Latest news with #German-themed
Yahoo
19-05-2025
- Yahoo
The battle by Chile torture site dwellers to remain
With its pristine swimming pool, manicured lawns and lush forest backdrop, Villa Baviera, a German-themed settlement of 122 souls in southern Chile, looks like the perfect holiday getaway. But Colonia Dignidad, as it was previously known, is a byword for horror, as the former home of a brutal cult that was used for torturing and killing dissidents under the dictatorship of Augusto Pinochet. Twenty years after the cult leader, former Wehrmacht soldier Paul Schaefer, was jailed for the sexual abuse and torture of children at the colony, the Chilean state wants to turn it into a memorial for the victims of the country's 1973-1990 dictatorship. In June last year, President Gabriel Boric ordered that 116 hectares (287 acres) of the 4,800-hectare site, an area including the residents' homes, a hotel, a restaurant, and several food processing factories, be expropriated to make way for a center of remembrance. But some of the inhabitants, who were separated from their families as children, subjected to forced labour, and in some cases, sexually abused, say they are being victimized all over again. - 'Heavy burden' - Schaefer founded Colonia Dignidad in 1961 as an idyllic German family village -- but instead abused, drugged and indoctrinated the few hundred residents and kept them as virtual slaves. The boundaries between abuser and abused were blurred, with the children of Schaefer's sidekicks counting themselves among his victims. Anna Schnellenkamp, the 48-year-old manager of the colony's hotel and restaurant, said she "worked completely free of charge until 2005," the year of Schaefer's arrest. "So much work I broke my back." Several years ago Schnellenkamp, whose late father Kurt Schnellenkamp was jailed for five years for being an accomplice to Schaefer's abuse, finally found happiness. She got married, had a daughter and started to create new, happier memories in the colony, where everyone still communicates in German despite being conversant in Spanish. But she still views the settlement as part of her birthright. "The settlers know every detail, every building, every tree, including where they once suffered and were forced to work," she explained. - Potato shed torture cell - Around 3,200 people were killed and more than 38,000 people tortured during Chile's brutal dictatorship. An estimated 26 people disappeared in Colonia Dignidad, where a potato shed, now a national monument, was used to torture dozens of kidnapped regime opponents. But on the inside too, abuse was rife. Schaefer was captured in 2005 on charges of sexually abusing dozens of minors over nearly half a century. He died in prison five years later while in preventive custody. His arrest, and those of 20 other accomplices, marked a turning point for the colony, which had been rebranded Villa Baviera a decade previously. Suddenly, residents were free to marry, live with their children, send them to school and earn a paycheck. Some of the settlers returned to Germany. Others remained behind and built a thriving agribusiness and resort, where tourists can sample traditional German fare, such as sauerkraut. Some residents feel that Chile, which for decades turned a blind eye to the fate of the enclave's children, now wants to make them pay for the sins of their fathers. "One feels a kind of revenge against us," said Markus Blanck, one of the colony's business directors, whose father was charged as an accomplice of Schaefer's abuse but died before being sentenced. The government argues that the expropriations are in the public interest. "There is a national interest here in preserving our country's historical heritage," Justice Minister Jaime Gajardo told AFP, assuring that those expropriated would be properly compensated. - European-style memorial - While several sites of torture under the Chilean dictatorship have been turned into memorial sites, Gajardo said the memorial at Villa Baviera would be the biggest yet, similar to those created at former Nazi concentration camps in Europe. It is not yet clear whether it will take the form solely of a museum or whether visitors will also be able to roam the site, including Schaefer's house and the infamous potato shed. The clock is ticking down for Boric to make the memorial a reality before his term runs out in March 2026. His government wants to proceed quickly, for fear that the project be buried by a future right-wing government loathe to dwell on the abuses of the Pinochet era. ps/cb/st/mlm
Int'l Business Times
19-05-2025
- Int'l Business Times
The Battle By Chile Torture Site Dwellers To Remain
With its pristine swimming pool, manicured lawns and lush forest backdrop, Villa Baviera, a German-themed settlement of 122 souls in southern Chile, looks like the perfect holiday getaway. But Colonia Dignidad, as it was previously known, is a byword for horror, as the former home of a brutal cult that was used for torturing and killing dissidents under the dictatorship of Augusto Pinochet. Twenty years after the cult leader, former Wehrmacht soldier Paul Schaefer, was jailed for the sexual abuse and torture of children at the colony, the Chilean state wants to turn it into a memorial for the victims of the country's 1973-1990 dictatorship. In June last year, President Gabriel Boric ordered that 116 hectares (287 acres) of the 4,800-hectare site, an area including the residents' homes, a hotel, a restaurant, and several food processing factories, be expropriated to make way for a center of remembrance. But some of the inhabitants, who were separated from their families as children, subjected to forced labour, and in some cases, sexually abused, say they are being victimized all over again. Schaefer founded Colonia Dignidad in 1961 as an idyllic German family village -- but instead abused, drugged and indoctrinated the few hundred residents and kept them as virtual slaves. The boundaries between abuser and abused were blurred, with the children of Schaefer's sidekicks counting themselves among his victims. Anna Schnellenkamp, the 48-year-old manager of the colony's hotel and restaurant, said she "worked completely free of charge until 2005," the year of Schaefer's arrest. "So much work I broke my back." Several years ago Schnellenkamp, whose late father Kurt Schnellenkamp was jailed for five years for being an accomplice to Schaefer's abuse, finally found happiness. She got married, had a daughter and started to create new, happier memories in the colony, where everyone still communicates in German despite being conversant in Spanish. But she still views the settlement as part of her birthright. "The settlers know every detail, every building, every tree, including where they once suffered and were forced to work," she explained. Around 3,200 people were killed and more than 38,000 people tortured during Chile's brutal dictatorship. An estimated 26 people disappeared in Colonia Dignidad, where a potato shed, now a national monument, was used to torture dozens of kidnapped regime opponents. But on the inside too, abuse was rife. Schaefer was captured in 2005 on charges of sexually abusing dozens of minors over nearly half a century. He died in prison five years later while in preventive custody. His arrest, and those of 20 other accomplices, marked a turning point for the colony, which had been rebranded Villa Baviera a decade previously. Suddenly, residents were free to marry, live with their children, send them to school and earn a paycheck. Some of the settlers returned to Germany. Others remained behind and built a thriving agribusiness and resort, where tourists can sample traditional German fare, such as sauerkraut. Some residents feel that Chile, which for decades turned a blind eye to the fate of the enclave's children, now wants to make them pay for the sins of their fathers. "One feels a kind of revenge against us," said Markus Blanck, one of the colony's business directors, whose father was charged as an accomplice of Schaefer's abuse but died before being sentenced. The government argues that the expropriations are in the public interest. "There is a national interest here in preserving our country's historical heritage," Justice Minister Jaime Gajardo told AFP, assuring that those expropriated would be properly compensated. While several sites of torture under the Chilean dictatorship have been turned into memorial sites, Gajardo said the memorial at Villa Baviera would be the biggest yet, similar to those created at former Nazi concentration camps in Europe. It is not yet clear whether it will take the form solely of a museum or whether visitors will also be able to roam the site, including Schaefer's house and the infamous potato shed. The clock is ticking down for Boric to make the memorial a reality before his term runs out in March 2026. His government wants to proceed quickly, for fear that the project be buried by a future right-wing government loathe to dwell on the abuses of the Pinochet era. Dorothee Munch, born in Colonia Dignidad, plays the piano in the German-themed settlement and onetime dissident detention center that has become a flashpoint in southern Chile AFP Marcus Blanck (L), born in Colonia Dignidad, says the community's residents feel 'a kind of revenge against us,' as Chile's government plans to turn part of the settlement into a memorial for victims of the country's dictatorship AFP German settlers' clothes are exhibited at the Villa Baviera Hotel's restaurant in the settlement once known as Colonia Dignidad AFP A man stands in the doorway of Villa Baviera's potato shed, which was used as a torture cell where Chilean agents abused dissidents and other people kidnapped during the 1973-1990 dictatorship of Augusto Pinochet AFP Chilean President Gabriel Boric is rushing to preserve parts of Villa Baviera as a memorial to people killed during the dictatorship of Augusto Pinochet before his term expires in March 2026 AFP
Business Wire
15-05-2025
- Business
- Business Wire
CORRECTING and REPLACING BT Brands Reports First Quarter 2025 Results
- 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 More News From BT Brands, Inc. Get RSS Feed BT Brands Reports 2024 Results MINNETONKA, Minn.--(BUSINESS WIRE)--BT Brands 2024 Results... BT Brands Reports Third Quarter 2024 Results WEST FARGO, N.D.--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the third quarter, the thirteen weeks ending September 29, 2024. Including our 40% ownership of Bagger Dave's Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands currently operates seventeen restaurants comprising the following: Eight Burger Time fast-food restaurants; located in the North Central region of the United States, collectively ('BTND'); Bagger Dave's B... BT Brands, Inc. NASDAQ:BTBD Release Versions English Contacts Contact for Further Information: Kenneth Brimmer 612-229-8811
Yahoo
15-05-2025
- Business
- Yahoo
BT Brands Reports First Quarter 2025 Results
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 Contacts Contact for Further Information: Kenneth Brimmer 612-229-8811
Business Wire
15-05-2025
- Business
- Business Wire
BT Brands Reports First Quarter 2025 Results
MINNETONKA, Minn.--(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. BT BRANDS, INC., AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) ASSETS 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 Expand Category: Financial Category
