Norman, OK Bad Daddy’s Opened on August 28th
Two Additional Bad Daddy’s to Open by October 3rd
DENVER--(BUSINESS WIRE)--
Good
Times Restaurants Inc. (NASDAQ: GTIM), operator of Good Times
Burgers & Frozen Custard, a regional quick-service restaurant chain
focused on fresh, high-quality, all-natural products and of Bad Daddy’s
Burger Bar, a full-service, upscale concept, today announced that it has
amended its credit agreement with Cadence Bank, which expands the
facility from $9 million to $12 million.
Ryan Zink, Chief Financial Officer, said, “Cadence Bank’s significant
experience in restaurant lending has enabled them to be a great partner
with us as they continue to show flexibility based on our projected
capital needs for growth and development. This amendment retains the
attractive pricing of the original agreement with a larger commitment
and terms that facilitate our continued growth. We believe the expanded
facility combined with cash on-hand and projected internally generated
cash flow will provide adequate capital for us to achieve our fiscal
2018 growth objectives and meet capital expenditure needs for both
brands while maintaining a reasonably conservative level of debt in our
total capital structure.”
The Company said that annualized sales for the six new Bad Daddy’s
opened so far this year are averaging above its $2.5 million annual
sales target, laying the foundation for its growth in fiscal 2018.
Commenting on development plans, Boyd Hoback, President and CEO, said,
“Our most recent opening in Norman, Oklahoma has gone very well and
initial sales and guest feedback are very encouraging in a brand-new
market for us. We plan to open our fifth Bad Daddy’s in the Charlotte
metropolitan area and one in Greenville, NC by October 3 which will be
our seventh and eighth new Bad Daddy’s this year. We are also under
construction on our first store in the Atlanta market. We are thrilled
with the relationship we’ve established with Cadence Bank and hope to
continue to expand that relationship to meet our capital needs for
continued growth into fiscal 2019.”
About Good Times Restaurants Inc.: Good Times Restaurants Inc.
(GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of
quick service restaurants located primarily in Colorado, in its wholly
owned subsidiary, Good Times Drive Thru Inc. Good Times provides a menu
of high-quality all-natural hamburgers, 100% all-natural chicken
tenderloins, fresh frozen custard, natural-cut fries, fresh lemonades
and other unique offerings. Good Times currently operates and franchises
a total of 38 restaurants.
GTIM owns, operates, franchises and licenses 24 Bad Daddy’s Burger Bar
restaurants through its wholly-owned subsidiaries. Bad Daddy’s Burger
Bar is a full-service, upscale, “small box” restaurant concept featuring
a chef-driven menu of gourmet signature burgers, chopped salads,
appetizers and sandwiches with a full bar and a focus on a selection of
craft microbrew beers in a high-energy atmosphere that appeals to a
broad consumer base.
Good Times Forward-Looking Statements: 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 the Company’s 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 and integrate new 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,
and other matters discussed under the “Risk Factors” section of Good
Times’ Annual Report on Form 10-K for the fiscal year ended September
27, 2016 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170912005278/en/
Good Times Restaurants Inc.
Investor Relations
Contacts:
Boyd E. Hoback, President and CEO, 303-384-1411
or
Ryan
Zink, CFO, 303-384-1432
or
Christi Pennington, 303-384-1440
Source: Good Times Restaurants Inc.