Good Times Restaurants Inc. GTIM
formed on October 6, 1996, operates Bad Daddy's Burger Bar restaurants ("Bad Daddy's") and Good Times Burgers
& Frozen Custard restaurants ("Good Times"). Bad Daddy's and Good Times are two distinctly different restaurant
concepts. Each is positioned as a unique brand within its respective segment of the industry. Bad Daddy's operates in the full-service
dining segment as a specialty burger bar concept and Good Times operates in the quick-service restaurant segment as a drive-thru concept
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $141.6M | $142.4M | $138.2M | $138.2M | $124.0M | $109.9M | $110.8M | $99.6M | $79.1M | $64.4M |
| Cost of revenue | — | — | — | — | — | — | $99.6M | $88.9M | $71.5M | $56.8M |
| Gross profit | — | — | — | — | — | — | $11.1M | $10.6M | $7.6M | $7.6M |
| SG&A | $9.7M | $10.6M | $9.2M | $10.5M | $9.4M | $6.8M | $9.1M | $7.9M | $7.0M | $6.3M |
| Operating income | $330.0K | $1.4M | $963.0K | -$878.0K | $6.9M | -$12.0M | -$3.5M | $372.0K | -$1.4M | -$300.0K |
| Interest expense | $196.0K | $125.0K | $78.0K | $54.0K | $269.0K | $755.0K | $756.0K | $392.0K | $191.0K | $126.0K |
| Pre-tax income | $274.0K | $1.3M | $885.0K | -$932.0K | $18.4M | -$12.8M | — | -$1.0M | -$2.3M | -$1.3M |
| Income tax | $824.0K | $624.0K | $10.8M | $5.0K | $6.0K | — | — | $0 | $0 | $0 |
| Net income | $1.0M | $1.6M | $11.1M | -$2.6M | $16.8M | -$13.9M | -$5.1M | -$1.0M | -$2.3M | -$1.3M |
| EPS, basic | 0.10 | 0.15 | 0.94 | -0.21 | 1.32 | -1.10 | — | — | — | — |
| EPS, diluted | 0.10 | 0.14 | 0.94 | -0.21 | 1.31 | -1.10 | -0.41 | -0.08 | -0.18 | -0.11 |
| Shares, diluted (wtd. avg.) | $10.7M | $11.1M | $11.8M | $12.5M | $12.8M | $12.6M | — | — | — | $12.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.6M | $3.9M | $4.2M | $8.9M | $8.9M | $11.5M | $2.7M | $3.5M | $4.3M | $6.3M |
| Receivables | $795.0K | $890.0K | $769.0K | $694.0K | $644.0K | $656.0K | $810.0K | $1.7M | $573.0K | $425.0K |
| Inventory | $1.4M | $1.4M | $1.4M | $1.4M | $1.3M | $1.1M | $1.1M | $1.0M | $847.0K | $631.0K |
| Total current assets | $5.3M | $6.6M | $6.5M | $11.9M | $11.4M | $13.5M | $4.9M | $6.4M | $6.1M | $7.8M |
| Property, plant and equipment | $21.9M | $22.8M | $23.0M | $22.3M | $27.2M | $27.7M | $35.7M | $35.2M | $28.5M | $19.6M |
| Goodwill | $5.7M | $5.7M | $5.7M | $5.7M | $5.2M | $5.2M | $15.2M | $15.2M | $15.2M | $15.1M |
| Other intangibles | — | — | $4.0M | $3.9M | $3.9M | $3.9M | $4.0M | $3.9M | $4.0M | $4.0M |
| Total assets | $83.8M | $87.1M | $91.1M | $86.4M | $93.7M | $99.7M | $59.9M | $61.0M | $55.2M | $46.9M |
| Accounts payable | $2.6M | $3.1M | $2.6M | $628.0K | $1.5M | $2.6M | $3.8M | $3.8M | $3.3M | $1.9M |
| Short-term debt | $32.0K | $30.0K | — | — | — | — | — | — | — | — |
| Total current liabilities | $14.4M | $15.7M | $14.9M | $12.9M | $12.9M | $18.6M | $9.2M | $8.3M | $6.9M | $5.1M |
| Long-term debt | $2.3M | $842.0K | $750.0K | $0 | — | — | — | $7.5M | $5.4M | $38.0K |
| Retained earnings | -$16.6M | -$17.6M | -$19.2M | -$30.3M | -$27.7M | -$44.5M | -$30.6M | -$25.4M | -$24.4M | -$22.1M |
| Total equity | $33.1M | $32.4M | $33.0M | $27.8M | $30.9M | $15.0M | $28.9M | $37.2M | $37.3M | $37.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6M | $5.1M | $8.0M | $5.3M | $9.1M | $8.4M | $6.8M | $6.5M | $5.0M | $5.4M |
| Depreciation and amortisation | — | $3.8M | $3.8M | $4.1M | — | — | — | — | — | — |
| Stock-based compensation | $112.0K | $134.0K | $131.0K | $250.0K | $362.0K | $283.0K | $719.0K | $417.0K | $748.0K | $718.0K |
| Capital expenditure | $3.1M | $3.1M | $4.8M | $2.6M | $3.2M | $2.6M | $8.1M | $10.4M | $14.5M | $8.5M |
| Investing cash flow | -$3.8M | -$3.7M | -$10.4M | -$2.6M | -$3.2M | -$2.5M | -$11.1M | -$9.0M | -$12.6M | -$8.5M |
| Financing cash flow | $983.0K | -$1.8M | -$2.2M | -$2.6M | -$8.6M | $2.9M | $3.6M | $1.7M | $5.7M | -$4.4M |
| Buybacks | $391.0K | $1.9M | $2.3M | $1.0M | $1.5M | $75.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001214659-25-018518.
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