BT Brands Reports First Quarter 2025 Results

Yahoo

15-05-2025

MINNETONKA, Minn., May 15, 2025--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks ending March 30, 2025.
Including our 41.7% ownership of Bagger Dave's Burger Tavern with five locations (OTCMarkets: BDVB), BT Brands currently operates a total of fifteen restaurants comprising the following:
Seven Burger Time fast-food restaurants, located in the North Central region of the United States, collectively ("BTND");
Bagger Dave's Burger Tavern, Inc., a 41.7% owned affiliate, operates six Bagger Dave's restaurants in Michigan, Ohio, and Indiana ("Bagger Dave's");
Keegan's Seafood Grille in Indian Rocks Beach, Florida ("Keegan's");
Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts ("PIE").
Schnitzel Haus restaurant, a fine-dining German-themed restaurant located in Hobe Sound, near Stuart, Florida
Highlights and recent activities include:
Total revenues for the 2025 period increased 1.3% over 2024. The increase was achieved on two fewer operating locations from 2024;
Operating loss for the quarter improved to a loss of $292,000 from an operating loss of $631,000 in 2024;
Net loss attributable to common shareholders for the quarter was $329,900, or $.05 per share, an improvement of $.02 per share from the first quarter of 2024;
Restaurant-level adjusted EBITDA (a non-GAAP measure) for the quarter improved significantly to $315,000 from a negative EBITDA of $15,672 in 2024. Our equity in the first quarter loss of our Bagger Dave's affiliate was $131,400 compared to a loss of $94,500 in 2024;
We ended the quarter with $3.8 million in total cash and short-term investments.
Gary Copperud, the Company's Chief Executive Officer, said, "The first quarter is typically slower for our Burger Time and Pie in the Sky businesses; that said, we were pleased to see improvement in our operating performance during the first quarter of 2025 reflecting a number of steps to reduce costs and improve performance in all of our businesses including our decision to close two underperforming locations. As we look forward to the balance of 2025, we are focused on continuing our efforts to improve restaurant profitability. Kenneth Brimmer, CFO, added that while we are not giving specific earnings guidance for the year, our current plan shows a return to overall profitability for fiscal 2025.
Fiscal 2025 Outlook: Because of the uncertain nature of restaurant performance and the evolving character of our Company and because of continuing uncertainty surrounding the overall economy as consumers have become more price sensitive, impacts of supply chain constraints, and inflationary pressures relating to many aspects of our business, the Company is not at this point, providing a financial forecast for fiscal 2025.
About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time in North Dakota, South Dakota and Minnesota. In addition, the Company owns the Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, Florida, Keegan's Seafood Grille near Clearwater, Florida and Schnitzel Haus in Hobe Sound, Florida.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, and anticipated capital expenditures for fiscal 2025.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
FINANCIAL RESULTS FOLLOW:
BT BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks Ended,
13 Weeks Ended,
March 30,
2025
March 31,
2024
SALES
$
3,231,073
$
3,190,147
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
1,200,329
1,278,958
Labor costs
1,217,897
1,386,686
Occupancy costs
309,694
336,275
Other operating expenses
187,920
203,900
Depreciation and amortization expenses
156,395
160,542
General and administrative expenses
451,034
454,615
Total costs and expenses
3,523,269
3,820,976
Loss from operations
(292,196
)
(630,829
)
UNREALIZED GAIN (LOSS) ON MARKETABLE SECURITIES
(44,024
)
114,763
REALIZED INVESTMENT GAIN
95,038
-
INTEREST EXPENSE
(21,554
)
(27,488
)
INTEREST AND DIVIDEND INCOME
40,600
74,854
OTHER INCOME
26,587
-
EQUITY IN LOSS OF AFFILIATE
(134,300
)
(94,500
)
LOSS BEFORE TAXES
(329,849
)
(563,200
)
INCOME TAX BENEFIT
-
117,500
NET LOSS
$
(329,849
)
$
(445,700
)
NET LOSS PER COMMON SHARE - Basic and Diluted
$
(0.05
)
$
(0.07
)
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted
6,154,724
6,246,118
BT BRANDS, INC., AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, 2024
December 31, 2023
CURRENT ASSETS
Cash and cash equivalents
$
4,668,295
$
5,300,446
Marketable securities
1,458,213
1,392,060
Receivables
13,263
28,737
Inventory
226,218
201,333
Prepaid expenses and other current assets
77,824
47,246
Assets held for sale
258,751
258,751
Total current assets
6,702,564
7,228,573
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
3,225,456
3,247,013
OPERATING LEASES RIGHT-OF-USE ASSETS
1,732,525
1,789,285
INVESTMENTS
928,306
1,022,806
DEFERRED INCOME TAXES
323,500
206,000
GOODWILL
671,220
671,220
INTANGIBLE ASSETS, NET
368,970
395,113
OTHER ASSETS, NET
48,776
49,202
Total assets
$
14,001,317
$
14,609,212
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
629,504
$
555,247
Broker margin loan
-
115,899
Current maturities of long-term debt
171,782
183,329
Current operating lease obligations
213,995
215,326
Accrued expenses
399,906
480,289
Total current liabilities
1,415,187
1,550,090
LONG-TERM DEBT, LESS CURRENT PORTION
2,237,610
2,269,771
NONCURRENT LEASE OBLIGATIONS
1,551,491
1,600,622
Total liabilities
5,204,288
5,420,483
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at March 31, 2024, and December 31, 2023
-
-
Common stock, $.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,246,118 shares outstanding at March 31, 2024 and December 31, 2023
12,492
12,492
Less cost of 215,000 common shares held in Treasury at March 31, 2024 and December 31, 2023
(357,107
)
(357,107
)
Additional paid-in capital
11,637,235
11,583,235
Accumulated deficit
(2,495,591
)
(2,049,891
)
Total shareholders' equity
8,797,029
9,188,729
Total liabilities and shareholders' equity
$
14,001,317
$
14,609,212
Category: Financial Category
View source version on businesswire.com: https://www.businesswire.com/news/home/20250514994686/en/
Contacts
Contact for Further Information: Kenneth Brimmer 612-229-8811