Good Times(US:GTIM)2021-05-09 13:47Financial Data and Key Metrics Changes - The net income to common shareholders for the quarter was $1.1 million or $0.09 per share, compared to a loss of $14.9 million or $1.19 per share in the same quarter last year [20] - Adjusted EBITDA for the quarter was $2.3 million, up from $0.8 million in the second quarter of 2020 [20] - General and administrative expenses were $2.4 million, representing an increase of $0.8 million compared to the prior year quarter [19] Business Line Data and Key Metrics Changes - At Bad Daddy's, restaurant sales during the quarter were $21 million, an increase from $19.3 million in the previous year [12] - Same store sales at Bad Daddy's increased by 9.1% during the quarter [13] - Restaurant sales at Good Times were $8.0 million, an increase of $1.3 million, driven by a strong 22.9% same store sales increase [16] Market Data and Key Metrics Changes - Bad Daddy's sales approached 2019 average weekly sales, being approximately 7% below 2019 levels in March, with sales exceeding 2019 levels in May [6] - Good Times has seen a preference for drive-thru service, which has contributed to capturing new long-term customers [16] Company Strategy and Development Direction - The company plans to finance future development primarily from cash flow generated by the business and expects to open two new Bad Daddy's restaurants this year [22] - The company aims to continue improving customer experience and operational efficiency, focusing on speed, accuracy, and consistent execution [6][8] Management's Comments on Operating Environment and Future Outlook - Management noted that the labor market has become very tight, leading to potential margin compression as they adjust pay to remain competitive [11] - The company did not provide specific guidance for the balance of the year due to ongoing uncertainty related to the COVID-19 pandemic [23] Other Important Information - The company finished the quarter with $11.2 million in cash and $3.5 million outstanding on its credit facility [21] - The company applied for forgiveness on Paycheck Protection Program loans on April 30, 2021 [21] Q&A Session Summary - There were no questions during the Q&A session [26]