CORRECTING and REPLACING BT Brands Reports First Quarter 2025 Results

Business Wire

15-05-2025

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CORRECTION...by BT Brands, Inc.
MINNETONKA, Minn.--(BUSINESS WIRE)--Please replace the release with the following corrected version to replace the second bullet point and the Condensed Consolidated Balance Sheets table.
The updated release reads:
BT BRANDS REPORTS FIRST QUARTER 2025 RESULTS
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 five 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.
BT BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 30, 2025
December 29, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
1,070,101
$
1,951,415
Marketable securities
2,748,409
2,319,555
Receivables
35,431
69,459
Inventory
238,247
272,603
Prepaid expenses and other current assets
107,485
127,621
Assets held for sale
258,751
258,751
Total current assets
4,458,423
4,999,404
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
3,281,326
3,343,340
1,428,155
1,724,052
170,139
304,439
484,000
424,000
GOODWILL
796,220
796,220
INTANGIBLE ASSETS, NET
348,174
367,799
OTHER ASSETS, NET
37,543
37,543
Total assets
$
11,003,980
$
11,996,797
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
280,262
$
612,059
Current maturities of long-term debt
156,575
185,009
Current operating lease obligations
182,436
274,511
Accrued expenses
349,056
371,356
Total current liabilities
968,329
1,442,935
2,074,249
2,091,335
NONCURRENT OPERATING LEASE OBLIGATIONS
1,295,024
1,497,300
Total liabilities
4,337,602
5,031,570
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares outstanding at March 30, 2025 and December 29, 2024
-
-
Common stock, $0.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,154,724 outstanding at March 30, 2025 and December 29, 2024
12,309
12,309
Less cost of 306,394 common shares held in Treasury at March 30, 2025 and December 29, 2024
(499,718
)
(499,718
)
Additional paid-in capital
11,844,735
11,813,735
Accumulated deficit
(4,690,948
)
(4,361,099
)
Total shareholders' equity
6,666,378
6,965,227
Total liabilities and shareholders' equity
$
11,003,980
$
11,996,797
Expand
Category: Financial Category
Contacts
Contact for Further Information:
Kenneth Brimmer 612-229-8811
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Contacts
Contact for Further Information:
Kenneth Brimmer 612-229-8811