Good Times(US:GTIM)2025-12-23 21:05Financial Performance - Total Revenues decreased 0.5% to $141.6 million for the fiscal year compared to the previous fiscal year[6] - Net Loss Attributable to Common Shareholders was $3 thousand for the fourth quarter, while Net Income was $1.0 million for the fiscal year[6] - Adjusted EBITDA was ($0.1) million for the fourth quarter and $4.3 million for the fiscal year[6] - For the quarter ended September 30, 2025, the company reported a net loss attributable to common shareholders of $3 million, compared to a net income of $230 million for the same period in the previous year[21] - Adjusted EBITDA for the quarter was $(74) million, a significant decrease from $1,275 million in the prior year, indicating a decline in operating performance[21] - The fiscal year ended September 30, 2025, showed an adjusted EBITDA of $4,325 million, down from $5,363 million in the previous fiscal year[21] - Total EBITDA for the quarter was $476 million, down from $768 million in the same quarter last year[21] Sales Performance - Same Store Sales for Good Times restaurants decreased 6.6% for the fourth quarter and decreased 5.0% for the fiscal year compared to the 2024 fiscal year[6] - Same Store Sales for Bad Daddy's restaurants decreased 4.6% for the fourth quarter and decreased 2.1% for the fiscal year compared to the 2024 fiscal year[6] - Total Restaurant Sales for Good Times restaurants were $39.2 million and for Bad Daddy's restaurants were $101.4 million for the fiscal year[6] - Bad Daddy's Burger Bar reported restaurant sales of $23,977,000 for the fourth fiscal quarter of 2025, a decrease of 6.5% from $25,644,000 in the same quarter of 2024[16] - Good Times Burgers & Frozen Custard achieved restaurant sales of $9,663,000 in the fourth fiscal quarter of 2025, down from $9,958,000 in the fourth fiscal quarter of 2024, representing a decline of 3.0%[16] Operating Profit - The total restaurant-level operating profit for Bad Daddy's Burger Bar was $2,383,000, which is 9.9% of restaurant sales, compared to $3,379,000 or 13.2% in the same quarter of the previous year[17] - Good Times Burgers & Frozen Custard's restaurant-level operating profit was $772,000, accounting for 8.0% of restaurant sales, down from $1,218,000 or 12.2% in the prior year[17] Locations and Sales Trends - The company operates 38 Bad Daddy's Burger Bar restaurants and 30 Good Times Burgers & Frozen Custard restaurants[10] - The company had a total of 38 Bad Daddy's Burger Bar locations open at the end of the fourth quarter of 2025, down from 39 at the end of the fourth quarter of 2024[16] - Good Times Burgers & Frozen Custard had 27 locations open at the end of the fourth quarter of 2025, an increase from 25 in the same period of 2024[16] - Average weekly sales per restaurant for Bad Daddy's Burger Bar decreased to $47,400 from $49,800 year-over-year[16] - Average weekly sales per restaurant for Good Times Burgers & Frozen Custard also declined to $27,500 from $29,700 year-over-year[16] Asset and Equity Changes - The company's total assets decreased to $83,807,000 as of September 30, 2025, from $87,118,000 as of September 24, 2024[16] - Shareholders' equity increased to $33,811,000 in 2025, compared to $33,088,000 in 2024, reflecting a growth of 2.2%[16] Management Outlook and Strategies - The company plans to adopt a Burger of the Month platform starting in March to enhance customer appeal[3] - The company has adjusted its advertising strategies, including the launch of a new branding campaign for Good Times[3] - Management is optimistic about improved performance in fiscal 2026 after a challenging 2025[4] Expenses and Impairments - Depreciation and amortization expenses increased to $977 million for the quarter, up from $966 million year-over-year[21] - The company incurred asset impairment charges of $133 million in the quarter, compared to $499 million in the same quarter last year[21] - Interest expense, net, rose to $43 million from $24 million year-over-year, reflecting increased borrowing costs[21] - The provision for income taxes was $(515) million, compared to $(426) million in the previous year, indicating a higher tax burden[21] Adjusted EBITDA Insights - The company highlighted that adjusted EBITDA is a useful measure for assessing operating performance without the effects of non-cash charges[24] - The management believes that adjusted EBITDA facilitates company-to-company comparisons within the industry by eliminating variations in capital structures and depreciation expenses[24]