink_sig.jpg (GRAPHIC) — 3KB
• 0001214659-24-020434.txt ( ) — 5723KB
• gtim-20240924.xsd (EX-101.SCH) — 43KB
• gtim-20240924_cal.xml (EX-101.CAL) — 57KB
• gtim-20240924_def.xml (EX-101.DEF) — 246KB
• gtim-20240924_lab.xml (EX-101.LAB) — 475KB
• gtim-20240924_pre.xml (EX-101.PRE) — 264KB
• gtim-20240924_htm.xml (XML) — 551KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 23 Item 1C Cybersecurity 23 Item 2

Properties

Properties 24 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4 Mine Safety Disclosures 25 PART II Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 26 Item 6 [Reserved] 26 Item 7

Management's Discussion and Analysis of Financial Condition and Results

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A

Controls and Procedures

Controls and Procedures 35 Item 9B Other Information 35 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 36 PART III Item 10 Directors, Executive Officers and Corporate Governance 37 Item 11

Executive Compensation

Executive Compensation 37 Item 12

Security Ownership of Certain Beneficial Owners and Management and

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 37 Item 13 Certain Relationships, Related Transactions, and Director Independence 37 Item 14 Principal Accountant Fees and Services 37 PART IV Item 15 Exhibits, Financial Statement Schedules 37 Item 16 Form 10-K Summary 40

Signatures

Signatures 41 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Our Company Good Times Restaurants Inc., a Nevada corporation formed on October 6, 1996, operates Bad Daddy's Burger Bar restaurants ("Bad Daddy's") and Good Times Burgers & Frozen Custard restaurants ("Good Times"). Bad Daddy's and Good Times are two distinctly different restaurant concepts. Each is positioned as a unique brand within its respective segment of the industry. Bad Daddy's operates in the full-service dining segment as a specialty burger bar concept and Good Times operates in the quick-service restaurant segment as a drive-thru concept focused on all-natural burgers, fries, and frozen custard. Through our wholly owned subsidiaries (the "Subsidiaries"), we currently own and operate or license forty Bad Daddy's restaurants in seven states. We own and operate fourteen Bad Daddy's restaurants in North Carolina, ten in Colorado, five in Georgia, four in South Carolina, three in Alabama, two in Tennessee and one in Oklahoma. We license the Bad Daddy's brand to a third-party licensee who owns and operates the Bad Daddy's restaurant located in the Charlotte Douglas International Airport. We currently own and operate or franchise thirty Good Times restaurants. Of these restaurants, twenty-eight are in Colorado. Two of the restaurants are in Wyoming and are "dual brand" concept restaurants operated by a franchisee of both Good Times and Taco John's. The terms "we," "us," "our," the "Company," "Good Times" and similar terms refer to Good Times Restaurants Inc., a Nevada corporation, and its wholly owned consolidated subsidiaries. Unless otherwise indicated or the context otherwise requires, financial and operating data in this 10-K report reflect the consolidated business and operations of Good Times Restaurants Inc. and its subsidiaries. The Company's fiscal year is a 52/53-week year ending on the last Tuesday of September. In a 52-week fiscal year, each of the Company's quarterly periods is comprised of 13 weeks. The additional week in

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View this 10-K filing on SEC EDGAR