Good Times Restaurants Inc. (Nasdaq:GTIM) today announced its same store sales increased 18.7% for the month of August, its fifth consecutive month of double-digit increases. The Company said that it is on track for its thirteenth consecutive quarter of same store sales increases and that based on the current trend, it expects to finish its fiscal 2013 with a double-digit increase in same store sales for the year.
“We are thrilled with our results and at the risk of sounding like a broken record, I can’t overstate the significance of the fact that our sales are being driven by the results of multiple initiatives that are aligned around our brand position – a fresh, new marketing campaign telling our all natural `story of no' for our burgers and chicken categories (no hormones, no antibiotics, no steroids, vegetarian fed, humanely raised) plus flavorful regional ingredients such as our new Hatch Valley New Mexico green chile menu and breakfast burritos, a high level of execution by our operations team and early stage exterior reimaging of older restaurants,” said Boyd Hoback, President & CEO.
The Company also again reported that it expects to accelerate the pace of remodeling and reimaging of its older Good Times restaurants and increase the number of Bad Daddy’s Burger Bar restaurants in the development pipeline. Hoback added, “With increasing cash flow from operations and over $6.5 million of cash and no debt on our balance sheet, we are on track with our business plan to maintain our momentum in Good Times and increase the number of Bad Daddy’s restaurants we are developing. Our reimaging projects are showing promising sales results as well as updating our overall brand image in the market and we are excited about the potential high return on investment model that Bad Daddy’s has shown in the existing restaurants. We believe Bad Daddy’s will be a platform for robust company-owned and franchised growth.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% all natural chicken tenderloins, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 38 restaurants.
Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant concept featuring a chef driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft microbrew beers in a high energy, family friendly atmosphere. Bad Daddy’s has received both local and national accolades for the quality and originality of its food and was most recently named a top 25 burger in the U.S. by USA Today.
Good Times Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause Good Times’ actual results to differ materially from results expressed or implied by the forward looking statements. These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the “Risk Factors” section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012 filed with the SEC. Although Good Times may from time to time voluntarily update its forward looking statements, it disclaims any commitment to do so except as required by securities laws.
Good Times Restaurants Inc.
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
Booke & Co.
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