Let It Snow! Good Times Sales Increase 11.4% in April with Record Snowfall
GOLDEN, Colo. -- May 2, 2013
Good Times Restaurants Inc. (Nasdaq: GTIM) today announced its same store
sales increased 11.4% in April even in the midst of record snowfall for the
month in Colorado, including 50 inches in Boulder, Colorado compared to the
average for April of 11 inches.
Commenting on the Company’s continued sales increases Boyd Hoback, President &
CEO said, “We are definitely seeing some acceleration in our sales trend as we
had the highest volume week in the past year in April and we managed
double-digit increases with several very heavy snowstorms during the month.
Our breakfast sales are maintaining at a very healthy level, we’ve almost
doubled our chicken sales as a percentage of total sales and the increases are
coming in both transactions and some increase in our overall average check,
excluding breakfast, which we anticipate will begin to flow to our bottom line
as we’ve decreased our introductory discounting and have our new television
campaign on air through the balance of the fiscal year.”
The Company also reported that it has purchased another restaurant from a
franchisee as of May 1, 2013. Hoback added, “The purchase is an opportunity
for us to acquire an older restaurant at an attractive price, accelerate our
reimaging and remodeling program to improve the overall consistency of our
brand image in the Colorado market and capture what we anticipate will be
increased sales and accretive cash flow. It is the second franchised
restaurant we’ve purchased in the last six months, increasing our core
revenues and generating an attractive return on investment.”
Good Times is a regional chain of quick service restaurants located primarily
in Colorado providing a menu of high quality all natural hamburgers, 100%
breast of chicken sandwiches, fresh frozen custard, fresh squeezed lemonades,
fresh cut fries and other unique offerings. Good Times currently operates and
franchises 39 restaurants.
This press release contains forward looking statements within the meaning of
federal securities laws. The words “intend,” “may,” “believe,” “will,”
“should,” “anticipate,” “expect,” “seek” and similar expressions are intended
to identify forward looking statements. These statements involve known and
unknown risks, which may cause Good Times’ actual results to differ materially
from results expressed or implied by the forward looking statements. These
risks include such factors as the uncertain nature of current restaurant
development plans and the ability to implement those plans, 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, and other matters discussed under the “Risk Factors” section of Good
Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012
filed with the SEC. Although Good Times may from time to time voluntarily
update its forward looking statements, it disclaims any commitment to do so
except as required by securities laws.
Good Times Restaurants Inc.
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
Press spacebar to pause and continue. Press esc to stop.