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BT Brands Reports Third Quarter 2024 Results

WEST FARGO, N.D.--(BUSINESS WIRE)-- BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the third quarter, the thirteen weeks ending September 29, 2024.

Including our 40% ownership of Bagger Dave鈥檚 Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands currently operates seventeen restaurants comprising the following:

Highlights and recent activities include:

• Total revenues for the 2024 period increased 8.1% to a record high of $4.3 million;
• Net loss attributable to common shareholders was $219,479, or $.04 per share for the third quarter compared to a net loss of $3,486 in 2023;
• Restaurant-level adjusted EBITDA (a non-GAAP measure) for the 13-week period was $442,000, a decline of $56,000 from the prior year's third quarter of $498,000 ;
• Our equity in the third quarter loss of our Bagger Dave鈥檚 affiliate was $116,000 compared to a loss of 109,000 in the same period a year ago;
• We ended the quarter with $5.0 million in total cash and short-term investments, down from $5.1 million at the end of the second quarter;
• Pie in the Sky continues to contribute strong performance, with a third-quarter revenue increase of approximately 13% over the same period in 2023 to approximately $1,467,000.
• The Burger Time units increased quarterly sales by approximately 9% and increased total sales increased by approximately 24% over the prior year for the 39 weeks.

Gary Copperud, the Company鈥檚 Chief Executive Officer, said, 鈥淥ur third quarter results continued challenging bottom line performance at our restaurants as a result of increased labor costs, including the addition of senior staff at Pie In the Sky. Our stores experience seasonal sales patterns; Burger Time and Pie in the Sky traditionally see an increase in sales in the second quarter compared to the first quarter due to weather and tourism. Overall, we continue to see pressure on our cost of sales input. The challenge in staffing has moderated. However, we continue to see upward pressure on labor costs.鈥� BT Brands, CFO, Kenneth Brimmer, added 鈥淲e are continuing our efforts to reduce costs and improve performance in all of our businesses, and we remain focused on achieving profitability consistent with our expectations.鈥�

Sale of Trademark Asset

Following the end of the quarter, we completed the sale of a trademark asset property, Hot-N-Now, with no cost basis for an upfront cash payment of $250,000 and future payments of up to $150,000 based upon $10,000 per unit opened by the purchaser. A gain of approximately $250,000 will be recognized in the fourth quarter.

Ham Lake Burger Time Location

In July 2024, we rebranded our Ham Lake, Minnesota location to Burger Time. While there were difficulties with training and local brand recognition during the first few months of opening, we expect this location to perform similarly to our other Burger Time locations.

Fiscal 2024 Outlook: Because of the uncertain nature of recent acquisitions' performance and our evolving character, as well as continuing uncertainty surrounding the current inflationary environment and the state of the economy, the Company is not, at this point, providing a financial forecast for fiscal 2024.

About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota. In addition, the Company owns the Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, Keegan鈥檚 Seafood Grille near Clearwater, Florida and Schnitzel Haus in Hobe Sound, Florida. BT Brands is seeking acquisitions within the restaurant industry.

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 we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2024 fiscal year,

Any forward-looking statement in this press release is based only on information currently available to us and speaks only as of the date on which 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:

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View source version on businesswire.com:

Kenneth Brimmer, 612-229-8811

Source: BT Brands, Inc.