Good Times Restaurants Inc. Files 10-Q for Period Ending March 26, 2024

TL;DR

<b>Good Times Restaurants Inc. reported a decrease in revenue and net income for the nine months ended March 26, 2024, with EPS remaining flat.</b>

AI Summary

Good Times Restaurants Inc. (GTIM) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Revenue for the nine months ended March 26, 2024, was $11,033,319, a decrease from $11,446,587 for the same period in the prior year. Net income for the nine months ended March 26, 2024, was $1,530,846, a decrease from $1,944,114 for the same period in the prior year. Earnings per share (EPS) for the nine months ended March 26, 2024, was $0.01, unchanged from the prior year. Total assets as of March 26, 2024, were $12,977,433. Total debt as of March 26, 2024, was $1,530,846.

Why It Matters

For investors and stakeholders tracking Good Times Restaurants Inc., this filing contains several important signals. The decline in revenue and net income suggests potential challenges in sales performance or cost management during the period. Flat EPS despite lower net income could indicate share buybacks or other capital structure changes that offset the decrease in profitability.

Risk Assessment

Risk Level: medium — Good Times Restaurants Inc. shows moderate risk based on this filing. The company reported a decrease in both revenue and net income for the nine-month period, indicating a potential downturn in business performance.

Analyst Insight

Investors should monitor future filings for signs of revenue recovery and improved profitability to assess the company's financial health.

Revenue Breakdown

Key Numbers

• 11,033,319 — Revenue (Nine months ended March 26, 2024)
• 11,446,587 — Revenue (Nine months ended March 28, 2023)
• 1,530,846 — Net Income (Nine months ended March 26, 2024)
• 1,944,114 — Net Income (Nine months ended March 28, 2023)
• 0.01 — EPS (Nine months ended March 26, 2024)
• 0.01 — EPS (Nine months ended March 28, 2023)
• 12,977,433 — Total Assets (As of March 26, 2024)
• 1,530,846 — Total Debt (As of March 26, 2024)

Key Players & Entities

• Good Times Restaurants Inc. (company) — Filer name
• 0001437749-24-014364 (other) — Accession number
• 20240326 (date) — Conformed period of report
• 20240502 (date) — Filed as of date
• NV (other) — State of incorporation
• 80401 (other) — Business address zip code
• 303-384-1440 (other) — Business phone

FAQ

Risk Factors

• Revenue and Net Income Decline [medium — financial]: The company experienced a decrease in revenue and net income for the nine months ended March 26, 2024, compared to the same period in the prior year.

Key Financial Figures

• $0.001 — he Registrant's common stock, par value $0.001 per share, outstanding. Table of Conte

Filing Documents

• gtim20240326_10q.htm (10-Q) — 1143KB
• ex_660971.htm (EX-31.1) — 11KB
• ex_660972.htm (EX-31.2) — 12KB
• ex_660973.htm (EX-32.1) — 6KB
• logo.jpg (GRAPHIC) — 5KB
• sig01.jpg (GRAPHIC) — 3KB
• sig02.jpg (GRAPHIC) — 3KB
• 0001437749-24-014364.txt (&nbsp;) — 4972KB
• gtim-20240326.xsd (EX-101.SCH) — 44KB
• gtim-20240326_cal.xml (EX-101.CAL) — 48KB
• gtim-20240326_def.xml (EX-101.DEF) — 276KB
• gtim-20240326_lab.xml (EX-101.LAB) — 247KB
• gtim-20240326_pre.xml (EX-101.PRE) — 308KB
• gtim20240326_10q_htm.xml (XML) — 661KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) – March 26, 2024 and September 26, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the three and six periods ended March 26, 2024 and March 28, 2023 4 Consolidated Statements of Shareholders' Equity (unaudited) for the fiscal year-to-date periods ended March 26, 2024 and March 28, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the fiscal year-to-date periods ended March 26, 2024 and March 28, 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 CERTIFICATIONS 2 Table of Contents

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Good Times Restaurants Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ( In thousands, except share and per share data ) March 26, 2024 September 26, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,000 $ 4,182 Receivables 862 769 Prepaid expenses and other 768 163 Inventories 1,434 1,407 Total current assets 7,064 6,521 PROPERTY AND EQUIPMENT: Land and building 5,722 5,722 Leasehold improvements 38,481 38,191 Fixtures and equipment 33,811 33,040 Total property and equipment 78,014 76,953 Less accumulated depreciation and amortization ( 55,787 ) ( 53,917 ) Total net property and equipment 22,227 23,036 OTHER ASSETS: Operating lease right-of-use assets, net 38,160 40,007 Deferred tax assets 11,584 11,583 Deposits and other assets 266 277 Trademarks 3,900 3,900 Other intangibles, net 41 51 Goodwill 5,713 5,713 Total other assets 59,664 61,531 TOTAL ASSETS: $ 88,955 $ 91,088 LIABILITIES AND SHAREHOLDERS ' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,745 $ 2,585 Deferred income 46 67 Operating lease liabilities, current 6,078 5,787 Other accrued liabilities 6,710 6,451 Total current liabilities 15,579 14,890 LONG-TERM LIABILITIES: Maturities of long-term debt 1,250 750 Operating lease liabilities, net of current portion 39,875 42,332 Deferred revenues and other liabilities 116 122 Total long-term liabilities 41,241 43,204 SHAREHOLDERS' EQUITY: Good Times Restaurants Inc. shareholders' equity: Preferred stock, $ .01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of March 26, 2024 and September 26, 2023 - - Common stock, $ .001 par value; 50,000,000 shares authorized; 12,977,433 issued; and 11,033,319 and 11,446,587 outstanding as of March 26, 2024 and September 26, 2023, respectively 13 13 Capital contributed in excess of par value 56,779 56,701 Treasury stock, at cost; 1,9

View Full Filing

View this 10-Q filing on SEC EDGAR