Good Times Restaurants Files 10-Q for Q3 2024

TL;DR

GTIM 10-Q filed for Dec 31, 2024. Financials out.

AI Summary

Good Times Restaurants Inc. filed its 10-Q report for the quarterly period ended December 31, 2024. The company, incorporated in Nevada, operates in the retail-eating places sector. Its principal executive offices are located in Golden, Colorado.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of Good Times Restaurants Inc. during the specified quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• Good Times Restaurants Inc. (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• 0000825324 (company) — Central Index Key
• 5812 (company) — Standard Industrial Classification
• NV (company) — State of Incorporation
• 84-1133368 (company) — IRS Number
• 651 CORPORATE CIRCLE, GOLDEN, CO 80401 (company) — Business Address
• 303-384-1400 (company) — Business Phone

FAQ

Key Financial Figures

• $0.001 — he Registrant's common stock, par value $0.001 per share, issued and outstanding. Fo

Filing Documents

• gtim-20241231.htm (10-Q) — 506KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 5KB
• goodtimes_logo.jpg (GRAPHIC) — 10KB
• kaugust_sig.jpg (GRAPHIC) — 5KB
• rzink_sig.jpg (GRAPHIC) — 3KB
• 0001214659-25-002118.txt ( ) — 3729KB
• gtim-20241231.xsd (EX-101.SCH) — 35KB
• gtim-20241231_cal.xml (EX-101.CAL) — 45KB
• gtim-20241231_def.xml (EX-101.DEF) — 153KB
• gtim-20241231_lab.xml (EX-101.LAB) — 318KB
• gtim-20241231_pre.xml (EX-101.PRE) — 178KB
• gtim-20241231_htm.xml (XML) — 296KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) – December 31, 2024 and September 24, 2024 3 Condensed Consolidated Statements of Operations (unaudited) for the fiscal quarters ended December 31, 2024 and December 26, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) for the fiscal year-to-date periods ended December 31, 2024 and December 26, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the fiscal year-to-date periods ended December 31, 2024 and December 26, 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 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 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 CERTIFICATIONS 2 Table of Contents

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Good Times Restaurants Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ( In thousands, except share and per share data ) December 31, 2024 September 24, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,023 $ 3,853 Inventories 1,380 1,419 Receivables 1,050 890 Prepaid expenses and other 1,122 395 Total current assets 6,575 6,557 PROPERTY AND EQUIPMENT Land and land improvements 1,113 1,113 Buildings 5,340 4,990 Leasehold improvements 40,032 39,610 Fixtures and equipment 35,792 34,814 Total property and equipment 82,277 80,527 Less accumulated depreciation and amortization ( 58,732 ) ( 57,730 ) Total net property and equipment 23,545 22,797 OTHER ASSETS Operating lease right-of-use assets, net 37,149 35,671 Deferred tax assets, net 12,210 12,207 Notes receivable 143 - Deposits and other assets 233 242 Trademarks 3,900 3,900 Other intangibles, net 78 31 Goodwill 5,713 5,713 Total other assets 59,426 57,764 TOTAL ASSETS $ 89,546 $ 87,118 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 28 $ 30 Accounts payable 2,620 3,059 Operating lease liabilities, current 6,298 6,161 Other accrued liabilities 6,852 6,437 Total current liabilities 15,798 15,687 LONG-TERM LIABILITIES Maturities of long-term debt, net of current portion 2,584 842 Operating lease liabilities, net of current portion 37,975 37,396 Deferred and other liabilities 98 105 Total long-term liabilities 40,657 38,343 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 December 31, 2024 and September 24, 2024 - - Common stock, $ .001 par value; 50,000,000 shares authorized; 12,977,433 issued; 10,653,242 and 10,712,367 shares outstanding as

financial statements (unaudited)

financial statements (unaudited) 3 Table of Contents Good Times Restaurants Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In thousands except share and per share data) Quarter Ended December 31, 2024 (14 Weeks) December 26, 2023 (13 Weeks) NET REVENUES Restaurant sales $ 35,965 $ 32,946 Franchise and other revenues 368 211 Total net revenues 36,333 33,157 RESTAURANT OPERATING COSTS Food and packaging costs 11,363 10,327 Payroll and other employee benefit costs 12,783 11,624 Restaurant occupancy costs 2,683 2,505 Other restaurant operating costs 5,006 4,728 Preopening costs 8 - Depreciation and amortization 1,018 927 Total restaurant operating costs 32,861 30,111 General and administrative costs 2,588 2,338 Advertising costs 864 1,092 Gain on restaurant and equipment asset sales ( 57 ) ( 10 ) INCOME (LOSS) FROM OPERATIONS 77 ( 374 ) OTHER INCOME (EXPENSE) Interest expense, net ( 46 ) ( 32 ) Other income 140 - TOTAL OTHER INCOME (EXPENSE) 94 ( 32 ) NET INCOME (LOSS) INCOME BEFORE INCOME TAXES $ 171 $ ( 406 ) Provision for income taxes 3 ( 77 ) NET INCOME (LOSS) 174 ( 483 ) Income attributable to non-controlling interests ( 10 ) ( 73 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 164 $ ( 556 ) NET INCOME (LOSS) PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ .02 $ ( .05 ) Diluted $ .02 $ ( .05 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 10,682,632 11,377,579 Diluted 10,816,596 11,377,579 See accompanying notes to condensed consolidated

financial statements (unaudited)

financial statements (unaudited) 4 Table of Contents Good Times Restaurants Inc. and Subsidiaries Condensed Consolidated Statements of Shareholders' Equity (Unaudited) For the fiscal quarters ending December 31, 2024 and December 26, 2023 ( In thousands, except share and per share data ) Treasury Stock, at cost Common Stock Shares Amount Issued Shares Par Value Capital Contributed in Excess of Par Value Non- Controlling Interest In Partnerships Accumulated Deficit Total BALANCES, September 26, 2023 1,530,846 $ ( 4,908 ) 11,446,587 $ 13 $ 56,701 $ 423 $ ( 19,235 ) $ 32,994 Stock-based compensation cost - - - - 38 - - 38 Repurchases of common stock 160,772 ( 438 ) ( 160,772 ) - - - - ( 438 ) Income attributable to non-controlling interests - - - - - 73 - 73 Distributions to unrelated limited partners - - - - - ( 29 ) - ( 29 ) Net loss attributable to Good Times Restaurants Inc and comprehensive loss - - - - - - ( 556 ) ( 556 ) BALANCES, December 26, 2023 1,691,618 $ ( 5,346 ) 11,285,815 $ 13 $ 56,739 $ 467 $ ( 19,791 ) $ 32,082 BALANCES, September 24, 2024 2,265,066 $ ( 6,855 ) 10,712,367 $ 13 $ 56,835 $ 717 $ ( 17,622 ) $ 33,088 Stock-based compensation cost - - - - 35 - - 35 Repurchases of common stock 59,125 ( 164 ) ( 59,125 ) ( 164 ) Income attributable to non-controlling interests - - - - - 10 - 10 Distributions to unrelated limited partners - - - - - ( 42 ) - ( 42 ) Net income attributable to Good Times Restaurants Inc and comprehensive income - - - - - - 164 164 BALANCES, December 31, 2024 2,324,191 $ ( 7,019 ) 10,653,242 $ 13 $ 56,870 $ 685 $ ( 17,458 ) $ 33,091 See accompanying notes to consolidated financial 5 Table of Contents Good Times Restaurants Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Fiscal Year to Date

financial statements (Unaudited)

financial statements (Unaudited) 6 Table of Contents GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Tabular dollar amounts in thousands, except share and per share data) Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. (the "Company") and its wholly owned subsidiaries as well as one partnership in which the Company is the general partner. All significant intercompany balances and transactions have been eliminated in consolidation. The Company owns a 50 % interest in a limited partnership which owns six Good Times restaurants, is the sole general partner, and receives a management fee from the partnership. Because the Company exercises complete management control over all decisions for the partnership, except for certain veto rights, the financial statements of the partnership are consolidated into the Company's consolidated financial statements. The Company operates and licenses full-service restaurants under the brand Bad Daddy's Burger Bar ("Bad Daddy's") that are primarily located in Colorado and in the Southeast region of the United States. The Company operates and franchises drive-thru fast-food hamburger restaurants under the brand Good Times Burgers & Frozen Custard ("Good Times"), all of which are located in Colorado and Wyoming. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America ("GAAP") for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of December 31, 2024 and the results of its operations and its cash flows for the fiscal quarters

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