Good Times(US:GTIM)2024-08-01 20:05Financial Performance - Total Revenues for Q3 2024 increased 6.5% to $37.9 million compared to Q3 2023[1] - Net Income Attributable to Common Shareholders was $1.3 million for the quarter[1] - Restaurant sales for the third quarter of 2024 reached $27,327 million, a 4.8% increase from $26,085 million in the same quarter of 2023[8] - Average weekly sales per restaurant increased to $52.6 thousand in Q3 2024, compared to $51.8 thousand in Q3 2023, reflecting a growth of 1.5%[8] - The company reported an income from operations of $1,228 million for the year-to-date period, a significant increase from $444 million in the same period of 2023[10] - Net income reported for the quarter was $1,321,000, an increase from $842,000 in the previous year[18] Cost Management - Food and packaging costs accounted for 31.2% of restaurant sales in Q3 2024, up from 31.1% in Q3 2023, indicating rising cost pressures[10] - Payroll and benefits costs were 33.8% of restaurant sales in Q3 2024, compared to 34.7% in Q3 2023, showing a slight improvement in labor cost efficiency[10] - Total other operating costs for the year-to-date period were $4,606 million, down from $5,082 million in the same period of 2023, indicating improved cost management[10] - The restaurant occupancy costs were 6.3% of sales in Q3 2024, slightly down from 6.5% in Q3 2023, reflecting better management of fixed costs[10] Shareholder Activity - The Company repurchased approximately 264,000 shares of its common stock during the quarter[2] - Cash generated by the business allowed for share repurchases and reinvestment in restaurants while reducing borrowings[2] - Shareholders' equity stood at $33.0 million as of June 25, 2024, slightly up from $32.99 million in September 2023[7] Operational Developments - The pilot phase of the next-generation point-of-sale system has been completed, with 19 locations installed by the end of July 2024[1] - New limited-time burgers featuring quarter-pound, smashed patties were introduced and exceeded sales expectations, leading to plans for a permanent menu addition[1] - The company opened 1 new restaurant during the period, maintaining a total of 40 restaurants at the end of Q3 2024[8] Franchise Performance - Franchise revenues for the year-to-date period were $200 million, compared to $256 million in the same period of 2023, indicating a decline in franchise performance[10] EBITDA and Expenses - Adjusted EBITDA for the quarter ended June 25, 2024, was $2,144,000, compared to $2,148,000 for the same quarter in 2023, reflecting a slight decrease[18] - Year-to-date Adjusted EBITDA reached $3,551,000, down from $4,353,000 in the same period last year[18] - Depreciation and amortization expenses for the quarter were $959,000, compared to $924,000 in the prior year[18] - Interest expense for the quarter was $27,000, up from $18,000 in the same quarter last year[18] - The company reported a provision for income taxes of $(197,000) for the quarter, compared to $(551,000) in the previous year[18] - Asset impairment charges for the quarter were $199,000, significantly lower than $965,000 in the same quarter last year[18] - Non-cash stock-based compensation for the quarter was $28,000, an increase from $15,000 in the prior year[18] - The company experienced a GAAP rent-cash rent difference of $(211,000) for the quarter, compared to $(135,000) in the same quarter last year[18] Internal Metrics - The adjusted EBITDA measure is used internally as a benchmark for cash incentive plans and to evaluate operating performance against competitors[21]