BT Brands Reports First Quarter 2025 Results
MINNETONKA, Minn.--(BUSINESS WIRE)--May 15, 2025--
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, March 31,
2025 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/
CONTACT: Contact for Further Information:
Kenneth Brimmer 612-229-8811
(END) Dow Jones Newswires
May 15, 2025 06:37 ET (10:37 GMT)