BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks ending April 2, 2023.

Together with the three 2022 restaurant acquisitions, and including our 41.2% ownership of Bagger Dave’s Burger Tavern with six locations (OTCMarkets: BDVB), BT Brands operates a total of eighteen restaurants comprising the following:

• Eight Burger Time fast-food restaurants and one Dairy Queen franchise; located in the North Central region of the United States, collectively (“BTND”);
• Bagger Dave’s Burger Tavern, Inc., a 41.2% owned affiliate, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s”);
• Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”);
• Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”).
• Village Bier Garten, a German-themed restaurant, bar, and entertainment venue in Cocoa, Florida (“VBG”).

Highlights and recent activities include:

• Total revenues for the 2023 period increased 48% over 2022 to $3.1 million;
• Operating income for the quarter declined to a loss of $250,758 from an operating profit of $88,921 in 2022;
• Net loss attributable to common shareholders was $141,786, or $.02 per share for the first quarter;
• Restaurant-level adjusted EBITDA (a non-GAAP measure) for the quarter declined to $338,644 in 2023 from $449,398 in the same period in 2022;
• Our equity in the first quarter loss of Bagger Dave’s was $54,399;
• During the first quarter of 2023, the Company repurchased 150,000 shares of common stock for $250,225, approximately $1.67 per share.
• We ended the quarter with $6.9 million in total cash and short-term investments;
• First quarter results include the gain on the sale of a former Burger Time property in West St. Paul for a pre-tax gain of approximately $313,000;
• The disposition of our St. Louis property was recently finalized and will result in recording a $180,000 gain in the second quarter of 2023.

Gary Copperud, the Company’s Chief Executive Officer, said, “The first quarter has always been seasonally slower for our Burger Time business, and harsher than normal winter weather in the north-central region contributed to a challenging sales environment. Our Pie in The Sky business follows a similar seasonal sales pattern. The first quarter of the year is considered an off-season period on Cape Cod. As a public company, we face significantly higher general and administrative expenses. Overall, we continue to see inflationary pressure on our cost of sales inputs, and there are persistent challenges with staffing which recently appear to be lessening as labor markets are slightly more favorable. Also, the pace of increases in hourly labor rates is moderating. As we look toward the balance of 2023, we remain focused on achieving profitability consistent with our expectations.”

Fiscal 2023 Outlook: Because of the uncertain nature of the performance of recent acquisitions and the evolving character of our Company and because of continuing uncertainty surrounding public health concerns, impacts of supply chain constraints, and the current inflationary environment, the Company is not at this point, providing a financial forecast for fiscal 2023.

Conference Call: Management will host a conference call to discuss its first quarter ending April 2, 2023, financial results on Thursday, May 18, 2023, at 4:00 p.m. ET. Hosting the call will be Kenneth Brimmer, Chief Financial Officer and Gary Copperud, Chief Executive Officer.

Dial: 877-344-8082 Secondary, international dial-in: +1-213-992-4618

The conference call can be accessed live over the phone by dialing the access code. In addition, an archive of the call will be available on the Company’s corporate website page after the call has concluded. Website www.itsburgertime.com.

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, and Keegan’s Seafood Grille near Clearwater, 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 2023 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, staffing shortages and the effect of inflation on key supplies and inputs.

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 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:

Category: Financial Category

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