BT Brands Inc - BTBDW STOCK NEWS

BT Brands, Inc. (BTBD) to report Q4 and full year 2023 results with a conference call hosted by CFO and CEO. Details on how to join the call and access webcast provided.

BT Brands, Inc. and its affiliate, Bagger Dave’s Burger Tavern, Inc., plan to review strategic alternatives for the Bagger Dave’s public corporation and its six operating restaurant locations. The proposal includes changing the name of Bagger Dave’s, a reverse split of outstanding shares, and a potential equity offering registration statement. The company aims to uplist the shares to NASDAQ Markets or another exchange. CEO Gary Copperud noted that all six stores are in excellent locations, and the process of conversion to another concept is expected to begin later this year. BT Brands and Bagger Dave’s have retained Eastwalk Consultants, LLC, as an advisor in transitioning Bagger Dave’s to a growing listed corporation.

BT Brands, Inc. (Nasdaq: BTBD and BTBDW) reported its financial results for the thirteen and 39-week periods ending October 1, 2023. Total revenues for the 39-week period increased 15.1% over 2022 to $11.1 million. Operating income for the 13-week period was $40,614, an increase from $8,992 in 2022. Net loss attributable to common shareholders was $379,006, or $.06 per share for the 39-week period in 2023. The company's equity in the second quarter loss of Bagger Dave’s was $109,222. At October 2, 2023, they had $6.9 million in cash and short-term investments. The CEO highlighted the seasonally strong performance of Burger Time and Pie in The Sky, while expressing concerns about the underperformance of the Florida locations. The company incurred approximately $100,000 in non-recurring expenses related to investment activities. They are experiencing moderation of 2022 inflationary pressure on cost of sales inputs, but continue to face staffing challenges. The company is not providing a financial forecast for fiscal 2023 and 2024 due to evolving conditions and uncertainty. A conference call to discuss the financial results will be hosted by the management.

BT Brands, Inc. reports financial results for Q2 2023, with total revenues increasing by 13.5% to $7.1 million. Operating income declined to a loss of $79,548 and net loss attributable to common shareholders was $375,520. Restaurant-level adjusted EBITDA declined by 3.8% to $971,000. The company ended the quarter with $6.9 million in total cash and short-term investments.

Noble Roman’s faces potential defeat in upcoming shareholder vote. Noble Roman’s attempts to exclude BT Brands’ nominee from the ballot. BT Brands owns 9% of Noble Roman’s shares. BT Brands reviewing legal options and likely to challenge Noble Roman’s move.