BT Brands Reports Results for 2021 and Fourth Quarter Ended January 2, 2022
03/16/2022 - 04:25 PM
WEST FARGO, ND / ACCESSWIRE / March 16, 2022 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurant Burger Time and the recently acquired Keegan's Seafood Grille, reported financial results for the fiscal fourth quarter and the fiscal year ended January 2, 2022.
Key highlights of the Company's financial results include:
Total revenues for fiscal 2021 increased 3.6% to $8.5 million for the 52-week year compared to the fiscal 2020 53-week year Operating income for the year increased 83.3% to $980,712 Net income attributable to common shareholders was $608,000 or $.14 per share for the year The Company ended the year with $12.4 million in cash following its November 2021 public offering which raised a net of $10.7 million Gary Copperud, the Company's Chief Executive Officer, said, "We earned record sales and operating profits in 2021. A major achievement during the quarter was the completion of our initial public offering raising a net of $10.7 million in new equity for our Company. With our offering proceeds and the continued strong performance of Burger Time, we are now pursuing our plan of growing through acquisitions in the restaurant industry. We closed our initial acquisition with the purchase of Keegan's Seafood Grille earlier this month. We expect the contribution of Keegan's to have a meaningfully positive impact on our future financial results." Mr. Copperud added, "as others in our industry are, we are facing inflationary pressure, supply chain constraints, and a tight staffing market. We have raised prices and expect to increase prices in the future; however, we are, expecting some margin compression."
Fiscal 2022 Outlook:
In light of the ongoing uncertainty surrounding possible acquisitions in 2022, the impacts of labor markets and supply chain constraints and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2022.
Investor presentation: The Company is making its initial investment conference presentation at the 2022 Virtual Growth Conference, presented by Maxim Group LLC, and hosted by M-Vest, on March 28th - 30th to register go to M-Vest.com. To view the Company's recorded presentation go to:
https://prezi.com/v/mec3vwh9rmwa/bt-brands-investor-presentation/
About BT Brands Inc.: BT Brands Inc. (BTBD and BTBDW) owns, operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota. The Company recently acquired Keegan Seafood Grille located near Clearwater, Florida area. BT Brands is seeking acquisitions within the restaurant industry.
Forward-Looking Statements Disclaimer:
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 disruption to our business from the COVID-19 pandemic and the impact on our results of operations, financial condition, and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local government actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints at our restaurants, 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 the BT Brands' Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC, and other filings with the SEC. BT Brands disclaims any obligation or duty to update or modify these forward-looking statements.
CONTACT FOR FURTHER INFORMATION:
KENNETH BRIMMER 612-229-8811
BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Fiscal year ended Fiscal quarter ended
January 2,
2022
(52 Weeks)
January 3,
2021
(53 Weeks)
January 2,
2022
(13 Weeks)
January 3,
2021
(14 Weeks)
SALES
$ 8,451,870 $ 8,159,796 $ 1,847,316 $ 2,085,574
COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs
3,285,752 3,090,816 705,528 863,997 Labor costs
2,383,206 2,335,949 588,707 624,696 Occupancy costs
681,560 790,704 245,364 170,109 Other operating expenses
469,822 426,553 114,798 121,827 Depreciation and amortization
234,027 189,389 60,228 49,668 Impairment of assets held for sale
- 190,493 - 90,493 General and administrative
416,791 687,524 121,394 396,069
Total costs and expenses
7,471,158 7,630,428 1,836,019 2,182,450
Income (loss) from operations
980,712 529,368 11,297 (96,876 )
INTEREST EXPENSE
(172,861 ) (177,757 ) (11,713 ) (41,188 ) INTEREST INCOME
- 103,623 - 28,507 OTHER INCOME
- 466,758 - -
INCOME (LOSS) BEFORE TAXES
807,851 921,992 (416 ) (127,370 )
INCOME TAXES (PROVISION) BENEFIT
(200,000 ) (130,000 ) 25,000 104,000
NET INCOME (LOSS)
$ 607,851 $ 791,992 $ 24,584 $ (23,370 )
NET INCOME (LOSS) PER COMMON SHARE -
Basic and diluted
$ 0.14 $ 0.20 $ 0.00 $ (0.00 ) WEIGHTED AVERAGE SHARES USED IN COMPUTATION
4,382,848 4,047,502 5,392,561 4,047,502
BT BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
January 2, 2022 January 3,
2021
ASSETS
CURRENT ASSETS
Cash
$ 12,385,632 $ 1,321,244 Receivables
72,251 19,030 Inventory
79,510 60,576 Prepaid expenses and other current assets
27,186 5,348
Total current assets
12,564,579 1,406,198
PROPERTY AND EQUIPMENT, net
1,592,338 1,632,457 LAND AND BUILDINGS HELD FOR SALE
258,751 258,751 INVESTMENT IN RELATED COMPANY
75,000 75,000 OTHER ASSETS, net
15,059 16,759
Total assets
$ 14,505,727 $ 3,389,165
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Current maturities of long-term debt
$ 291,973 $ 245,306 Accounts payable
169,908 270,487 Accrued expenses
254,341 420,734 Income taxes payable
209,088 97,978
Total current liabilities
925,310 1,034,505
LONG-TERM DEBT, less current maturities
2,833,064 2,938,983 DEFERRED INCOME TAXES
119,000 118,000 Total liabilities
3,877,374 4,091,488
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at January 2, 2022, and January 3, 2021
- - Common stock, $.002 par value, 50,000,000 authorized,6,447,506 and 4,047,506 shares outstanding at January 2, 2021 and January 3, 2021
12,895 8,095 Additional paid-in capital
11,215,696 497,671 Accumulated deficit
(624,822 ) (1,208,089 )
Total shareholders' deficit
(119,056 ) (702,323 )
Total liabilities and shareholders' equity (deficit)
$ 14,505,727 $ 3,389,165
SOURCE: BT Brands, Inc.
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