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CORRECTING and REPLACING BT Brands Reports First Quarter 2025 Results

MINNETONKA, Minn.--(BUSINESS WIRE)-- Please replace the release with the following corrected version to replace the second bullet point and the Condensed Consolidated Balance Sheets table.

The updated release reads:听

BT BRANDS REPORTS FIRST QUARTER 2025 RESULTS

BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks ending March 30, 2025.

Including our 41.7% ownership of Bagger Dave鈥檚 Burger Tavern with five locations (OTCMarkets: BDVB), BT Brands currently operates a total of fifteen restaurants comprising the following:

• Seven Burger Time fast-food restaurants, located in the North Central region of the United States, collectively (鈥淏TND鈥�);
• Bagger Dave鈥檚 Burger Tavern, Inc., a 41.7% owned affiliate, operates five Bagger Dave鈥檚 restaurants in Michigan, Ohio, and Indiana (鈥淏agger Dave鈥檚鈥�);
• Keegan鈥檚 Seafood Grille in Indian Rocks Beach, Florida (鈥淜别别驳补苍鈥檚鈥�);
• Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (鈥淧滨贰鈥�).
• Schnitzel Haus restaurant, a fine-dining German-themed restaurant located in Hobe Sound, near Stuart, Florida

Highlights and recent activities include:

• Total revenues for the 2025 period increased 1.3% over 2024. The increase was achieved on two fewer operating locations from 2024;
• Operating loss for the quarter improved to a loss of $292,000 from an operating loss of $631,000 in 2024;
• Net loss attributable to common shareholders for the quarter was $329,900, or $.05 per share, an improvement of $.02 per share from the first quarter of 2024;
• Restaurant-level adjusted EBITDA (a non-GAAP measure) for the quarter improved significantly to $315,000 from a negative EBITDA of $15,672 in 2024. Our equity in the first quarter loss of our Bagger Dave鈥檚 affiliate was $131,400 compared to a loss of $94,500 in 2024;
• We ended the quarter with $3.8 million in total cash and short-term investments.

Gary Copperud, the Company鈥檚 Chief Executive Officer, said, 鈥淭he first quarter is typically slower for our Burger Time and Pie in the Sky businesses; that said, we were pleased to see improvement in our operating performance during the first quarter of 2025 reflecting a number of steps to reduce costs and improve performance in all of our businesses including our decision to close two underperforming locations. As we look forward to the balance of 2025, we are focused on continuing our efforts to improve restaurant profitability. Kenneth Brimmer, CFO, added that while we are not giving specific earnings guidance for the year, our current plan shows a return to overall profitability for fiscal 2025.

Fiscal 2025 Outlook: Because of the uncertain nature of restaurant performance and the evolving character of our Company and because of continuing uncertainty surrounding the overall economy as consumers have become more price sensitive, impacts of supply chain constraints, and inflationary pressures relating to many aspects of our business, the Company is not at this point, providing a financial forecast for fiscal 2025.

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

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 regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, and anticipated capital expenditures for fiscal 2025.

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

Category: Financial Category

View source version on businesswire.com:

Contact for Further Information:

Kenneth Brimmer 612-229-8811

Source: BT Brands, Inc.