Good Times Restaurants, Inc. Financial Report: First Quarter Ended December 31, 2011

February 17, 2012

Good Times Restaurants, Inc. (NasdaqCM: GTIM) reported revenues for its first quarter ended December 31, 2011 fell 4.7% to $4.85 million compared to revenues of $5.09 million during the first quarter of fiscal 2011.  The decline in revenues was primarily caused by lower restaurant sales due to three company-owned stores being sold.  However, same store restaurant sales increased 3.4% during the first quarter.

The net loss for the first quarter improved 9.4% to $367 thousand or $(0.13) per share versus a net loss of $405 thousand or $(0.25) per share during the same period in fiscal 2011.  The improvement in net loss was primarily the result of the company’s ability to lower operating costs in nearly every category.

As of December 31, 2011, the company’s balance sheet reflected cash/cash equivalents of $758 thousand, current assets of $1.05 million, total assets of $6.43 million, current liabilities of $1.65 million and total liabilities of $4.27 million.  During the first quarter, shareholders’ equity declined 14.1% to $2.16 million.

Good Times Restaurants Inc., through its wholly-owned subsidiary Good Times Drive Thru Inc., develops, owns, operates, and franchises drive-through restaurants under the name Good Times Burgers & Frozen Custard.  Most of the company’s restaurants are located in Colorado, but has franchised restaurant locations in North Dakota and Wyoming.

Source: Good Times Restaurants, Inc.

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